In late September Russian Miner Coin (RMC) raised the equivalent of $43 million through an ICO to create a “next-gen ecosystem for miners and investors,” challenging China in this field.
This impressive amount set a new record in the Eastern European ICO scene; however, it is well below the company’s initial $100 million target.
Asked about the consequences of this semi-failure, the RMC press service told us: “We raised enough to implement our project. We needed only $10 million for the development of Multiclet, our new-generation processor. The remaining amount will be used to produce Sunrise, a built-in security chip. So, we’ve already started our work.”
The company intends to locate mining computers based on Bitfury chips in individual Russian households, leveraging Russia’s consumer electricity prices. These are lower (80 kopeks or 1.3 cents per kilowatt hour) than in China, according to the company.
The tokens issued in the course of the ICO will have rights to 18% of the revenue earned with the company’s mining equipment, according to the ICO documentation. Thus everyone will receive “a chance to become the owner of the next-generation miner,” RMC promises.
The company is co-owned by Dmitry Marinichev, the Internet commissioner of the Russian president.