Bitcoin & Crypto & NFT News
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:
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.
“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.
Featured image from Shutterstock