Munich-based investment firm Xolaris has announced the launch of a private fund for direct investment in the Bitcoin mining business in Europe. Additionally, the company plans to open another fund in the Asian region, writes CCN .
The first project is designed for four years, and for its implementation Xolaris hopes to attract 30 million euros with a minimum investment of 250,000 euros. The foundation is a joint venture with Mark Shter, who owns a mining farm of 2,000 supercomputers in Sweden. Part of the funds raised Xolaris plans to direct the expansion of the data center.
“Professional investors continue to ask us to create a regulated product in the field of cryptocurrency, ” said Xolaris CEO Stefan Kleile. – We decided to combine our product with Mark Shter, because he has a working mining infrastructure and confirmed experience of successful extraction of bitcoins. Consequently, we have already eliminated several risks. ”
Representatives of Xolaris consider the ideal location for mining farms in Sweden, as this country is distinguished by a cold climate and low electricity prices. In addition, a cashless society is popular in Sweden, which may also be important for a cryptocurrency business, and some miners from Norway have already thought about moving to this country after the abolition of preferences for the industry.
The second fund worth 50 million euros is still in the planning stage and will be launched in Hong Kong. It is assumed that the subscription to it will be open until the end of this year.
At the same time, as Stefan Kleile insists, the decline in the market in 2018 only plays into the hands of the company.
“We view the current bitcoin price reduction as a very positive scenario. Bitcoin mining profitability is determined by a number of factors, including its peak cost, hash rate, mining complexity, and equipment cost. We believe that recent events give us the opportunity to increase our market share, ”he said in a comment on the South China Morning Post .
Recall, according to the CoinShares study of trends in the field of Bitcoin mining, most companies use energy from renewable sources for the extraction of cryptocurrency.
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