Bitcoin farm: Largest Bitcoin in the UK coming soon
A Bitcoin farm is a place where Bitcoins are mined. UK based IT hardware supplier, Bladetec, has announced that it would be building the largest Bitcoin mining farm in the South East part of the United Kingdom.
The project from Bladetec, named the Third Bladetec Bitcoin Mining Company Ltd (TBBMC), aims to raise about 10 million pounds from investors in order to establish a Bitcoin mining farm. The farm is said to operate for the next two to three years, after which the mined coins and the mining equipment will be sold off.
The founder of Bladetec, John Kingdon, says that the investors don’t risk losing the money that they invest in the farm, as he estimates that selling off the mining equipment alone would generate enough money to repay the investors, and also yield a considerable profit. This seems highly unlikely as hardware prices would definitely be on the downward curve, along with the resources required to mine each Bitcoin increasing by the day. Also, the time taken to compute each transaction would increase every year, thereby increasing the cost of resources used to mine each Bitcoin.
The TBBMC facility will cover a total of 3500 square feet area in three locations, namely London, Suffolk, and Surrey. The company plans to mine a total of 1,280 Bitcoins over the span of two to three years. According to the Telegraph, most of the funds raised would be used to pay for the energy costs itself, making the project look like a money pit to investors.
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