Giga Watt Mining Token Sales Underway

Announcements, FinTech, Investing | June 13, 2017 By:

Giga Watt has launched a token sale for its cryptocurrency mining service. The sale goes until July 31, with a goal of 30 million tokens that grant the right to mining capacity rent-free for 50 years to accommodate 1 Watt’s worth of mining equipment power consumption.

Token owners can use this capacity to accommodate their own miners, or can rent out the WTT token to other users.

Dave Carlson of Giga Watt explained how the sale works. 

BLOCK TRIBUNE: Each token gives you one watt of power. How can you determine the amount of watts you need in order to get a reasonable return on your token investment?

DAVE CARLSONWhat token ownership gives you is not exactly power – it’s access to the mining facility to accommodate miners. It is indeed measured in watts, but that is done mostly to simplify calculations for our clients.  The amount of watts needed is determined by the buyer’s goals: they can calculate how big they want their mine to be, and purchase the tokens needed to access the necessary watts.  Another option is to buy access to the mining facility and then rent that out instead.

Let’s imagine that you want to mine bitcoins with one S9 miner. According to the manufacturer’s specs, the S9 miner consumes 1,323 W +10% of power, which translates into 1,455 WTT tokens needed to accommodate it. If you want to mine with two S9s, you would need to double the number of tokens, and so on. Together with miners, tokens allow a blockchain processing mine to operate at the lowest possible cost.

If you are not interested in buying your own mining equipment and mining yourself, you can rent out your tokens to other miners to allow them to host their equipment. Your rental income per token will not depend on the number of tokens you own – it is conditional only upon the type of renters you choose to work with (renters with fewer miners pay higher fees and renters with more miners pay less).

BLOCK TRIBUNE: So far, what’s the average token spend?

DAVE CARLSON:  It is currently about $5,700 but this number is fairly meaningless: the spread is quite vast.

BLOCK TRIBUNE:  Why did you set the ability to use the facility at 50 years?

DAVE CARLSON: It’s an average lifecycle of the facility’s physical infrastructure. Our land lease arrangements are also usually based on this term.

BLOCK TRIBUNE:  When will ethereum and Litecoin mining start?

DAVE CARLSON:  It has already started. Giga Watt offers mining of BTC, ETH, and LTC to its retail clients as we speak. There are other cryptocurrencies that Giga Watt will be adding to the list in the future.

BLOCK TRIBUNE: Will most token-holders opt to use your mining management services?

DAVE CARLSON:  There is no alternative, no way to opt-out – we want our clients to be successful at mining.  This is not an easy thing to do correctly.  We have a team of experts to deploy, monitor and troubleshoot crypto mines.  This is precisely why people are rushing to send us their mining equipment!