The Largest Bitcoin Farm Prepared In The UK

According to Saturday report, a British IT hardware supplier Bladetec recently announced his plans to build a Bitcoin farm in the South East of United Kingdom.

The company aims to raise  £10 mln or roughly $13.9 mln from investors to build and operate the farm over the next two to three years. The funding platform for the project says, that the developers plan to sell off the mined coins to provide investment returns.

The founder of Bladetec John Kingdom says, that investors don’t risk losing much money. The sale of the mining equipment alone would result in profit, according to the calculations. It’s unknown whether he took into consideration factors such as decreasing hardware prices and increasing mining costs that require more electricity and computing power every year.

TBBMC expects investment returns to follow one of four scenarios 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.

Bladetec was founded in 2002. It has provided IT support, supplying, and consulting services to such bodies as the UK Ministry of Defence, NATO, and The National Grid. TBBMC will be the first Bitcoin mine in Europe funded by investors in a limited company protected by UK law.

The TBBMC facility will cover 3,500 square feet at three locations in London, Surrey, and Suffolk. The Telegraph writes, that most of the raised funds would be spent on energy costs, as the company is planning to mine 1,280 bitcoins.