Bitcoin industry giant Bitfury is opening a new bitcoin mining center in Norway, bringing investments and jobs in a move that has “delighted” the country’s government.
In an announcement on Tuesday, the BitFury Group revealed details of its expansion into Norway with – what it deems – a sustainable, energy-efficient ‘datacenter’ in a foray backed by the government.
Bitfury is investing about 274 million NOK (35 million USD) toward the datacenter that will be located in the town of Mo I Rana, a major town in Northern Norway. Around 30 jobs are expected to be created locally.
In welcoming the cryptocurrency firm to the country, Norway’s Minister of Trade and Industry Torbjørn Røe Isaksen said:
“I am delighted that the Bitfury Group has chosen to establish their new data center in Norway and Mo I Rana…. This represents a major economic opportunity for Norwegian businesses. The datacenter industry is growing fast and provides Norway with opportunities of economic growth and new jobs.”
Bitfury contends the datacenter will run on a power usage effectiveness (PUE) of 1.05 or lower, listing it among the world’s most energy efficient mining operations. To fuel its production, Bitfury is purchasing 350 Gigawatt hours (GWh) of 100% hydroelectric renewable energy from a local power supplier.
Norway’s open embrace of cryptocurrency mining firms is aided by the colder temperatures and access to renewable energy, along with a friendly tax code. These factors will prove favorable to miners at a time when crypto mining is under scrutiny for its energy-intensive appetite.
For instance, the state of New York’s public utility regulator recently granted local power suppliers the ability to charge higher tariffs for crypto mining firms in the state.
Not so in Norway, where the country’s industry minister has a markedly different approach in dealing with crypto companies.
“It has been important for us to facilitate the opening of more data centers in Norway,” he added, in quotes reported by Norwegian state-owned publication NRK. “We have green power, so this can create jobs and investments in new technology.”