Bitfury creates a cryptocurrency-as-a-service mining partnership to upgrade Norway's data center worth $ 35 million

Cryptocurrency miner Bitfury has partnered with a private equity firm that allows it to modernize its $ 35 million blockchain-based infrastructure in Norway.

According to an announcement dated November 2 from the Luxembourg-based Lien Group, the company launched digital currency mining as a service (MaaS), through a partnership with Bitfury. As part of the arrangement, the Lien Group will contribute to a complete upgrade of Bitfury's existing infrastructure, which consists of a large data center in Norway.

Bitviori opened cryptocurrency mining operations near the town of Mu I Rana in 2018. The data center, which has a capacity of 42 MW, is said to already run 100% renewable energy. Lien Group has stated that the air-cooled blockboxes - the Bitfury cryptocurrency miner - will 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 Lien Group. "The profitable mining operation is dependent on steady, low monthly expenditures, which Norway provides with its proven track record in low electricity prices."

The cryptocurrency miner announced that it received government approval for a $ 35 million blockchain infrastructure project in March 2018. And earlier this year, Bitfury announced that it would open the company to corporate investment by 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 found in Canada, Iceland and Central Asia, with access to electricity rates of around $ 0.03 per kilowatt-hour and less. The Layan Group stated that it will "expand similar operations in Canada" in 2021.


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