The increasing importance of energy sources and location for bitcoin mining

I mentioned BitFury in passing in my lengthy piece on energy arbitrage.  Last week they announced that they had received $20 million in venture financing.

But one story that has not been translated into English yet (here is the Finnish version) is that their facility in Finland is nearing completion.  They are reusing an old steel mill on Kimito Island and are coming up with a way to increase the efficiency of the heat recovery process to surpass that of Google (which also has a data center in the area).  And according to my friend who helped translate it for me, BitFury has a 20 MW power plant at that location and it’s almost entirely in use.

And that is with a token below $1,000.

For more on the $1 million token, see Bitcoins: Made in China (pdf) (BM)

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