Shenzhen-based Bitbank Group, a bitcoin hardware manufacturer and digital currency software solutions provider, is looking to raise 3500 BTC ($1.57 million) via crowdfunding for its new mining facility in Xinjiang.

The crowdfunding page states that the new mining facility will use the “world’s only 12nm miners” to produce about 30 petahash of bitcoin mining power. 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 fundraising will officially begin tomorrow and will only last for 24h, with a 180 days allotted for the construction of the mining facility. The project also offers a 6.9% interest rate to investors.

Bitbank has several mining facilities in China, one of which was recently profiled by BBC video journalist Danny Vincent, who toured Bitbank’s secret mine located in a small mountain village, which supposedly produces $8 million in bitcoin per year, “The town itself is so high up in the mountains that you have to bring your own cans of oxygen. Mobile phone signals frequently disappear around the mountains and valleys that surround the township.”

Owner of Bitbank, 30-year-old Chandler Guo – whose family ran a beef farm – 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 says that the Xinjiang facility will have professional staff looking after the mining equipment around-the-clock.

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.