One of the major concerns when it comes to cryptocurrency mining is the ample electricity resources it needs to mine a single cryptocurrency. Previous studies have shown that the bitcoin mining industry consumes more electricity annually than mid-sized countries such as Ireland, Argentina, or Nigeria. In addition, the Digiconomist found that a single bitcoin transaction requires as much energy as the average American family home needs for one day.
Since these studies, the numbers have been debated, and not without merit. It is not easy to create a statistic which is applicable to all cryptocurrency miners, especially since each cryptocurrency’s energy resource needs is different, and so is the needs of each miner. Electrical consumption can be influenced by several external factors, such as their hardware, their mining location, etc.
While the exact numbers are debatable, the indisputable fact remains that cryptocurrency mining, especially bitcoin and ethereum mining is taking its toll on energy resources. While some cryptocurrencies have tried to resolve this issue by switching from a proof-of-work (PoW) to a proof-of-stake (PoS) algorithm, it does not entirely solve the problem. At the moment, cryptocurrency mining seems unsustainable and almost irresponsible practice, especially in the light of growing ecological concerns.
This is where Moonlite comes in. Moonlite is the brainchild of a South African team with an ecological conscience that wishes to console a love of cryptocurrency as well as a love for the environment. Moonlite aims to provide the industry with a more sustainable means of crypto mining by setting up mining operations in Iceland and using 100% green and sustainable energy resources.
What is Moonlite
The Moonlite project is dedicated to providing the cryptocurrency mining industry with a more sustainable method of operation. The project aims to set up a large-scale mining farm in Iceland that is capable of profitably mining DASH, litecoin, bitcoin, and bitcoin cash.
The team has chosen Iceland as it headquarters as Iceland shares the vision of using only green and sustainable energy. The country is politically stable and is capable of providing cost-efficient geothermal and renewable electricity that is reliable and capable of meeting the demands of cryptocurrency mining.
According to the Moonlite whitepaper, the team will only focus on mining cryptocurrencies that they consider stable enough to remain profitable. While they will initially focus on litecoin and bitcoin, they do have plans to expand their operations to include bitcoin cash and DASH.
The team has devised a mining strategy that divided into three phases that will use mining rigs from manufacturers such as Bitmain, and Bit Fury.
|Phase 1||28,000 Ths||504,000 Mhs|
|Phase 2||56,000 Ths||15,000 Ghs||504,000 Mhs|
|Phase 3||120,000 Ths||30,000 Ghs||1,008,000 Mhs|
By focusing on stable and popular cryptocurrencies that demonstrate popularity in the market, the Moonlite team is confident that they will be able to fill a growing gap in the market and appeal to an audience of environmentally concerned crypto enthusiasts.
The Moonlite ICO
The Moonlite ICO project will launch their own sale for the Moonlite Token (MNL). The ICO will generate a total of 100 million MNL and will make 87 million of this total available to investors during its token sale.
However, any leftover tokens that were made available for purchase during the ICO will be destroyed. This will limit the MNL supply even more. The team has also suggested an interesting buy-back program where repurchased tokens will be ‘burned’ every six months in order to maintain a constant increase in value on the ICO market.
A single MNL tokens’ value as priced by the team is 1 ETH to 500 MNL, which currently puts the MNL price at $2.10 per token.
The MNL pre-sale is already active and is in fact in its second phase, after raising a little more than $3,5m in its first phase. Investors are offered various incentives to invest as early as possible. For example, during phase two, investors can get up to 100% token bonuses.
The minimum accepted investments start at 0.1 ETH which is a great incentive for the casual investor. However, the big investors are not forgotten, as big spenders stand a chance to earn up to 300% in token bonuses.
Interested investors can also contribute using their bank cards. Once you’ve invested the ERC-20 tokens will be sent to a wallet of your choice. The ICO sale will officially conclude on March 15, 2018.
Future Development of Moonlite
Moonlite was conceived in February 2017, and since then the team has progressed in leaps and bounds. According to the official Moonlite roadmap, the team will open up their mining operations on August 1st, 2018.
