Cryptocurrency mining has always been an interesting endeavor, despite its expensive requirements. It seems the MoonLite Project aims to bring more positive attention to this industry. Whether or not they will be successful remains to be seen, as organizing an ICO for such a venture is a bit questionable.
The MoonLite Project in a Nutshell
On paper, the MoonLite Project is certainly intriguing. The team is focusing on bringing more mining support to various cryptocurrencies. More specifically, the group wants to set up mining data centers for Bitcoin, Dash, Litecoin, and Ethereum. All of these currencies can benefit from more mining support to further strengthen their individual networks.
What makes this particular cryptocurrency mining venture even more interesting is that it aims to achieve all of this with 100% sustainable green energy. To be fair, we have seen other mining ventures focus on renewable energy as well. The place to be for such efforts is Iceland, and this project is also targeting that part of Europe right now.
It seems the MoonLite Project will use energy generated through hydro, geothermal and wind sources. All of these types of renewable energy can be found in Iceland, although it remains to be seen how new players will fare in these markets. After all, cryptocurrency mining is very electricity-intensive. By focusing on a handful of currencies, those electricity requirements will only rise to astronomical levels. Without a reliable provider for such energy sources, this project may face a fair few challenges along the way.
There is a good reason why Iceland is so appealing to mining operators, though. With its green energy, the average cost per kWh is a lot lower compared to other countries around the world. Additionally, Iceland’s cold climate will help keep servers cool at all times, removing the need for energy-hungry air conditioning systems. Iceland is quickly becoming the go-to location for any serious cryptocurrency mining company, although there is only so much of a market to be shared.
Even though one can only commend the MoonLite Project for focusing on alternative cryptocurrencies, the company does not yet have the funds to build up their infrastructure. Accordingly, they will organize an ICO to collect money, which is always a bit worrisome for investors. It will take $12 million to be raised before construction of the data centers can even begin, and the team hopes to raise a total of $80 million when everything is said and done. That doesn’t make this project less legitimate necessarily, but it is something to take into account.
For the time being, we will have to wait and see how things play out for the MoonLite Project. Assuming their intentions are genuine, this particular mining operation is something worth keeping an eye on. Do keep in mind the construction of such mining operations will not happen overnight and requires substantial planning. Construction of the data center is expected to commence in early April, and it should be operational in August of this year.