Norway's Fourth-Richest Man Invests in a Crypto Mining ASIC Manufacturer

According to regional reports, the Norwegian billionaire and hedge fund manager, Ole Andreas Halvorsen, is investing funds into an energy-reducing cryptocurrency mining chip hardware company. The company Norway’s fourth richest man is investing in claims to build application-specific integrated circuit (ASIC) mining chips that are allegedly 300%-500% more energy efficient than existing hardware.

Norwegian Hedge Fund Giant Dips Into the Crypto Economy

Swedish news site Trijo reports that the billionaire hedge fund manager Ole Andreas Halvorsen is dipping his toes into the cryptocurrency space. A report from Trijo explains that the hedge fund manager and cofounder of the Connecticut-based hedge fund, Viking Global Investors, is now investing in a cryptocurrency-focused firm called Harmonychain.

Halvorsen is joining a number of well known luminary investors from the Norwegian region investing funds into the crypto sphere with investors like Kjell Inge Røkke, Bjørn Dæhlie, and Arne Fredly. Halvorsen himself is considered one of the top-earning hedge fund managers worldwide and has captured the 11th ranking hedge fund manager position in the world according to Forbes.

According to the report written by Teodor Stig-Matz, Harmonychain was supposed to be listed on the Oslo Stock Exchange. However, Stig-Matz’s report notes that the listing on the Oslo Stock Exchange was postponed.

The Harmonychain website has a lot of interesting claims about the firm’s microchips as well. The company is in the midst of developing a “dual-purpose Artificial Intelligence (AI) and Scrypt algorithm ASIC Supercomputer microchip.”

The harmonychain.com website adds:

[The microchip] is tailored towards Cryptocurrency accounting/mining that is up to 300%-500% more energy efficient than existing Scrypt accounting computer systems.

Harmonychain’s Litecoin Scrypt ASIC Miner Due Out in Late 2022, Claims an Estimated Payback of 2 Years

Because the chip is Scrypt the Harmonychain chip is dedicated to mining the digital asset litecoin (LTC) and Scrypt-based coins. The firm’s claims that the chips are 300%-500% more energy efficient would essentially reduce computer energy use by 70-80%. If research and development goes well, Harmonychain hopes to deploy the Scrypt ASIC semiconductors with AI potential by 2022 or 2023. The startup insists it will be the most profitable mining hardware available when released.

“The ASIC is designed as a dual purpose chip with edge AI potential,” harmonychain.com’s website states. “If prototype production works well, we plan to start mass deliveries in H2 2022 and 2023. According to industry standard, customers can expect to prepay approx. 9-12 months prior to delivery. The Supercomputer is poised to be the most profitable Crypto hardware on the market. Our Crypto Supercomputer miners have an estimated payback of less than 2 years,” the company’s FAQ adds.

Halvorsen joining the crypto economy is a bullish sign to many digital asset investors and enthusiasts. He is one of the most respected hedge fund managers worldwide and a protégé of hedge fund manager Julian Robertson. Halvorsen also joins the great number of venture capitalists and well known hedge fund managers stepping into the cryptocurrency economy.