MoneyTech, the Ukraine based cryptocurrency mining initiative is in the last phase of its attractive crowdsale campaign. The platform’s ICO went live on June 28, 2017, and will continue till August 2, 2017. During the period, investors can purchase the platform’s MoneyTech (MT) tokens against USD, BTC, ETH, Monero and other altcoins that are presently supported by Changelly.
The funds raised will be used for the development of necessary infrastructure to expand the mining capacity. Built over Waves platform, the MT tokens also act as a stake in the project, allowing the token holders to receive a share of income generated by the mining infrastructure. The payouts will be proportional to the MT holding pattern of its users, allowing a fair distribution of 50% of the overall mining revenues.
Apart from dividend distribution, MoneyTech will be reinvesting about 30% of the revenues back into the platform to expand the mining capacity further. The costs associated with operations and maintenance will be covered with 15% of the income while the remaining 5% will be assigned to the MoneyTech team.
The ongoing MoneyTech ICO has an attractive discount structure in place, allowing investors to benefit from early participation. The MT tokens are set to have an initial listing price of $1.00. But those buying the tokens during the crowdsale stood to receive it at as less as $0.85/ 1 MT during the first week. The discount reducing at weekly intervals stands at $0.88, $0.91, $0.94 and finally $0.97 during second, third, fourth and fifth weeks respectively.
MoneyTech will be using a majority (83%)of the funds raised during the ICO to purchase mining equipment and set up 70 new mining farms. About 12% of proceeds from the ICO will be used to cover the commissioning, mining and operation costs. The remaining 5% will be utilized to compensate the founders.
MoneyTech has a comprehensive business plan and whitepaper in place, which can be accessed on the website. According to the development roadmap, MoneyTech investors will start receiving dividends from the first week of October 2017, after the company sets up the mining farms and make them operational by the end of August 2017. Starting October, MoneyTech will start adding more mining vehicles each month to increase the platform’s mining capacity.
Eventually, the company intends to register for a cryptocurrency business license in Switzerland and set up its own premises in Europe. Next year, MoneyTech will also purchase the latest, more powerful mining equipment to boost the platform’s performance.
The MoneyTech ICO is set to end in less than a week. Those interested in becoming part of the democratized mining initiative can do so by purchasing MT tokens.