CryptoSolarTech is pleased to announce the successful completion of the pre-ICO phase of their token sale campaign. A blockchain start-up, this pioneering venture looks to fix one of the glaring problems of cryptocurrency mining by making it energy-efficient and environment-friendly.
Their token sale campaign will continue until July 14, offering a total supply of 1260 million proprietary tokens of the ecosystem named CryptoSolarTech tokens (CST) with a minimum investment of 100 tokens. The collected funds during the ICO will be used to both construct a solar photovoltaic pool and build the biggest mining farm in Spain.
With the rapidly growing popularity of cryptocurrencies, the mining of different crypto coins have become commonplace these days. However, this mining process consumes a huge amount of energy for the necessary complex mathematical calculations.
In countries with cheaper energy cost due to the abundance of coal and oil, indiscriminate mining has already resulted in a significant increase in CO2 emissions. There is no denying the fact that in order to ensure a better future for the rapidly growing crypto economy, the problem of high energy consumption must be addressed.
A company based in Spain, proposes to solve the present scenario of cryptocurrency mining by creating a solar photovoltaic pool capable of generating 45,000kW of energy. With this objective, they have already signed a fifteen year power purchase contract with Respira Energía, an organization that provides electricity to consumers at wholesale prices with a guarantee of 100% CO2 free production.
Respira Energía will play a pivotal role in CryptoSolarTech’s efforts to make mining sustainable and profitable, without the need for the common form of electricity.
informs that their upcoming solar project will comprise of ten solar plants with an investment of €42.8 million. The mining center will be located in Malaga. Whereas, the solar plants will all be installed in the southernmost and the sunniest region in Spain, Andalusia near Sevilla.
The uniqueness of this project lies in the fact that it will have its own solar plants as well as mining infrastructure. Though there have been some similar projects in the past, but they were not equipped with self-mining set-up.
“The operation will be based in one of the sunniest areas of Europe. Our team has an extensive experience of in mining operations,” explains Pablo Alonso, co-founder and CEO at CryptoSolarTech. “We have no doubt that this is a winning package with excellent returns that any crypto enthusiasts will be interested in.”
CryptoSolarTech token (CST), an ERC-20 type token, will be a key component of the CryptoSolarTech ecosystem. “Possession of this digital asset will indicate ownership of a fraction of a cryptocurrency mining farm and a photovoltaic solar energy plant. Users of this platform will be able to obtain their own cryptocurrencies during the CryptoSolarTech ICO in a farm where around three thousand equipment are to be installed” says Alain Aguirre, co-founder and director of the mining operation.
The Ethereum public Blockchain will be used for the management, generation of income and start-up of the physical assets that make up this project. The primary objective of the ongoing ICO is to create a cryptocurrency mining farm and a photovoltaic plant of solar panels to generate electricity.
The company informs that 80% of the funds raised through the ICO will be used for the development of the mining platform, the acquisition of land and construction of several solar power plants, the acquisition of an industrial warehouse, and the servers. Pool platform development, licenses, infrastructure issues, and maintenance will consume the remaining 20%.
The future plan for includes applying for an environmental approval request for the project, authorization for the public construction, and grid-connection of the power plants in June, 2018. The acquisition of land and the industrial warehouse is expected to be completed by September.
The launch the application for the construction permit for the solar PV projects has been scheduled in October.
Mentioned below are some key points related to the ICO campaign:
Total supply of tokens: 1.260.000.000
Number of Tokens for Sale: 1.008.000.000 (80%)
SOFT-CAP: 983.733 €
HARD-CAP: 71.400.000 €
Accepted Currencies: ETH, FIAT
176, 900,524 CST tokens were sold during the just concluded pre-ICO phase, raising 8.845,026 €.
About CryptoSolarTech
CryptoSolarTech is a project oriented towards the development of a platform for clean, ecological and profitable mining with efficient results. It will provide a photovoltaic plant that will generate power capable of obtaining a performance of 45.000 kW. In its fully functional form, the project looks all set to make cryptocurrency mining energy-efficient like never before.
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In today’s bitcoin in Brief – crypto traders are in trouble due to issues with the trading platforms they have trusted. Hacked Italian Bitgrail exchange is closed again after a brief reopening. It suspended operations on request from the court of Florence, following a petition filed on behalf of one of its creditors. Also, beleaguered Romanian Btcxchange has shut down after multiple setbacks. A local bank recently closed its account.
Also read: in Brief Wednesday: Hacker Gets Trolled, Vertcoin Gets Hacked
Bitgrail Reopened, then Closed Again
Bitgrail, the Italian crypto exchange which after losing 17 million XRB in a presumed this year, has briefly reopened and closed again. On May 1 the trading platform announced it will commence operations on the following day, May 2, 2018, with trading and withdrawals available for all supported coins, except Nano (XRB). also promised to restore the Nano market for users at a date to be announced shortly. “Our team is working hard on verifying all users who have submitted the documents in an expedited manner,” the statement read.
The reopening, however, did not last long. Yesterday, the exchange announced it was suspending operations again after receiving a notice from the court of Florence. The court asked for the immediate closure of Bitgrail following a “precautionary suspension request” by lawyers representing one of the 3,000 users who suffered losses in the hack. Last week, the law firm Bonelli Erede filed a petition on behalf of the creditor asking the court to declare the entities operating the exchange bankrupt. These are Webcoin Solutions di Francesco Firano and BG Services, formerly Bitgrail S.r.l.
