Skip to main content

Bitcoin Mining Firm Canaan to Open 10 MW Facility at Node Pole, Sweden

China-based Canaan Creative, a bitcoin mining firm commonly known by Avalon, its bitcoin mining chip brand, will open a data center powered by hydroelectric power at the ‘Node Pole’. Owned by power companies, the technology infrastructure hub is situated in the Boden region near the Arctic Circle n in Sweden.
Canaan, which manufacturers ASIC microprocessors, claims to be the first Chinese bitcoin company to open a data center in Europe. The facility will operate at 10 MW at its initial stage, leaving room for expansion in the future.
With the announcement today, Canaan Creative co-founder and chief executive N. G. Zhang stated:

Want Bitcoin' Sign In to your PayPal and claim Yours
Canaan Creative are expanding to Europe to continue developing blockchain technology for nw markets and applications. We came to the conclusion that Boden is the best location for us to drive blockchain technology to the next level.

Situated in the very north of Sweden by the Arctic Circle, the Node Pole region is a significant global hub for data traffic. Cheap and renewable hydro-electric power that makes for efficient energy infrastructure, naturally frigid conditions and a politically stable area aside from its geographical proximity on a global scale have all seen the “Node Pole’ region host the perfect conditions for large-scale data hosting.
Erik Svensson and N.G. Zhang pictured in the vicinity of the hydro-electric plant powering the data center.
“We have worked intensively over several years to become a leading cluster for blockchain and HPC (High Performance Computing) technology,” stated Boden Business Agency CEO Erik Svensson. “The fact that Canaan Creative selected us goes to show that we are on the right track.”
Moving into KnC Miner’s Shop
Canaan Creative will move into premises previously used by KnC Miner, a Swedish bitcoin company that notably filed for bankruptcy in May 2016.
While unconfirmed, the Chinese mining firm is likely moving into the same facility that was previously helicopter hanger used by the Swedish armed forces. The 10 MW facility is in close proximity to Facebook’s European data center, the first site for the social media giant outside the United States.
Canaan’s expansion to having a presence in Europe comes in the aftermath of moves made toward its acquisition by Chinese electronics manufacturer Shandong Luyitong. The mid-2016 deal, worth a reported ¥3.06 billion (approximately $466 million) would have represented the biggest acquisition in the bitcoin industry. However, the deal fell through with reports of regulatory challenges making the acquisition unfeasible for both parties.

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin Laundering” Study: Where Do Criminals Turn to Mask Illicit Cryptoassets?

A recent study ( PDF ) from the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance and blockchain analytics company Elliptic explored the “bitcoin laundering” ecosystem. In the study, Elliptic’s forensic analysis of the Bitcoin blockchain and other publicly available data were used to track the flows of illicit funds from 2013 to 2016. “This study aimed to identify where individuals turn in order to cash out or transmit bitcoins (BTC) acquired from illicit entities and to discover typologies for criminals ‘laundering’ bitcoins,” the report says. The study describes bitcoin laundering as a special type of money laundering that exists within the Bitcoin network where a user moves some bitcoins to a new address in a manner that obscures the original source of funds. The conversion of bitcoins into fiat currency on exchanges that lack adequate anti-money laundering (AML) and know-your-customer (KYC) policies can also fall under the category ...
97 comments
Read more

Soaring Bitcoin Price Leads $159 Billion Crypto Market Recovery

Bitcoin  Well, somebody bought the dip. Just as critics were rushing to proclaim that the bitcoin bubble had burst, the markets staged a $159 billion recovery. The rally was headlined by the bitcoin price, which rebounded from its sub-$10,000 fling and is currently flirting with $12,000. Several other top-tier coins, meanwhile, returned single day increases in excess of 40 percent. Source: CoinMarketCap Altogether, the  cryptocurrency market cap  clawed its way back to $574 billion, representing a 38 percent recovery from Wednesday’s intraday low of $415 billion. Bitcoin Price Eyes $12,000 Wednesday served as a trial-by-fire for recent bitcoin investors, some of whom had purchased the flagship cryptocurrency for $19,000 at the height of the rally in mid-December. Bitcoin Price Chart The correction forced the  bitcoin price  below $10,000 for the first time since early December, but Thursday’s rally enabled bitcoin to regain a bit...
75 comments
Read more

How to Boost Your Credit—or Build it Up From Nothing

Now that you know  how credit works , you probably want to know how to make it work  better . While nothing is better for your credit than paying your bills in full and on time, there are ways to give it a boost. Like it or not,  credit matters . It’s also complicated. In our “Everything You Need to Know About Credit” series, we’re breaking down the basics. When a lender or landlord looks at your credit, they’re not just looking for a three digit number, they want to know how you actually handle credit. That’s why your credit report is more important than your score. That said, your score matters, too, and the good news is, there are shortcuts for boosting it in a relatively short amount of time. And if you don’t have credit at all — let’s say you’re a teenager about to start college — your biggest focus should be on building up a credit history. That way you can apply for student loans, apartments, and make sure you  aren’t gouged on bills . Here are some options...
Post a Comment
Read more