Bear market and rising electricity prices may cause difficulties for the Swedish mining industry

According to ibtimes, two Swedish mining companies, Miami-based NGDC and Sweden's Chasqui Tech, have abandoned their factories in Norrbotten County in northern Sweden. According to a local radio station, NGDC has disappeared from the area, leaving behind $1.5 million worth of unpaid electricity bills. Similarly, Chasqui Tech has long failed to complete the expected equipment deployment in the county and now owes the local municipality $50,000 in unpaid rent. Bills Patrik Ohlund, CEO of Node Pole, a major data center developer in Sweden's industrial north, explained this phenomenon, saying that the bear market in the digital currency market and rising electricity prices in Sweden may be the main reasons for the difficulties faced by mining companies doing business in the country.