Miami-based mining and high-performance computing company, The Future of Mining, is building a major data center in Sweden. The center will be located in the tech hub of Boden-Älvsbyn, following the establishment of a deal between The Future of Mining and the municipality of Älvsbyn.
The Future of Mining Is Setting up a Data Centre and Base of Operations in Northern Sweden
Miami-based The Future Of Mining (TFOM), a company specializing in mining and high-performance computing services, has announced that it is setting up a data center in the Swedish tech hub of Boden-Älvsbyn. The company has negotiated a deal with the municipality of Älvsbyn granting TFOM a 1,500m2 data center facility and a large adjacent office facility. Boden-Älvsbyn already hosts several global companies involved in high-performance computing and the blockchain industries, such as Canaan Creative.
Local mayor, Helena Öhlund, has welcomed the investment from TFOM, praising Swedish regulators for seeking to capitalize upon the growing cryptocurrency and blockchain industries. “Sweden is right on track to secure growth in this new emerging industry. Today we’re quite happy and proud to take this next step together with The Future of Mining.”
The data center site will be located on a brownfield site that previously housed the National Telecoms Administration. The site is connected to two of the three fiber grids running through the area and is adjacent to an 80 MW substation run by Vattenfall.
The Municipality of Alvsbyn Will Possess a Stake in Some of TFOM’s Operations
TFOM has described the Swedish expansion as comprising a plan with two primary objectives. The company hopes to “secure the scalability of current mining operations”, in addition to allowing the company to find European clients for its high-performance computing services. TFOM describes its plan as comprising the “development a dedicated business accelerator within [its] own facilities”, adding that “the deal is outset together with the local municipality [-] which is also taking a stake in the business accelerator operations.”
TFOM Chief Executive Officer, Gianfranco Castillo, states that the company is looking to “scale fast in terms of both size and technology development. This strategic choice allows us easy access to everything from energy to innovative partners and European downstream customers.” TFOM anticipates that the first 5 megawatts of capacity will be up and running at the center during November, with another 30 megawatts expected to follow over the course of the proceeding 18 months.
Bitcoin and blockchain technology have steadily been gaining traction throughout Sweden in recent months. Swedish P2P bitcoin trading on Localbitcoins has set several records for trade volume in recent months, including after news that Mathias Sundin – a Swedish MP who made history by becoming the first ever elected minister to have exclusively accepted campaign donations in the form of Bitcoin – announced that he would be leaving politics in order to assume the position of chairman of the board at Sweden’s largest bitcoin exchange, BTCX.
Do you think that TFOM will be successful in attempting to enter Europe’s high-performance computing services market? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, The Future of Mining
Need to know the price of bitcoin? Check this chart.
Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here.