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BitcoinX: Thank you for taking the time to chat with us today. So, tell us who you are and what your position is at 803 Mine?
803 Mine: My name is Nicholas Amato and I am the C.E.O. of 803 MINE.
BitcoinX: Tell us – what is 803 Mine? What is the main idea behind the project and why did you decide to start it?
803 Mine: 803 MINE is an American cryptocurrency mine. We call the it 100 Million Dollar Mine because that is target launch platform. It really the first of its kind – allowing token holders to receive access to the freshly minted coins generated held in “The Mining Fund” – a closed end fund. The tokens are your right to access the fund- akin to a member service or subscription. 50% of the total production is distributed over the total tokens held. 25% in used to pay expenses – which means we have access to cheap energy and economies of scale as energy is generally the lion’s share of profits. 25% is reinvested back into the production of 803 Mine. This allows for the distributions of “The Mining Fund” to increase while the net asset value of 803 Mine grows. We plan to offer an internal redemption next year, similar to a mutual or hedge fund operation in traditional financing – except redemptions will only be paid in cryptocurrency – no fiat! We don’t make fiat – we make Bitcoin.
1,250,000 tokens are for sale – the presale rounds are capped at 100,000 tokens and no additional tokens are ever created. 803 Mine Project will retain 125,000 out of the total supply to compensate team members and use for promotions and giveaways in the future. Tokens will pay into perpetuity, there is no end nor expiration date, we have big plans and even more to come. 803 Mine Project is just the foundation to future.
803 Mine Project started because we were doing large scale mining and our operation just kept expanding and eventually you hit a point where people are rushing to you to get in early and be a part of the mining we have doing for the past 5 years. I bought my first BTC at $40! Now that, “Bitcoin is here to stay” and we are expanding regardless, we decided to make a scalable project that would allow anyone to enter this market and come on the journey with us. We are the experts. We manage everything – what coins to mine, when to spend coin, power consumption, evolving technologies, supply chain issues, logistics, coding, software, etc.
BitcoinX: Blockchain technology is expected to alter the landscape and/or create efficiencies in almost every industry. In what ways does your technology address these?
803 Mine: Our technology helps diverse the hashing power globally and we secure the blockchain. Without us, the Blockchain is left vulnerable, not just to entities, but other nations, as the amount of computer power is really not publicized very well. For instance, the Bitcoin network is 80M Petaflops and China controls about 60% of this. The faster supercomputer was made in 2016 and is 93 Petaflop. That’s right. 80 Million vs 93. to other nations and attempts at 51% attacks. We are the largest mine in America and plan to be one of the largest, if not the largest, crypto mines in the world. We do not outsource our operations or power outside of the United States of America.
BitcoinX: When and why did you first decide to do an ICO?
803 Mine: We decided to do an ico because it’s the best way to get a project moving quickly and allows us to control the crypto mining portion without giving up control and being trusted to make the right moves by big money. We have been mining since 2012. We have been very successful. We are the experts. There is really no one else that knows cryptocurrency better than I do..and certainly not mining.
BitcoinX: Tell us about what preparation was required to get the project to this point?
803 Mine: Hard work, talent and luck.
BitcoinX: What makes this project especially exciting for ICO participants? What makes them want to join?
803 Mine: This is a way to put your crypto to work. Since we are making fresh Bitcoins, Ether, Litecoin, Dash, Z-Cash, etc. we put all returns into a crypto rate of return. That means, we are not looking at the USD profit, but the profit as defined by more total coin and how many days of production will it take to recoup our asset purchase. IE: If you were to buy 10 BTC, or 100 ETHER, worth of 803 MINE tokens, the question is not, “how long to recoup?” but rather, what is my return on assets. We are unique because unlike most companies that need to sell BTC, ETH, LTC, etc. contributions for fiat, we can transaction in 100% cryptocurrency. That means we are selling, for instance, 10 BTC for $50,000 and looking to see how long before making $50,000 off that particular asset acquisition.
Why?
