NATO equipment supplier to build UK’s largest bitcoin farm
British computer hardware provider Bladetec has announced plans to set up a Bitcoin mining facility in the southeastern UK.
The Third Bladetec Bitcoin Mining Company Ltd (TBBMC) project intends to raise £ 10 million in funding to set up and maintain the enterprise over two years. After the end of this period, the organizers plan to sell the used equipment, thus providing an investment income in addition to the income from the sale of cryptocurrency..
Bladetec founder John Kingdon argues that investors “take no risk of losing money.” According to his calculations, the sale of used equipment will be profitable in itself, not to mention the company’s core business. Whether Kingdon took into account factors such as declining hardware costs and ever-increasing mining costs is unknown..
TBBMC calculates the profitability of its enterprise based on four scenarios that will be determined by the cost of bitcoin in the next 2 years: will not change, will fall by 40%, will grow by 25% and will grow by 50%.
Bladetec was founded in 2002 and provides services to entities such as the UK Treasury and NATO. According to Evenstry, TBBMC may become the first investor-funded Bitcoin miner in Europe under a UK-regulated private equity company.
According to the TBBMC project, the facilities of the enterprise will be located in London, Surrey and Suffolk. Given the high cost of mining one bitcoin in the UK, which is about $ 8,402, it can be assumed that most of the funds raised will go to cover energy costs. TBBMC plans to mine 1,280 BTC over a two-year period.
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