Published: 2018-11-30 12:19:00
German alternative investment fund manager Xolaris Service KVAG has launched a private equity fund dedicated to Bitcoin mining, the company confirmed in a press release Nov. 29.
Xolaris, which has undertaken various expansion measures including the opening of a Hong Kong office in July, says client demand to access the sector continues despite the downturn in Bitcoin (BTC) prices.
The fund will feature a minimum investment entry of €250,000 ($285,000), with a planned issue volume of between €30 million and €50 million ($34 million – $57 million).
The fund will come as a joint project with Marc Stehr, owner of an extant mining farm in Sweden, with the fund’s capital first going towards the farm’s expansion.
“This eliminates a number of risks,” Klaile added.
As Cointelegraph reported, the drop in Bitcoin prices to around $3,500 had appeared to put pay to many miners’ profitability, with China seeing mass dumping of hardware due to the crisis. Last week, U.S.-based operation Giga Watt filed for bankruptcy.
The picture remains far from one-sided meanwhile, with the government of Paraguay at the same time announcing it would endorse and support “Golden Goose,” a project to build the world’s largest Bitcoin mining farm.
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