Spotcoin recently published an interview about their partnership with Golden Fleece, a mining company in Georgia using green energy generated from hydropower plants. Spotcoin’s co-founders, Andrew Thornhill and Guram Rukhadze (also the Chief Technology Officer), provided responses for the interview.
One of the reasons Spotcoin was initially attracted to Golden Fleece was that they were the first Georgian company to successfully launch a public token sale. Spotcoin has the ability to offer additional selling points for Golden Fleece’s mined currency. In return, Golden Fleece seeks to provide technical knowledge, contacts, and experience in mining currencies. More specifically, mining currencies in Georgia.
When asked about Spotcoin’s involvement in mining, Andrew stated “there are many currencies that are now and will continue to be minable, and by obtaining them through mining, Spotcoin gets the benefit of providing more liquidity into the digital exchange.” Mining operations can be run at higher profit margins because the country has low cost electricity rates, from its various sources and forms of renewable energy.
Spotcoin has also partnered with other mining operations in Georgia, one of which is a project in construction that will have a direct power line into one of the largest dams in the country. Guram Rukhadze stated, “this facility will store Spotcoin mining servers but will also rent excess capacity to others who want to mine or host. Spotcoin can offer these services, on top of our [over the counter] OTC services to actually sell or trade the mined coins.”
SPOT token holders will receive a 12% dividend from quarterly net profits derived from non-exchange operations, which includes mining and renting excess capacity of the mining facility. Additionally, 51% of the total trading fees generated by Spotcoin’s OTC digital exchange will be paid to SPOT token holders weekly.
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