Blockchain Editor's Choice Europe

LIAN Group and BitFury Launch Mining as a Service as $35m Norway Blockchain Infrastructure Gets Upgraded

LIAN Group, founded as a private equity firm focusing on investing in disruptive technologies and building long-term infrastructure for institutional participation in the technology ecosystem, has announced a new $35m strategic partnership with BitFury.

The partnership with BitFury, a LIAN portfolio company and one of the largest private infrastructure providers in the blockchain ecosystem, demonstrates LIAN Group’s commitment to blockchain mining with the full upgrade of a 42 MW blockchain-processing data centre.

“LIAN Group has brought this pilot project to BitFury as a first proof of concept and with it, have jointly worked to develop a new business line,” stated Fiorenzo Manganiello, co-founder of LIAN Group.

“We have been proud to advise BitFury on the operations needed to succeed with this project and together we will strategically be bringing institutional investors into the blockchain infrastructure business,” highlighted Nessim-Sariel Gaon, co-founder at LIAN GROUP.

The site, which is the first of its kind in Norway, is in Mo I Rana, 600 miles north of the country’s capital, Oslo. It is located near to Norway’s second-largest glacier, the Svartisen glacier. It will work via air-cooled BitFury Blockboxes integrate with the latest generation chips and powered by the on-site power source and low-cost electricity grid, the mining hardware will provide computational capacity to cryptocurrency units.

These units are expected to be fully installed and operating in the months ahead and will provide an optimal exposure to the bitcoin market. The data centre is powered by 100% renewable energy. Norway currently boasts some of the most efficient, cost-effective and low energy and electricity prices in the world, which continues to be attractive for investors.

“This will be one of the most efficient assets in the market,” predicted Fiorenzo Manganiello, who alongside Nessim Sariel-Gaon, has masterminded the project. “This profitable mining operation relies on low and fixed monthly expenses, which Norway provides with its track record of having low electricity prices,” he added.

“We are delighted to bring further economic growth to this part of Norway, as BitFury already employs more than 30 local people at the datacentre, ” added Gaon.

LIAN Group will be looking to potentially scale similar operations in Canada next year. “As a company our approach has continually been to find and embrace technology to solve the world’s problems. This means that we are constantly improving our ways of working. We collectively work together to deploy new methods of working with partners and this partnership with BitFury fits into this category,” concluded Manganiello.

Author

  • Gina is a fintech journalist (BA, MA) who works across broadcast and print. She has written for most national newspapers and started her career in BBC local radio.

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