Swiss Alps Mining ICO Review
Anyone in the cryptocurrency community is probably familiar with how mining for coins and tokens work. You invest in an expensive mining rig and prepare yourself for the largest energy bill you have ever seen. Depending on which cryptocurrency you are mining for, you might make some profit. Meanwhile, actual mining for raw materials is also an expensive endeavor that consumes a lot of power. Both kinds of mining can potentially be very harmful to the environment. Swiss Alps Mining is an ICO by the company Swiss Alps Energy AG (SAE), and it proposed a solution to the problems with both real mining and cryptocurrency mining. The team has made a plan that includes putting unused buildings in the Swiss Alps to good use, and base their mining operations there. The aim is to reduce energy usage by half, and in this way, help maintain the environment.
What is Swiss Alps Mining?
Swiss Alps Energy AG is the company behind this ICO, and they are the first company to use mining stones that are supported by renewable energy, as well as the waste heat from the mining equipment. This will cut electricity costs down to half of that other mining companies use. One of the aims of the company is to make mining more profitable, save energy, protect the environment, and help maintain the cultural heritage of Switzerland. The funds collected from this ICO will be spent on developing the mining facilities.
How does it work?
Swiss Alps Energy AG is all about cutting costs, and so the distribution-based ledger energy supplier and an operator utilizing a string of unused buildings in the Swiss Alps. This is a win-win situation for the company and the government. The company gets a base of operations where they can work uninterrupted, and in return, they help maintain the buildings.
Who is behind it?
The team behind the company and the ICO come from a diverse range of backgrounds. Some are experts on blockchain technology, others are cryptocurrency miners and yet others are hyper ledger specialists. Blockchain expertise is not enough for this kind of project, however, so the Swiss Alps Energy AG team also includes civil and infrastructure engineers, as well as energy experts.
How did the project come about?
One of the rationales behind this ICO is the extremely high energy costs associated with cryptocurrency mining. Depending on where you are in the world, the costs of mining for coins and tokens can be so high that it is not financially feasible. At the same time, the massive energy consumption is not doing any favors for the environment, given that fossil fuels are still being used to power most of our electricity. With many unused buildings standing, well, unused, the team decided to develop a project that could utilize environmentally friendly mining processes and base their operations in the unused buildings.
What about the tokens?
The native currency for this ICO will be the SAM tokens, which will be using the Ethereum blockchain and its smart contract technology. This means that the SAM tokens will be exchangeable for other cryptocurrencies, as well as fiat money.