Before Launching ICO on the 21st of July, Bitminer Factory Outlines Update on Its Operations
Originally published on: CoinSpeaker
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July 20, 2018
As Bitminer Factory is approaching the launch of their ICO — Initial Contract Offering on the 21st of July, here is an overview of the work our Operations Team is undertaking this month.
Mining cryptocurrencies is a very labour-intensive and time-consuming process. It requires using powerful computers to solve various kinds of problems emerging at different steps of mining, verify and record transactions with digital currencies. To help miners, facilitate this process, and make the Blockchain sustainable, Bitminer Factory was founded.
Bitminer Factory is a leading cryptocurrency Mining Operation fed with Renewable Energy and managed by a Team of clean energy and mining experts. Bitminer Factory is Italy’s largest currency-mining host.Founded by Gabriele Angeli and Gabriele Stampa, Florence-based Bitminer Factory is making the blockchain sustainable by co-locating Mining Operations with Renewable Energy projects.
Bitminer Factory is growing rapidly and updating its operations.
I just published “An update on Operations at Bitminer Factory” https://t.co/o0Oal8iVqg
— Bitminer Factory (@Bitminerfactory) July 9, 2018
On June 20th, Bitminer Factory completed the private sale of its BMF tokens, which had success. 1.5 million BMF tokens sold, equivalent to c. $1.2 million. On the 21st of July, the company is launching Initial Contract Offering (ICO) with 12% discount. 1 BMF = 1 USD. By purchasing BMF tokens with ETH or BTC users are entitled to use the company’s Mining Assets and Services and receive their part of the cryptos generated by the Mining Operation.
Bitminer Factory ran a Private Sale for their BMF token between 25 May 2018 to 20 June 2018 – 1,485,068 BMF tokens was sold, totalling $1,186,150.14 , a great number to start with!https://t.co/uJjEZfKtMC
— Bitminer Factory (@Bitminerfactory) June 26, 2018
Bitminer Factory has started deploying its funds. The company’s engineers are working on the design of the first Mobile Mining Unit MMU-P14 in Nova Topola, Bosnia Herzegovina. The MMU-P14 is a containerized solution, optimized for the best heat management, and developed along with a major Graphics Card manufacturer. It is expected to provide an easy-to-install mining unit with 14 GPUs in a chassis with dedicated fans. The MMU-P14 will house 250 of such units with a total hashing capacity of 101.500MH/s. The company has access to existing electrical infrastructure, which will speed up the connection to the electrical grid of its mining facility and ensure a very low electricity price (0.066€/kWh).
Bitminer Factory sold 3 units to its clients in Italy. 300kW Mining Farm was purchased by Angeli Group, which is not new to EPC services. As part of the group, Bitminer Factory provides engineering, procurement and construction services all over the world. The company is planning a larger development encompassing up to 5,000 mining units.
Currently, Bitminer Factory is working on Alternative Mining Solutions (AMS) with technical partners all over the world. After conducting successful ICO, AMS will become a large R&D team at Bitminer Factory. To make a first testing of the technology for mining applications, Bitminer Factory has been approached by technical partners and an American manufacturer of Field-Programmable Gate Array (FPGA).
FPGA is an integrated circuit designed to be configured by the customer or designer after manufacturing—hence “field-programmable”. FPGAs can be tailored to suit a particular task like mining bitcoins, after their manufacturing thus creating ASIC.
Bitminer Factory is working on the development of a mining software to run Cryptonightv7 on FPGA. As pre-estimates show, FPGA could increase the profitability of the company’s mining facilities.