Golden Fleece, found online at GoldenFleece.co, promises to offer profitable green mining by leveraging cheap, renewable electricity in the country of Georgia. Find out how it works today in our Golden Fleece review.
What Is Golden Fleece?
Golden Fleece is an altcoin mining firm actively developing a mining center on the coast of the Black Sea in Georgia.
Why is Golden Fleece targeting Georgia? The company claims that Georgia is ideal for cryptocurrency mining because energy costs just 5 to 6 cents per kWh – compared to say, 50 cents per kWh in parts of Europe and 10 to 12 cents per kWh in North America. Georgia produces most of its energy from hydroelectric power plants. That’s why major groups like Bitfury have already invested in mining centers in Georgia. It’s also the reason why Golden Fleece advertises its mining operations as “green” – the company uses renewable energy.
Another reason Georgia is an attractive investment is that Georgian legislation is favoring cryptocurrency. One of the top banks in Georgia, Liberty Bank, is actively trading bitcoin and Litecoin. Bitfury and Georgia’s National Agency of Public Registry (NAPR) have developed blockchain technology together.
In other words, Georgia is looking like an increasingly cryptocurrency-friendly country. Combine that attitude with cheap electricity, and Golden Fleece sees an opportunity for profitable cryptocurrency mining.
How Does Golden Fleece Work?
Golden Fleece is currently seeking money to grow its data center in Georgia.
The company plans to expand its mining operations in western Georgia, which is where the majority of electricity production is located. Golden Fleece has a $50 million USD investment plan. They want to purchase 5,000 square meters of space for their datacenter. The ultimate goal is to create a datacenter that consumes 20 MW of electricity while operating mining equipment for several cryptocurrencies.
For diversification purposes, Golden Fleece plans to use different types of equipment for mining several different cryptocurrencies. Ethereum and other GPU-compatible altcoins will have the largest share in the facility. However, the creators of Golden Fleece also plan to install small numbers of ASIC miners.
To date, Golden Fleece has invested $200,000 USD into the facility and begun its pilot mining project.
After raising more capital, Golden Fleece will continue building the mining project over the next 3 to 4 months. The datacenter will be operational by February 2018.
Half of all profits generated by the data center will be distributed to Golden Fleece token holders through a token repurchase scheme (tokens will be repurchased on a monthly basis according to market price). The other half of the profit will be reinvested to increase the capacity of the data center.
At the same time, Golden Fleece has completed negotiations with partners in the energy sector to construct combined hybrid wind and solar power plants on adjacent territory. These plants are designed to supply the data center with 50% of its energy needs, lowering costs even further.
The Golden Fleece ICO
The Golden Fleece ICO will take place over three stages, including:
Pre-ICO (July 14 to 30): 1 million tokens available
Stage 1 ICO (August 15 to 30): 30 million tokens available
Stage 2 ICO (September 15 to 30): 40 million tokens available
1 ETH = 1000 GFL tokens, and 1 BTC = 13,500 GFL tokens.
8 million tokens will be distributed and sold outside of the ICO campaign to up to 10 large partner investors for $0.5 USD per token. In the future, Golden Fleece will repurchase tokens at a nominal price of $1 per token, starting from the first month (the first month after the ICO, not the first month after the data center becomes operational in February 2018).
Profit distribution will be based on the number of GFL tokens you hold. After the data center begins operations in February 2018, the company will allocate half of its mining profit to repurchasing tokens with market price (2 to 5% of tokens per month). Repurchased tokens will be destroyed. The other half of the profits will be used to increase the capacity and revenue-generating capabilities of the data center.
Golden Fleece also claims that its operations will be completely transparent, and all company financials will be audited by one of the big four auditing companies on a quarterly basis.
Who’s Behind Golden Fleece?
Golden Fleece is led by Co-Founder and CEO Vakhtang Gogokhia. Oddly, Vakhtang is listed as a “co-founder” although no other founders or co-founders are listed. The Golden Fleece website does list a number of other individuals involved with the project, along with photos of the data center in operation.
Other members of the company or its advisory team include George Van Den Berg (Renewable Energy Expert), Shota Metreveli (Chief Counsel), David Beraia (IT Infrastructure Architect), and Jaba Phutkaradze (Financial Advisor).
The name of the company, by the way, comes from the Greek-Georgian myth about “using the fleece of golden rams” to collect money from the rivers of Argonaut states. In a similar way, Golden Fleece (the mining operation) is harnessing the power of Georgia’s rivers (the hydroelectricity) to make money (through altcoins).
Golden Fleece Conclusion
Golden Fleece is a unique project that’s already active in the country of Georgia, where investors have spent $200,000 creating a data center. The goal of Golden Fleece is to harness Georgia’s cheap, renewable energy costs to create a profitable altcoin mining operation.
They have a $50 million investment plan, with tokens being sold throughout the months of July, August, and September. Token holders will receive a portion of company profits as soon as it becomes operational in February 2018, with buyback programs beginning within the first month of the ICO.
Ultimately, altcoin mining can be very profitable when run by the right group of people. You can visit GoldenFleece.co online today to discover whether or not you want to invest in the company’s Georgian mining operation.