HIVE Blockchain’s (TSX.V: HIVE) recent announcement that they have completed the acquisition of a massive site in Bellangen, Norway confirms that their clean energy footprint is set to expand dramatically. The Kolos Norway AS site spans 64 hectares and comprises a couple features that make it ideal for a data management site powered by clean energy.
For one, the massive site is tucked between mountains that serve as barriers to inclement weather and other impediments. These natural features also contribute to the cooling effect that is anticipated to cut the costs of moderating the temperature of their ever-running computers. In addition, the plot’s location abutting the water is part of the reason hydropower is so abundantly available at competitive rates, and this availability is expected to cut energy costs by as much as 60%, according to Kolos’ predictions.
According to media coverage about Kolos in the past, the property could support up to 1,000 MW of computing power, which would be a record-breaking capacity output that would trump HIVE’s current mining farms in Iceland and Sweden by a significant margin. It’s fitting, as the Kolos site was originally planned to house the largest data center in the world. It’s too soon to tell whether the site will become the largest crypto mining farm in the world, but it is almost certain to be a boon not only for HIVE, but also the local economy.
The investment in Scandinavia is one of mutual benefit, as the climate conditions and alternative energy offerings are expected to produce significant returns for a company with a forward-looking vision of how the crypto mining infrastructure sector will look in the future. Meanwhile, the regional economy will surely see a boost from HIVE’s investment in the Kolos site.
“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. “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. I would like to commend the team at HIVE for their tireless work to complete the Norway Acquisition.”
The acquisition was first announced in late March, and it falls in line with HIVE’s dedication to expanding its computing stores while partnering with countries that are prioritizing clean energy. Their Icelandic outpost relies exclusively upon geothermal energy, while their farm in northern Sweden uses hydroelectric energy to power its computers. The Kolos site will also be powered exclusively by local, affordable stores of hydroelectric energy.