Minister of Trade and Industry said it is an opportunity to create jobs and grow economy. Moreover, the country, which has favorable climate and tax code for crypto mining operations. It wants to encourage opening of more data centers.
BitFury announced Tuesday the plans to expand its mining operations into Norway, and the government welcomes this idea. The project based in Mo I Rana is a partnership between the two and will create more jobs and boost investments in the country.
Norway’s Minister of Trade and Industry Torbjørn Røe Isaksen called it a major economic opportunity. Thus for the country echoing its job creation benefits and saying it is an opportunity to grow economy.
The datacenter — sort of a modern-day plant — will use 350 Gigawatt hours (GWh). It is of 100% hydroelectric renewable energy supplied by a local power supplier. However, it will have a power effectiveness of 1.05 or lower according to BitFury.
Norway’s strategic for crypto mining operations given its colder temperatures, favorable tax code and access to vast amount of renewable energy.
And while, for instance New York state public utility just granted local power suppliers. However the ability to charge higher tariffs for crypto mining firms. Norway is not using that approach.
Norwegian state-owned publication quoted the minister as saying that they want to facilitate opening of more data centers in the country.