Veritium [VRTM] FAQ
What is Veritas Mining?
We are crypto miners that have come together to mine on a large scale basis. Due to being large scale crypto mining is highly profitable compared with self mining. We realized that we have a huge opportunity and advantage in crypto mining. due to our low cost of electricity and operations.
Why is Veritas Mining using renewable energy?
Crypto-mining is a very energy intensive process. Great amounts of electricity are being used to produce the computing power required to mine for cryptocurrencies. We want to help shift this growing need for electricity towards green, renewable and sustainable sources to future-proof crypto -mining and thus allowing Proof of Work (PoW) to be more sustainable.
What cryptocurrencies are mined?
We will be mining Bitcoin, Ethereum, Dash, Litecoin, Zcash, Monero, Ubiq mainly. With a small portion of our hashing power for some emerging alt coins.
What makes us different?
We believe in full transparency and accountability to our adopter and potential token holders. And our cost of renewable, eco-friendly sources of energy can rival the prices with our compatriots from Northern Europe, Russia and China. We also have very much cheaper operating costs in terms of manpower.
What kind of equipment are we planning to purchase for our mines?
We would be purchasing 50% GPUs and 50% ASICs. For the GPUs, it would a 50/50 mixture of RX580s 8gb and nVidia 1070 8gb. For the ASICs, 60% will be for Scrypt algorithm miners, 20% X11 and final 20% for SHA-256.
What are the prices for the equipment?
RX580s are currently on the market for about 300 to 380 USD each, nVidia 1070s are about 430 to 450 USD each. Not forgetting the motherboard, RAM, SSD, CPU, PSU and riser cables. A GPU rig will cost about 2,100 USD to 2,300 USD. As for ASICs, the Scrypt based miners are about 2,145 USD each, X11 ones at 1,555 USD each and 1,450 USD for SHA-256. However, we would be able to get all these cheaper by means of economies of scale. (All prices are as of time of writing, September 2017).
How much power is available to us?
We have about in total 55MWh to 60MWh. The least amount in Saraburi at about 15MWh, and most at Suphanburi at 28MWh.
Where are the mines located?
We will be constructing our first mine at the largest power plant/farm in Suphanburi.
What are the future projects for Veritas Mining?
We will be launching our Ponos-Mining platform to allow anyone to be able to crypto mine with their own computers during the computers’ down time. A wallet with an API exchange integrated. And finally, a marketplace platform in which Veritium can be used as collateral for trading or investing.
When and how will the dividends be paid out?
The dividends will be calculated on an annual basis and paid out quarterly.
It means that let's say, if in the first quarter we have 1 million in net profits and in the second quarter we have 2.2 million. At the end of the first quarter, 60% of 1 million is paid out, 600k is paid out. At the end of the second quarter, the total so far for 6 months is 1 million + 2.2 million = 3.2 million. so we take 3.2 million and divide it by 2 (due to it being 2 quarters of the year) = 1.6 million. So now the dividend is based on 1.6 million per quarter and the dividends for the second quarter is now 60% x 1.6 million = 960k, instead of 60% x 2.2 million. This will average out throughout the year.
This will allow the mines to grow and for dividends to gradually increase in the long term. (:
Why are Veritas Mining raising funds via a token sale?
We find that crypto-mining is a global phenomena and it is not that saturated nor controlled by any one big mining company. And we intend to make our tokens fungible. Raising fund via a token sale is a lot easier and cheaper than approaching venture capitalists or any other forms of fund raising.
Will Veritium (VRTM) be tradable?
We are in talks with a few exchanges. and we are confident they would trade us on their platforms due to being that our token is limited, not mineable and is backed with dividends from different sources of revenue.
*Update: A few Major Exchanges have agreed to list us, however, we cannot list their names until we have concluded our Pre-sale. (:
Are there any limitation as to who can invest?
We will allow anyone to invest provided their jurisdiction will allow them to do so, as we are a security token.
Who can participate in our Pre-sale & how to qualify for bonus?
Anyone can participate in our Pre-sale. However, minimum purchase is 0.25 Ethereum.
How can i purchase Veritium tokens?
You can refer to our Token Sales page for more information and detailed instructions.
0x2536145fbdF298877F8B8Ec4c26cc6Bc07032dBA is our contract address.
Ticker is VRTM. 18 Decimals.
How will Veritas Mining scale up with the increasing difficulties of crypto-mining?
We will be channeling 37% of our net profits into expanding the mines and also be doing research to innovate and develop better proprietary ASIC hardware.
What are the risks token holders will face?
As the fluctuations of cryptocurrencies can be quite big, token holders will face the risks of losing money when mining is not that profitable. However, with our extremely cheap source of power and costs of operation, our exposure to profitability risks are not that high.
What is the difference between Veritas Mining and other mining companies that offer cloud mining?
We pay out dividends on a quarterly basis to our token holders for as long as they hold their tokens, FOREVER. Unlike cloud mining which sells you hash power for a limited period of time. And we are WAY more transparent than any cloud mining company at the time of writing. :)
What are the pros of being an early adopter or pioneer?
You get bonuses of up to 50% for our pre-sale and the bonuses will go down as the token sale enters the general sale phase.
Where does the dividends and sources of revenue come from?
We will have 4 sources of revenue:
Our Eco-mining. (Core Source)
Ponos-Mining GUI and Mining Pool. We charge 5% fees our all cryptocurrencies mined.
Our exchange API integrated wallet. Fees from the exchanges made.
Our marketplace platform which we can get income from brokerage/referral fees and advertisements in the future.
How much cheaper are operations in Thailand?
As we have shared in our white paper, operations in Thailand is very much cheaper than most countries. A senior technician’s monthly salary with full social securities is about 450 USD. As compared with a technician’s pay in Northern Europe, which would be around 2,000 USD a month.
How do you cope with heat management?
We would be using cooling pipes and natural ways of cooling the mines. If required, we have small flowing rivers nearby in which we use to help cool the mines too. However, the mines are located in highland plateaus where the average temperature is about 25 to 30 degree Celsius throughout the year, with it dropping to 18 degree Celsius in the evenings and nights.
What are the challenges that Veritas Mining may face in the future?
We believe that crypto currencies are the future of our traditional financial systems. But we may face the challenge that crypto currencies will take longer than usual to be accepted by our society today. We may also face the potential of crypto-mining being not profitable due to the difficulty levels rising too rapidly. Or operations becoming more expensive as Thailand grows in terms of GDP and standards of living. However, we believe with good and prudent management, we are able to scale up accordingly and be profitable. But right now, we have the huge advantage of having sole access to one of the cheapest cost of renewable energy in the world and very low costs of operations.