How to fix one of the glaring problems of cryptocurrency mining by making it energy-efficient and environment-friendly
CryptsolarTech is blockchain start-up, this pioneering venture looks to fix one of the glaring problems of cryptocurrency mining by making it energy-efficient and environment-friendly.
The problem with Mining
With the rapidly growing popularity of cryptocurrencies, the mining of different crypto coins have become commonplace these days. However, this mining process consumes a huge amount of energy for the necessary complex mathematical calculations.
In countries with cheaper energy cost due to the abundance of coal and oil, indiscriminate mining has already resulted in a significant increase in CO2 emissions. There is no denying the fact that in order to ensure a better future for the rapidly growing crypto economy, the problem of high energy consumption must be addressed.
The solution: CryptosolarTech
We are a company based in Spain, we propose to solve the present scenario of cryptocurrency mining by creating a solar photovoltaic pool capable of generating 45,000kW of energy. With this objective, wehave already signed a fifteen year power purchase contract with Respira Energía, an organization that provides electricity to consumers at wholesale prices with a guarantee of 100% CO2 free production.
Respira Energía will play a pivotal role in CryptoSolarTech’s efforts to make mining sustainable and profitable, without the need for the common form of electricity.
The project explained
Our upcoming solar project will comprise of ten solar plants with an investment of €42.8 million. The mining center will be located in Malaga. Whereas, the solar plants will all be installed in the southernmost and the sunniest region in Spain, Andalusia near Sevilla.
The uniqueness of this project lies in the fact that it will have its own solar plants as well as mining infrastructure. Though there have been some similar projects in the past, but they were not equipped with self-mining set-up.
“The operation will be based in one of the sunniest areas of Europe. Our team has an extensive experience of in mining operations” Pablo Alonso, co-founder and CEO at CryptoSolarTech.
“We have no doubt that this is a winning package with excellent returns that any crypto enthusiasts will be interested in.” Pablo Alonso.
Pre-ICO phase finished
We are pleased to announce the successful completion of the pre-ICO phase of their token sale campaign.
Our token sale campaign will continue until July 14, offering a total supply of 1260 million proprietary tokens of the ecosystem named CryptoSolarTech tokens (CST) with a minimum investment of 100 tokens. The collected funds during the ICO will be used to both construct a solar photovoltaic pool and build the biggest mining farm in Spain.
The token: CST
CryptoSolarTech token (CST), an ERC-20 type token, will be a key component of the CryptoSolarTech ecosystem.
“Possession of this digital asset will indicate ownership of a fraction of a cryptocurrency mining farm and a photovoltaic solar energy plant. Users of this platform will be able to obtain their own cryptocurrencies during the CryptoSolarTech ICO in a farm where around three thousand equipment are to be installed” Alain Aguirre, co-founder and director of the mining operation.
The Ethereum public Blockchain will be used for the management, generation of income and start-up of the physical assets that make up this project. The primary objective of this project is to create a cryptocurrency mining farm and a photovoltaic plant of solar panels to generate electricity.
The funding and next steps
80% of the funds raised through the ICO will be used for the development of the mining platform, the acquisition of land and construction of several solar power plants, the acquisition of an industrial warehouse, and the servers. Pool platform development, licenses, infrastructure issues, and maintenance will consume the remaining 20%.
The future plan includes applying for an environmental approval request for the project, authorization for the public construction, and grid-connection of the power plants in June, 2018. The acquisition of land and the industrial warehouse is expected to be completed by September.
The launch the application for the construction permit for the solar PV projects has been scheduled in October.
ICO Campaign highlights
Mentioned below are some key points related to the ICO campaign:
- Total supply of tokens: 1.260.000.000
- Number of Tokens for Sale: 1.008.000.000 (80%)
- SOFT-CAP: 983.733 €
- HARD-CAP: 71.400.000 €
- Accepted Currencies: ETH, FIAT
- 176, 900,524 CST tokens were sold during the just concluded pre-ICO phase, raising 8.845,026 €.