Shanghai company will launch up to 30 thousand new miners in the summer of

Fundamental Labs, the blockchain-based asset manager based in Shanghai, intends to invest 300 million yuan ($ 44 million) in the purchase of the latest bitcoin mining equipment and launch from 20,000 to 30,000 devices this summer to catch seasonal preferential tariffs in the south-western provinces of China, reported by CoinDesk .

At Fundamental Labs, mining is considered one of the key areas and invests not only in equipment, but also in existing farms and pools.

At the moment, the price of the old Antminer S9 models in the secondary market in China has grown to $ 250- $ 320 due to increased demand in anticipation of seasonal electricity discounts. At the same time, the bitcoin network hash rate has grown .

Nevertheless, Fundamental Labs are not interested in buying used equipment, as they rely on the long-term prospect of mining activities. This year, the company intends to attract a total of 1 billion yuan ($ 150 million) for its Bitcoin mining initiative.

Add that Fundamental Labs manages an investment portfolio of $ 500 million, in particular – owns shares in the American Coinbase and a certain number of BNB tokens from Binance. The firm’s key investors are Chinese family offices and traditional businesses.

According to representatives of the company, in the future mining will turn into institutional activities, and retail miners will be ousted from the market.

Probably, Fundamental Labs intends to purchase Antminer S17 from Bitmain and new models from InnoSilicon and MicroBT.

Earlier, Bitmain reduced the amount of computing power for bitcoin mining by 88% within 30 days.

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