Cryptocurrency mining outfit Giga Watt raises $22m in token sale

Source: Giga Watt

The Giga Watt project token sale has completed, raising $22 million to provide access to cryptocurrency mining through a state-of-the-art facility in Washington state.

While most token sales support software development, the WTT token sale funds the construction of physical mining buildings to accompany already-functioning mining centers.

Led by former Microsoft engineer Dave Carlson, Giga Watt lets anyone participate in cryptocurrency mining through the WTT token, making attainable what has traditionally been an expensive, resource-reliant endeavor. WTT 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. Launched in partnership with Cryptonomos on June 2, 2017, the 60-day token sale raised $22,351,937.58. Funds are currently held in escrow by Perkins Coie.

“We’re overwhelmed by the support from miners and the larger blockchain community in this endeavor 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.”

Mining with Giga Watt presents several advantages over alternate methods. While home mining and DIY facilities are expensive and risky, Giga Watt’s proprietary Giga Pods take advantage of mining’s high-power density by avoiding active cooling consumption to save power for efficient, cost-effective mining. This allows Bitcoins, for example, to be mined for significantly cheaper than their current purchase price of $3,300. Whereas cloud mining and third-party hosting often provide few details into their processes, Giga Watt provides ownership and transparency to miners. Giga Pods can accommodate any type of mining hardware.  

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