A large UK-based cryptocurrency mining company is heading to China in hopes of wooing new investors.
Bladetec, which is building a huge mining farm across three locations in the south east of the UK, is targeting potential investors in Shenzhen, Shanghai and Beijing as it seeks £10m for new mining equipment.
Mining is the process of creating bitcoin with superpowered computers, and Bladetec aims to raise up to £10m by selling shares in its company the Third Bladetec Bitcoin Mine at £1 a share.
Bladetec will operate the mine for two or three years on behalf of its shareholders, at which point the bitcoin that has been mined up to that point, plus the proceeds from the sale of the mine's computing hardware, will be distributed among shareholders, meaning the payout will depend on the price of the volatile asset.
The firm added that mined bitcoins will be stored in offline wallets and safe deposit boxes, "providing investors with a level of security that can be difficult to find in the world of cryptocurrencies".
John Kingdon, managing director of the Third Bladetec Bitcoin Mine and Bladetec founder, said:
We’ve been pleased with the reaction we’ve had from investors so far and the number of pledges we’ve received, and it’s great to open this opportunity to a new audience.