Giga Watt Token Sale: Tokenized access to mining facilities for 50 years - Smith + Crown

Giga Watt Token Sale: Tokenized access to mining facilities for 50 years

Watt tokens entitle their holder to access to a single watt of power and corresponding mining facilities (including maintenance) for 50 years.

Project Description

Giga Watt is a crypto mining facility with five megawatts of available power dedicated to running mining hardware and an additional 50 megawatts of power in development. Giga Watt is located in Washington state and has access to cheap, clean hydroelectric power at 2.8 cents a kilowatt hour. This rate is well below the United States national average of 18 cents per kilowatt hour and lower than the Chinese national average of 11 cents per kilowatt hour. According to CEO David Carlson, these low power costs mean that Giga Watt’s expenses average at around $500 per bitcoin mined.

The object of the sale is an ERC20 token called Watt (WTT) which is backed by Giga Watt’s mining infrastructure and represents a single watt of mining power. As Giga Watt’s energy projects come on line and the facility adds additional power resources to their grid, they plan on issuing additional watt tokens. There will never be more watt tokens than there is available power at the Giga Watt facilities.

Watt tokens entitle their holder access to a single watt of power and corresponding mining facilities (including maintenance) for 50 years. Token holders can use Watt to set up their own mining operations using Giga Watt’s facilities completely rent free. Token holders have the option of using their own personal mining hardware or they can purchase hardware directly from Giga Watt. Token holders can also rent out their Watt tokens to other miners using a smart contract rental agreement that will be available on the Giga watt website.

Project Details

Incorporation status: Giga Watt, Singapore
Team openness: Detailed bios
Blockchain Developer: Technical support provided by Cryptonomos
Technical White Paper:       Yes
Available Project Code: Not applicable
Prototype: Mining facility currently in operation

Token Details

Role of token: Represents portion of mining infrastructure
Token supply: 34.5 million
Distributed in Token Sale:       30 million
Emission rate: New coins created in proportion to expansion of facility capacity
Blockchain: Ethereum
Consensus method: Proof of Work

Sale Details

Sale period: June 2nd, 2017 to July 31st, 2017
First price: $1.00
Accepted currencies: BTC, ETH, and Fiat wire transfers
Investment Round: First public offering
Token distribution date: One week after token sale ends
Min investment goal: None
Max investment cap: $30 million
How are funds held: Escrow account managed by Cryptonomos
Minimum Viable Product:       Facilities already operational

Official Resources