BitVest Partners with Verne Global to Use Energy Efficient Data Centres for Bitcoin Mining


BitVest Partners with Verne Global to Use Energy Efficient Data Centres for Bitcoin Mining

As Bitcoin mining is becoming expensive, companies are searching for energy efficient data centers. In its pursuit to get such data center, BitVest has partnered with Verne Global, an innovative developer of energy efficient data centre campuses located in Keflavik, Iceland. This company offer clients scalable and secure data centre solutions.

These data centers according to the company combine unparalleled cost savings and renewable energy to meet the business demands of a data driven economy. Nonetheless, the large scale Bitcoin transaction processor to utilize Icelandic carbon neutral power grid for mining operations will help BitVest have edge over other Bitcoin companies.

The long term partnership between the two companies is aimed to explore hosting and power supply and further make Bitcoin mining an economic business. 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.

Iceland is becoming a popular destination for Bitcoin companies, particularly, the ones that want to save costs that they would otherwise be spending on power. The power needed to mine big data can oftentimes mean big costs for Bitcoin mining companies; however, for BitVest, the move to Iceland allows for significant savings and increased ROI.

According to the agreement Verne Global will supply BitVest with an affordable 100% carbon-neutral power solution that offers unparalleled pricing and efficiency. Nonetheless, the low-cost, reliable and sustainable power is crucial for Bitcoin mining computers that generate huge amounts of heat.

BitVest will be able to save as much as 30% in cooling cost

The two companies say that with the agreement BitVest will be able to save as much as 30% in cooling cost. It must be noted that in warmer climates, the majority of the costs for Bitcoin mining comes from expensive air conditioners and paying for the power to run them. However, using Iceland’s temperate climate to cool the equipment is the best solution for BitVest.

Additionally, as Iceland’s low-cost electrical power comes from one of the world’s most reliable power grids, the BitVest won’t be facing any trouble in terms of consistent supplies. Nonetheless, Verne Global’s campus is also connected to the world via redundant, high-capacity, multi-terabit-per-second connections.

Thus, the long-term hosting agreement will help BitVest to meet corporate objectives by providing a scalable solution that addresses both immediate and future power requirements.

To contact the reporter of this story: Deepak Tiwari at