Power Block Coin, LLC to Build $251 Million Mining Farm

Utah-based company proposed to invest money to build a cryptocurrency mining farm in Montana  
23 February 2018   338

Power Block Coin, LLC wants to invest $251 million into a cryptocurrency mining farm in Montana Connections. The company chose a special tax district west of the city of Butte.

Butte-Silver Bow Council of Commissioners voted unanimously 9-0 to allow Power Block Coin, LLC, a subsidiary of Blue Castle Holdings Inc. to build a campus of high-powered data centres in special tax district Montana Connections.

The company plans to harness 135-megawatts of power on its campus.

The farm will be built in two phases over 24 months. $8 -$10 million will be spent on this new electric infrastructure. Around $60 million will be spent on between 70 to 200 separate mining units, each of which would use large amounts of power transmitted through the new substation. The size of these units will vary from larger warehouse buildings to small shipping containers.

Besides mining cryptocurrencies, the company will also be able to support other businesses that need large amounts of power, such medical research, and artificial intelligence.

Bitcoin is the fastest growing segment of cryptocurrency. If it tanks, the same processors can be used for medical research or AI (artificial intelligence).

Aaron Tilton

President and CEO of Blue Castle Holdings

According to Tilton, the company will hire about 15 employees before the end of the year. That number will jump up to about 50 by the time the project is up and running. Salaries are estimated to range from $37,000 per year to $48,000 per year.

Largest mining farm to be built in the UK

The well-known UK tech company Bladetec is building the first large Bitcoin mining farm in Europe
20 March 2018   177

Bladetec had already got an experience in IT support for NATO and the Ministry of Defence of the UK in the past. Today its idea is funded by investors in a limited company which is protected by UK law.

The facility - Third Bladetec Bitcoin Mining Company (TBBMC), situated on the Southeast of the country, is going to cover 3,500 square feet in three different places: in London, Suffolk and Surrey.

Today the company is raising £10 million from investors for building and operating the farm for up 2 years. The farm will become global and significant, also it is supposed to be introduced in the world`s top 25 and produce considerable return for shareholders (as a result of its dominant position).

The minimum investment to TBBMC project set by the company is £ 5,000 from each applicant. The project allows the capital growth up to even 45 % within a period of 2-3 years. The returns for the shareholders at that stage would be based on the Bitcoins sales`proceeds and the ASIC machines. If the price of Bitcoin does drop by 40 %, an investor may lose 22 % of his capital.

The company declared that it is going to mine 1,280 bitcoins within a period of two years. Nowadays it's difficult to predict how much those Bitcoins may be worth in two years. According to current prices, they will be valued at £ 7,8 million. But the situation may probably change before 2021. As for the raised funds, they would mostly be spent on the energy costs, despite the low energy bills' agreement between Bladetec company and the intended wind farm.

Bitcoin mining is more popular in the countries where the weather is cold (such as Iceland and China). The government of Iceland can implement a tax on mining because of the energy consumption. Chinese authorities insists on the ending of the cryptocurrency trading and mining in the country.