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Miner Abandons Swedish County, Leaves $1.5M in Unpaid Electricity Bills

Two mining companies with operations in Sweden have reportedly abandoned their facilities in the country’s northernmost county of Norrbotten. One of the companies, U.S. miner NGDC, appears to have suddenly fled from the area, leaving $ 1.55 million in unpaid electricity bills in its wake.

Also Read: Seba Crypto Eyes Swiss Bank License, Independent Reserve Integrates Tax Tool

US-Based NGDC Bails on $ 1.55M Power Bill

According to Sveriges Radio, Miami-based NGDC ceased operations in the municipality of Älvsbyn after having its power cut by Swedish electricity supplier Vattenfall. NGDC owes 14 million Swedish kronor ($ 1.55 million) to Vattenfall, with the company’s lawyer, Fredrik Sundin, stating that the utility is actively pursuing the matter. “In all judgments, the prospect does not seem so brilliant, but we will do what we can of course,” Sundin said.

Helena Ohlund of the Älvsbyn municipal council stated that the local authorities have been unsuccessful in their attempts to contact NGDC.

Increasing Power Costs Drive Mining Exodus

Another mining company, Chasqui Tech, has reportedly abandoned its plans to establish a bitcoin mining farm in Kalix, Norrbotten county. The municipality is now seeking half a million Swedish kronor ($ 55,000) in unpaid rental fees from the company.

Patrik Ohlund, the chief executive officer of The Node Pole, a data center development hub in Sweden, said that he believes several factors could be driving these sudden departures. He has speculated that the cryptocurrency bear market and a jump in Swedish electricity prices — partly caused by the past summer’s drought — have created “problems” for a number of mining companies with operations in the country.

However, Ohlund remains upbeat about the future prospects of Sweden’s cryptocurrency mining industry. He said that he “would not be surprised to see a doubling” in the number of data centers operating in Sweden. He estimated that there are already roughly 50 such facilities in the country at present.

Last month, London-based MGT Capital Investments also announced that it had entered into a hosting agreement that would see the company relocate approximately 6,300 S9 Antminers that are currently housed in Sweden to a facility in Colorado Springs. Stephen Schaeffer, the chief operating officer of MGT Capital Investments, stated that the company hopes to complete the move and recommence mining at full capacity “before the end of December.”

Do you think that mining companies will continue to leave Sweden? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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The post Miner Abandons Swedish County, Leaves $ 1.5M in Unpaid Electricity Bills appeared first on Bitcoin News.

Bitcoin News

Palm Beach County: No Way We Can Do This

After some early bumps, more than half of Florida’s 67 counties began recounting votes Sunday in the razor-thin Senate and gubernatorial races, bringing back memories of the 2000 presidential fiasco, the AP reports. In Democratic-leaning Broward County, the scheduled start of the recount was delayed Sunday because of a problem…
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Proposed Crypto Mining Moratorium Rejected by County in Montana

Montana’s second most populous county, Missoula County, has rejected the proposal for a moratorium on cryptocurrency operations. The proposal was first presented at a public hearing in June but was postponed for three months.

Also read: 160 Crypto Exchanges Seek to Enter Japanese Market, Regulator Reveals

Proposed Crypto Moratorium Rejected

Missoula County’s board of commissioners held a public hearing Thursday to decide whether to accept or reject the proposal for a one-year emergency moratorium on new or expanded cryptocurrency operations.

Crypto mining could be limited in the county “under temporary emergency interim zoning,” the Missoulian described. The mining moratorium proposal was first presented at a public hearing in June but the decision was postponed for three months “to give staff more time to consider various options,” the publication added.

After Thursday’s hearing, the county posted a notice on its website stating:

The commissioners voted not to adopt interim zoning, and instead directed staff to investigate the development of regulations targeting the impacts of concern such as noise, electronic waste, and energy.

Jennie Dixon from the county’s Community and Planning Services department revealed that 92 percent of about 80 written comments from 71 individuals supported the moratorium, the news outlet noted.

No Authority

Attorney Jaymie Bowditch represents Hyperblock Technologies, the parent company of Project Spokane, one of the companies operating a cryptocurrency mining operation in the Missoula town of Bonner. He explained:

In order to approve the one-year moratorium using interim zoning, they [the county] had to show an imminent threat to public health or safety. By extending the public hearing for three months, it showed that no immediate danger was posed.

Commissioner Jean Curtiss was quoted by the publication confirming that “the county doesn’t have the authority that the state or cities may have to regulate one industry using the interim zoning.”

Commissioner Dave Strohmaier commented, “We are talking about the impacts themselves, not necessarily crypto mining as an industry — the noise, e-waste, possible excessive use of electricity that threatens our planet.” He was further quoted suggesting: “It may be that we need a much broader approach because of the potential this would be myopic. But I do have serious concerns about the energy use.”

Crypto Mining in Missoula County

The county has been trying to attract crypto miners to set up operations. According to its website:

Missoula County is an attractive place for locating cryptocurrency mining operations due to the region’s low electricity rates and cool weather which helps to keep equipment from overheating.

The county’s website also details that “Electric utilities that operate in Missoula County report receiving large numbers of inquiries from cryptocurrency mining firms.” Furthermore, there are “two commercial-scale cryptocurrency mining facilities” that are currently operating in the county, “as well as an unknown number of small home-based cryptocurrency mining operations.”

However, the website also points out some concerns regarding “the current and potential adverse impacts of cryptocurrency mining on the public health and safety of its residents.” These impacts include noise pollution, greenhouse gas emissions, electrical system reliability and safety, fire safety hazard, and electronic waste containing heavy metals and carcinogens.

What do you think of Missoula County rejecting the proposed crypto mining moratorium? Let us know in the comments section below.

Images courtesy of Shutterstock.

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Bitcoin News

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