A company called Russian Mining Company, has announced its Initial Coin Offering (ICO) and would like to raise $100 Million (USD 100 million). This is an attempt to help Russian miners to challenge China in bitcoin mining. In this short article, we shall explore what is the Russian Miner Coin.
Russian Miner Coin ICO
UPDATE: The ICO is live and instructions to join are available at http://rmc.one/static/pdf/howtouse_EN.pdf
A presentation in Russian on its website, highlights that a new token called the Russian Miner Coin (RMC) will be created. During the ICO, investors will get an opportunity to obtain RMC tokens in exchange for Ethereum and Bitcoins. These new tokens will have rights to 18 percent of the revenue earned with the company’s mining equipment purchased with investment funds. The ICO is targeted at $100 Million. $10 Million will be used in development of a processor for cryptocurrency mining. The processor is not expected to be completed in 10 months. It will also bring 35% improvements to the current mining capabilities. The remainder will be used in production of mining equipment with a security chip. This will support the creation of a joint mining fund to distribute profits.
The ICO is set for 28 August 2017 to 20 September 2017. During the RMC ICO, 1 RMC token will be available for rates starting from $4,100 to $4,900.
A pre-ICO is currently underway. It started on 7 August 2017 and runs until 25 August 2017. During the pre-ICO, you can obtain 1 RMC for $4,000. The participation threshold is $250,000.
Some benefits to investors of the RMC ICO include the below:
- Buying RMC tokens for BTC, ETH, USD and RUB.
- Profit from exchanging and trading tokens.
- Legal registration and support. (This is not clearly explained in the presentation)
- Agreement on the colocation of equipment in the Radiushost.ru datacenter.
- Contract of delivery of goods.
- Dividends to holders of the RMC token from the joint mining club.
[sociallocker]English Translation of RMC Presentation[/sociallocker]
Russian Miner Coin’s Purpose
The aim of the Russian Miner Coin, as it outlays on its website, is
- to provide everyone with the chance to become the owner of the next generation mining technology, and
- to enter the closed mining club of the Russian Mining Company.
Mining Bitcoin is a very expensive process in major countries in the world. Not only is it time consuming but it also consumes a lot of resources. The major resource that it consumes is electricity. Also, due to the heavy computing power required, miners join mining pools. In a mining pool, you can collectively mine for bitcoins and share the mined bitcoin.
Mining in Russia may appear to be inexpensive as the country has more than 15 gigawatts of excess power. Electricity prices in Russia are as low as 80 kopeks or 1.3 cents per kilowatt hour. This makes it cheaper than even China.
RMC plans to use semiconductor chips from BitFury Group. The BitFury Group also offers BlockBox, a mobile Bitcoin mining unit.
Future of RMC
With the ICO only a few days away, it appears to be seen how the marketing of the ICO takes place. For now, the website has very limited information. The social media channels are relatively non-existent. However, with so many ICOs accomplishing their targets within few seconds or hours, the RMC ICO will be interesting to watch.
So what do you think of the Russian Miner Coin and its ICO? Let me know in the comments section.