What sets the Moonlite team apart is their sheer ambition. The team’s whitepaper, clearly states that they intend to become the world leader in industrial mining operations, something which becomes less far-fetched when considering how quickly the team worked to get this massive undertaking off the ground ever since its initial conception.
Future notable milestones for the team include the closing of their entire ICO campaign which will close on March 15, 2018, as well as the commencement of setting up their center for operations which will occur on April, 2nd 2018. For a more detailed look at the future of Moonlite, please view their roadmap on their website.
What makes this project exciting stretches far beyond its environmentally friendly approach. The Moonlite project radiates a sense of social conscience and transparency that infiltrates every single aspect of their business and ICO. This is the perfect investment opportunity for crypto enthusiasts who are also ecological warriors. Moonlite promises to be a unique startup where integrity and transparency play key roles in their business and is sure to benefit all investors.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Eric Montfort via Flickr
IOTW Leverages IoT, New Blockchain Algorithm to Help Miners Generate Coins with Electrical Devices
The Internet of Things (IoT) is one of the most promising technologies, along with the distributed ledger technology (DLT) – also called blockchain, artificial intelligence, and a few others. ANAPP Blockchain Technologies Limited, a blockchain-oriented startup, plans to merge IoT with blockchain for an innovative infrastructure that would allow users to mine digital currencies with the help of any electronic device and home appliance that can act as an IoT device.
IOTW, as the new project is called, will use blockchain to provide a better alternative to the popular Proof of Work (PoW) and Proof of Stake (PoS) consensus algorithms. IOTW proposes Proof of Assignment (PoA) – a completely new approach that solves some of the main problems inherent in the traditional algorithms. The ecosystem is fueled by IOTW coins, which allow high-speed micro-transactions.
Some may find IOTW quite similar with IOTA, a popular project that combines a distributed ledger system with the IoT concept. However, IOTA doesn’t use an actual blockchain system but an architecture called Tangle, and more importantly, it doesn’t perform as well as IOTW.
Leveraging IoT to Beat Proof of Work
Bitcoin is by far the most popular and oldest cryptocurrency, and today most of the miners would target it given its high price. However, the competition became fierce and retail miners don’t find it profitable to generate new Bitcoins, which has led to the formation…
For every Genesis, there is an End.
As the founder of Elevate Group, which is a managed co-hosting facility for bitcoin mining, I went to great lengths to analyze how both the mining ico’S are structured and how cloud mining operates. So I believe I’m particularly well qualified to write this article, and I hope the reader gains from it.
Yes, this is also a marketing piece about Elevate Group, but there are no gimmicks or ‘specials’ or anything like that, I just point out the relevant truths and ask some pressing questions about the industry as a whole. All my numbers are derived directly from the companies websites, all this information is factual and I encourage you to check them for yourself.
So let’s start with a basic summary of what bitcoin mining is exactly, and if anyone ever tries to complicate this answer, they are speaking nonsense. Bitcoin mining serves two functions, it secures the bitcoin network and verifies transactions. We, miners, are boring data processors. That’s it, that is what we do. In order to make mining profitable, you want to keep your costs low. So if you are a cloud mining company and you’re spending money on advertising, marketing, and nice offices, guess what? That means your mining profits will have to cover those expenses, and when you take a cloud mining company like Genesis, who does a lot of marketing and has a lot of those types of expenses, what do…
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The ongoing mining battles
Basically, there has always been a fight for control in the crypto mining world. Mining equipment manufacturers like Bitmain are currently able to control the crypto landscape as they wish since they equally control who gets what mining equipment, when and at what cost. The general feeling has been that the rich get richer while amassing more control over the Blockchains as eventual centralization of the networks is realized.
Considering the engineering cost of coming up with an ASIC miner, and the fact that ASIC miners are more powerful that GPU and CPU miners (that mostly belong to hobbyist), companies like Bitmain are able to niche down the manufacturing of ASIC miners and even set up their own mining operations with equipment at low production cost. It is this unfair advantage that leads to an uproar whenever a new ASIC mining machine is introduced into the market. To gain back control over the…
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