Apr 24, 2019 06:00 UTC
Apr 24, 2019 at 06:54 UTC
Final Frontier and Bitfury Group to Launch Bitcoin Mining Fund
Final Frontier, a Switzerland investment company, and Bitfury Group, a global blockchain technology firm, which was recently valued at $1 billion, on Wednesday, announced the launch of a regulated bitcoin mining fund.
The fund is currently under the supervision of the financial regulator of Liechtenstein. However, both companies didn’t reveal the size of the fund, that was developed by Final Frontier for the professional as well as institutional investors to get access to the esoteric world of bitcoin mining.
Bitcoin mining is what entails updating the ledger of bitcoin transactions recognised as the blockchain. Miners run highly powerful computers in a race against other miners for guessing a particular number. The first miner to guess the number gets to update the distributed ledger of transactions and also gets a block reward of 12.5 newly minted bitcoins.
Bitfury holds a minority stake in Swizz-based Final Frontier firm. It said in a statement that it is offering the hardware as well as end-to-end services for the bitcoin mining fund. The mining websites, where the equipment will be set, will be in locations scouted and serviced by Bitfury Group.
The fund will invest in turnkey assets that consist of mining websites with some of the lowest electricity and operating costs worldwide featuring Bitfury data centres, both companies said.
Imraan Moola, the co-founder of Final Frontier, stated –
“The firm is launching the fund at an advantageous time for investors. With the bitcoin price down significantly from its all-time high, yet institutional interest growing every day, now may be an opportune time to consider investing in bitcoin mining.”