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Norway & Bitfury Partnership: Bitcoin Mining Centre Under Works

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Blockchain technology company Bitfury has signed a deal with the government of Norway to establish a Bitcoin mining data centre in the town of Mo I Rana. The announcement came on March 20th from Bitfury’s CEO Valery Vavilov, with both parties praising each other’s efforts in welcoming the initiative.

Vavilov explained that flexible tax rules for companies as well as the country’s positive reception towards cryptocurrencies led them to make the decision. Norway’s Minister of Trade and Industry, Torbjørn Røe Isaksen, said that this partnership will provide “major economic opportunity” for local businesses, as well as job vacancies for 30 positions.

Bitfury is investing about 274 million NOK (35 million USD) in the datacenter’s infrastructure.

On average, the power usage effectiveness (PUE) in the datacenter is 1.05 or lower, making it one of the world’s most energy efficient. Bitfury is purchasing about 350 GWh of 100% renewable energy per year from local supplier Helgeland Kraft.

The company also tweeted a picture from the partnership meeting on their official account. Norway won’t be the first country to establish Bitfury’s mining centers – they were previously installed in Iceland and Georgia in 2014 and 2015 respectively. Bitfury also launched a blockchain project in partnership with the Ukrainian government in April 2017.

Bitfury was founded by Valivov in 2011 but it wasn’t until 2014 when the company began mining Bitcoins using its own equipment. It now provides hardware and software products for blockchain and cryptocurrency users. Bitfury is also listed in Forbes Fintech 50 list 2018, along with Coinbase and Ripple.

Vavilov has stated previously that they are a technology company, “We are not a mining company, I don’t like the word mining.” The company has strategically chosen countries with a colder climate to maintain their interest in protecting the environment and utilizing renewable energy. “Every 10 years, humanity consumes two times more electricity. Now we are going to the era of electric cars. We’ll need a new generation of energy,” said Vavilov.

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