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Bitfury partners to upgrade its Norwegian data center worth $ 35 million

November 5, 2020

Crypto mining company Bitfury has partnered with a private equity firm that will allow it to upgrade its existing blockchain infrastructure in Norway worth $ 35 million.

According to an announcement made on November 2nd LIAN group based in Luxembourg, The company started Cryptocurrency Mining As a Service (MaaS) through a partnership with Bitfury. Under the agreement, LIAN Group will contribute to a full upgrade of Bitfury’s existing blockchain infrastructure, which consists of a large data center in Norway.

Bitfury opened crypto mining operations near the town of Mo i Rana in 2018. According to reports The 42-megawatt data center is already operated 100% with renewable energy. The LIAN Group explained this BlockBoxes air-cooled, Cryptocurrency mining hardware from Bitfury, it would be fully installed “in the next few months”.

Bitfury partners to upgrade its Norwegian data center worth $ 35 million
Bitfury partners to upgrade its Norwegian data center worth $ 35 million

“This will be one of the most efficient assets on the market,” explained the co-founder of the LIAN Group, Fiorenzo Manganiello. “This profitable mining operation is based on the low and fixed monthly expenses that Norway delivers with its history of low electricity prices.”

The crypto mining company announced this received 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 allowing family offices and other funds to invest in Bitcoin mining (BTC).

Besides Norway Bitfury has similar data centers that can mine cryptocurrencies in Canada, Iceland, and Central Asia. all with access to electricity prices of around USD 0.03 per kWh and less. LIAN Group announced that it “may scale similar operations in Canada” in 2021.