IT company plans UK’s biggest Bitcoin mining operation

Bladetec has announced plans to build what it claims will be the biggest Bitcoin mining facility in the UK.

Bladetec, an firm that has previously supplied advanced IT kit to the MOD and NATO, says it plans to build three facilities across the South East of England that will total around 3,500-square feet, and are currently looking for investors to join them in the enterprise, according to reports in The Sunday Telegraph. According to its investor details, it will be the third time the company has undertaken such a mining project, but the first time it is opening its facility up to investors who would like to potentially profit from the power-hungry undertaking.

It is looking to raise £10m to fund the venture, inviting interested parties to attend a London event this week to register interest. It touts its investment opportunity as a chance to “own the means of production” rather than simply buying Bitcoin, and intends to dig out around 1,300 BTC in the first two years of operation.

That means big profits from the operation would only come if the Bitcoin price has risen from its current ‘lull’ – at least compared to the stratospheric highs we saw in December 2017 – of around $8,000. At the current price, a profit would only be returned from selling the equipment off at the end of the project’s run time. Of course, the real risk in mining comes from a falling price versus rising energy costs – which Bladetec claims it will mitigate by striking a preferential energy supply deal, and leveraging its experience of running server farms.

You can read more about the investment via Envestry , and see details of the March 22nd investor event at Eventbrite.