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MoonLite To Launch Crypto Mining Using Sustainable, Green Energy


South African blockchain company MoonLite is set to launch the first cryptocurrency mining operation that will use 100 percent sustainable, green energy called "MoonLite Project." It plans to begin by mining predominantly Bitcoin, DASH, Litecoin, and Ethereum using dedicated ASIC and specialized mining equipment.

The company plans to use Hydro, geo-thermal, and wind energies with contractual supply at a multi-year fixed rate. The average tariff for an industrial connection is around US$0.045 per kWh in Iceland.

The project envisages operating several industrial scale data centers in the cryptocurrency mining industry.

The MoonLite Project will base its first mining operation in data center capital of the world, Iceland, where clean and green power tariff is low and has cool Icelandic climate. The company expects the operations to begin in August.

The huge initial investment in mining hardware and cooling systems, due mainly to high cost of electricity, is saved here by using low cost renewable energy and the cool climate in Iceland.

MoonLite is launching a token sale to fund the initial investment of the project by converting 60 percent of the proceeds from the token sale to fiat currency for the purpose. The sale will be in MoonLite Tokens (MNL) to ICO investors via an audited and tested Smart Contract, created to run on the Ethereum ecosystem.

Cryptocurrencies, like bitcoin, are mined by solving complex mathematical problems as a means to verify virtual currency transactions. The owners of the computers involved in mining will be rewarded with new digital tokens or coins, called cryprocurrency.

The mining can be done with any processor, but application-specific integrated circuits or ASICs are used by serious miners for its speed benefits. These processors are specially designed for a single computational task, in contrast to multi-purpose processors used in computers and phones.

by RTT Staff Writer

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