Iceland’s Genesis launches initial bitcoin mining fund

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NEW YORK Genesis Mining, that provides mechanism apparatus to emanate bitcoins in a cloud, on Thursday launched a world’s initial account that invests in hardware used to emanate a digital currency.

Bitcoins are combined by a “mining” routine involving mechanism algorithms on apparatus owned or rented out by companies such as Iceland-based Genesis. Bitcoins, that are value some-more than $400 each, can be purchased from trade exchanges such as BitStamp and Kraken.

The Logos Fund was purebred with a U.S. Securities and Exchange Commission final week, Genesis pronounced in a statement. The account will emanate “pooled investment account interests” to investors in an charity approaching to final some-more than a year.

Genesis will primarily seed a account with $1 million of a possess capital, co-founder and Chief Executive Marco Streng said, adding that investors have voiced an seductiveness in putting in $100 million.

The mininum investment for a account is $25,000.

“The account would be clearly focused on bitcoin mining, though we can also squeeze bitcoins directly from a exchanges,” pronounced Streng pronounced in an interview.


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