Bitfury Teams Up with Investment Firm Final Frontier to Launch a Regulated Bitcoin Mining Fund Global mining giant Bitfury Group has recently joined hands with Swiss investment firm Final Frontier to launch a new Bitcoin mining fund. On Wednesday, April 23, the Bitfury Group made an official announcement noting that it is a big step towards Bitcoin’s institutional adoption. Bitfury is a leading blockchain tech company providing mining services and developing blockchain-based software solutions for companies. Bitfury, which holds a minority stake in Final Frontier, notes that it has attained the necessary approval from the European regulator to launch the mining fund. The regulatory approval is most likely to attract professional investors and institutions to get exposure to the volatile Bitcoin mining industry. Furthermore, it will help investors to participate “in a confident and responsible manner,” as per Bitfury’s executives. In the press release, Valery Vavilov, CEO of Bitfury said: “With this innovative fund, Final Frontier is providing investors with a novel way of accessing Bitcoin mining opportunities, creating financial opportunities and furthering institutional adoption of Bitcoin.” Details Regarding the Bitcoin Mining Fund In a statement to Reuters, Bitfury said that it will provide the complete “hardware and end-to-end services for the bitcoin mining fund”. Furthermore, Bitfury will be actively involved to determine the locations of the mining sites and providing services thereafter. Both the companies stated that the Bitcoin mining fund will invest in mining sites with “lowest electricity and operating costs” featuring the Bitfury data centers. However, both companies have currently refused to disclose the size of the fund. Also, other technical details pertaining to the fund are still to be released. Crypto Mining Industry Getting Profitable Again The massive meltdown in Bitcoin price over the last year has put severe pressure on the crypto mining industry. With constantly falling Bitcoin prices, miners were finding it extremely difficult to keep up with their operational costs. However, starting April 2019, the winds of change are visible yet again. Popular crypto analyst Alex Krüger recently stated that with the Bitcoin price recover since April 1, 2019, Bitcoin mining operations are again turning profitable. He tweeted saying the “breakeven for efficient mining operations currently stands around $3550”. With Bitcoin price currently trading over $5000, efficient miners can take away more than $1500 in profits for every coin mined. It looks like Bitfury has rightly sighted this opportunity as there could be no better time than now to enter the Bitcoin mining industry. Imraan Moola, co-founder of Switzerland-based Final Frontier, said: “With the Bitcoin price down significantly from its all-time high, yet institutional interest growing every day, now may be an opportune time to consider investing in Bitcoin mining”.