4NEW (KWATT) Crypto Mining Farms Are Getting Electricity From Waste Power
The new UK Startup company 4NEW has been creating electricity from waste to power plants, so they can fuel the power of their crypto mining farm onsite. The business has been raising funds by giving out KWATT tokens. 4NEW said it raised over $43 Million USD in its ICO, exceeding the projected soft cap.
According to the press release put out on Friday, 4NEW claims it is going to turn waste into virtual gold, through the process of mining the top 20 cryptocurrencies, while at the same time they make quality contributions to the environment they’re involved in.
The new company stated that electricity is a standard by-product, made from creating urban waste materials and the fees derived through the processing of waste by enterprises that are offset of all the operational costs needed to run plants, basically making electricity free.
What is 4NEW?
Green powered waste-to-energy crypto mining! https://t.co/cYpXQFkiD3
4NEW is putting electricity on the blockchain with green KWATT tokens, and turning city waste into free electricity, which then powers 4NEW's crypto mining… https://t.co/cYpXQFkiD3
— 4New Official (@4newcoin) July 7, 2018
The two large power plants make 10 megawatts each hour, that is used to power the cryptocurrency mining operation. The new company stated that it has the potential to support as many as 360 billion gigahashes per hour in mining. The activity is then used to generate wealth through the use of the KWATT token by holders, who can earn more money through loaning coins or staking them as used energy, for the purpose of processing transactions made through the farm.
People who hold tokens have the ability to mine with the company 4NEW in the future for the rest of their life, without the need for paying for required energy. Any of the left-over energy will be sold across a nation-wide grid.
The company also expects KWATT to be a widely used utility token, then being traded across the globe for the purpose of making payments for services. As it progresses further on, the company stated that they will operate as a worldwide energy index, taking the collected average cost of electricity inside the different geographic areas.
They are also starting a new industrial plant where they can create energy that will have a low impact on the environment as well as contribute to the plus side of the ledger, improving the local area through the process of turning waste into energy, with little to no pollution or leftover byproduct. This is all thanks to a closed combustion chamber on the plant.
Through the application of sustainable energy production from waste transfer or cryptocurrency mining, 4NEW may have found the formula needed to create value in the cryptocurrency business arena. It’s the third plant to be created, expected to be in operation in 2019, and there is still more plans to create more of them across the globe, including countries like the United States, Puerto Rico, and St. Lucia.
There is expected to be a significant amount of success, not only because they’re positive about the business model, but because the amount of problems they’re finding solutions for. They’re learning from past successes and failures to create the vision and make it the most valuable solution that is used by the blockchain space, for the entire world.
Any of the fundraising purchases made before July 20 will get a 30 percent bonus, which in turn drops down to 25 percent until the end of the ICO on August 10th. At this time, all tokens will either be sold or destroyed. The KWATT coin will then be available for purchase on the HitBTC exchange, Exrates and HotBit.