Bitminer Factory

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Bitminer Factory (BMF) ICO Review

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Bitminer Factory is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.

Essential Information

Ico TimeUnknown – Unknown
Token NameBitminer Factory
Token SymbolBMF
WhitepaperView Whitepaper
Website LinkHome
Price1 BMF = 1 USD
PlatformEthereum
Soft Cap500,000 USD
Hard Cap100,000,000 USD

More about Bitminer Factory (BMF) ICO:

Bitminer is a startup from Angeli’s Group, constructors and energy producers for 40 years. With more than 20 collaborators and more than €3M revenues, we are the largest industrial crypto-mining group in Italy. Today, we decided to go to the next step: we want to allow everyone to participate in our project, by purchasing our token. It’s a mining contract, that allow anyone to benefit from the production of our mining and renewable energy plants.

Bitminer Factory idea dates back to November 2016, and our progress since then has been huge, with our first mining factory, now the largest in italy, completed and fully operational since April this year, after twelve months of hard work and dedicated refinements. We started with the idea of following the cryptocurrency wave, and we have ended up being at the forefront of innovation in the field, leading the way to a sustainable process for mining cryptocurrencies. Some publications are starting to suggest that renewable energies are the future of cryptocurrency mining, and we will be among the first in realizing such a dream.

Our sustainable solution is based on 4 key pillars:

  1. Committed usage of clean energy: we pledge to use an increasiny-higher  amount of energy from clean power sources, such as hydro and solar plants. We will place our decentralized mobile farming equipment close to eco-friendly sources, drastically reducing the amount of CO2 we would require if we used traditional energy plants;
  2. Reuse of otherwise-wasted energy: energy plants all over the world, either renewable or not, often have energy left that is not used and goes to waste. We have set up partnerships that allow us to tap into these energy sources,  minimizing the need of producing additional energy for our mining purposes, benefiting the environment while granting us a lower-cost power supply;
  3. Flexibility through mobile mining units: our mining units can be easily moved around (think of them as “on-the-wheels” autonomous  computing containers), therefore it will be easy for us to reach the plants that have the highest spare capacity from time to time, or new purposely built renewable power plants;
  4. Diversification through Renewable Energy asset ownership: they will strengthen our position to achieve our goals. With 30% of the proceeds of the ICO, exceeding $20M, we will invest directly in the construction of Solar/Hydroelectric power plants. The 100% clean and renewable energy outcome will be used to directly power our mining equipment. Energy projects are capital intensive and require a significant scale: for this reason, we chose to invest in Energy projects only past the $20M mark, still maintaining our commitment to a greener mining solution if proceeds will be below $20M. Owning custom-designed renewable power plants will allow us to achieve even lower electricity cost for
    our operations, cutting out all the intermediaries between energy production and utilization. Furthermore, we will be able to sell energy to the national grid, generating an additional, stable stream of profits, to be used for our token-holder and for reinvestment in our operations.

THE PROBLEM WE ARE SOLVING

Blockchain and mining have been on investors’ lips for the past few years, and they observed a huge spike of interest since 2017, along with the surge of the price of Bitcoin and other cryptocurrencies. Today, many think that Blockchain will revolutionize business and redefine companies and economies.
However, cryptocurrency mining, the fundamental architecture behind the Blockchain ecosystem, is an energy intensive activity and as such it comes potentially with a large carbon footprint, which requires attention. In order to perform their tasks, miners need to execute computationally-intensive algorithms on the Blockchain using a plethora of high-tech equipment, such as customized microprocessors or specialized Graphical Processing Units. The first who can solve a specific problem on the Blockchain gets a reward in Bitcoins (or whatever currency is being mined), hence the rush in employing powerful machinery that can allow to obtain such compensation.
As reported in several publications and online resources, the power required for worldwide crypto-mining activities has increased fivefold in less than a year, reaching an amount high enough to sustain the energy requirements of whole countries such as Peru, Portugal or Israel. This figure is growing exponentially, and is expected to double in the next twelve months, up to 150 TWh/year, as much as the yearly energy consumption of the entire Netherlands. This trend is, clearly,

unsustainable, but is deemed to continue due to the rising difficulty of mining operations and the increased competition in the field. Miners need energy for executing computations and for cooling their equipment, but most of them do not really pay attention to where they draw it from – they simply care its cost is low enough. This leads to an exploitation of existing fossil-fuel and other non-renewable sources, regardless of the impact they have on the environment. The rising price of cryptocurrencies makes the investments in mining increasingly worthwhile and, as a consequence, increases the energy required to perform such operations, fueling a vicious cycle.
Furthermore, the rising price of oil – and, in general, its volatility – could unpredictably dampen the profitability of cryptocurrency investments, whose net gain is heavily reliant on fuel cost.
Many prominent publications have started raising the alarm about the dangers associated with indiscriminate energy consumption related to cryptocurrency mining, and we will not let this cry for help go to waste. The goal of our activity, therefore, is to make mining operations sustainable, both in terms of the profitability of your investment and in terms of environmental preservation.

ENERGY TRANSITION IS HAPPENING

Around two-thirds of global carbon emissions stem from energy production and use, which puts the energy sector at the core of efforts to combat climate change. A radical transformation is underway in the energy sector, switching from fossil-based to zero-carbon. As of today half of the annual power generation capacity additions comes from renewables, with the industry growing at record-high levels over the last decade. Renewables could make up two-thirds of the energy mix by 2050, with significantly improved energy intensity.
Cost of renewable energy generation has also reduced massively over the past few years, thanks to the rapid fall of the cost of technologies and the development of a larger-scale global industry, and there is now a general consensus on the competitiveness of renewables with fossil fuels. Renewables expect a +33% grow by 2022 and, as installation accelerates, the cost equation for renewables will just get better and better. For these reasons, the use of renewable energy to supply the consumption needs of the growing Blockchain ecosystem has become inevitable to guarantee sustainability of mining activities. While energy management practices are commonly being implemented in the sector, some have yet to integrate renewable energy sources and enabling technologies, such as solar and wind power with storage, into their energy management programs. This may be due to lagging perceptions about where renewables stand today in terms of complexity, cost, reliability, and performance. The renewables landscape has evolved dramatically in the past couple of years and it is now fully competitive and cost effective. Another interesting aspect is the potential upside deriving from overproduction of electrical energy from renewable sources due to inherent intermittency and unpredictability. Overproduction can be a serious threat to the grid, that’s why producers will even pay consumers to take the excess electricity off their hands. This could offer clean-energy plants another source of potential revenue, effectively turning Blockchain computing into a renewable subsidy—a good idea indeed.

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