Blockchain Firm BitFury Invests $35M USD Into New Norway Datacenter

News | March 21, 2018 By:

Blockchain infrastructure provider BitFury Group has opened a new “energy efficient” mining datacenter in Norway.

The company said it is investing about 274 million NOK (35 million USD) in the datacenter’s infrastructure and expects the center to create approximately 30 local jobs. The datacenter is located within two physical sites in Mo Industrial Park in the town of Mo i Rana.

Bitfury CEO Valery Vavilov said Norway is an extraordinarily innovative country and a crucial area of growth for blockchain technology. He commended the federal government for creating a favorable tax code that makes companies like Bitfury want to invest in Norway.

“Norway is a perfect match for Bitfury’s focus on innovation and growth,” said Vavilov. “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.”

The data center is expected to run off of 350 gigawatts of power from 100% renewable sources that Bitfury will purchase from local supplier Helgeland Kraft. Additionally, it ensures that the energy comes from renewable sources by acquiring Guarantee of Origin certificates from local generation, including hydropower plant Øvre Forsland.

Torbjørn Røe Isaksen, Norway’s Minister of Trade and Industry, said data will become an increasingly important resource for the business community, as well as for society in general. He said Bitfury’s expansion into the Norwegian territory represents a major economic opportunity for local businesses.

“The datacenter industry is growing fast, and provides Norway with opportunities of economic growth and new jobs,” Isaksen said.

The news came after BitFury opened an office in Russia earlier this month in order to bring its products to the country’s government agencies and companies.