By
Mayowa Adebajo
April 15th, 2024
MoonLite Project, an industrial scale crypto-mining operation using low cost and clean energy sources, seems to be successful and promises big returns for investors.
MoonLite Project, a green crypto mining project on a global scale, is in the midst of raising funds through its ICO to build what will easily be the most significant commercial cryptocurrency mining project. With three targeted milestones that the project estimates will cost some $35 million, the team looks to start on the first of these landmarks, the construction phase, once they have raised $12 million.
According to the latest data, the ICO has raised slightly over $7 million with more than a week to go. These numbers are encouraging, and the return on investment shall be very handsome.
These developments come on the backdrop of interests by crypto miners and enterprises that want to set up data centers and are looking for low electricity tariffs in Iceland. Utility providers and power companies in the North Atlantic island have had more than fifty requests since attention shifted to the Nordic island state.
The MoonLite Project, as such, stands out because despite all the highlighted interest, not more than a tenth of all the inquiries will become successful projects, primarily because of a combination of financial constraints and logistical reasons.
Constraints On Power And Utility Supply
Getting necessary bank guarantees to put up massive projects is complicated for small players. Furthermore, Iceland is fully stretched at the moment and cannot manage any more large-scale energy supplies, say 10 MW upwards to the Keflavík area, which remains the ideal area for such infrastructure.
Such limitations are a result of the energy transmission company’s inability to supply additional power at the moment to meet the requirements of any data centers and mining operations that may come up in Keflavík and its environs.
While the utility suppliers may be able to increase the amount of power supplied to Keflavík, such infrastructural adjustments may take at least three years and as much as five years. Besides, the little additional power that the utility companies can provide will not be able to satiate the demands of more than fifty entities interested in setting up operations in Iceland.
What Does This Mean for the MoonLite Project?
Though none of these developments highlighted here inspire hope, backers and prospective investors in the MoonLite Project should keep on smiling. The team has secured two critical signatures, with another on the way. The MoonLite Project has valid contracts with two energy production companies that will guarantee a supply of 15 Mw needed by the project to operate optimally.
Negotiations for a contract with the power transmission company is at an advanced stage, with the formalities already settled. Lastly, the team has identified the parcel of land and properties in Keflavík and has struck sale agreements with the selling agents.
The Big News
The infrastructural constraints mentioned above are a blessing in disguise for the MoonLite Project. Lack of enough power in the Keflavík area means that the MoonLite Project shall be the last entity to get power there at least in the near future. Moreover, the negotiations between utility suppliers and the team will help ensure that the project is provided with enough power to sustain it at full rollout.
These steps indicate that the MoonLite Project is going to grow into an industry leader with a revolutionary approach to cryptocurrency mining business. The project shall be the second largest for all such projects involved in cryptocurrency mining operations in the world. The only other such establishment working with almost similar metrics is Advania, but it is not a miner per se since it only hosts machines for companies.
Investing in the MoonLite Project essentially means you are putting your trust in what is bound to become the largest cryptocurrency mining operation in Iceland.
The MoonLite Project’s ICO ends on March 21, 2018. Opting in means you will be backing the only cryptocurrency mining operation that will meet the commercial demand for coins and is environmental-friendly.