A bitcoin mining fund is investing $44 million in brand-new hardware, a longer-term bet than most are making. : Fundamental Labs, a blockchain fund manager that’s backed Binance, Coinbase and Canaan Creative, is investing $44 million in top-of-the-line bitcoin miners, a longer-term bet than most are making in the sector. Revealed exclusively to CoinDesk, the Shanghai-based firm plans to run 20,000 to 30,000 units of brand-new mining equipment starting in June to capture on the cheap hydropower electricity during the rainy summer in China’s southwestern region. “Mining is the fundamental block to support the whole crypto ecosystem.