May 22, 2022

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The goal is for the neighbors not to hear us

Unheard: The general manager of Kryptovault AS in Stavanger, Kjetil Hove Pettersen, confirms that their goal is not to hear the neighbors of the data center in Myran. Photo: Kryptovaault AS

Hudsell: – We can pave the way for a new industry. We will not be heard in front of the neighbors, says General Manager Kjetil Hove Pettersen at Kryptovault AS, which will mine bitcoins at Myran in Hudsell.

It was reported last week that the municipality of Hadsell is granting Handelsbygg AS a building permit for a data center in the Myran business district outside Stokmarknes. The central tenant will be Kryptovault AS, which is Norway’s largest player in its industry with data centers in Hønefoss and Dale between Bergen and Voss. The main office is located in Stavanger. The company generated sales of NOK 155 million in 2020 and was left with an annual profit of over NOK 36 million.

It is now establishing itself in Stokmarknes already in the next few weeks.

– compressed power

– Why will Kryptovaault prove itself here?

– In Northern Norway, huge amounts of energy that is wasted every day are compressed. This is green and renewable energy that cannot be transported to other parts of the country or abroad, because the transmission capacity is very limited. This is why energy prices in the south are about ten times higher than in the north. We will be responsible for a flexible withdrawal of power that could not have been produced, for the benefit of both the state, the municipality, the citizens and ourselves, says Managing Director Kjetil Hove Pettersen in an email to Bladet Vesterålen.

– What kind of work are you planning?

– Kryptovaault plans to install part of our server in the data center in Handelsbygg. The goal is to spread our capacity to more areas, especially in the North. Petersen explains that the servers will work with processing and validating transactions in the Bitcoin blockchain network.

He adds that other data center services may eventually come, but in the short term, it is this work that will make infrastructure investments possible.

Low network rent, no noise

– How do you think the neighbors and the local environment will perceive their presence, both in terms of noise, consequences for their electricity consumption, employment, and other cascading effects?

– Locals will notice our presence in the form of lower network rent in the area, as we will pay a relatively large portion of the local network rent, he answers.

– We will create jobs and contribute to multiplier effects, especially when purchasing goods and services from local and nearby providers, adds the Kryptovaault leader.

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He stresses that the company has a special focus on keeping the noise level as low as possible.

Emphasizes that the goal is for the work to be unheard of for the local population.

Mis-understanding

Many people question both the environmental and other ethical aspects of issuing or mining cryptocurrencies. What do you think of these issues?

– When you look at the actual conditions, our work has absolutely no downsides. Commander Kryptovault replies that I would benefit from hearing an argument against this that is not based on misunderstanding or false claims.

He says the emissions consist of clean hot air that the company provides for free to those who may need it, based on the surplus of clean, renewable Norwegian electricity.

– make way

– This is electricity that could not be produced, and it does not entail any negative environmental aspects. On the contrary, it is an energy consumption that would otherwise occur in other parts of the world, at worst using coal power. And our energy consumption is one hundred percent flexible, based on non-priority delivery. We will not stand in the way of other industries or other forms of energy consumption. He adds that what we produce is a digital export product, contributing to the country’s trade balance and bringing in significant foreign investment into Norway.

In fact, this company will also be able to pave the way for both other types of industry by funding basic infrastructure and other forms of data center activity, says Kjetil Hove Pettersen.

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