Reports by the major UK daily The Telegraph, have revealed plans by a British IT hardware supplier for building a Bitcoin mining farm in the in three locations in the South East of England. Bladetec will be spending close to £10 million, which it expects to raise from investors. Reliable sources have disclosed that the company expects to get a minimum of £5,000 from each investor. The 3,500-square foot facility will be located on in London, Suffolk, and Surrey.
Bladetec’s project comes up at a time when Bitcoin farms are cropping up at every corner around the world. It is also a time whereby the generation of new cryptocurrency is becoming very common. Apparently, there is an initiative to involve investors with Cryptocurrencies without necessarily having to buy or sell Bitcoin.
Bladetec claims to be the first Bitcoin mine to seek funding for investment
Bitcoin farms are currently big business in regions such as Canada, China and Iceland. Bladetec says that it is the first company in Europe to be funded by a Financial Conduct Authority (FCA) regulated firm. This is a remarkable milestone and the company says it intends to operate the farm for up to two years. Before selling the mined coins and the mining equipment.
According to the founder of Bladetec, John Kingdon, the investors cannot risk losing money thus the need to sell the equipment to provide investment returns. However, it is not clear whether the sale will take into account factors such as increasing mining costs, which require more electricity and decreasing hardware prices.
Bladetec aims at striking a deal with a wind farm to help in stabilizing the bills
The company is looking forward to mine close to 1,280 bitcoins in the two-year period it will be occupying the farm. However, the mining activity will require huge amounts of electricity and to sustain the bills, Bladetec says it will be getting into a considerable deal with a wind farm. The company has been providing IT support and consultation services to various bodies in the UK.