The Giga Watt token crowdsale, providing access to the crypto mining operation founded by former Microsoft engineer Dave Carlson, has successfully raised $22.3 million. The funds are now being held in escrow by international law firm Perkins Coie.
“We’re overwhelmed by the support from miners and the larger blockchain community in this endeavour to democratize access to cryptocurrency mining,” said Dave Carlson, founder and CEO of Giga Watt. “As the price of Bitcoin grows and attention expands to Bitcoin Cash, Ethereum and more, we provide unparalleled access for those seeking to participate at the ground level.”
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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.
Giga Watt’s facility in Wenatchee benefits from access to inexpensive energy makes the location economical compared to many other US cities. The 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.
The Giga Watt token sale was launched in partnership with blockchain crowdsales solution Cryptonomos.