Large scale Bitcoin transaction processor to utilize Icelandic carbon neutral power grid for mining operations
KEFLAVIK, Iceland, May. 28, 2015
KEFLAVIK, Iceland, May. 28, 2015 /PRNewswire-iReach/ -- BitVest Digital Mining Corp, a Bitcoin transaction processing (mining) business, today announced they have entered into a long-term hosting and power supply agreement with the Verne Global data center, located in Keflavik, Iceland.
Verne Global's 100 percent renewable powered data center, located on a former NATO airbase, harnesses power from Iceland's dual-sourced power grid, comprised of hydroelectric and geothermal energy. The power needed to mine big data can oftentimes mean big costs for companies. For BitVest, the move to Iceland allows for significant savings and increased ROI.
Verne Global will supply BitVest with an affordable 100% carbon-neutral power solution that offers unparalleled pricing and efficiency. Low-cost, reliable and sustainable power is crucial for Bitcoin mining computers that generate huge amounts of heat. In warmer climates, the majority of the costs for Bitcoin mining comes from expensive air conditioners and paying for the power to run them. By using Iceland's temperate climate to cool the equipment, BitVest can save as much as 30% in cooling costs. Moreover, Iceland's low-cost electrical power comes from one of the world's most reliable power grids. Verne Global's campus is also connected to the world via redundant, high-capacity, multi-terabit-per-second connections. This long-term hosting agreement will help BitVest to meet corporate objectives by providing a scalable solution that addresses both immediate and future power requirements.