ViaBTC Closes Crypto Mining Contract Market

ViaBTC is going to close mining contract market in order to control speculation and protect the interests of investors
09 January 2018   653

ViaBTC, Chinese bitcoin mining pool, has announced on Monday that it will close its marketplace for mining contracts this week, asking all users to finish cloud mining contract trading ASAP.

According to the ViaBTC statement, it would shut down the market — through which users can purchase contracts entitling them to a certain amount of hashing power at UTC time 12:00 January 10th in order to control speculation and protect the interests of investors.

ViaBTC has closed exchange service in September 30th, 2017 in response to a crackdown by Chinese authorities on the country's exchange ecosystem, a process that began just after the beginning of 2016. Officials also moved to prohibit the use of ICOs in September.

The news comes as China announced on January 3 its plans to limit the supply of electricity to the cryptocurrency miners due to abuse the low cost of electricity, which sometimes disrupts the normal mode of using electricity.

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   162

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.