Hong Kong investment company is betting huge on Bitcoin mining
Get ready for a huge mining operation to drop onto the Bitcoin mining network.
The business will feature sales of ASIC hardware to customers, hosted mining and private pooled mining.
The investment firm is legally registered in the British Virgin Islands and has offices in the Philippines and the UK. Its other holdings include physical mining operations, digging for gold and copper and other precious metals.
Its ASIC chips will be sourced partially by buying from other manufacturers and also by fabricating them via partner Global Foundries.
Simply put, the company identified Bitcoin mining as an investment opportunity, then it threw a lot of weight behind the operation. This is not Massive Luck’s first entrance into the Bitcoin space. It also started a Bitcoin gaming company, BetCoin Dice, a competitors to Satoshi Dice.
Of the four petahashes of mining power, at least one petahash will be supplied to consumers via hardware sales. The remainder will be put into a grand computing operation that will have the ability to adjust power consumption on the fly.
A data center is being built in China that will feature third-generation 28 nm ASIC chips powering the operation. Those chips will be designed to scale back as mining network difficulty increases.
Construction is expected to wrap up around February, with a price tag for the building alone set at $1 million.
Whether so much mining power under the control of a single entity will be good for Bitcoin as a whole remains to be seen.