Golden Fleece Project, an ambitious altcoin and cryptocurrency mining operation is ready to initiate the first stage of its GFL ICO set to begin on August 15th. The team recently finished their pre-sale which ended on July 30th. Golden Fleece plans to expand and build up a cryptocurrency mining data center on the Black Sea coast in Georgia, a country at the intersection of Europe and Asia.
Why Georgia? Simply put, Georgian legislation is supportive of cryptocurrency. One of the top Georgian banks, Liberty Bank is trading bitcoin and litecoin. Moreover, Bitfury, a leading blockchain technology company recently partnered with Georgia’s National Agency of Public Registry (NAPR) to put their data on blockchain.
Other benefits of Georgia for mining
- 0.5 – 0.6 USD cents per kW/h for wholesale mining.
- 80%+ of electricity is produced from hydro power plants.
- BitFury has also invested in mining centers in Georgia.
In speaking with the team, they are currently in the process of getting their smart contract deployed. With the funds received from ICO stages, Golden Fleece plans on growing and developing its mining rigs and facility.
Highlights of the Golden Fleece Project development plan
- Expand mining to western Georgia where the majority of electricity production in the country is located.
- $50 million USD investment plan.
- 5,000 square meters of allocated space for the data center.
- 20-megawatt consumption of electricity supporting various mining equipment for a number of cryptocurrencies.
For diversification purposes, Golden Fleece is planning to use different types of mining equipment for the numerous cryptocurrencies it will mine. Ethereum and other GPU compatible altcoins will have the largest share in the facility, however, the company said they also plan to install a small amount of ASIC miners.Golden Fleece reports
Golden Fleece reports having already put a pilot mining facility into production with more than $200,000 USD invested. The team also reported they’ve completed negotiations with energy sector partners which will construct a combined hybrid wind and solar power plant on an adjacent territory to supply more than 50% of the data center’s energy needs.
Golden Fleece Tokens
There are 100 million Golden Fleece (GFL) tokens issued in total. Only 71 million will be available during the ICO stage(s).
*Tokens will be sold in 3 stages:
1) Pre-ICO sale: July 14 – 30 / 1 million tokens available (now finished)
2) ICO 1st stage: August 15-30 / 30 million tokens available
3) ICO 2nd stage: September 15-30 / 40 million tokens available
*8 million tokens will be distributed and sold from the ICO campaign for up to 10 large partner investors for 0.5 USD per token.
After raising capital for the project, the building phase including grid connections will last 3-4 months. By February 2018, the data center will be operational. Half of the profit generated will be distributed to Golden Fleece token holders by means of a token repurchase scheme. Tokens will be repurchased according to a monthly plan at the market price. The other half of the profits will be reinvested to increase data center capacity.
More information on the Golden Fleece Project can be found in the company white paper.