The utility token can be used to pay for BitRiver’s colocation services and will be bought back by BitRiver at original listing price after a five-year period.
MOSCOW, RUSSIA, April 12, 2021 /EINPresswire.com/ — BitRiver, the largest international provider of colocation services for low-carbon cryptocurrency mining, announced today the pre-sale of the BitRiver token (BTR), an ERC-20 utility token that represents one watt-hour (Wh) of power in BitRiver’s colocation facility in Bratsk, a city in the Irkutsk region of Siberia, Russia. Near the end of five years from the date of the token’s public launch, BitRiver will offer to buy back the tokens and immediately “burn” the repurchased tokens.
The token is now available for pre-sale to investors, with a minimum order quantity of 100,000 BTR tokens per order. The token’s public launch, scheduled for April 19, will be held on Bithumb Global, a popular international cryptocurrency exchange, under the ticker symbol BTR. The price of 1 BTR at the time of launch will be US$ 0.3504 and it will be tradeable with BTC, USDT and USDC. A total of 100 million BTR, representing 100 megawatts (MW) of power — the operational capacity of BitRiver’s colocation facility in Bratsk — will be available for the public to purchase.
The BTR token enables its holders to:
● Start mining operations in one of BitRiver data centers.
BitRiver will seek to ensure that it has sufficient electricity power available to those who hold BTR Tokens for a period of three consecutive months. BitRiver will provide electricity power at least equivalent to the nominal value of holder’s BTR tokens to host equipment. For example, if a holder has 100,000 BTR token which equate to 1 watt each, BitRiver will provide up to 100,000 Wh or 100 kWh in one of its mining centres for the best available hosting price to place holder’s new equipment. In order to place equipment in BitRiver centers, the investor should inform BitRiver of the purchase of tokens and the intention to hold them for three months. The investor must also send his/her account statement from the exchange to email@example.com with contact details. BitRiver’s sales team will contact the investor and conclude a hosting agreement with all parameters of mining equipment. BitRiver will have three months to prepare a site for placing the investor’s equipment. After three months, the investor will have to send a 3-month report on the status of his/her exchange staking account to firstname.lastname@example.org. BitRiver will calculate the average daily value on the investor’s account for the last three months and provide electricity capacity at least equal to this value.
● Get additional tokens every month.
The token owner should transfer his/her tokens to the https://www.bithumb.pro/en-us/investment-finance section of Bithumb Global. Tokens will be staked and locked for trading. The investor will receive the accrual of new tokens on the settlement day to his/her trading account based on the average daily number of tokens held in staking for the past month. An investor can withdraw tokens at any time to another ETH wallet, as well as sell BTR on the market through a selected pair (BTC/USDT/USDC) or pay for Bitriver services. The amount of new tokens will be calculated as 10% per annum. If the holder buys, for example, 120 tokens, he or she will get one additional BTR token in the first month of the program (120*10%/12) and so on.
● Pay for the Bitriver’s collocation service.
BTR Tokens can be submitted to BitRiver once a month to pay up to 10% of the monthly bill. Bitriver will accept BTR based on the average market price on the exchange for the last settlement month.
● Obtain free of charge repair service of mining equipment that is located in BitRiver’s mining datacenter each particular month if the holder pays 10% of this monthly bill by tokens. The repair service will be applicable only for new equipment delivered to BitRiver’s data centre from the factories (not applicable for used equipment in any other mining centre before Bitriver).
It is BitRiver’s intention to buy back all BTRs from the Token holders for a nominal value of 0.3504 USD per BTR. Token holders would receive a notification with the repurchase offer and the price two weeks prior to the Token maturity date on 12 April 2026. The announcement will be posted on the company’s website https://bitriver.farm/en/btr-token/. The buyback will be carried out within a month from April 12, 2026 to May 12, 2026. New tokens will not be credited to the account of the holders after April 12, 2026. BitRiver will continue to accept tokens to pay for its collocation service up to 10% of the monthly bill for all holders who do not participate in BitRiver’s buy-back program. BitRiver will burn up to 100% of the BTR tokens after the Buy-back.
“From day one, we have always sought to use only renewable and surplus energy for all our operations. It is encouraging to see the increasing interest worldwide in low-carbon cryptocurrency mining,” said Igor Runets, Founder and CEO of BitRiver. “By launching the BTR token, we seek to accelerate our efforts to make cryptocurrency mining greener while offering investors around the world an easier-than-ever way to become part of environment-friendly cryptocurrency mining today.”
Detailed information about the BTR token, the pre-sale investor request form, the BTR whitepaper and investor deck are available at https://bitriver.farm/en/btr-token
BitRiver is the largest provider of low-carbon colocation services for cryptocurrency mining to international investors. It employs nearly 100 full-time staff members and has offices in Russia, Philippines and South Korea, with official representatives in China, Japan, UAE and USA. With a vision of powering the most promising tech of tomorrow through low cost and sustainable energy, BitRiver utilizes renewable energy to power roughly 90% of its colocation facilities, which include a fully operational 100 MW datacenter and two sites under development that will bring an extra 300 MW of capacity once they go online in 2021.
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April 12, 2021, 12:00 GMT
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