In February, Bitgrail’s owner, Francesco Firano, announced “that internal checks revealed unauthorized transactions which led to a 17 million Nano shortfall.” The market value of the lost cryptocurrency was estimated at around $170 million at the time. About a month later, Bitgrail stated in a Telegram post that it will refund users through the creation and issuance of BGS tokens and denied responsibility for the losses. 20 percent of the missing funds were to be returned in Nano, and 80 percent in the new BGS coin. The users who were willing to accept the offer had to restore their accounts and give up any legal claims. Almost 80 percent of the participants in a Twitter poll hosted by Francesco Firano himself voted to close the trading platform.
Romanian Btcxchange Closing for Good
Btcxchange, the oldest bitcoin trading platform in Romania, has closed down after multiple setbacks through the years. The platform informed its customers about the decision in an announcement published on its website. Btcxchange had already shut down some of its operations in February and crypto-fiat conversion was not available to its users. However, clients were allowed to deposit bitcoin and maintain their accounts. “Please withdraw all your balances before May 1,” the company said in a statement.
The Romanian crypto exchange was launched in 2014. In December of that year, its team issued its first notice asking customers to withdraw their funds. The team claimed it had been denied access to the exchange servers by their lead programmer. Btcxchange shut down its operations again in August, 2016, after it was up for sale. Services were restored in November by the new owner. The latest episode of the drama unfolded in January this year when Idea Bank closed the platform’s account.
Chase Closes Erik Voorhees’ Credit Card Account
CEO has announced in a that Chase Bank has closed his credit card account. “Chase just closed my credit card account. No warning. No explanation of any kind. Won’t tell me why,” he said in a post on the microblogging platform.
“No wonder people hate that company,” Voorhees added, correcting himself in a further comment: “Sorry, I shouldn’t have used the word ‘company.’ Company refers to a market-based organization that has to bring a product to market and compete openly.” He also notes that the bank is “more akin to a Soviet-style state-appendage that wraps itself in regulatory cronyism than a company.”
Coinbase Applauds New York Inquiry into Crypto Exchanges
US-based cryptocurrency exchange and wallet Coinbase has greeted the actions recently taken by New York Attorney General, Eric Schneiderman, in regards to crypto trading platforms. “We applaud […] the action to bring further transparency to the virtual currency markets,” Coinbase chief legal officer Mike Lempres wrote in a letter. The exchange, which is licensed under New York’s regime, has published part of its response to Schneiderman’s office. Lempres discloses information about the assets stored on the platform, $150 billion, and the funding it has received. The letter also notes the company’s cooperation with authorities and regulators around the world.
In April, the Office of the Attorney General of New York sent letters to 13 crypto exchanges as part of an inquiry into policies and practices employed by the trading platforms. Not all of them have responded positively to the questionnaire. “When I saw this 34-point demand […] I realized that we made the right decision to get the hell out of New York,” Kraken CEO, Jesse Powell, said in a . Mr. Powell also described acceptance of the questionnaire as “placative kowtowing.” His reaction has been praised by other representatives of the industry. Shapeshift CEO Eric Voorhees thanked Powell for “taking the ethical stance and speaking up for what’s right”.
Do you trust the trading platforms you are using? Let us know in the comments section below.
Images courtesy of Shutterstock, Bitgrail, Btcxchange, Twitter.
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Goldman Sachs is reportedly launching a bitcoin trading operation where it will trade bitcoin futures contracts on behalf of clients using its own money, starting as early as the next few weeks. The Wall Street investment firm will also offer its own bitcoin futures product to clients.
Also read:
Goldman Gets into bitcoin
According to the , Goldman Sachs is gearing up to launch a trading operation to buy and sell bitcoin futures for institutional clients. Reporter Nathaniel Popper wrote:
In the next few weeks — the exact start date has not been set — Goldman will begin using its own money to trade bitcoin futures contracts on behalf of clients. It will also create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients.
There were last year of the firm planning to launch a cryptocurrency trading desk, such as a December Bloomberg , citing people with knowledge of the strategy.
In January, CEO Lloyd Blankfein put an end to the rumors of Goldman Sachs launching a bitcoin trading desk, that as far as “a principal bitcoin business where we’re going long and short bitcoin, market making, so far we’re not.” Nonetheless, CNBC him admit that “we’re clearing futures in bitcoins for some of our futures clients. We’d clear them. We’re a prime broker and so if our clients are going to do it, we’re going to go do it.”
Clients Requests
Rana Yared, one of Goldman’s executives overseeing the creation of the trading operation, was interviewed by the New York Times. She conveyed to the publication, “the bank had received inquiries from hedge funds, as well as endowments and foundations that received virtual currency donations from newly minted bitcoin millionaires and didn’t know how to handle them.” Citing that “the ultimate decision to begin trading bitcoin contracts was approved by Goldman’s board of directors,” she was then quoted:
It resonates with us when a client says, ‘I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value.
While her team had reservations about getting involved with bitcoin, Yared explained that “Goldman had concluded that bitcoin is not a fraud and does not have the characteristics of a currency,” the news outlet conveyed, adding that “A number of clients wanted to hold it as a valuable commodity, similar to gold, given the limited quantity of bitcoin that can ever be ‘mined’ in a complex, virtual system.”
Commenting on the risks involved with dealing in cryptocurrencies, she detailed, “it is not a new risk that we don’t understand… It is just a heightened risk that we need to be extra aware of here.” Popper elaborated:
While Goldman will not initially be buying and selling actual bitcoins, a team at the bank is looking at going in that direction if it can get regulatory approval and figure out how to deal with the additional risks associated with holding the virtual currency.
What do you think of Goldman Sachs launching a bitcoin futures trading operation? Let us know in the comments section below.
Images courtesy of Shutterstock, Goldman Sachs, and Pixabay.
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