Viderium Limited (11113051): administration
- Status
- Administration ended
- Administration began
- 2020-12-03
- Administrators
- Michael Colin John Sanders, Georgina Marie Eason
- Administrators' firm
- MHA
- Incorporated
- 2017-12-15
- Location
- London
- Industry
- 63110 Data processing, hosting and related activities
Why it went into administration
- COVID-19
- Energy costs
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of my proposals has been prepared based on information provided to me by the Director of the Company and not from my personal knowledge as Joint Administrator. As investigations are continuing into the Company’s affairs, it has not been possible to verify all such information and the Joint Administrators take no responsibility for its completeness or accuracy.
The Company was incorporated in December 2017 by Ross Archer, the current Director. The Company was set up in order to profit from the growing block chain market which experienced substantial growth in 2017. The Company specialised in a variety of data solutions including the creation and operation of data centres to facilitate high performance computing, (“HPC”).
The method of ‘crypto mining’ is a process that uses HPC to solve block chain equations. The machine which solves the equation first is rewarded in cryptocurrency which is then converted into GBP in order to produce a profit. The process is very energy intensive and therefore the UK was not a viable place from which to operate due to high costs.
Administrators' statement of proposals (2021-01-29) · Companies House register