According to a report from local media news outlet, Sveriges Radio, two Swedish mining
operations have disappeared into the night. NGDC and Chasqui Tech, based out of Norrbotten
county, an area looking to expand their cryptocurrency mining operations, began building
infrastructure to begin mining before vanishing.
Miami-based NGDC, a mining firm that started operations in Sweden earlier this year, paid for
the location, but caught the eye of the electric company, leading to the mining company to
cease operations in Autumn as its electricity supply had been turned off due to $1.5 million of
In response, NGDC’s energy supplier filed for the firm to be closed and declared bankrupt. As of now, it is uncertain if NDGC had managed to mine any coins during its Swedish lifespan, nor what is the status of its mining equipment.
The second company engaged in unusual activities is Chasqui Tech, a mining company that
offers physical hosting of cryptocurrency miners, equipment sales, and cloud mining plans, had originally secured a location owned by the local municipality and ended up totalling $50,000 in unpaid rent despite never commencing operations.
The reason for these two companies vanishing from the frozen north is uncertain, however there may be a correlation with the battered mining industry as a whole. While the past year has seen Bitcoin’s hash rate on a steady downslope despite the coins bearish price movement, which has recently hit its 12 month low, since its high in December 2017. This has left the competition among miners in a predicament where only those with access to the cheapest electricity can afford to mine.