UK IT Equipment Maker Plans Britain's Biggest Bitcoin Mining Farm
The facility is being built across three locations in London, Suffolk and Surrey with Bladetec claiming the company is the first bitcoin mine in Europe to be financed by investment in a Fiscal Conduct Authority (FCA) regulated firm via capital raising partner Envestry.
Details on its website reveal that Bladetec is looking for a minimum investment of5,000 per investor with stocks sold at #1.00/share par value with capital used to purchase mining hardware and pay for electricity, website and admin expenses. The company will be shareholder Bladetec added.
The company contends it has secured deals with wind farm to get cheaper electricity, which will constitute nearly all the costs. The power will be used to power a few 1000 ASIC mining channels, to be purchased by TBBMC, running at 43 terahashes per second, according to data from Envestry.
«The combined processing power of this mine will be on the Peta-hash scale, which will make it a substantial worldwide mine,» states a summary of the investor pitch. «Proceeds from the mine will be securely stored in off-line wallets and safety-deposit boxes»
«We are entirely focused on maximising shareholder returns and thus, understanding the relatively volatile nature of Bitcoins, we've allowed for four different growth scenarios with up to 45% capital growth per annum,» explains Declan Kennedy, CFO and among three admins who will manage TBBMC.
The company intends to exit bitcoin mining within 2-3 years with shareholders' returns earned from the sale of mined bitcoins and the mining equipment in pound sterling. This is touted as a 'proven exit strategy' to be enforced in a situation wherein the value of bitcoin hasn't increased above a forecasted value or if the company does not obtain permission from its investors to continue to mine — if the purchase price of bitcoin increases above forecasts.