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The process of crypto mining requires large amounts of energy. For example, in the case of bitcoins, a research done by PowerCompare shows that electricity used to mine it in 2017 is much bigger than the annual usage of 159 countries. There is a great concern about what the environmental impact would be from all this electrical usage. Most of this electricity is generated from Carbon dioxide fossil fuels. Large amounts of energy is used due to the computational requirements needed to process the cryptography problems that miners are required to solve in order to be rewarded with a cryptocurrency.
To verify these transactions, the miners need to solve math problems while the difficulty of these problems increases as the number of miners increase. The more complex the cryptography problems become the more computational power needed to solve them. As more people join the crypto-coin rush, it will get more difficult to mine the coins because more expensive hardware will be required to solve these problems. One is required to either invest largely if you want to continue mining a coin or take your earning to mining an easier crypto coin that is less popular.
Veritas Mining is made up of crypto miners who have come together to do large scale mining which is much more profitable compared to self mining. Veritas has a higher advantage when it comes to crypto mining due to its low electricity and operations cost. The platform has negotiated with the largest green energy producers in the country and will be able to purchase their surplus power at a cost price of about US$ 0.028/kWh to US$ 0.035/kWh.
To solve the problem of this energy-intensive process, Veritas is planning to shift from the use of electricity to a green, sustainable and renewable sources such as wind power, solar power and biogas. This will help to future proof the mining of cryptocurrencies and allow for Proof of Work to be more sustainable. Veritas will be mining Bitcoin, Ethereum, Litecoin, Dash, Monero, Ubig, Zcash and other emerging alt coins will be mined with a small portion of its hashing power.
What makes Veritas Mining different is that it seeks for accountability and transparency to our adopters and the potential token holders. The platform’s cost of renewable and eco friendly sources of energy can easily compete the prices with other leading countries in crypto mining. The operations cost are also very much cheaper in terms of human labor. With the increased difficulties in crypto mining, Veritas will be channeling 40% of its net profits into expanding the mines. It will do a lot of extensive research to innovate and develop better proprietary ASIC hardware.
Veritas Mining Token Sale
The Veritas Mining tokens is referred to as Veritium (VRTM). They are Ethereum ERC20 tokens. For the token sale, a total of 135 million VRTM tokens will be supplied. The price of 1 VRTM = 0.001 ETH. The Pre-sale took place from 28th October and had a cap of 5 million tokens. The presale sold 4,697, 826 VRTM, raising an equivalent of $720,000. The crowdsale began on November 24th with a minimum sale amount of 0.25 ETH.
For any 100 tokens sold, 18 additional tokens will be created and distributed among the team, partners, advisors and bounties. Any VRTM tokens that will not be sold during the period of the sale will be burnt and no further VRTM tokens will be minted in the future. Token holders will be paid on a quarterly basis for the period in which they hold their tokens
Why be a VRTM Token Holder?
Veritas Mining promises its token holders quarterly dividends in Ethereum for as long as they hold their tokens. They will break even in 6 months after obtaining their tokens. Veritas Mining has arranged an ecosystem with various sources of revenue and also plans for a future integration into more traditional financial fiat markets. The ultimate goal is to make Veritium fungible. This means that they intend to make demand and value for and in their token. Token holders will be able to use the tokens as pledge and collateral if need be. They will also be trade worthy in terms with fiat or cryptocurrency markets.