Cryptocurrency Miners Vanish in Sweden, Leaving Big Electricity Bill
The Swedish county of Norrbotten has viewed the failure of now not one, but NULL contemporary cryptocurrency mining initiatives. The firms concerned have merely disappeared leaving only unpaid payments of their wake.
ABOVE THE ARCTIC CIRCLE, SWEDEN
The most northerly Swedish county, over half of Norrbotten’s edge lies inside the arctic circle. Cool conditions for mining cryptocurrency, one may think, nevertheless it appears success is much from a foregone conclusion.
The municipalities of Älvsbyn and Kalix had welcomed investment from crypto-companies inside the region. Neither, however, got fairly what that they had hoped.
POWER CUT
In Älvsbyn, Miami-based NGDC had set-up facilities and began mining bitcoin, only to all of a sudden stop operations inside the Autumn. The explanation given was that the power company, Vattenfall (Waterfall), had cut off the electricity as a result of unpaid bills.
Vattenfall has utilized for sequestration, closure, and bankruptcy for NGDC. It is much less positive about its prospects of retrieving cost for the unpaid electricity invoice of 14 million SEK (around $1.5 million).
The municipal council, which owns the premises utilized via way of NGDC, has tried unsuccessfully to touch the company, to take away their equipment, according to native information sources. Still, at the very least the professionals in Älvsbyn didn’t endure any monetary loss.
NO SHOW
In Kalix, 100km to the East, close to the border with Finland, the municipality is attempting to get better half a million kronor ($55,000) in unpaid rent. A brand referred to as Chasquitech positioned ahead their plans for bitcoin mining inside the Spring, but via way of no means arrived to leap operations.
Crypto-mining firms in Sweden have confronted a hard time these days as drought conditions inside the summer time pressured up the charge of electricity. Combined with decrease bitcoin charge $6355.35 -0.06%, this has supposed revenue are ever tougher to come by.
Patrik Öhlund, CEO of The Node Pole, nonetheless sees a shiny destiny for the business as a entire and cryptocurrency mining in Sweden. He thinks the quantity of information facilities (currently 50) can only increase. “Looking five years ahead, we does now not be stunned if we see a doubling, upwards of a hundred,” he said.
ABOVE THE ARCTIC CIRCLE, SWEDEN
The most northerly Swedish county, over half of Norrbotten’s edge lies inside the arctic circle. Cool conditions for mining cryptocurrency, one may think, nevertheless it appears success is much from a foregone conclusion.
The municipalities of Älvsbyn and Kalix had welcomed investment from crypto-companies inside the region. Neither, however, got fairly what that they had hoped.
POWER CUT
In Älvsbyn, Miami-based NGDC had set-up facilities and began mining bitcoin, only to all of a sudden stop operations inside the Autumn. The explanation given was that the power company, Vattenfall (Waterfall), had cut off the electricity as a result of unpaid bills.
Vattenfall has utilized for sequestration, closure, and bankruptcy for NGDC. It is much less positive about its prospects of retrieving cost for the unpaid electricity invoice of 14 million SEK (around $1.5 million).
The municipal council, which owns the premises utilized via way of NGDC, has tried unsuccessfully to touch the company, to take away their equipment, according to native information sources. Still, at the very least the professionals in Älvsbyn didn’t endure any monetary loss.
NO SHOW
In Kalix, 100km to the East, close to the border with Finland, the municipality is attempting to get better half a million kronor ($55,000) in unpaid rent. A brand referred to as Chasquitech positioned ahead their plans for bitcoin mining inside the Spring, but via way of no means arrived to leap operations.
Crypto-mining firms in Sweden have confronted a hard time these days as drought conditions inside the summer time pressured up the charge of electricity. Combined with decrease bitcoin charge $6355.35 -0.06%, this has supposed revenue are ever tougher to come by.
Patrik Öhlund, CEO of The Node Pole, nonetheless sees a shiny destiny for the business as a entire and cryptocurrency mining in Sweden. He thinks the quantity of information facilities (currently 50) can only increase. “Looking five years ahead, we does now not be stunned if we see a doubling, upwards of a hundred,” he said.
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