Bitcoin Miner Operator Bixin Announces $66M Global Fund of Funds for Crypto

Bixin, one of the earliest bitcoin miner operators and wallet startups, is dedicating 6600 bitcoin, worth $66 million, to a new fund of funds.

The Asia-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term firm's business covers both upstream, cryptocurrency mining, and downstream, bitcoin wallet, in the blockchain industry, and has steadily diversified its service offerings as well as overall market capabilities over the past six years.

The company announced the fund of funds with its proprietary capital this week. Bixin said that it aims to invest in global quantitative trading funds whose strategies are based on arbitrage, bitcoin futures contracts, and trend analysis.

By providing additional Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and market-making activities to these trading desks amid bitcoin's scheduled halving event, Bixin seeks to increase its holdings in bitcoin as part of its "unwavering commitment to bitcoin," the firm stated.

Strong believers in bitcoin

"We are strong believers in bitcoin and it's not what we want to see that the bitcoin ecosystem in China and elsewhere are in a silo," said Liu Fei, who joined Bixin from the Huobi exchange in 2018 and now oversees the firm's mining business and the fund of funds.

"We hope the fund of funds can contribute to a better global liquidity structure for the bitcoin ecosystem," he added.

Founded in 2014 by Wu Gang, who started mining bitcoin since as early as 2009, Bixin has become one of the most known bitcoin wallets and mining pool operators in China.

It scaled up the investment in bitcoin self-mining in the late 2018 and early 2019 bearish market and is currently operating bitcoin mining facilities of about 300 megawatt-hours, roughly 3,000 petahashes per second (PH/s) of computing power that accounts for 2.5% of the Bitcoin network's total, according to market sources.

Bixin established an investment and financial service arm around 2018 with its own capital and has invested in leading crypto startups in China, including MicroBT, a serious contender against mining giant Bitmain's dominance in bitcoin miner hardware business, the sources say.