Russian Bitcoin Mining Farm To Be Built In…Norway?
The Russian New Mining Company is a very well-known crypto mining company in the digital currency world. The company recently decided to invest heavily in a bitcoin mining farm in Norway. Along with several Norwegian companies, they plan to install several thousand mining units in a new farm.
In total, the project is estimated to cost a total of 1 billion Norwegian kroner. This is the equivalent of a billion Norwegian kroner which is around $125 million.
The farm is located in the municipality of Alvdal and construction work is expected to commence sometime in August. However, eight containers of essential components have already been delivered to the site. Alvdal has attracted a large number of investors from all over the world due to its cheap electricity and great communication infrastructure.
However, there are some people are very curious as to why the Russians be investing in Norway, when Russia already offers a good deal for bitcoin miners. Some suspect that this is related to the upcoming NATO-led military exercise. Trident Juncture 2018 is scheduled for October 5 of this year and it will be the largest military exercise in Norway’s history. It is set to occur in Tynset, which is just a few kilometers away from Alvdal. The setting up of the new facility has attracted the attention of the Norwegian authorities.
Norway Keeping Close Watch On Russian Farm
The mining farm will be set-up nearly five kilometers northwest of Alvdal. The location looks like a quarry and is near the edge of a dense forest. Despite its location, high power cables and optic fiber is already being laid out, thanks to Nordanvind, the company in charge of the mining farm construction.
In a statement, Jonny Andersen, the Norwegian New Mining Company rep, said
As far as I know, the Russian owners are serious guys. They understand that Norwegian special services are closely interested in their activities. They are expecting the checks and they are not afraid of anything
Torgeir Waterhouse, director of the Internet and New Media Department of the Norwegian IT Industry Association (IKT-Norge) points out that only those who have direct access to the mining farm’s hardware know what the computers are made for. He believes that the equipment delivered to the farm could easily be used to implement a powerful cyber-attack.
The Norwegian authorities themselves are making no comment, though they are aware of what is happening. A representative of the Norwegian Police Security Service (PST) recently announced that they were aware of the investment and would be keeping a close watch on the farm.
Kate is market industry expert who has spent majority of her life on wall street, she has thought to have a knack at picking the right stocks to invest into. With the rise in cryptocurrencies she has is now able to use her expertise to a new market and give us insights on what we can expect in the present and the future.