Bitcoin mining giant Bitfury is expanding into Norway and they received a warm welcome from the government. Most mining companies have started expanding into multiple countries after the Chinese government turned hostile towards Cryptocurrencies last year. Bitfury develops both hardware and software for Cryptocurrency mining.
Unlike other countries, Norway has been very friendly to Cryptocurrencies and innovation. They charge a flat 25% capital gains tax on Cryptocurrency profits and write off losses. Also, there is no regulation against the usage of Cryptocurrencies.
Bitfury has partnered with the government of Norway to set up a mining centre in Mo i Rana. As a part of the partnership, Bitfury will be investing over $35 Million for the mining centre and hire about 30 local employees.
Mining facilities have been known to use up an enormous amount of energy. For this reason, Bitfury has announced that they’d be purchasing 350 GWh renewable energy annually for sustainable growth.
Valery Vavilov, Bitfury’s CEO said “Norway is a perfect match for Bitfury’s focus on innovation and growth. We look forward to identifying new customer relationships and designing the products and solutions they need to make their enterprises run more securely and efficiently.”
Breaking news – Bitfury has officially partnered with the country of Norway to open a bitcoin mining datacenter in Mo I Rana! Our datacenter will run on renewable energy, reaffirming our commitment to bitcoin sustainability. Read more: https://t.co/MkzVsY4zIk pic.twitter.com/MapKTUhW9i
— The Bitfury Group (@BitfuryGroup) 20 March 2018
The government of Norway was also happy with Bitfury setting up their mining operations in the country. Torbjørn Røe Isaksen, Norway’s Minister of Trade and Industry said “I am delighted that the Bitfury Group has chosen to establish their new data center in Norway and Mo i Rana. Data will become an increasingly important resource for the business community as well as for society in general. 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.”