CryptoSolarTech is currently conducting its Initial Coin offering (ICO) that will see it invest the funds it is raising in setting up the world’s first cryptocurrency mining establishment that also produces clean and renewable energy.
Moreover, the Malaga-based start-up aims at solving the most crucial problem in cryptocurrency mining; reducing the soaring energy consumption figures.
The company, which has already attained the soft cap and raised almost €8 million (about 20% of the €71.4 million hard cap), has about two months of ICO time left to the remaining amount. However, the pace of the token generation event has the markings of an exercise that shall soon get to the hard cap. CryptoSolarTech offered 1.26 billion tokens during the ICO.
The Spanish firm is headed by Pablo Alonso and Alain Aguirre who are also the firm’s co-founders. Together, they lead a team of twelve other experienced practitioners in the blockchain space. This core development team is complemented by a qualified team of advisors drawn from diverse but vital areas such as finance, technology, and security.
The CryptoSolarTech Ideology
CryptoSolarTech will set up 3,000 cryptocurrency mining equipment in a farm that shall churn out two variants of cryptocurrencies. The firm fronts this plan since it aims to maximize profitability. Also, the project’s power farm shall provide the crypto-mining operation with the entire energy needs. This power shall come from a solar photovoltaic yard based in Seville, in Southern Spain.
CryptoSolarTech shall manage these operations through the Ethereum public blockchain platform it already has in place. The said platform shall also facilitate the firm’s generation of income as well as the physical assets that the start-up shall require.
The Problem and Solution of the Situation
High energy consumption remains the single biggest huddle in the crypto-mining industry. This colossal power bill arises because of the extensive mathematical computations that nodes have to accomplish when verifying transactions in a blockchain. Primarily, this means that cryptocurrencies and electricity are joined in the hip.
Mining a single node of crypto consumes a whopping 1.3 kW of power. Such alarming numbers means that countries that have large deposits of coal and oil become attractive cryptocurrency mining destinations since these countries have access to cheaper energy. However, the said situation harms the environment since coal, and other fossil fuels that these countries use to generate power also pollute the world to a large extent.
The CryptoSolarTech project intends to inject 45,000 kW of renewable energy from its solar photovoltaic generation farm. The mining operations have already contracted Respira Energía, a Spanish power utility company that deals in clean energy, to buy the power that the farm shall produce, and transmit it to the Malaga mining unit. This agreement shall ensure that the cryptocurrency mining operation is both sustainable and profitable.
Respira Energía uses only clean energy. The CryptoSolarTech mining operations and the entire project, as such, shall use power that is 100% free of carbon dioxide.
The ICO Details
Of the 1.26 billion CST tokens that the CryptoSolarTech project had, 1.008 billion has been made available to the public during the sale offer. The project is retaining the remaining 20% to fund future developments. The public can opt for the sale using Bitcoin and Ethereum as well as fiat currency.
More information about the project is available from the website, one-page explainer document as well as the project’s whitepaper.
You can ask your queries related to this project, right in the Telegram Community.