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Cryptocurrency mining firm Bitfury has partnered with a private equity firm that allows it to upgrade its existing $ 35 million blockchain infrastructure in Norway.
According to a November 2 announcement from the Luxembourg-based LIAN group, the company launched crypto mining as a service, or MaaS, by partnering with Bitfury. As part of the agreement, LIAN Group will contribute to a comprehensive upgrade of Bitfury’s existing blockchain infrastructure, consisting of a large data center in Norway.
Bitfury opened cryptocurrency mining operations near the city of Mo i Rana in 2018. The 42 megawatt data center would already be powered by 100% renewable energy. The LIAN Group said the air-cooled BlockBoxes, Bitfury’s cryptocurrency mining hardware, would be fully installed “in the months to come”.
“This will be one of the most efficient assets on the market,” said Fiorenzo Manganiello, co-founder of LIAN Group. “This profitable mining operation is based on low and fixed monthly expenses, which Norway provides with its track record of low electricity prices.”
The cryptocurrency mining company announced it received government approval for the $ 35 million blockchain infrastructure project in March 2018. Earlier this year, Bitfury announced it would open the company to institutional investment. allowing family offices and other funds to invest in Bitcoin (BTC) mining.
In addition to Norway, Bitfury has similar data centers capable of mining cryptocurrencies located in Canada, Iceland and Central Asia, all with access to electricity prices of around $ 0.03 per kWh and lower. LIAN Group said it would “potentially scale back similar operations in Canada” in 2021.
