Bladetec, a company that has supplied high-powered IT equipment to the British Ministry of Defence and NATO, is aiming to build £10m worth largest Bitcoin (EXANTE: Bitcoin) farm in the UK, The Telegraph reported.
The 3,500-square foot facility, which will house up to 2,000 machines, is expected to be stationed across three locations in London, Surrey and Suffolk.
The company is planning to raise £10m from investors to build and operate the farm for up to two years, and believes it can mine 1,280 Bitcoins over that time.
Bladetec will then sell the Bitcoins it generates, as well as the computers. Its founder John Kingdon Says this would not mean investors losing money, since sales of the mining equipment would result in an overall profit, but that investors would make more if Bitcoin’s price rises.
The company said it had secured deals with wind farms to buy electricity below the market rate, and that its experience operating servers means it can run the farm efficiently.
However, energy costs will still make up the majority of the £10m project with the farm expected to have an energy consumption equivalent to almost 9,000 houses.