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Bladetec, a UK-based hardware supplier, plans to build £ 10m (13 , $ 9 million) bitcoin mining in three locations in England.

According to the British newspaper The Telegraph, Bladetec is seeking to raise £ 10 million from investors to build and operate a 3,500 square foot bitcoin plant operating under the name “Third Bladetec Bitcoin Mining”. Company Ltd “(TBBMC). Bladetec claims that the company is the first bitcoin mine in Europe to be financed by an investment in a company regulated by the Financial Conduct Authority (FCA) through Envestry, a fundraising partner. capital.

Details on its website reveal that Bladetec is seeking a minimum investment of £ 5,000 per investor with shares sold at £ 1.00 / share at par with the funds used to purchase mining equipment and pay for it. electricity, site and administrative costs. The company will be wholly owned by shareholders, added Bladetec.

The company claims to have agreements with wind farms to obtain cheaper electricity, which will be the majority of the costs. The electricity will be used to power some 1,000 ASIC mining facilities, which will be purchased by TBBMC, operating at 43 terahas per second, according to Envestry’s information.

“The combined processing power of this mine will be on a Peta-Hash scale, which will make it an important global mine,” says a summary of investor speech. “The mine’s products will be safely stored in offline portfolios and safety deposit boxes.”

“We focus entirely on maximizing shareholder returns and thus, by understanding the relatively volatile nature of Bitcoins, we have allowed four different growth scenarios with capital growth of up to 45% per annum. “, says Declan Kennedy, CFO. three administrators who will manage TBBMC.

The company intends to break out of Bitcoin mining within 2-3 years with shareholder returns from the sale of mined bitcoins and mining equipment in pounds sterling . This is presented as a “proven exit strategy” to be applied in a scenario where the value of bitcoin has not increased above a predicted value or if the company does not obtain permission of its investors to continue operating – if the price of bitcoin rises above expectations.

Image from Shutterstock to photo

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