The Moonlite Project has announced that its ICO will start on February 28. While the global community is expressing its concerns regarding the negative impact that cryptocurrency mining has on the environment, the project aims to open efficient cryptomining operations globally through using exclusively green energy to mine currencies like Bitcoin, Bitcoin cash, Dash, and Litecoin on an industrial level.
By making focus on stable and popular cryptocurrencies that have already gained popularity in the market, the Moonlite project’s team is confident that they will be able to fill a growing gap in the market and attract the audience of environmentally concerned crypto enthusiasts.
At the token sale, 1 MoonLite Token (MNL) will be equal to 0.002 ETH (500 MNL = 1 ETH). A 50% bonus will be proposed during the first 24 hours of the ICO. Moonlite’s first cryptomining operation is set to open in Iceland in August 2018, using a 100% sustainable electrical supply harvested from hydro, geothermal, and wind sources.
Iceland was chosen as a location for the project’s headquarters due to the fact that the country shares the vision of using only green and sustainable energy. Moreover, it is politically stable and capable to provide cost-efficient renewable electricity that can meet the demands of cryptocurrency mining.
According to the project’s founder and CEO Eric Krige, “Iceland is an ideal location for the first cryptomining center. It is considered a data capital of the world, the costs are low, there is access to green energy and the naturally cool climate eliminates the need for extensive cooling infrastructure”. “Following the commencement of its operations, we plan to expand to open cryptomining centers globally and aim to eventually become one of the world’s largest cryptomining companies,” he added.
Construction of the Moonlite’s first data center is planned to be started on April 2, 2018. Funds raised during the ICO will be allocated for covering setup costs, cash reserves, advisory team and operational expenses. Operations will focus on efficiency and profits which will be possible due to employment of Artificial Intelligence, custom algorithms and emergent technologies while limiting unplanned downtime.
As the company decided, 35% of the its annual corporate profits will be used for buying-back MoonLite Tokens (MNL) from token holders, and all repurchased tokens will be destroyed. This will reduce supply and increase each token holder’s share, which will be constantly increasing the token’s net value over time. Buyback proceeds will be received in BTC or ETH.
There will be three ways of splitting the proceeds from mining operations:
- Liquidating a percentage into fiat currency for covering operational costs, ad-hoc reinvestment into operations, and investments into other crypto & blockchain opportunities;
- Retaining a certain percentage of cryptocurrency to be kept in cold storage for the appreciation and investment value;
- Retaining a certain percentage of funds to be invested into equipment purchasing and expansion.
The ratio of the split will be determined quarterly by token holders but will begin with a 60:20:20 split.
“Our operational team heading data center operations are the best of the best, and we have chosen the most qualified advisors possible to assist in planning and executing a seamless launch,” noted Krige. “We believe cryptomining and green practices have the potential to go hand in hand and we are determined to deliver.”
The Moonlite Project ICO starts on February 28, 2018 at 12:00 GMT and runs until March 21, 2018. During the first 24 hours, investors will receive a 50% bonus. For purchasing MoonLite Tokens, buyers will be able to use Bitcoin, Ethereum, Bitcoin Cash, Dash, Litecoin, Ripple, Visa and MasterCard.