Sweden’s northernmost county of Norrbotten welcomed two cryptocurrency mining operations earlier this year. However, after stacking up an impressive $1.5 million in debt, the two companies have vanished, according to local news outlet Sveriges Radio.
The one, a Miami-based Bitcoin mining company called NGDC, shut down operations in Autumn after its electricity supply was cut following several unpaid bills to the tune of $1.5 million. While the article hasn’t stated what has happened to the company’s mining equipment, NGDC’s energy supplier allegedly called for the company to be declared bankrupt.
The municipality which owns the premises were NGDC were mining, has stated that these have been paid for. As such, the municipality has suffered no financial loss. However, the second mining company, Chasqui Tech, had planned to extract Bitcoin in premises owned by the municipality, but never showed up to begin operations. The municipality is now trying to recover the $50,000 it's owed in unpaid rent.
As Hard Fork reports, much of Sweden’s energy is generated through hydroelectric dams, but the recent drought brought by a hot summer have resulted in an increase in energy prices. This means crypto mining in the country is much less profitable.