In this article, I want to introduce you to a unique Initial Coin Offering (ICO) called Ice Rock Mining. (UPDATE: May 31, 2018. The ICO is over but you can still buy and hold IRM tokens in hopes of future appreciation when the project is complete and launches sometime in July 2018.
What Is Ice Rock Mining?
It will be a Bitcoin mining operation where the operation will be running inside of a cave! “A cave you say!”
Yes, a cave.
Why A Cave?
Well, as you may or may not know, Bitcoin mining operations are extremely expensive because of the costs incurred in running them. Those costs being …
- Cost of the property (The land, the building, rent, mortgage, etc)
- Cost of the mining equipment. (The computers, cabling, software, racks, etc)
- Cost of air conditioning and ventilation. Hundreds or even thousands of computers in an enclosed area generate heat. Without a proper cooling and ventilation system, computers overheat and shut down.
- Electricity. This is the biggest expense in a mining operation. Many mining operations all over the world shut down because they were unable to pay their utility bill. The Bitcoins mined were not enough to pay the high cost of utility.
- Hiring and keeping qualified technicians to maintain the operation.
So What Makes Ice Rock Mining Different?
Ice Rock Mining has been able to eliminate or drastically reduce the high costs of running a large and competitive Bitcoin mining operation. How?
- Buy owning the property. No rent or mortgage.
- Buy using a cave inside of a mountain where there are natural cooling and ventilation.
- By entering into a contract with the local utility company for cheap electricity ($0.03 per Kw/h)
So Ice Rock Mining is able to transmit those savings over to their investors as profit.
How Does Ice Rock Mining Work?
You invest in their project by buying their tokens, IRMs. Once the project goes live in June 2018, you are paid at the end of each month. Additionally, if the price of the IRM token goes up in the marketplace, you earn just from holding the coin.
Ice Rock Mining is driven by what is called an Ethereum Smart Contract. That means that there are no human entities managing when and how you get paid. It is all handled by the Ice Rock Mining Smart Contract that runs on the Ethereum Blockchain. It is a contract between you and the code in the contract, not between you and a human who can steal your money.
Ice Rock Mining mines Bitcoin and at the end of the month converts it to Ethereum and you see Ethereum automatically deposited into your Ethereum wallet.
Is Ice Rock Mining a Risk?
As with anything in cryptocurrency and investing, yes. (Why lie and say, no?)
The risks I see are two …
- The ICO never gets off the ground. That is, come June 2018 nothing happens, the project managers lied and scammed everyone and run off with everyone’s investment. This is with any ICO. So they are ALL risky.
- The ERC-20 Ice Rock Mining Contact gets hacked and the hacker steals everyone’s money.
Yet, if none of that happens, cha-ching !!!
Should You Invest In Ice Rock Mining?
That is entirely up to you. I have. I know it is a risk. I am only presenting you with information about it.
If you invest, invest what you can afford to lose.
How Do You Start?
I have created a short video tutorial series that will show you how to get started and all set up. (See below)