Crypto mining company Bitfury has partnered with a private equity firm that will allow it to upgrade its existing $ 35 million blockchain infrastructure in Norway.
According to a Nov. 2 announcement from Luxembourg-based LIAN Group, the company has launched cryptomining as a service, or MaaS, by partnering with Bitfury. As part of the agreement, the LIAN Group will contribute to a full upgrade of Bitfury’s existing blockchain infrastructure, consisting of a large data center in Norway.
Bitfury opened crypto mining operations near the town of Mo i Rana in 2018. The 42 megawatt data center is reportedly already powered by 100% renewable energy. The LIAN Group stated that BlockBoxes – Bitfury’s air-cooled cryptomining hardware – would be fully installed “in the coming months”.
“This will be one of the most efficient assets on the market,” said Fiorenzo Manganiello, co-founder of the LIAN Group. “This profitable mining depends on low and fixed monthly costs, which Norway provides with its track record of low electricity prices.”
The crypto mining company announced it had got government approval for the $ 35 million blockchain infrastructure project in March 2018. Earlier this year Bitfury announced that it would open the company to institutional investment by having family offices and other funds invest in Bitcoin (BTCmining.
In addition to Norway, Bitfury has similar data centers capable of mining crypto in Canada, Iceland and Central Asia, all with access to electricity prices of around $ 0.03 per KWh and below. The LIAN group said it could “scale up similar operations in Canada by 2021.”