Chinese company Bitbank raised $1.5m to fund new bitcoin mining facility

Chinese company Bitbank raised $1.5m to fund new bitcoin mining facility

Bitcoin exchange and wallet services provider Bitbank, which launched in October 2015, just announced that they have successfully funded 3500 BTC (~$1.5m USD) to help build a new bitcoin mining facility in Xinjiang, China.

According to Bitbank’s crowdfunding page, Bitbank is constructing a mining facility that will be equipped with the world’s only 14nm miners. The Xinjiang mining facility should produce around 30 petahash of hashing power. Bitbank was offering investors a 6.9% interest rate on investments in the bitcoin mining facility with 100% of funds that are supposed to be returned after the mining facility is completed construction. Bitbank said that they “ensure [a return on] the investment due to the low power cost in the facility.”

As shown in the video below (in Chinese), you can see the new mining facility in progress of being built. The crowdfunding ended today with a total of 26 investors. Bitbank also said in regards to the new mining facility,

“The facility will be run by our professional staff 24 hours a day. Bitbank has organized over 20 stable and rewarding crowdfunds for users over the last 2 years. Bitbank believes in the long term growth of Bitcoin and is committed to providing users reliable investment opportunities that will satisfy investor’s expectations.”

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david@bitcoin.com'
David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.