Bytemine sees itself as the future of mining. Find out what that means today in our review.
What is Bytemine?
Bytemine, found online at Bytemine.io, is a cryptocurrency preparing to be distributed via an upcoming ICO. The currency will be issued by Stockholm IT Ventures AB (SITV), a company listed on the Deutsche Boerse stock exchange.
Bytemine’s ICO will raise funds for SITV to operate its cryptocurrency mining business. Why would you invest in Bytemine? Well, Bytemine token holders will receive annual bonus payments based on the number of coins they hold.
Bytemine will be issuing a total of 1 billion (1,000,000,000) tokens.
As of March 2018, Bytemine hasn’t posted a whitepaper online. The official website features limited information about the company or how they plan to make money. We don’t know what type of rigs the company is targeting, nor do we know which currencies they’re preparing to mine. The project appears to be in the early stages of development.
Details About The Bytemine ICO
Bytemine has scheduled an airdrop – although it seems to be more like an ICO than an airdrop. Tokens are being sold at a rate of 0.15 EUR apiece during the airdrop and ICO. The price of each token will be asset-backed by the mining equipment it is used to purchase.
SITV has committed to sharing 50% of the profits from the Bytemine mining business for the first three years of mining amongst its Bytemine coin holders. In other words, if you hold Bytemine tokens, then you’re entitled to receive a proportional share of 50% profits earned by the company’s mining activities for three years.
After the initial three year period, the profit sharing will decrease to 30% of the profits. This reduced rate is designed to maintain a constant value for the tokens.
All shareholders in SITV will receive a 5:1 ratio of Bytemine tokens during the airdrop compared to newly signed up users. Everyone else will receive a 1:1 ratio of tokens. There’s a maximum number of 20,000 participants in the airdrop. All participants need to be KYC verified.
There’s a hardcap of 660 million tokens being sold in the Bytemine token sale. The first 150 million tokens will be sold at a rate of 0.15 EUR, with rates rising to 0.16, 0.17, and 0.18 EUR by the end of the token sale.
It’s unclear if the token sale is separate from the airdrop, or if tokens are being distributed for free during the airdrop. However, you can whitelist for both the airdrop and ICO by visiting online today at Bytemine.io
The airdrop is scheduled to begin on April 20, 2018.
Who’s Behind Bytemine?
Bytemine was created by Stockholm IT Ventures, a publicly-listed company on the Frankfurt stock exchange. SITV is conducting the Bytemine ICO. They’re a Stockholm, Sweden-based company.
Prior to launching their cryptocurrency mining operation, Bytemine operated as a tech company specializing in cryptocurrencies – both in terms of mining/production and in blockchain technologies. All the company’s mining activities use eco-friendly green energy drawn from hydroelectric power stations in northern Europe.
By investing in SITV’s stock on the Frankfurt Stock Exchange, you’re investing in green cryptocurrency mining. Stockholm IT Ventures AB has been publicly listed since 2014 under the symbol SVAB. The
Bytemine ICO Conclusion
Ultimately, there’s limited information about Bytemine available online at this time. The company has not posted a whitepaper, nor have they explained more information about their mining project.
We don’t know what type of rigs Bytemine is preparing to buy, nor do we know what type of currencies they’re preparing to mine. Right now, the parent company of Bytemine, Stockholm IT Ventures, appears to operate mines in northern Europe, where it emphasizes green cryptocurrency mining through hydroelectric power.
The lack of information about Bytemine online isn’t necessarily a problem, since we’re still a few weeks away from the airdrop and ICO for Bytemine tokens. However, you might want to wait for more information to appear online before you buy into Bytemine.