UK IT Company Bladetec plans to build a Bitcoin mining farm in the Country

Bitcoin mining

1 1,057

Bladetec which is an IT firm in the United Kingdom plans to build a Bitcoin firm in the South East of the country. The project will be called the Third Bladetec Bitcoin Mining Company Ltd (TBBMC) and will aim to raise 10 million Pounds will is estimated to be around $13.9 million from its investors to build the farm in the next 2-3 years. According to the funding platform called Envestry, Bladetec will then sell the mined coins to earn investment returns.

John Kingdom Bladetec’s founder said that investors never risk losing money. According to him the sale of mining equipment alone would earn profits putting into considerations the decreased price of the hardware and increased mining costs which require more electricity and computing power. TBBMC is hoping that its investment returns will follow one of four scenarios depending on the price of Bitcoin in the coming years. The expected scenario is dropping by 40% in a year the rise by 50% percent.

Bladetec is a well-known company which was founded in 2012 and has been providing IT support and also consultancy services to huge bodies such as the UK Ministry of Defense and also the National Grid. If the company indeed launches the mining platform, it will be the first company in Europe founded by investors in a limited company protected by the UK law.

Mining is becoming very lucrative especially in countries which have cheap electricity such as Russia. In fact, Russian authorities discovered a huge mining farm which had been operating in the country illegally because of the cheap power.

According to the plan, TBBMC facility is expected to cover 3,500 square feet and will be located in three locations in London, Suffolk and in Surrey. Given the fact that electricity is expensive in the UK most of the raised funds will be used for energy. The company plans to mine 1,280 Bitcoins and with the current price at $8,400 they could make some profit.

Mining Bitcoin is losing many people since it’s becoming harder to mine each day. This is because of the competition of the remaining coins which are less than 30%. The mining cost is also not expected to come down anytime soon that’s why it’s becoming better to mine at the corporate level rather than doing it as an individual because of the expenses expected to be incurred.

You might also like