Are you going to physically supervise your operations in Iceland, in case your project will push thru?
Also, you said that if you will not reach your soft cap of $3.5M, all funds will be refunded. Does it mean that your mining services will also stop?
What will happen to your company? You are a UK registered company based from your website.
Hi Timeteller,
Initially, we will be hosting the ASIC miners for Bitcoin and Bitcoin Cash in a managed datacenter as it is more cost effective but Iceland is a short trip from the UK so one of the team will be there on a weekly basis to monitor and manage the devices. Everything will be monitored 24/7 to ensure smooth running and so we have the ability to quickly respond to any issues.
As time goes on we would prefer to commission our own facility and employ a team that is on the ground and dedicated to managing our miners but part of our operating model is to remain as lean as possible to keep running costs to a minimum to maximise profits for our token holders so until we need a team to manage this we won't implement one.
The soft cap target of $3.5m is to ensure the facility that we build will be profitable for our token holders, even when we are in a bear market. We could build a facility on $500k but the ROI would look a lot different and we want to deliver a proper, reliable and profitable service. There are cloud mining services which are terminating contracts and services because they can't provide a return on customers investments so we want to ensure that doesn't happen to us.
If the token sale doesn't meet the soft cap, we have alternative funding mechanisms but it would be more of a private company which isn't what we want to do. There is a very real opportunity here to enable holders of our tokens to build their portfolios and increase their crypto holdings which is why we are doing this and if the value of our own token grows in the process then that will be great
We are a UK registered company but will spread our operations between the UK, Iceland, Sweden and Canada where there are cheap, renewable energy sources. The UK electricity cost is quite high in comparison but will be used as a based for mining farm development before moving farms out to more profitable locations.
I hope that answers your questions
Thanks, Greg
