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Blockchain and Bitcoin mining consumes an exorbitant amount of energy. Mining new Bitcoins uses as much power as a medium-sized country like Peru, Portugal or Israel. For this reason, some think that the blockchain is wasteful technology and is not compliant to a 21st-century outlook for a green economy. An Italian-based startup, Bitminer Factory, wants to make the blockchain a more sustainable technology by using renewable energy for mining, instead of the electricity draining methods currently involved in the crypto-mining industry.

Project and its properties

As the cryptocurrency mining industry is very promising, Bitminer Factory has decided to utilize the most advanced mining techniques and a more eco-sustainable process for mining cryptocurrencies. The project is a long-term development concept and dates back to November 2016. It uses a combination of mobile mining operations and renewable energy sources.

The company’s mission is to make cryptocurrency mining less expensive in terms of electricity and computing power. As mining gets more difficult, it requires increasingly powerful machines to be competitive. The network’s hash rate or hash power has grown in line with the price of Bitcoin and other alternative digital coins. Every extra cent miners spend to power their machines eats into their potential profits.

A contributor writer for Grist Eric Holthaus predicts that, at current growth rates, the Bitcoin network will use as much electricity as the whole world does today by 2020. So for the meantime, our hopes of mining cryptocurrencies without contributing to climate change or harming the environment are slipping further away.   

Bitminer combines Alternative Mining Solutions (AMS) with renewable energy sources to make the world a greener place. To achieve this goal, the company allows everyone to participate in the blockchain revolution in a sustainable manner.

A Bitminer Factory mining farm in Italy

The company has decided to launch an ICO (Initial Coin Offering) for the sale of BMF tokens (BitMiner Factory). These are real mining contracts that allow token owners to be able to use all the assets and services offered by Bitminer Factory. The ICO will be launched on the 21st of July this year.

The BMF token

Let’s take a closer look at the benefits and what the BMF token can do:

Low-risk operations: They allow access to low-risk operations, managed and developed by a team that boasts extensive experience in the renewable energy sector with assets of more than 1000 MW of renewable energy projects and 1,000 miners.

High liquidity: They have high liquidity, this allowing token holders to trade BMF tokens easily. In fact, the owners can easily exchange or sell the BMF mining contracts to Bitminer Factory itself through a BuyBack plan. Token holders will get annual revenues, deriving from the cryptocurrency mining activities financed during the Initial Coin Offerings.

Low risk: They present low financial risks compared to the direct purchase of cryptocurrencies, as they originate from large-scale mining operations, aimed at reducing volatility and mitigating environmental impacts thanks to “clean electricity,” produced from renewable energy sources.

Bitminer Factory has already run a “private-sale,” obtaining a great success, given that over 1.4 million BMFs have been sold (an equivalent of about 1.2 million dollars). On the other hand, the ICO started on the 20th of June and currently offers an 18% discount on the token price, with a nominal value set at one dollar each. The next ICO will start on July 20, 2018, with a 12% discount for a limited time. Obviously, the discount will change according to the period in which you decide to join the sale, decreasing towards the approximation of the closing of the ICO.

All interested parties can participate in the whitelist or buy tokens directly on the official website, where you will find all the necessary information.

Here is a link to the whitepaper and project details.

This is a reality

The Bitminer Project idea was conceived towards the end of 2016. It is part of Angeli Group, a family-owned business that has over 50 years of experience in general construction, oil & gas, and renewable energy.

Source: Bitminer Factory

But unlike other Initial Coin Offerings, Bitminer Factory is not an idea or a project on paper, but a reality already well-established and active. It has more than 18 months of practical experience in the sale and operation of mining equipment. The company also boasts over twenty employees who bring a wealth of experience in the fields of IoT (Internet of Things) high technology, e-commerce, venture capital, and of course, renewable energy.

So far, Bitminer Factory already manages more than a thousand sophisticated mining machines. They are composed of mining-rig P8, GPU-based solutions for mining altcoins like Monero, Ethereum and ZCash, and about 200 ASICs. In fact, it is possible to buy equipment for mining and to use hosting services offered by the Bitminer Factory on their website. You will find Bitmain ASICs or the most common mining-rigs made and assembled by the company. The farm is equipped with monitoring sensors and cooling systems to ensure the GPU runs stable and smoothly without overheating. All the devices are located within a famous Italian mining farm of Calenzano, Tuscany, Italy.

With an annual turnover of at least 3 million Euros, Bitminer is the largest cryptocurrency mining firm in the country.  In the 1st quarter of 2018, the firm generated nearly 5 million Euros, according to Angeli and Gabriele Stampa. They want to use part of their fundraising proceeds to create another mining firm in Southern Italy.

The Bitminer Factory looks forward to launching their first BuyBack on the 31st of December 2018, at 1.1 dollars per BMF token.

Final Thoughts

Bitcoin mining needs more energy and computational power than other digital currencies. The manufacture and supply of Bitcoin mining machines are dominated by large companies in China and the U.S. such as Bitmain Technologies and Canaan Creative.

By contrast, altcoin miners require less sophisticated hardware. Altcoin market is also non-competitive and, therefore, open to smaller startups like Bitminer Factory – which advocates for the use of renewable energy.

We can say that mining with renewable energy can help individual miners and mining companies increase their profit margins in the cryptocurrency market.

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