12 February 2018

INNOVATE - Moonlite to Bring Cryptocurrency Mining Ops to The Land of Fire and Ice

Blockchain Research Institute (BRI) Brought This Cryptocurrency Mining Plan to our Attention


The Moonlite project plans to locate a bitcoin mining operation in Iceland and so to take advantage of the low cost green power and abundant cooling infrastructure available.

Here's a 2.5 minute National Geographic Video to refresh your knowledge of  Iceland. 

We were able to find a number of reviews of the plan and there seems to be a number of cryptocurrency and blockchain analysts following the company. The timeline for the development according to the ICO Examiner looks like this:

Moonlite Updated Roadmap

Digital Trends published an article looking at the Moonlite plan earlier this month. It was this article as referenced in the BRI newsletter that drew our attention to the idea of locating a mining operation in Iceland. 

The idea of solving the power and cooling requirements with innovation was also referenced in a January InfoStream article about the Myera Group in Manitoba. This Canadian company hopes to eliminate the 'energy deficit' of mining operations using the heat for an Agrifood operation that could market fish and other products to offset the cost of energy.

The research at that time showed a great deal of attention and potential relocation of very large mining operations currently located in China as that government moves to shut down or restrict cryptocurrency activity.

Business Insider published an article out of their London bureau that says Canada is attempting to lure these cryptocurrency mining operations to areas of the country where low-cost energy is available. According to the Business Insider article:
"bitcoin miners are thinking of moving to Canada after lobbying from the country's energy industry. Quebec specifically has been wooing bitcoin miners in the hopes of boosting local economies." 
Reuters added:
"Bitmain, the world's biggest blockchain mining company, is looking at moving operations to Canada and said utility company Hydro Quebec is in talks with around 30 large cryptocurrency miners about potential moves". 

BTC.Top, another major cryptocurrency miner, is also rumoured to be seeking to set up shop in Canada. If Canada is considered to be a good commercial and regulatory environment, Manitoba may show an advantage for cryptocurrency mining because of the low cost hydro power it also has available. 

Back to the Moonlite Project and IcelandInfoStream research suggests there are questions that need to be answered about this project. Charles Custer wrote an interesting article for Coin Review in January, that asked important questions. His article titled "Moonlite Review – Tokenized, Earth-Friendly Crypto Mining", ends with:
"As with any ICO, the big question about Moonlite is whether it can deliver what it promises. The company boasts an experienced team and advisor board, heavy on cryptocurrency and management expertise but perhaps a little light on experience setting up international data centers. And while it has big plans for its high-tech data centers, its important to remember that at the moment that's all theoretical – the company has no operational mining centers yet, although it says it has already established relationships for the bulk purchase of industrial mining hardware".
Custer provides this conclusion:

"Of course, that's the case with almost any ICO – you're buying into an idea and a team more than an existing product. Moonlite looks like it has a competent team, and the idea – giving everyday investors a way into mining cryptocurrency without destroying the planet – definitely seems worth pursuing".
If you aren't sure what cryptocurrency mining is, or you're wondering how to get involved, there is an article in Business Insider by Antonio Villas-Boas entitled: 

"How to make money mining bitcoin and other cryptocurrencies without knowing anything about it"

InfoStream quotes Antonio who says, "Turns out, it's absurdly easy".

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