Bitmain Quietly Opens Scandinavian Mining Facility

Bitmain has quietly opened a new mining facility in Sweden that can produce up to 5.2 million bitcoins per year.

The company says it is investing $1 billion in the operation, which expects to start producing bitcoin within three years. The facility is located in the town of Danderyd near Stockholm and will use its own proprietary mining chip to mine.

Bitmain says it won't disclose the number of computers in the factory, but The Information says there are about 200 in operation. The site can house up to 400 additional machines, which would allow Bitmain to handle 10% of all bitcoin mining on the planet.

Bitmain also acquired Norwegian mining company Nchain last year and announced plans to open a new mining facility in North America this month, though those plans were later canceled due to uncertainty. regulatory certainty in Canada.