Veritas Mining promises to offer sustainable crypto mining. Find out how the team plans to do that today in our review.
What Is Veritas Mining?
Veritas Mining, found online at VeritasMining.co, is a cryptocurrency mining company that emphasizes sustainability. The company’s pre-sale just ended in mid-November, with a general token sale scheduled to begin on November 24.
The goal of Veritas Mining is to mine cryptocurrencies using renewable sources of electricity, including solar, wind, and bio-gas/waste-based energy sources. All mining equipment is cooled using naturally flowing water.
Obviously, the cryptocurrency industry is facing a bit of a problem: many people are realizing that proof of work (PoW) blockchains like bitcoin aren’t environmentally friendly. By nature, they require an enormous amount of processing power – and electricity – to process transactions. The best way to get around this problem, of course, is to get power from renewable sources. That’s what Veritas Mining aims to do.
Veritas Mining is based in Thailand, with the first mine scheduled to begin operation in Q1 2018.
How Does Veritas Mining Work?
Veritas Mining is a straightforward cryptocurrency mining company. The company plans to build mines around the world. The only difference is that they’re emphasizing cheap, green, renewable energy sources.
Meanwhile, those who purchase Veritas Mining tokens are entitled to a share of the profits. Anyone who holds the tokens is entitled to receive 60% of net profits in Ethereum every quarter – forever.
The ultimate goal of Veritas Mining is to help “future proof” blockchains like bitcoin. PoW blockchains aren’t sustainable if we’re using non-renewable sources of electricity.
In addition to building mines, Veritas Mining plans to launch a marketplace and wallet platform that will allow token holders to exchange to other cryptocurrencies, or to use Veritium tokens to track and hold fiat instruments.
Right now, Veritas Mining has access to a sustainable energy source where they pay rates of $0.028 to $0.035 per kWh. The company has a total of 100 Rai or 160,000 square meters at three different sites, with a total estimated supply of 55 MWh once the mines are operational. The mines run using wind power, solar energy, and bio-gas/bio-waste energy.
The first mine is expected to become operational in Thailand in Q1 2018 (it’s in Suphan Buri province in Thailand). The first dividend payments are expected in Q2/Q3 2018.
Veritas Mining Features & Benefits
Veritas Mining emphasizes all of the following features and benefits:
Cost Efficient: “We have partnered with a green & renewable energy company to build our mines on site,” explains the Veritas Mining website.
Eco-Friendly: The company’s mines will use renewable energy sources like solar, wind, and bio-gas/waste to power its mines, along with naturally-flowing water to keep them cool.
Profitable: Veritas Mining’s use of cheap, green energy will lead to lower operating costs, helping them be among the most profitable mining companies. The company claims to be paying about $0.028 to $0.035 per kWh due to a partnership with an electricity producer. In comparison, China pays about $0.04 to $0.05 per kWh, Europeans pay up to $0.30 per kWh, and Americans and Canadians pay about $0.05 to $0.15 per kWh.
Marketplace and Wallet: Anyone who holds Veritium tokens will be able to access the Veritas Mining marketplace and wallet, where token holders can exchange to other cryptocurrencies, or use Veritium to trade and invest in fiat instruments.
60% Dividends: Veritium token holders receive 60% of quarterly net revenue from the mining project. You receive that payment every quarter for life – as long as you hold the tokens. The remaining percentage is dedicated to expansion and development (37%) and reserves (3%).
Ponos Mining: Veritas Mining has a platform called Ponos Mining, which functions as a GUI or application that allows anyone to mine during their PC’s idle time. The Ponos Mining app makes it quick and easy to mine cryptocurrencies. As part of the Ponos Mining pool, you’ll be charged a fee of 5% of all cryptocurrencies mined.
Multi-Currency Mining: Right now, Veritas Mining is mining Ethereum. As the difficulty of Ethereum increases, however, the company plans to dedicate its GPU miners to Ethereum Classic, ZCash, Ubiq, Monero, and Siacoin. Meanwhile, their ASIC miners will mine Bitcoin and Bitcoin Cash, DASH, and Litecoin.
Who’s Behind Veritas Mining?
Veritas Mining is led by Jeremy Tan (Co-Founder and CEO/CFO) and Egor Ledovskih (Co-Founder/CIO/Co-Lead Developer). Other key members of the team include Kittipon Kankhunthod (CTO) and Lim Chai Yang (COO).
Veritas Mining is based in Rangsit, Pathum Thani, Thailand.
The Veritas Mining Token Sale
Veritas Mining tokens are called Veritium, or VRTM. There’s a total supply of 135 million VRTM tokens priced at a base rate of 1 VRTM = 0.001 ETH.
The pre-sale began on October 28. That sale had a cap of 5 million tokens. they sold 4,697,826 VRTM, raising over $720,000.
The general ICO begins on November 24. There’s a minimum sale amount of 0.25 ETH for the ICO (the same as the pre-sale minimum).
All tokens are Ethereum ERC20 tokens. For every 100 tokens sold, 18 additional tokens will be created. These 18 additional tokens are given to partners, founders, the team, advisors, and bounties. Any unsold tokens will be burnt, and Veritium will not be mineable – so no further tokens will be issued in the future.
Veritas Mining is a Thailand-based cryptocurrency mining company that aims to offer cheap cryptocurrency mining through cheap, reliable energy sources. The company is opening a mine in Thailand in Q1 2018 using the proceeds from its token sale.
The Veritas Mining platform revolves around the use of Veritium tokens, or VRTM. As a VRTM token holder, you’re entitled to a proportional share of 60% of net revenues generated by the platform.
To learn more about Veritas Mining, visit the platform online today at VeritasMining.co.