US company to open new mining center in Sweden

The Future of Mining (TFOM), a Miami-based computer and mining company, is building a major data center in Sweden. The facility will be located at the Boden-Älvsbyn technology complex, after an agreement was reached between the company and the locality, granting the company a 1,500 square meter center and an office. It should be noted that this municipality hosts the headquarters of numerous global companies involved in the Blockchain industry, such as Canaan Creative.

Helena Öhlund, the mayor of Älvsbyn, welcomed the firm’s investment, thanking the country’s lawmakers for boosting the capitalization of the growing block-based industries. The head of the municipality declared:

“Sweden is on a very good path to ensure the growth of the industry. Today we are proud to take this step to ensure the future of mining. “

The data center will be installed on a site that housed the National Telecommunications Administration, a place connected to two of the three fiber optic networks that cross the area. Representatives of the company have referred to the expansion as a plan with two main objectives: the scalability of current mining operations and finding numerous customers in Europe. From the company they describe their mission as “the development of a business accelerator with their own facilities”, adding that “the agreement has been carried out with the municipality”, as a locality will have participation in operations.

According to Gianfranco Castillo, CEO of The Future of Mining (TFOM), the company plans to scale rapidly in terms of size and technological development, and expects its first 5 megawatts of capacity to be operating at the facility during the month of November … the plan is for another 30 megawatts to follow this plan for 18 months.

It is undeniable that Bitcoin and Blockchain technology has had a huge impact in Sweden. Such is the case that, in recent months, trade in the country’s LocalBitcoins platform has reached several historical highs, even after news that Mathias Sundin, a parliamentarian who became the first elected minister who accepted donations in bitcoins for his campaign, will leave the policy to assume the leadership of the biggest exchange of Bitcoin in Sweden, BTCX.