The investment firm recently set aside £1 million to launch its proposed Bitcoin mining business. The funds raised by the UK-based firm will enable it to achieve its aims of starting a Bitcoin mining business in Europe. A statement released by the firm states that It raised funds through the placement of 100,000,000 shares to get more investors into the crypto mining business.
This development will also boost Clear Leisure’s capability to commence business with cloud miners and finance the establishment of BTC mining operations in Italy. Besides, the firm will widen its current crypto base in Serbia and fund the development of its supply of hardware for Bitcoin mining. Unlike in the past, Bitcoin mining is hard to operate. As the leading digital currency, Bitcoin is breaking all-time highs consistently while the Bitcoin market capitalization is now above $20 trillion.
Clear Leisure to Join the Bitcoin Mining Business
Clear Leisure is a company that has its primary business on estate and leisure with the larger part of its operations in Italy. Meanwhile, the firm is now expanding its business scope to fintech by starting with blockchain and Artificial Intelligence. The firm’s plan to enter into the crypto industry will enable it to benefit from the potential gains of the cryptocurrency business.
Now, Bitcoin and even the majority of cryptocurrencies are breaking their record levels. But Clear Leisure is aware that it is going to meet competitors in the Bitcoin mining sector. After the company announced the plan, its price jumped by more than 100%, reaching 2.82 p. The company’s CEO also introduced a new major shareholder, John Story, to the company. He expressed hope that Story’s entrance into Clear Leisure would enable him in particular and the company, in general, to benefit considerably from the booming crypto industry.
Meanwhile, the firm had earlier revealed how it offered more shares for sale to boost its working capital and accelerate its technological advancement. The management intends to use the funds to increase the cryptosystem’s computing capability in the increasingly competitive market.
Clear Leisure’s Price Has Risen Considerably Since the Start of the Year
Since the start of the year, Clear Leisure’s price has risen rapidly several times. The company’s entrance into the crypto ecosystem is coming amidst the BTC price surge, breaking the $50K record level. Earlier, Tesla invested $1.5 billion in Bitcoin. The announcement shot the digital currency to a higher level from $35K to $44k. Since then, the crypto market has continued its bullish move as Elon Musk expressed his optimism that more influential individuals and financial institutions will soon endorse cryptocurrencies.
Bitcoin mining remains the main operation behind the survival and smooth running of the Bitcoin network. Bitcoin miners are the wheels that keep the digital currency moving. Miners are the ones that offer security and confirm Bitcoin transactions. They achieve this by using specialized computers. Miners are rewarded every 10 minutes with new bitcoins generated.
While central banks issue government-backed currencies, miners mine bitcoins. Bitcoin miners prevent the network from being attacked or stopped. Mining is not profitable for many because the sector is a specialized one. The operation also consumes a huge amount of electricity.