HIVE Plans Hyperscale Crypto Mining Data Centre In Norway

Tuesday, March 27, 2018

The Canadian company is already active in Iceland and Sweden but the Norway expansion through the acquisition of Kolos is in another league when it comes to potential processing capacity. HIVE Blockchain Technologies is acquiring Kolos of Norway for $9.9m plus shares to enable it to build a mammoth data centre to serve its blockchain and cryptocurrency infrastructure business.

Kolos is a Norwegian and American company that had set itself out to build the world’s largest data centre at 6.4m square feet and with up to 1,000MW of power.

Kolos’ primary asset is a 64-hectare property located in Ballangen, Norway, around 225 kilometres north of the Arctic Circle, and ideally situated for the construction of a large-scale, climate-cooled data centre.

The property is in close proximity to a hydroelectricity supply at “highly competitive rates”, said Canada-headquartered HIVE. HIVE and its strategic partner, Genesis Mining, are developing a plan to construct an initial facility on the property accessing 30MW of power. It is expected that 120MW of power will be available to HIVE within a year.

Kolos says it has preliminary permission for the plans from the local municipality, which is said to “strongly support” the project.