$12m Blockchain Project Gets Green Light In Canada

Private equity firm LIAN Group has further demonstrated its commitment to developing and investing in disruptive technologies by announcing a $12m (USD) injection to upgrade a blockchain data centre in Canada.

The deal, which was concluded this week, is a joint investment venture with Bitfury to jointly invest in the upgrade of one of their major data centres located in Three Hills, Canada.

With a capacity of 16MW producing more than 400 PH/S, the data centre is expected to generate more than 3,500 Bitcoin across its lifetime. Added to this, it will consist a new generation of efficient machines from miner maker, MicroBT.

This announcement follows the successful MAAS upgrade of a data centre in Norway which again was a masterplan brokered by Luxembourg based LIAN Group and Bitfury.  The Norway site was announced first on TechRound last year following the announcement of a new $35m strategic partnership with BitFury,  one of the largest private infrastructure providers in the blockchain ecosystem.

The upgrade in Canada exemplifies a significant scale up in operations for LIAN: “We at the LIAN Group are again delighted to work with Bitfury on a project which will generate thousands of Bitcoin and further attract investors in this space, strategically bringing institutional investors into the blockchain infrastructure business” stated Fiorenzo Manganiello, co-founder of LIAN Group.

“We are seeing more investors interested in mining operations in North America,” highlighted Nessim-Sariel Gaon, co-founder at LIAN GROUP.

“Mining profitability has risen over the last 12 months and most miners are using mining pools in Asia, particularly in China. We see north America, and particularly Canada, which also has more regulatory compliance, as a much more profitable alternative,” added Gaon.

Other prominent commentators have also commented on LIAN’s move: “LIAN Group should be applauded by building a partnership that has allowed the upgrade of several of data centres in challenging market conditions. Not many shareholders have had the courage, audacity and willingness to invest in those businesses. The future I am sure will prove that LIAN are visionary in their investment decisions. I am both impressed by LIAN’s risk appetite and astute deal making and sincerely hope that Fiorenzo and Nessim represent a new breed of young investors more sophisticated and innovative into their investment thinking,” effused Antoine Dresch, Co-Founder & Managing Partner of Korelya Capital.

The $12m upgrade to the data centre begins immediately, with operations expected to be concluded by April this year.