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Bitcoin Friendly Norway Welcomes Bitfury with Open Arms

Bitcoin Friendly Norway Welcomes Bitfury with Open Arms

Reading Time: 2 minutes by on March 23, 2018 Bitcoin, Business, Mining, News
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At a time when some world powers are are doing everything to make bitcoin mining as unprofitable as possible by charging miners outrageous electricity bills, Norway has left its doors wide open for all Hodlers to troop enter. Now, Bitfury is establishing a multimillion-dollar bitcoin mining datacenter in the crypto friendly nation.

Bitfury’s Expansion

Bitfury, the U.S.-based full-service blockchain company established in 2011, has found a land flowing with milk and honey to pitch its tent. The cryptocurrency industry heavyweight has announced it’s creating a massive bitcoin mining datacenter in Norway.

The new bitcoin facility is worth 274 million NOK ($35 million).

The company officials claim the bitcoin mining datacenter will create at least 30 jobs for residents and the facility will be powered by hundred percent renewable energy, with a power usage effectiveness (PUE) of 1.05 or less, which is even much lower than Google’s PUE of 1.12. Also, the firm stated that it’d purchase approximately 350 GWh (Gigawatt hours) of 100 percent clean energy from a local renewable energy provider known as Helgeland Kraft.

Favorable Government

Bitfury CEO Valery Vavilov speaking about the recent expansion operation in Mo I Rana, praised the Norwegian government for its accommodative tax code and support for innovation and blockchain technology:

“Norway is a perfect match for Bitfury’s focus on innovation and growth. We look forward to identifying new customer relationships and designing the products and solutions they need to make their enterprises run more securely and efficiently.”

Why Norway?

Generally speaking, nations with cold temperatures are ideal for cryptocurrency mining as the firms won’t need to spend much on cooling their facilities. Norway is one of the coldest countries in the world with temperatures going as low as -3 degrees Celsius in January and as high as 18 degrees Celsius in July.

That’s not all, the country has a friendly tax code and runs entirely on renewable energy, which is cost efficient and ozone friendly. In addition to the facts mentioned above, the Norwegian authorities have a favorable stance towards the cryptocurrency industry.  

Norway’s Minister of Trade and Industry, Torbjorn Roe Isaksen expressed excitement over this new development, stating:

“Data will become an increasingly important resource for the business community as well as for society in general. The datacenter industry is growing very fast, and provides Norway with economic growth and new jobs.”

On March 19, 2018, BTCManager reported that New York authorities had given energy providers in the state the go-ahead to charge cryptocurrency miners higher electricity tariffs. This move could make bitcoin mining entirely unprofitable in the state. Now that Norway seems a better destination for bitcoin miners, it remains to be seen whether the nation will not turn its back too on hodlers soon.

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