Bladetec, British Hardware Supplier plans to build BTC farm
The project named as TBBMC (Third Bladetec Bitcoin Mining Company Ltd) plans to raise Euro 10 mln or roughly $13.9 mln from investors to build, maintain and operate the farm over the next 2-3 years. The developers will then sell the coins that are mined and the equipment used for the same to provide investment returns, as said by Envestry, the funding platform for the project.
John Kingdon, the founder of Bladetec, claims that investors “don’t risk losing any money.” According to him, the sale of the mining equipment would be enough to suffice the invested amount. However, it is not known whether the founder is aware of the decreasing hardware rates and rising mining costs which requires more computing power and electricity every year.
TBBMC expects speculated returns to follow one of four schemes depending on the value of Bitcoin in the next two years. The scenarios range from a per annum price drop of up 40 percent to a per annum price increase of over 50 percent.
According to Evenstry, Bladetec founded in 2002 has provided support such as supplication and consulting services to the IT sector of the UK Ministry of Defence, NATO, and the National Grid. TBBMC will be the first Bitcoin mine in Europe financed by investors in a company protected by UK law.
As per the plan of the project, the TBBMC facility will cover 3,500 square feet at three locations in London, Surrey, and Suffolk. Keeping in mind the high price of mining one bitcoin in the UK, which reportedly amounts to about $8,400, most of the raised amount would be spent on energy costs, as the organization is planning to mine 1,280 bitcoins.