Bitbank Crowdfunds New Xinjiang Mining Facility

The secret mining facility the publication BBC reported on in China featured Chandler Guo, a representative for Bitbank. The Shenzhen-based company wants to crowdfund the construction of its next mining operation. Bitbank is looking to raise 3500 BTC to build its new mining factory that will deploy low energy RD to ensure that the mining profits.

bitbankChandler Guo was recently interviewed by Journalist and Photographer Danny Vincent and has recently received worldwide media attention. The crew visited one of six mining facilities in the Chinese region and met the employees who lived at the factory maintaining mining operations. Now Bitbank wants to add another mining farm to its portfolio that will be “equipped with the world’s only 14nm miners.” After the company raises the funds the Xinjiang mining facility which will produce around 30 petahash of hashing power.

Bitbank states that the principal of investors who participate in the funding will receive 100% ROI plus interest. The staff, the company says works around the clock 24 hours a day maintaining the mining facility. Technicians have prepared the layout and are arranging hundred of miles of cable.

The company says it “ensures the investment due” because of the low electricity costs in the Xinjiang region. The firm details that it believes in the long-term growth of Bitcoin and is committed to covering many aspects of the industry’s infrastructure. Bitbank touts it is a fintech company that offers services such as interest bearing accounts, storage and other products to come in the future. The Shenzhen-based company claims to have organized over “20 stable and rewarding crowdfunds” over the past two years.

BitbankBitbank has both an iOS and Android application via the app stores in the Chinese region. The company’s dedication is focused on manufacturing various hardware, software, and the maintenance of its six facilities. The website also has its own block explorer and Shixingbao Assets Certificate that records ownership via the Bitcoin blockchain. Bitbank states that over 80% of funds are held in cold wallet storage and wallets are “stored in two different cities and safe cases.”  

However, there has been some complaints about Bitbank’s application concerning privacy. One social media commenter writes, “Have you tried out the ‪‎Bitbank‬ app yet? Some permissions might worry you a little. They worry me so, thanks but no thanks.” The critic also left a picture of what he was talking about when it comes to permissions. Some of the things the application says it accesses are the state of the device and your identity, audio recordings, pictures and video, location services, and reading the SD card on the mobile device. Of course, individuals have to allow these permissions or not and the choice is in their hands.

Bitbank says the company and “employees are dedicated to maintaining the Bitcoin network” and look forward to the creation of its 7th mining operation in Xinjiang. Live Bitcoin News will keep its radar on this company based in China and will keep our readers informed of activities, developments, and most importantly user complaints.

Source: Bitbank

About Jamie Redman

Jamie Redman is a financial tech journalist from Florida thats been entrenched in the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written hundreds of articles about the disruptive protocols emerging today.