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.
|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|
|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|
|Consensus method:||Proof of Work|
|Sale period:||June 2nd, 2017 to July 31st, 2017|
|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|