Bitcoin mining consumption of energy is increasing day by day and we can see update on a daily basis that Consumption of Bitcoin miners is above the total consumption of one country, in a latest example, an eight million inhabitants Hungary. Since electricity costs are changing, depending on the country and their reserves of energy and type of electricity generated, there is a list of Countries that are favourable for Bitcoin mining, compared to other countries. One of the countries that wants to get leadership in this provision is Kazakhstan, since their energy resources are high and they provide cheap electricity and subventions for Investor to build Bitcoin mining centres in Kazakhstan. It is a part of Kazakhstan digitalization plan, that aim to include the country within top 30 industrialized nation by 2050.
Cost of 1 BTC mined in Kazakhstan is below 3000 USD, which is way below an industry average and contribute to number of Investor in the sector.
Facite is a project that will be established in an industry zone, near the city of Pavlodar, city near the border with Russia, with more than 300000 inhabitants. Mining site is close to S/S, which provide secure and reliable power supply and reduce price of power, delivered to site, since transmission network is smaller than 500m.
It is planned that FIT tokens holders receive dividends from the operation of Bitcoin mining facility, but also from two Facite projects in Kazakhstan, related to Bus network in Shimkent city and Solar power plant in the area near Lake Kapchgay. More details regarding these two projects can be found in whitepaper https://docs.wixstatic.com/ugd/8f0e7c_3b99c6eebe30449f9b30e0b477c01848.pdf, with an explanation of current situation in Kazakhstan regarding road development and economics, and graphs related to increase of GDP and constant increase of vehicle number.
Facite project token symbol is FIT, 40% of total number is planned for Sale, and since IEO will be held on Korean exchanges, initial price is 5 WON per FIT.
Roadmap foreseen milestone of 500000 mining machines in Q4 2019, which is in half a year period, and milestone of 1500000 mining machines in Q4 2020.
Since Kazakhstan national strategy is clearly supportive for digitalization and provision of additional subventions for Investor related to digital technologies, such as Bitcoin and other crypto currency mining and Investor have benefits to start their operation in the country and Facite foundation project is using these facts in collaboration between Korean and local business people and programmers. Country is trying to profit from digitalization, but without risk related to direct holding of Bitcoin, which is very price volatile asset.
Project website: https://www.facite.org/
Project whitepaper: https://docs.wixstatic.com/ugd/8f0e7c_3b99c6eebe30449f9b30e0b477c01848.pdf