Genesis Mining, which provides computer equipment to create bitcoins in the cloud, has launched the world's first fund that invests…
Genesis Mining, which provides computer equipment to create bitcoins in the cloud, has launched the world's first fund that invests in hardware used to create the digital currency, according to Reuters. The company said it registered the fund, called the Logos Fund, with the Securities and Exchange Commission and will invest $ 1 million in it.
The fund will issue "pooled investment fund interests" to investors in an offering expected to last more than a year. Marco Streng, co-founder and CEO, said investors have expressed an interest in putting in $100 million.
The minimum investment for the fund is $25,000.
"The fund would be clearly focused on bitcoin mining, but we can also purchase bitcoins directly from the exchanges," Streng said.
Streng cited strong investor interest despite challenges facing the sector, whose profits have been pressured by growing competition.
Instead of investors investing directly in mining by purchasing and managing their own hardware, they can invest in the Logos Fund investment vehicle, gaining direct access to Genesis Mining's industry expertise, large scale operations, and discounted hardware, according to The International Business Times.
Since its launch in early 2014, Genesis Mining has distinguished itself with its dedication to community activism, transparency, and innovation, which has allowed the company to scale faster than many other companies in the industry. Genesis also uses sustainable geothermic and hydro-electric sources of energy in Iceland, where its miners are based.
In November 2015, the company announced a milestone of more than 100,000 customers, CCN reported. Throughout the past two years of operation, it has received over $100 million (£71m) worth of inquiries from professional investors interested in investing in bitcoin mining through a professional investment vehicle.
In July, the company announced Genesis Hive, a tool that provides enterprise-level cloud mining management to mining companies and providers.
In August, it announced “Life Inside a Bitcoin Mine,” giving users the ability to watch a live stream directly from one of the bitcoin mines the company operates in Iceland.
In September, the company announced the launch of X11 cloud mining, a service that allows customers to mine via an alternative algorithm.
In October, Genesis launched a nationwide outdoor advertising campaign aimed at bringing awareness to the potential that bitcoin brings to the world.
Consisting of taxi advertising, billboards, and guerilla street marketing, the ads featured quotes from experts who made egregiously false predictions about disruptive innovations. The quotes came from former leaders of international corporations about innovations like the telephone, film, and the automobile.
Last modified (UTC): March 5, 2016 6:36 PM