On April 12, the international provider of colocation services for low-carbon cryptocurrency mining Bitriver announced it is launching a pre-sale of tokens backed by 100 megawatts (MW) of mining power in Siberia. The ERC20 tokens called “bitriver token (BTR)” will represent a single watt-hour (Wh) of Bitriver’s power in Bratsk.
A Low-Carbon Crypto Mining Token
The blockchain and mining firm Bitriver announced the organization is launching the public sale for its new tokens called “bitriver token (BTR)” on April 19, 2021. Each token represents a single watt-hour (Wh) of Bitriver’s low-carbon cryptocurrency mining power and the tokens will have utility as well.
According to the company’s announcement, the tokens will be able to be used to pay for Bitriver’s colocation services and “will be bought back by Bitriver at original listing price after a five-year period.” Right now BTR is available to pre-sale investors with a minimum order quantity of 100,000 BTR tokens per order.
As far as the public launch is concerned next Monday, the BTR tokens will be sold on Bithumb Global and the price per BTR will start at $0.3504 per unit. The announcement says BTR will be paired with BTC, USDT, and USDC. A supply of 100 million BTR has been issued in order to represent the 100 MW of power.
“From day one, we have always sought to use only renewable and surplus energy for all our operations. It is encouraging to see the increasing interest worldwide in low-carbon cryptocurrency mining,” Igor Runets, the founder and CEO of Bitriver said. “By launching the BTR token, we seek to accelerate our efforts to make cryptocurrency mining greener while offering investors around the world an easier-than-ever way to become part of environment-friendly cryptocurrency mining today.”
Bitriver Hopes to Capture 1,000 Megawatts of Power by 2022
BTR token holders will be incentivized by being able to “get additional tokens every month” and use BTR to pay up to 10% of the monthly collocation service bills. Bitriver says it will accept BTR based on the average market price on the exchange for the last settlement month.
“Obtain free of charge repair service of mining equipment that is located in the Bitriver’s mining datacenter each particular month,” the company says. “If the holder pays 10% of this monthly bill by tokens,” Bitriver’s announcement adds.
In Bratsk the Siberian region of Russia where Bitriver’s managed data centers are located the area has around 5 GW of renewable hydropower. By the end of 2021, Bitriver hopes to capture 300 MW of power and 1,000 MW by the end of 2022.
What do you think about Bitriver’s BTR token backed by mining power in Siberia? Let us know what you think about this subject in the comments section below.
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Author: Jamie Redman