As confirmed by the company’s executives on Twitter, Final Frontier, in which Bitfury owns a minority stake, has received approval for the launch of the fund from the regulatory body of Liechtenstein.
The fund will focus on institutional investors. The fund will provide “whales” with access to the mining industry. Bitfury described the creation of the fund as a profitable initiative for the developing sector. The company will provide equipment for the project, which will also use various Bitfury mining centers to provide acceptable mining costs.
“Given that the price of BTC dropped significantly from record high levels, and the institutional interest is growing every day, now maybe it’s time to think about investing in mining bitcoin,” said Imraan Moola, co-founder of Final Frontier.
This initiative is being implemented at a good time for Bitfury, which was previously included in the list of blockchain companies-billionaires, compiled by Forbes. However, not all cryptocurrency mining business is profitable. Recently it became known that the Chinese construction company, Huatie, is sell its mining business, which, for a year, brought them $23.5 million in losses.