Canada-based HIVE Blockchain (TSX.V: HIVE) is the proud owner of a Norwegian site that was once primed to become the “world’s largest data center.” With some energy infused by new ownership and a clear vision for a site where computing power will be used to mine for cryptocurrency, the site once again has life.
And what a site for mining it is.
Nestled between mountains and abutting the water in the town of Bellangen, 225 kilometers north of the Arctic Circle, the site is a natural fit for the massive crypto mining farm. The adjacent mountains serve as natural barriers to provide protection from physical threats and a means by which to preserve balmy temperatures in the valley. Readily available access to hydroelectric power—by which the site will be powered—falls in line with HIVE’s uncompromising philosophy of fueling their operations exclusively through clean energy.
According to Kolos, that abundant hydroelectric power could save as much as 60% on energy costs. This is a massive factor in HIVE’s determination that, in time, they could add as much as 1,000 MW to their computing power through the Kolos site alone. This would be a record-setting output, and that grand vision is set to create immense benefit not only for HIVE and its clients, but for the region surrounding Bellangen, too.
It’s anticipated that if built, the construction and operation of the facility would be a windfall for both the local and regional economies. This follows a pattern of investment by tech companies seeking to store data and invest in a region whose climate, topography, and energy policies are conducive to their needs. Facebook has a massive data storage facility only 240 miles away in Sweden, a country in which HIVE also announced the opening of a cryptocurrency mining farm.
“I am extremely pleased by the completion of the acquisition of Kolos, which provides HIVE the capability to rapidly expand our footprint in the Nordic region and maintains HIVE’s position as a leading blockchain and cryptocurrency infrastructure company,” said Harry Pokrandt, CEO and Director of HIVE.
Pokrandt also touched on the fact that near-term power returns, while not necessarily overwhelming in capacity, are also not a cap on where this facility is headed in the future.
“The property supplies near-term access to an additional 30 MW of capacity and provides HIVE a deep pipeline of opportunities for many years to come,” he said. “I would like to commend the team at HIVE for their tireless work to complete the Norway Acquisition.”