Miner Abandons Swedish County, Leaves $1.5M in Unpaid Electricity Bills

Two mining companies with operations in Sweden have reportedly abandoned their facilities in the country’s northernmost county of Norrbotten. One of the companies, U.S. miner NGDC, appears to have suddenly fled from the area, leaving $1.55 million in unpaid electricity bills in its wake.

US-Based NGDC Bails on $1.55M Power Bill

Helena Ohlund of the Älvsbyn municipal council stated that the local authorities have been unsuccessful in their attempts to contact NGDC.

Increasing Power Costs Drive Mining Exodus

Another mining company, Chasqui Tech, has reportedly abandoned its plans to establish a bitcoin mining farm in Kalix, Norrbotten county. The municipality is now seeking half a million Swedish kronor ($55,000) in unpaid rental fees from the company.

However, Ohlund remains upbeat about the future prospects of Sweden’s cryptocurrency mining industry. He said that he “would not be surprised to see a doubling” in the number of data centers operating in Sweden. He estimated that there are already roughly 50 such facilities in the country at present.

Last month, London-based MGT Capital Investments also announced that it had entered into a hosting agreement that would see the company relocate approximately 6,300 S9 Antminers that are currently housed in Sweden to a facility in Colorado Springs. Stephen Schaeffer, the chief operating officer of MGT Capital Investments, stated that the company hopes to complete the move and recommence mining at full capacity “before the end of December.”