LIAN Group Teams With BitFury To Upgrade $35M Blockchain Infrastructure In Norway

Announcements, Blockchain, News | November 6, 2020 By:

Private equity firm LIAN Group has announced a new $35M strategic partnership with blockchain infrastructure provider BitFury.

Founded in 2017, LIAN Group is a private equity firm focusing on investing in disruptive technologies and building a long-term infrastructure for institutional participation in the technology ecosystem. Headed up by Fiorenzo Manganiello and Nessim-Sariel Gaon, the pair have achieved recognition by implementing an innovative private equity investment model that aligns interests between all stakeholders.

Founded in 2011, Bitfury is a full service blockchain technology company and one of the largest private infrastructure providers in the blockchain ecosystem. It also operates mining farms in Canada, Norway, Iceland and the Republic of Georgia.

The partnership with BitFury demonstrates LIAN Group’s commitment to blockchain mining with the full upgrade of a 42 MW blockchain-processing data center, located in Mo I Rana, 600 miles north of Norway’s capital, Oslo. The data center is reportedly powered by 100% renewable energy.

“Air-cooled BitFury Blockboxes integrate with the latest generation chips and powered by the on-site power source and low-cost electricity grid, the mining hardware will provide computational capacity to cryptocurrency units,” said LIAN Group. “These units are expected to be fully installed and operating in the months ahead and will provide an optimal exposure to the bitcoin market.”

Currently, Norway boasts some of the most efficient, cost effective and low energy and electricity prices in the world, which continues to be attractive for investors.

“This profitable mining operation relies on low and fixed monthly expenses, which Norway provides with its track record of having low electricity prices,” said Fiorenzo Manganiello, co-founder of LIAN Group.

LIAN Group said that they will be looking to potentially scale similar operations in Canada next year.

“As a company our approach has continually been to find and embrace technology to solve the world’s problems. This means that we are constantly improving our ways of working. We collectively work together to deploy new methods of working with partners and this partnership with BitFury fits into this category,” concluded Manganiello.