In the north of Scandinavia, where this time of the year the temperature can get as icy as 0°C, Japanese internet provider GMO Internet recently stated operating a mysterious cryptocurrency mining facility – without specifying the exact location.
The announcement was made last week by GMO representatives in a blockchain conference in Shibuya, Tokyo. GMO spokesperson stated, that despite the cold weather and leaky roof, the mining nest is now fully operational and by July this year has mined already 568 bitcoin – which makes total of 3.17 million euros. The company did not mention about the additional mining costs such as costs of construction, electricity, and other expenses of the project.
The team of GMO stated, that they installed 15,000 ASIC mining computers in two warehouses, and estimated that the consumption of energy is roughly the same as “of 33,500 household.”
The team added, that the weather conditions added a little extra spice for the building process – snowy conditions, rainy weather and roads covered by ice. This is just the first clinch of the nordic atmosphere – in the winter, the weather can get low as -35°C. According to Crypto Watch, a Japanese media outlet, The company stated that the extremely cold conditions are perfect for crypto mining, as the cold weather keeps the equipment cool.
Other reason for the chosen location, is the Scandinavia’s position as a leader of the renewable energy and the costs of electricity are very low.
GMO is known as one of the primary pioneers in the Japan’s cryptocurrency industry, operating the GMO Coin Exchange. The company is also known by paying a portion of the employees salaries in cryptocurrencies.
Author: Sarah Tuuli
Photo: Noel_Bauza from CCO/Canva