Bladetec plans to build UK’s biggest Bitcoin farm
Bladetec, a British provider of high-powered IT equipment is about to build a £10m Bitcoin farm that will be the largest in the UK.
The facility will have 3,500-square foot across 3 locations in London, Surrey and Suffolk.
The Third Bladetec Bitcoin Mining Company Ltd (TBBMC) was founded this year by Bladetec co-founders John Kingdon and John Pitcher. It will be administrated and managed by Bladetec.
TBBMC intends to raise £10m investment in order to create and operate the farm for the coming 2 years. After that period the corporate is planning to sell generated Bitcoins and the mining equipment.
According to The Telegraph, the company had secured deals with wind farms to buy electricity below the market rate.
“Energy costs will still make up the majority of the £10m project, however, with the farm expected to have an energy consumption equivalent to almost 9,000 houses. It will house up to 2,000 machines”.
Envestry funding platform says that it is going to be the first Bitcoin mine in Europe to be funded by investment in a limited company governed and protected by UK law.
“The company’s strategy is actually quite straightforward: they’ll acquire approximately 1000 ASIC (Application Specific Integrated Circuits)-based Mining Computers all running at 43 Terra-Hashes per second (a speed so unfathomably fast, it’s nigh on impossible to quantify; suffice to say, it’s the fastest available globally today). This will create a significant global mine, placing them in the world’s top 25 and as a result of this dominant position, produce significant returns for shareholders”.
Bladetec, founded in 2002, provided advanced computing, supplying technology, consulting and integration services to the UK Ministry of Defence, NATO, The National Grid, etc.