Miner Abandons Sweden, Leaves $1.5 Million in Unpaid Electricity Bills

Mining

Two mining corporations with operations in Sweden have reportedly deserted their amenities in the nation’s northernmost county of Norrbotten. One of many corporations, U.S. miner NGDC, seems to have immediately fled from the world, leaving $1.55 million in unpaid electrical energy payments in its wake.

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US-Primarily based NGDC Bails on $1.55M Energy Invoice

Miner Abandons Swedish County, Leaves $1.5 Million in Unpaid Electricity BillsIn accordance with Sveriges Radio, Miami-based NGDC ceased operations in the municipality of Älvsbyn after having its energy lower by Swedish electrical energy provider Vattenfall. NGDC owes 14 million Swedish kronor ($1.55 million) to Vattenfall, with the corporate’s lawyer, Fredrik Sundin, stating that the utility is actively pursuing the matter. “In all judgments, the prospect doesn’t appear so good, however we are going to do what we will in fact,” Sundin mentioned.

Helena Ohlund of the Älvsbyn municipal council said that the native authorities have been unsuccessful in their makes an attempt to contact NGDC.

Growing Energy Prices Drive Mining Exodus

One other mining firm, Chasqui Tech, has reportedly deserted its plans to ascertain a bitcoin mining farm in Kalix, Norrbotten county. The municipality is now looking for half one million Swedish kronor ($55,000) in unpaid rental charges from the corporate.

Miner Abandons Swedish County, Leaves $1.5 Million in Unpaid Electricity BillsPatrik Ohlund, the chief government officer of The Node Pole, an information heart growth hub in Sweden, mentioned that he believes a number of elements could possibly be driving these sudden departures. He has speculated that the cryptocurrency bear market and a leap in Swedish electrical energy costs — partly brought on by the previous summer season’s drought — have created “issues” for numerous mining corporations with operations in the nation.

Nonetheless, Ohlund stays upbeat in regards to the future prospects of Sweden’s cryptocurrency mining trade. He mentioned that he “wouldn’t be shocked to see a doubling” in the variety of information facilities working in Sweden. He estimated that there are already roughly 50 such amenities in the nation at current.

Final month, London-based MGT Capital Investments additionally introduced that it had entered right into a internet hosting settlement that might see the corporate relocate roughly 6,300 S9 Antminers which might be presently housed in Sweden to a facility in Colorado Springs. Stephen Schaeffer, the chief working officer of MGT Capital Investments, said that the corporate hopes to finish the transfer and recommence mining at full capability “earlier than the top of December.”

Do you suppose that mining corporations will proceed to depart Sweden? Share your ideas in the feedback part under!


Photographs courtesy of Shutterstock


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