The frenzy about cryptocurrencies has resulted in an explosion of coin miners. However, mining of major coins like Bitcoin and Ethereum is known to use tons of energy, enough to power few small countries in the world. Cryptocurrencies are power hungry when it comes to mining, resulting in some environmental activists going up in arms due to the increasing electricity consumption. However, mining can be made eco-friendly if it’s powered using renewable energy rather than fossil fuels. How can you mine cryptos using earth-friendly energy if your local power provider does not operate on renewables? MoonLite has an answer to this.
What is MoonLite and how will it operate?
MoonLite is a fresh cryptocurrency mining startup which will allow any investor to purchase a stake in the mining of different stable coins via MoonLite’s ERC20 token (MNL). After the successful completion of its ongoing ICO, the company is set to launch data mining centers around the world but specifically in places where power is cheap, clean and green. The inaugural center will be situated in Iceland.
Interested investors will be able to purchase into MoonLite through its MNL token which is currently on sale in its ICO.
MoonLite plans to start its operations in August and will start with Bitcoin and Litecoin mining. The company will utilize specialized mining rigs from Bitmain, Bit Fury, and Pin Idea. It will begin mining Bitcoin at a rate of 28,000 TH/s and Litecoin at a rate of 540,000 MH/s.
In the second phase, MoonLite will add Dash mining capacity and also up its Bitcoin hash rate. The third phase will aim at enhancing the company’s capacity across the board.
To avoid being phased out of the mining industry like the previous miners, MoonLite will have a frequent equipment replacement plan.
“This will allow us to keep up and remain profitable as the mining difficulty increases across the target cryptocurrencies,” reads part of the startup’s whitepaper.
While Ethereum specifics are not included in the company’s plans, the company intends to mine it depending on its profitability.
Benefits of the platform
After the company is up and running, MNL token holders will not be like other ordinary token holders, no! They will have the power to decide on how MoonLite distributes the revenue realized from the mining of different coins.
MNL token will be traded on different global cryptocurrency exchanges, but MoonLite is also offering an exceptional buyback program on the EtherDelta Exchange.
After every six months, MNL token holders will be offered a chance to sell back their tokens to MoonLite at the token’s market price plus 35% of MoonLite’s annual corporate profit. The tokens bought back by the company will be burned, meaning that the MNL coins in circulation will drop steadily over time.
MoonLite ICO details
The ICO is ongoing and will end on 21st March 2018. The price of one MNL token is 1 ETH to 500 MNL. Investors are also at liberty to contribute through VISA and MasterCard. 70 million tokens are available for investors during the ICO period and the ones that will not have been purchased will be burnt.