December 5, 2023

Bitfury Mining Institutional Fund Approved by EU Regulator

Bitfury partners with Swiss investment firm to launch fundBitcoin mining for institutional investors.

According to company executives on Twitter, Final Frontier, in which Bitfury owns a minority stake, received approval for the launch of the fund from the Liechtenstein regulator.

The fund will focus on institutionalinvestors and provide the “whales” access to the mining industry. Bitfury described the creation of the fund as a profitable undertaking for the developing sector. The company will provide equipment for the project, which will also use various Bitfury mining centers to ensure reasonable mining costs.

“Given that the price of BTC has dropped significantly fromat record highs and institutional interest growing by the day, now may be the time to consider investing in Bitcoin mining,” — noted Imraan Moola, co-founder of Final Frontier.

This initiative is being implemented at a good time forBitfury, which was previously included in the Forbes list of blockchain-implementing billionaire companies. However, not all cryptocurrency mining businesses make a profit. Recently it became known that the Chinese construction company Huatie is selling its mining business, which brought it $ 23.5 million in losses in a year.

In addition, regulatory tension continues to grow, including in Asia. In early April, the Chinese government added mining to the list of “undesirable” industries.