Bitfury Join Forces with Final Frontier to Launch Bitcoin Mining Fund

Bitfury Join Forces with Final Frontier to Launch Bitcoin Mining Fund

Bitfury, one of the leading infrastructure providers for the Bitcoin blockchain, has collaborated with Final Frontier, a Swiss-based artificial intelligence (AI) and blockchain investment firm, to launch a regulated Bitcoin mining fund, according to a Reuters report on April 24, 2019.

Exposing Institutional Investors to Bitcoin Mining

Per sources close to the matter, distributed ledger technology (DLT) unicorn, Bitfury Group has collaboratively launched a Bitcoin mining fund with Final Frontier, in a bid to make it possible for institutional and professional investors to gain access to Bitcoin mining.

Developed by Final Frontier, the fund is reportedly supervised by Liechtenstein’s financial regulator and the fund’s primary objective is to invest in turnkey assets across the globe, including Bitcoin mining sites with cheap electricity as well as near zero operating costs.

Per the team, the collaboration will see Bitfury provide the necessary hardware as well as end-to-end services for the mining fund.

Bitfury will also be responsible for scouting suitable sites for mining operations, as well as deploying and servicing the equipment.

Commenting on the development, Imraan Moola, co-founder of Final Frontier, opined that this may be the best time to launch such a fund as the asset has not fully recovered from the 2018 crypto markets crash yet the interest of institutional investors in the nascent digital asset continues to grow.

In his words:

“With the current bitcoin price nowhere near its $20,000 all-time high, yet institutional interest growing massively with each passing day, now may be an opportune time to consider investing in bitcoin mining.”

Bitcoin Mining Profitable Again

As reported by BTCManager earlier in January 2019, the slump in the price of the premier cryptocurrency to the $3,000 price region made mining operations unprofitable for miners across the globe.

“The drop in Bitcoin prices from around $6,500 throughout much of October to below $4,000 now has increasingly pushed margins further and further negative for just about every region except low-cost Chinese miners,” said JPMorgan analysts at the time.

However, fast forward to April 2019 and the price of bitcoin is now aiming for $6,000, cryptocurrency analyst Alex Kruger has reportedly said that mining profits have now risen significantly.

It’s worth noting that Bitfury has been contributing its bit to promote broader adoption of bitcoin and blockchain technology.

In January 2019, BTCManager informed that Bitfury’s Lightning Peach team had launched new tools aimed at boosting Bitcoin Lightning Network adoption.

In February 2019, reports emerged that Bitfury had allied with Longenesis and Medical Diagnostics to revolutionize the radiology marketplace with blockchain technology.

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Source: BTCMANAGER

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