EAST WENATCHEE, Wash., March 31, 2021 /PRNewswire-PRWeb/ -- Introducing Bit Capital Opportunity Zone Fund, the First Cloud Computing Opportunity Zone Fund. The purpose of the Bit Capital Opportunity Zone Fund is to raise and allocate an initial $50,000,000 into a qualified opportunity zone Digital Asset-cryptocurrency mining and cloud computing business Magic Mining, LLC, which is strategically located within opportunity zones tracts within the United States with proximity to renewable energy resources.
Magic Mining, LLC will be tasked with acquiring large inventories of computers – equipped with high-powered processing systems (CPUs and GPUs) – that generate income by processing transactions on block chain ledgers to yield digital currencies for the funds' limited partners (both long term and short-term strategies). Magic Mining leases out the fleet of computing nodes under management, generating streams of revenue covering both its operating expenses as well as hardware upgrade costs. Additionally, Magic Mining will be looking to support in excess of a hundred new jobs within its opportunity zone.
"Due to the maturation of the emergent digital asset markets, mining digital assets continues to be a very competitive but extremely profitable business. When more miners join the network, it becomes increasingly difficult to make a profit, and miners need to efficiently control their operating costs. We believe this presents an opportunity for our fund, offering companies interested in mining digital asset turn-key concierge infrastructure to execute their computing strategies. This is not an easily replicable achievement as the costs to procure large amounts of computing nodes, support for the physical infrastructure needed, access to low-cost energy production capabilities, and niche expertise necessary to successfully operate clustered-node computing infrastructure at scale, ensure large barriers to entry. Through investments into Magic Mining and strategic partnerships, we expect to achieve all the above," said Jimmy Odom, Co-Founding Partner and COO of Bit Capital Group, one of the first blockchain security mining and computational management companies. In addition to being a miner and decentralist, Odom was previously responsible for managing the Blackstone Private Equity Group's Charitable Foundation's Entrepreneurship investment grant for the Midwest.
"We believe the recent increase in cryptocurrency prices has shown us that in a world of endless money printing, Bitcoin and other blockchains have a pivotal role to play on the global stage," said Jimmy Thommes, Co-Founding partner of Bit Capital Group. Thommes has been professionally involved in the mining industry since early 2013. "We believe that digital is the future, but that it also requires people to gain even more momentum. Utilizing opportunity zones allows Bit Capital Opportunity Fund to create a new wave of digital transformationalists in opportunity zone communities that need them the most."
In addition to its opportunity zone investments in connection with the leasing of the assets under management to external parties also in need of cloud computing infrastructure and management services, the Bit Capital Opportunity Zone Fund intends to hold one or more minority stake investments in private entities specializing in the leveraging of cloud computing assets to create digital assets and smart contract properties.
The offering described herein will be made pursuant to a written confidential private placement memorandum. Interests in the Bit Capital Opportunity Fund may be offered only by means of such written private placement memorandum. For more information visit us online at https://www.BitCapital.fund.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sales of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Fund Management Contact:
email@example.com · (833) OZFUND1
Visit our Website @ https://www.BitCapital.fund
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We caution you that such statements are simply predictions and actual events or results may differ materially. These statements reflect our current expectations, and we does not undertake to update or revise these forward looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from the forward-looking statements. Statements related to, among other things, the consummation of the offering described herein and potential changes in market conditions constitute forward-looking statements. These risks and uncertainties, many of which are beyond our control, include: our plans to obtain funding for our operations, including funding necessary to develop, manufacture and commercialize our products and services; the impact to our business from the COVID-19 global crisis; general market acceptance of and demand for our products; and our commercialization, marketing and capabilities and strategy.
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Mark Politi, Bit Capital Fund, 424-248-7250, Mark.Politi@Gmail.com
SOURCE Bit Capital Fund