IT-Company Bladetec Will Build a Large-Scale Bitcoin Farm in the UK

The IT-equipment supplier Bladetec announced its plans to launch the largest BTC production center in the UK. To this end, the company intends to attract £10 million (about $13.9 million) from investors, The Sunday Telegraph reports.

The project, named the Third Bladetec Bitcoin Mining Company Ltd (TBBMC), plans to build and operate the farms in the next two to three years. Then the developers plan to sell all the mined coins and equipment for mining to return the investment.

The TBBMC expects that the return on investment will follow one of four scenarios, depending on the value of Bitcoin in the next two years. Scenarios range from a price drop by 40% in one year to a price increase by more than 50%.

Founded in 2002, Bladetec provided IT support, supplying and consulting services to such bodies as the UK Department of Defense, NATO and the National Network. Evenstry said TBBMC would be the first project in Europe financed by investors and protected by the UK law.

According to the project, the TBBMC will cover 3500 square feet in three locations: London, Surrey and Suffolk. Given the high price for the mining of one BTC in the UK (about $8400), most of the funds raised will be spent on energy costs, as the company plans to extract 1280 BTC, The Telegraph writes.

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