Place/Date: Tbilisi, Georgia - November 5th, 2017 at 11:29 am UTC · 2 min read
Source: Golden Fleece
Being the first Georgian cryptocurrency, Golden Fleece looks to make not only a local impact, but also an international impression with their project. Golden Fleece looks to raise $40 million during their ICO, in order to fund construction of a 20MW Datacenter, with capacity increases in the future to remain competitive and profitable.
The $40 million will be used to build mining rigs, which cost on-average $2,500 per rig. Golden Fleece looks to make over $12 million in revenue the first year, with predicted increases to almost $100m by year three. More details can be found by accessing the whitepaper.
Golden Fleece will be distributing dividends to coinholders, but they are switching it up with two unique traits. One of them being the percentage of the payout: 50% of revenue will be given to stakeholders. The second trait, is that the dividends are only applicable to token holders holding a minimum of 10,000 GFL tokens.
$400,000 has already been invested in a pilot mining data center, which boasts a predicted return of 7% monthly. Electricity consumption is to reach 20MW through five stages; the first year will see the first two stages, with total capacity being upped to 5MW. Year two will see the next two stages, to bring an additional 10MW.
The hardware will come from Singapore and Dubai, and will mostly utilize Nvidia P106-100, GTX 1070’s, and AMD RX 580 cards for mining, which through careful planning have been optimized to bring a positive rate of return. Computing power will be split, offering an operation with a portfolio of 50% Ethereum, 10% ZurCoin, 10% DASH, 10% Zcash, and 20% Bitcoin. The team believes that this split in mining assets leverages its’ ability to offset market volatility.
To fund the development of the mining centre, Golden Fleece are holding an ICO, where their native GFL tokens are being sold. 350,000,000 GFL tokens in total will be created, with the first Round of 100,000,000 having just closed on October 31st. Round 2, 3, and 4 will continue to raise more money,, all the way until the end of March in 2019, by which point the project will be in full-swing, offering positive returns for contributors.
Disclaimer Golden Fleece is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. ROI cannot be guaranteed. Readers are urged to make investment decisions at their own discretion and the company will not be responsible for the outcome of such decisions. This press release may contain certain forward-looking statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations they are based on will occur