To date, it represents the highest investment raised through an ICO in Eastern Europe. However, it is less than half of the company’s USD 100 million target. To this, the RMC said that they have raised enough money to implement the project. The company needs another USD 10 million to develop the Multiclet, a new-generation processor.
The company intends to locate mining computers based on Bitfury chips in individual Russian households, leveraging Russia’s consumer electricity prices. These are lower (80 kopeks or 1.3 cents per kilowatt hour) than in China, according to the company.
The tokens issued in the course of the ICO will have rights to 18% of the revenue earned with the company’s mining equipment, according to the ICO documentation.
The company is co-owned by Dmitry Marinichev, Russia’s controversial presidential Internet commissioner.
This story first appeared on East-West Digital News, the international online resource on Russian digital industries.
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