US-owned blockchain company The Future of Mining is setting up a datacentre in Älvsbyn, Sweden.
The Future of Mining is a venture jointly owned by two blockchain industry companies, NGPS and NIDC, which run cryptocurrency operations in the US. The company’s deal with Älvsbyn, a municipality with 5,000 inhabitants, includes a 1,500 square metre brownfield datacentre facility and office space.
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Sweden’s efforts to promote itself as a hub for datacentre investment seem to be paying off. Facebook already hosts a datacentre in Luleå, Amazon Web Services is building a datacentre region outside Stockholm, and now smaller players are following suit.
The Future of Mining’s plan is to have 5MW of capacity running in mid-November and increase this to 35MW over the next 18 months. These capabilities will be used for cryptocurrency mining and to offer high performance computing (HPC) services to business customers.
“We are looking to scale fast in terms of both size and technology development,” said Gianfranco Castillo, CEO at The Future of Mining. “This strategic choice allows us easy access to everything from energy to innovative partners and European customers. This allows us to keep to our ambitious growth trajectory without hassle and bottlenecks.”
Lukas Foster, operations manager at The Future of Mining, cited safety, stability, the cool climate and access to renewable energy as key factors for basing the datacentre in Sweden.
The company will bring its team from the US to help with the initial datacentre setup, as The Future of Mining currently only employs one person in Sweden. According to Foster, the building (which was previously housed by Sweden’s National Telecoms Administration) doesn’t require much alteration to fit the company’s datacentre plans. The site is connected to two fiber grids in the local area and adjacent to an 80MW substation run by power utility company Vattenfall.
Further to its datacentre operations, The Future of Mining also has a plan, backed by the Älvsbyn municipality, to start a blockchain-focused business accelerator within its facilities.
The Future of Mining is joining a number of companies with HPC and blockchain operations in the Boden-Älvsbyn region. London-based Hydro66 runs a 4MW colocation facility in Boden, with plans to expand it to 11.6MW, and in February, Chinese blockchain server provider Canaan Creative announced plans for a 10MW datacentre in the region.