Well simple. BTC was $400 last year, now it’s $4000. Well if we made everyone 80% returns last year and will do so again this year, but Bitcoin went up 1000% you would be down in terms of fiat….but since we make Bitcoins, we returned 80% in 12 months in distributions then we really made everyone the % move in Bitcoin and increased their total Bitcoin by 80%. Now that’s the genius of the whole thing. Having a large mining operation like 803 Mine…well that has some more unique perks as things begin to scale. Now we control large portions of the available supply. We add a function as a almost a reserve bank, to use an analogy. Most people don’t even know that we have mined 16.5 Million out of the 21 Million available….and we will only mine ~2 Million more over the next 2 years and then 3 million more over the next 100 years. The supply is almost reached..the price is going up. So how is that even better for miners? Well we also keep the transaction fees paid to the network as a result of mining a block to the blockchain. This has been about 20% of the block reward for Bitcoin, which means there is less reliance of finding a block as miner to be profitable, but from clearing the transactions in a particular block – similar to a clearing firm. Just another thing that makes 803 Mine a really interested project in scaling – from being a gold/silver/mine anything operation, to a reserve bank, to a clearing firm, and all while creating fresh cryptocurrencies that have no transaction records before they were mined. Oh and a “power plant” with this much energy required!
BitcoinX: Where are you in the actual development phase of the project?
803 Mine: The 803 Mine Project ICO has everything in place in terms of equipment and teams ready to go. We are ready.
BitcoinX: After a successful ICO, what is the timeline for coming to market?
803 Mine: The Mining Fund will make its first distribution on 6/1/2018 to all 803 MINE Token holders. Based on the existing structure and current returns, anyone entering the pre-sale 100% bonus, is looking at a token with 803 Mine holding a net asset value of $88.97 by June 1, 2018 and the first distribution of $18.38 / 803 MINE Token. So the 803 MINE Token, theoretically, will value assets around $88.97/803 MINE token and pay a distribution to anyone buying this pre-sale round of $18.38/token. The more tokens, sell the higher these distributions become. If the prices of the mined coins double then so will the value of the distribution. To explain in BTC terms, 1 BTC worth of 803 Mine Tokens on this ICO Pre-Sale means 803 MINE has 1.77 BTC worth in assets and the first distribution is .52-.76 BTC. 1 BTC purchased during the Token Launch, remember this Pre-Sale is way underpriced and why we have limit at 100,000 803 MINE Tokens for sale in this round and 1,000,000 out of 1,250,000 million offered in the Token Launch at $100/803 MINE Token, so 1 BTC purchased at that time means 803 Mine will hold assets around .8897 BTC and distribute .36 BTC. By the end of 2018, 803 Mine is targeting .8301 BTC distributed per every 1 BTC contributed and having the net asset value increase beyond $100/803 Mine Token. It’s sounds hard, but it’s pretty simple. We make Bitcoin. Blockchains issue the coins and they get distributed among the token owners. Bitcoin is profitable. Making Bitcoin is profitable. As Bitcoin goes up in price, this becomes exponentially more profitable.
BitcoinX: Are you focused in any specific geographic areas?
803 Mine: We will be located in the United States but all areas of the global are welcome to join to ico.
BitcoinX: For those who have read your whitepaper and other info, is there anything else you want to add to convince them to participate?
803 Mine: If you believe in any blockchain technology working, and want to be in, or you are holding crypto, then you are betting that cryptocurrency will succeed. Why not bet on the company that actually makes the Bitcoins, Ether, etc.? Imagine this is like the first time Ford motors is opening up..which can be a good return…but the oil is where the real money is. No oil, no car. Well, no miners, no blockchain, no Bitcoins, no Ether, etc. I really like to use the analogy that we are really a gold/silver/oil/can-mine-anything mining company, a reserve bank and large supplier of crypto as we get closer to the 100 Million mark, and as transactions increase, we become the clearing firm and title company for records on the blockchain and we will be able to increase market share and drive profits further.
