Kryptovault, a Norway-based cryptocurrency mining farm is on the edge of closing its operations due to regulatory issues and several complaints regarding noise pollution.
According to a news published by local media, it was explained that Norwegian authorities could compel the company – known as Kryptovault – to temporarily cease its operations, due to allegedly irregularities in its paperwork, which leaves the farm in an illegal state.
Though it is not mentioned what exactly is wrong with the certifications Kryptovault must check in order to keep on with its activities, it is known that they are related to the facility itself rather than the mining process, so its closure would be for a limited amount of time.
Nonetheless, this took Stig Myrseth – CEO of the company – by surprise, who explained that before they began with the operations, they took all due legal provisions to avoid any problems, including the processing of all permissions related to the physical address of the company.
Another fact affecting the normal work is the numerous complaints by the inhabitants of the area, who asserted they cannot stand the excessive noise generated by the cooling fan systems used in the farm, which force them to keep doors and windows closed even in summer when temperatures rise, in an attempt to escape from the noise.
Considering that Kryptovault’s headquarters have 9,500 computers using up to 40mw to keep running 24 hour a day, 365 days a year, it is not surprising the more-than-justified complaint of inhabitants; and despite the millions of Norwegian Crowns and the increase of benefits for investors, it affects the lives of all families living around, negatively.
Denounces such as this set a bad precedent for mining companies, though in Kryptovault’s case, its representatives are taking care of these issues, investing in noise redactors that will lower these levels from 60 decibels to approximately 45, in order to keep the machinery running while not making harm to both their neighbors and investors.
They have also resolved to get due permissions so to avoid any legal issue with the State, and to maintain their level of credibility. The impact caused by the use of this technology is something to be noted, and that is why their spokespersons have reassured that their machines are powered by sources of renewable energy – such as hydraulic or wind power, this way showing their concern for the environment.