The Giga Watt token crowdsale, providing access to the crypto mining operation founded by former Microsoft engineer Dave Carlson, has already raised $11.8 million – more than 30 percent of its $30 million goal – with just over a month left to go.
The Washington state-based facility allows investors to participate in cryptocurrency mining through the WTT token. The tokens represent the right to use the Giga Watt processing center’s capacity rent-free for 50 years, to accommodate 1 Watt’s worth of mining equipment power consumption. Token owners can use this capacity to accommodate their own miners, or can rent out the WTT token to other users.
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“By tokenizing our mining infrastructure, Giga Watt is finally able to extend our huge economic advantage to anyone in the world, large or small, to run their own mining business and be successful by having our expert team build and manage it,” said Dave Carlson, founder and CEO of Giga Watt. “This is a move to decentralize the global balance of mining power and put it back in the hands of the little guy. The home miner built bitcoin, and I want anyone to succeed as a true participant in the explosive growth of cryptocurrency mining.”
Giga Watt’s facility in Wenatchee is designed to allow Bitcoins to be mined for under $600, significantly cheaper than their online purchase price of nearly $2600 right now. Access to inexpensive energy makes the location economical compared to many other U.S. cities.
Giga Watt’s facilities also power any proof-of-work miner, so WTT token holders will also be able to mine Ethereum, Litecoin, and additional cryptocurrencies in the future.