Bitfury, a bitcoin industry giant has announced opening a new bitcoin mining plant in Norway. The mining center is expected to unlock new investment as well as job opportunities in the country. The government of Norway is said to be so delight with the project.
The company, while making the announcement on Tuesday, revealed all the details which appertains its planned expansion into Norway. The company said this datacenter is very efficient in terms of energy consumption; it is sustainable and backed by the government.
Bitfury has announced that it is investing around $35 million towards the datacenter that will be situated in Mo I Rana, which is a major town located in Northern Norway. The plant is expected to create around 30 jobs for local people.
While welcoming the cryptocurrency in Norway, the country’s Trade and Industry Minister Torbjørn Røe Isaksen said he is very happy to see that the company has chosen to set up their new plant in the country. He added that the move represents a big business and economic opportunity for the business community in the country. The minister noted that the data industry is growing very fast and offers the country with huge growth and economic opportunities as well as creation of new jobs.
The company announced that the plant will be powered by power usage effectiveness (PUE) of 1.05 or less. This makes it one of the most energy efficient mining plants in the world. To help fuel its operations, the company is buying a 350 Gigawatt hours (GWh) of pure hydroelectric renewable power from a local supplier.
The country’s open embrace of the digital currency mining companies is helped by the country’s cold temperature plus an easy access to renewable sources of energy. The country also has a friendly tax code which attracts investors. These factors are favorable and attractive to miners at a time when the crypto industry has come under intense scrutiny because of its energy-intensive appetite. For instance, recently New York’s public utility regulator granted local suppliers of power the ability to impose higher tariffs for companies engaged in crypto mining in the state.