Foleum: Green Energy Contributes to Eco-friendly Cryptocurrency Mining
by Sofiko Abeslamidze · 3 min read
The combination of blockchain and the green technologies certifies Foleum’s intention to create a decentralized blockchain future but under an ecologically sustainable community.
For everyone familiar with cryptocurrency, it is a common fact that the process of new coins’ generation also known as mining is very energy consuming and therefore requires capacious equipment to handle operating 24/7 under extremely high load.
Being one of the fastest growing sectors in the IT industry blockchain mining is now consuming more electricity than 159 countries including Ireland and most regions of Africa. Consequently, the profitability of a blockchain mining business model is highly dependent on the costs and availability of its energy supply.
The cryptocurrency miners all around the world are searching for the best possible ways to maximize their mining efficiency. For example, many mining farms have recently been moved to Scandinavian Peninsula wherein energy is relatively cheap and severe weather conditions serve as a free cooling system. However, the vast majority of currently used energy sources derives from fossil fuels that, in turn, raise serious environmental concerns such as global warming.
An innovative mining project Foleum represents a solution that suits cryptocurrency enthusiasts as well as eco-activists. Referring to alternative energy, the Foleum project intends to generate the majority of its own green power by utilizing wind and solar technologies, combined with highly energy-efficient geothermal cooling.
The usage of the Foleum mining data centers will greatly reduce operational costs making it more profitable than other traditionally powered mining operations while helping to reduce the blockchain carbon footprint on the planet.
The project aims to hit the record low per-kilowatt in the world and maintain it long-term. This is a big advantage because electricity prices from traditional energy sources have been rising steadily over the last decade. According to the Energy Information Administration (EIA), electricity rates have increased nationally by around 20% in the last 10 years.
Another advantage of the Foleum project is the elaboration of its own energy-efficient GPU mining servers. In the future Foleum is going to sell manufactured GPU mining servers, which forms an extra source of income to the token holders. Exclusive discounts are also available for token holders looking to purchase mining equipment.
Although the project will be capable of mining all scalable blockchains, the decision as to what blockchain to mine will be made by software algorithms, which helps to choose the best options available by seeking to identify and mine the most profitable blockchains.
To finance the project, Foleum is launching an Initial Crystal Offering in which Foleum is selling Foleum mining crystals (FOL) as a security token. The Foleum mining crystals are the Ethereum-based security tokens that act as a representation of the profit-sharing of the mining proceeds from Foleum.
The FOL crystal holders get access to almost 60% of Foleum’s mining profits, which are accessible through the daily pay-out in the form of cryptocurrencies. The project’s pay-outs will come in the form of BTC, ZEC, ETH, and others. The remaining profits go into reinvestment in the Foleum project such as expansion for the datacentres or renewing existing hardware.
At press time, Foleum has an ongoing pre-sale event that will draw to a close on 30 Jun 2018. The ICO is going to start on 02 Jul 2018 and will be live until 31 Oct 2018. During the main token event, 1 FOL can be purchased for $0.15 per unite with a hard cap of 31M.
Sofiko is a freelance fintech copywriter at Coinspeaker.
With a Bachelor degree in International Business and Economics, Sofiko has been deepening her knowledge of an agile innovative industry primary focusing on the robust blockchain technology and cryptocurrencies. As a bank employee, Sofiko particularly keens on crypto and blockchain integration into the established banking systems.