Bladetec, a provider of high-power IT equipment in the United Kingdom, plans to build a 10 million pound (13.9 million dollars) mining farm in three locations in England.
According to British Telegraph, Bladetec wants to raise 10 million pounds from investors to build and operate a Bitcoin production unit with an area of 3-500 square meters, which acts as “The Third Bladetec Bitcoin Mining Company Ltd “(TBBMC).
The company is built in three locations in London, Suffolk, and Surrey. Also, Bladetec claims it is the first European mine to be financed by investing in a company governed by the Financial Management Authority (FCA) through its capital investment partner Envestry.
The details on his site show that Bladetec is looking for a minimum investment of 5,000 pounds per investor, with shares sold at face value of 1.00 pound/share, with funds used to buy mining hardware and pay for electricity, site, and administration. The company will be owned 100% by shareholders.
The company claims to have secured wind farm transactions for cheaper electricity, which will account for most of the costs. Heat will be used to power around 1,000 ASIC mining installations to be purchased by TBBMC, which takes place at 43 TH/ s, according to information provided by Envestry.
The combined power of processing this mine will be on the Peta-hash scale, which will make a significant global mine, says a summary of the investor’s pitch. Mine receipts will be safely stored in off-line wallets and safety boxes.
We are entirely concentrated on maximizing shareholder returns and, understanding the relatively volatile nature of Bitcoins, have allowed four different growth scenarios with a capital increase of up to 45% per annum, reveals Declan Kennedy, the finance director and one of the three directors who will manage TBBMC.
The company plans to leave the Bitcoin exploitation within 2-3 years with the return of shareholders from the sale of mined Bitcoins and mining equipment in pounds.
It is presented as a “proven exit strategy” that needs to be implemented in a scenario where the Bitcoin value did not rise above a predicted value or if the company does not get its investors’ permission to continue mining, rises above forecasts.