New Partnership Spotlight

Bitfury, a staple in the cryptocurrency mining world, has recently cemented a partnership that aims to upgrade its mining prowess. Teaming up with the Luxembourg-based LIAN Group, the duo is on a mission to elevate Bitfury’s blockchain infrastructure located in Norway, a venture worth a cool $35 million.

Mining Infrastructure Upgrade

As part of this collaboration, LIAN Group is set to bring a fresh wave of innovation to Bitfury’s existing facilities. With plans to install their air-cooled BlockBoxes—fancy tech words for advanced mining hardware—the mining hub in Mo i Rana is gearing up for a tech makeover. Work on this upgrade is expected to roll out in the coming months, promising miners a more efficient experience.

Why Norway?

Norway’s attractions aren’t just fjords and fish; it’s the mecca for crypto miners, primarily due to its renewable energy offerings. The 42-megawatt data center opened in 2018 is already running on 100% renewable energy, tapping into the nation’s low electricity prices, which hover around $0.03 per KWh. This scenario sets the stage for what LIAN Group’s co-founder Fiorenzo Manganiello calls, “one of the most efficient assets in the market.”

Expanding Horizons

This partnership doesn’t stop at Norway. Bitfury’s reach includes locations in Canada, Iceland, and Central Asia—each chosen for their economically friendly electricity rates. With this new arrangement, LIAN Group is eyeing potential expansions to similar operations in Canada as soon as 2021. Mining aficionados, get your calculators ready!

Looking Back and Ahead

It’s been quite the journey for Bitfury, opening its Norwegian base back in 2018 after gaining governmental approval for its $35 million project. The firm is also opening its doors to institutional investment, allowing family offices and funds to dip their toes into the Bitcoin mining pool. Talk about making those family gatherings even more exciting!