Last week, we highlighted our OTC business line. Today, we want to share with you the power of Spotcoin’s mining operation.
Cryptocurrency mining is an increasingly complex operation. Gone are the days of mining blocks with a simple spare computer. Modern mining operations need more computing power and energy to calculate increasingly complex calculations in a short period of time. Spotcoin recognized the changes and integrated a mining operation into our business model.
Our mining operation will provide Spotcoin’s clients and token holders with far-reaching benefits. Read on to learn five key benefits of our mining business.
Earlier this week, we highlighted our great partnership with mining experts, Golden Fleece. We love the team so much, we want to highlight them again.
Spotcoin and Golden Fleece partnered in late 2017, in the early formation of our business. Knowing we had a touchstone to the knowledge secured our commitment to building a mining operation that benefited both companies, as well as the Georgian community.
As Andrew Thornhill, co-founder of Spotcoin, said “As an OTC marketplace, Spotcoin offers Golden Fleece additional selling points for their mined currency and Golden Fleece offers Spotcoin tons of technical knowledge, contacts and experience in mining currencies and more specifically, mining currencies in Georgia.” It’s a match made in heaven.
It’s great to have partnerships, but what about the facility. Currently under construction, Spotcoin has invested capital to build the preeminent mining facility. The 10MW facility will have the capacity to scale up to 25MW and run on hydroelectric power. Not only is this good for Spotcoin, this is great for the environment. Hydroelectric power is clean for the environment and supports our value of regional stewardship in Georgia.
Georgia’s hydroelectric power infrastructure is a marvel that allows Spotcoin to source cost-effective pricing. The public rate for electricity in Georgia is less than 6 cents per kW in bulk. Spotcoin can further reduce this cost by working directly with the power plants to get the best deal for the community.
The sheer amount of power will support 9,000 GPUs running calculations and mining coins for Spotcoin, Golden Fleece and contracted clients who want to get in on the pool. It is estimated that the building will be commissioned by October 2018 and go live in the first quarter of 2019.
One of the great things about our mining facility is the power of the pools. Banding resources together allows Spotcoin, our partners, and our partners to build liquidity. Sharing in the hydroelectric power and using the sheer computational capacity of 9,000 GPU miners will create a Spotcoin mining pool of our very own. This pool feeds directly into the Spotcore Exchange, building liquidity and feeding a unique, multi-currency pool.
Did we mention dividends? Like our OTC business line, all SPOT holders will earn 12% net profit from the mining business line every quarter. The net profits include both the mining itself, as well as renting out excess capacity of the mining facility. This dividend will start the first profitable quarter and continue moving forward. That is on top of the weekly dividends of 51% of the exchange fees coming from our future automated exchange. It’s a nice way to bring in extra cash, and build up to a proper return on investment.
What an exciting time to be a part of Spotcoin! If you are interested in learning more about the mining operation, or our other business lines: Check out our Whitepaper.
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