News has emerged that two cryptocurrency mining facilities have opened in both Reykjavik and Blonduos, Iceland.
Etix Blockchain, a subsidiary of Etix Everywhere, a Luxembourg-based data center operator is behind the move, which comes on the heels of the company receiving considerable investment from SBI Crypto Investment, which is itself a subsidiary of SBI Holdings.
High demand from institutional customers
SBI Holdings, a Japanese online financial services provider, purchased a 41 percent stake in Etix Blockchain according to a report published in May of this year.
According to Etix, both facilities have already been fully leased, which highlights the demand from international institutional customers.
Established in 2012 in Luxembourg, Etix now operates data centers in Colombia, Morocco, Belgium, Scotland, France and Luxembourg, and has been rapidly expanding into blockchain and cryptocurrency operations.
Etix strategy included purchasing a 55 percent majority stake in Borealis Data Center, which is an Icelandic company founded in 2014 and which specializes in blockchain and HPC services.
Borealis operates a cryptocurrency mining operation in Reykjanes and will be renamed Etix Everywhere Borealis as part of the new purchase agreement.
Mining is the first step in the blockchain revolution
It would seem that Etix Blockchain will manage the new cryptocurrency mining facilities based in both Reykjavik and Blonduos, with both sites currently open and already expanding to the extent that it has been suggested there will be additional capacity available by the end of the year.
The plan is that once fully complete, there will be a total hosting capacity of around 30,000 servers over both facilities.
Antoine Gaury, head of Etix Blockchain commented that “mining is only the first step of the blockchain revolution, many other industries will soon embrace this technology.”
“The segmentation between premium Data Centers and low-cost mining farms will fade, in favor of intermediary standards offering competitive financial solutions in line with the quality requirements of institutional customers.”
Etix Blockchain is reportedly on the lookout for even more data centers in both Iceland and further afield in other Nordic countries.
Iceland as a country is an attractive destination for cryptocurrency mining operations due to the colder climate, being very stable politically, and the fact that due to abundant renewable energy sources electricity is relatively cheap.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.