Bitbank is looking to raise 3500 BTC for its new mining facility

Bitbank Group announced it is looking to raise 3500 BTC ($1.57 million) via crowdfunding for its new mining facility in Xinjiang.

Bitbank claims that all crowdfund participants will recover a 100 percent of their investment due to the low power cost in the city of Xinjiang. The project also offers a 6.9% interest rate to investors.

Bitbank owner Chandler Guo sees bitcoin as technological force that will transform the global payments industry: “For me it is a kind of freedom. Everyone and anyone can use it anywhere. It doesn’t belong to just one country. It is already crossing borders. It belongs to everybody.”

Bitbank Group is a bitcoin hardware manufacturer and digital currency software solutions provider.