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.
Giga Watt's distinctive infrastructure consists of numerous independent mining units. This approach offers flexibility in the farm’s capacity, minimizes construction costs and allows to bring capacities into operation progressively, while new units are being built. Our vast experience in building mining facilities gave us the expertise to select, build and employ the best technologies for mining. We know what works, and to accommodate all types of miners we are implementing the most cutting-edge proprietary solutions.
- The Giga Watt Project is built in partnership between Giga Watt, Inc. a U.S. company, which offers mining hosting services, WA facilities, and GigaWatt Pte. Ltd., which sells mining equipment to customers worldwide - WTT token representing the right to use the Giga Watt's facility's capacity, rent-free for 50 years, to accommodate 1 Watt's worth of mining equipment power consumption - Token holders who are not personally interested in mining or have spare tokens can rent them out - The following three pools are available to Giga Watt’s clients: Slush Pool to mine bitcoins, NanoPool for Ethereum and LitecoinPool for LTC - Transparency: every two weeks mining facilities are available for visitors in Wenatchee, WA - Proprietary design of mining facility units - Low electricity and maintenance fees. Zero setup fee
Attention. There is a risk that unverified members are not actually members of the team
$50 865 248
Opportunities:- Annual yield of at least 36% if the tokens are rented out- Savings can be even greater than 36% of token value per year if the tokens are being used for mining coins- Company is legit – one of the biggest mining company in North America. Founder has been around the mining game for 4 years- Company is transparent – it hosts open tour twice a month which allow the public to visit the facilities at WA, USA. This is done presumably because there were instances of cryptocurrency mining scams in the past.
Concerns- The general trend is moving away from Proof-of-Work – once Proof-of-Stake can be proven that it is scalable, all the coins should move towards Proof-of-Stake which render Proof-of-Work and mining obsolete- Even though mining is profitable now, mining difficulty is going to increase dramatically in the near future- Asked the company on slack channel about the % of facility being rented out right now – only 23% - If the demand is as high as they say, how come only 23% of the facility is rented out?- Obtained opinions about Giga Watt’s services from several cryptocurrency miners – Giga Watt’s pricing is average to high. It sells miners at above retail price.- Don't really understand the rationale of having this ICO and issuing tokens. If the mining operations is as profitable as it shows on their website, then it is better off for Giga Watt to just renting the facilities out for mining operations.- Unlike most of the other ICOs, the tokens are not going to be used to facilitate anything (creating a network, a community, used as a virtual currency, etc.). I really don't see a need to issue blockchain tokens.
Conclusion:I don’t like the ICO because there are several risks that are too great to ignore: 1) the risk of not being able to rent out the tokens, 2) the risk that Proof-of-Stake will replace Proof-of-Work, which makes Proof-of-Work obsolete.Also, the ICO lasts for nine weeks which is longer than most ICOs. If the hard cap is not reached, then your contributions will be locked up during the entire period. Opportunity cost can be high given that cryptocurrency prices fluctuate so much recently.
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