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Giga Watt Token Launch has raised $8 million to democratize access to the Washington state-based crypto mining operation founded by former Microsoft engineer Dave Carlson.

[Note: This is a press release.]

The facility allows anyone to participate in cryptocurrency mining through the WTT token, making attainable what has traditionally been an expensive, resource-reliant endeavor. WTT tokens represent the right to use the Giga Watt processing center’s 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.

Giga Watt’s state-of-the-art facility in Wenatchee allows Bitcoins to be mined for under $600, significantly cheaper than their online purchase price of nearly $3,000. Access to inexpensive energy makes the location particularly economical, especially compared to many East Coast cities where interest in digital currencies is rising rapidly. Launched in partnership with Cryptonomos on June 2, 2017, the 60-day Giga Watt token sale has raised $8 million and counting, with latest statistics available here.

Giga Watt founder and CEO, Dave Carlson, explains:

By tokenizing our mining infrastructure, Giga Watt is finally able to extend our huge economic advantage to anyone in the world, large or small, to run their own mining business and be successful by having our expert team build and manage it. […] This is a move to decentralize the global balance of mining power and put it back in the hands of the little guy.  The home miner built bitcoin, and I want anyone to succeed as a true participant in the explosive growth of cryptocurrency mining.

Full details on the Giga Watt project and WTT token are available in Giga Watt’s White Paper.

About Giga Watt

Giga Watt is a facility in Wenatchee, Washington which provides turnkey mining services and custom mining packages. The facility offers a full range of mining services including equipment sales, maintenance and repair, and private blockchain servicing. For more information, please visit https://www.giga-watt.com.

About Cryptonomos

Cryptonomos is the blockchain solution for crowdsale, offering customizable structures and model smart contracts to cut down on costs and time at all stages of development, a wide selection of adaptable functions, independent auditing of smart contracts, and assurances of legal compliance and security. To learn more about Cryptonomos, please visit https://cryptonomos.com.

Images courtesy of Giga Watt, Shutterstock

The post Former Microsoft Engineer Helps Raise $8 Million to Fund Giga Watt Project, an “Airbnb for Bitcoin Mining” appeared first on Bitcoinist.com.