According to regional reports, Norwegian billionaire and hedge fund manager Ole Andreas Halvorsen is investing funds in a low-energy hardware company for cryptocurrency mining chips. The fourth richest man in Norway is investing in claims to build ASIC (Application Specific Integrated Circuit) mining chips that are said to be 300 to 500% more energy efficient than existing hardware.
The Norwegian hedge fund giant is diving into the crypto economy
Norwegian news extensively reports that billionaire hedge fund manager Ole Andreas Halvorsen is dipping his toes into the cryptocurrency space. A report by Trijo states that hedge fund manager and co-founder of Connecticut-based hedge fund Viking Global Investors is now investing in a cryptocurrency-focused company called Harmonychain.
Halvorsen joins a number of well-known investors from the Norwegian region who are investing in the crypto space with investors such as Kjell Inge Røkke, Bjørn Dæhlie and Arne Fredly Fonds. Halvorsen himself is considered to be one of the world’s highest-paid hedge fund managers and, according to Forbes, has conquered the eleventh position as hedge fund manager in the world.
According to Teodor Stig-Matz’s report, Harmonychain should be listed on the Oslo Stock Exchange. However, the Stig-Matz report notes that listing on the Oslo Stock Exchange has been postponed.
The Harmonychain website also has a lot of interesting statements about the company’s microchips. The company is in the middle of developing an “ASIC supercomputer microchip with artificial intelligence and encryption algorithms for two purposes”.
The website harmonychain.com adds:
[The microchip] is tailored for Cryptocurrency Accounting / Mining which is up to 300% -500% more energy efficient than existing Scrypt Accounting computer systems.
Harmonychain’s Litecoin Scrypt ASIC miner, which will expire in late 2022, claims an estimated payback time of 2 years
Since the chip is Scrypt, the Harmonychain chip is intended for mining LTC (Digital Asset Litecoin) and Scrypt-based coins. The company’s claims that the chips are 300% to 500% more energy efficient would cut the computer’s energy consumption by a substantial 70 to 80%. If research and development go well, Harmonychain hopes to deploy the Scrypt ASIC semiconductors with AI potential by 2022 or 2023. The startup insists that this will be the most profitable mining hardware available when it is released.
“The ASIC is designed as a dual-purpose chip with Edge AI potential,” says the harmonychain.com website. “If the prototype production works well, we plan to start mass deliveries in H2 2022 and 2023. According to industry standards, customers can expect an advance payment of approx. 20%. 9-12 months before delivery. The supercomputer is ready to be the most profitable crypto hardware on the market. Our crypto supercomputer miners have an estimated payback period of less than two years, ”adds the company’s FAQ.
Halvorsen’s entry into the crypto economy is a bullish sign for many investors and digital asset enthusiasts. He is one of the most respected hedge fund managers in the world and a protégé of hedge fund manager Julian Robertson. Halvorsen is also joining the large number of venture capitalists and well-known hedge fund managers entering the cryptocurrency economy.
What do you think of Norway’s fourth richest man investing in a cryptocurrency mining chip company? Let us know what you think on this matter in the comments section below.
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ai, AI chips, Arne Fredly, ASIC, ASIC mining chips, Bjørn Dæhlie, crypto, cryptocurrency, Harmonychain, Kjell Inge Røkke, Litecoin, Litecoin mining, LTC, mining, mining LTC, mining manufacturer, Norwegian billionaire, Ole Encrypt Andreas Halvorsen, Oslo Stock Exchange
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