MoonLite recently completed its initial coin offering (ICO). The ICO (including the pre-sale) was a success and raised just over $9 million USD. This is notable as the MoonLite project was fully funded despite the depressed cryptocurrency market capitalization during the first half of 2018 (see: Capitalization of Cryptocurrency Markets Loses 59% in Q1 2018 here: https://news.bitcoin.com/capitalization-cryptocurrency-markets-loses-59-q1-2018/) and unexpected headwinds that impacted many ICOs (see: Google bans cryptocurrency advertising here: https://www.aol.com/article/finance/2018/03/14/google-bans-cryptocurrency-advertising-bitcoin-price-slumps/23385997/). The strength of the ICO token sale speaks to the solid “use case”, business development plan, CEO and team.
Update on the Mining Farm Infrastructure
The MoonLite team is following its development road map and focusing on its infrastructure development by: entering in to a Land Purchase and payment; finalizing its energy contract guarantees and payments; and installing needed cooling, racking, shelving, cabling, server switches, and electrical hardware in the warehouse. All building modifications are expected to be completed by July and the team will await the delivery of the purchased mining equipment.
The development of the mining farm will proceed with its original planned scale.
Update on the Profit Distribution
Reaching the ICO hard cap results in no changes to the initial projected financial profits and profit distributions. The initial financial projections were calculated based on a bitcoin (BTC) price of $6,000 USD and projected profits remain modest and achievable now with BTC at ~$9,000 USD. The volatility of cryptocurrencies over time is something that investors must remain aware of.
The first profit distribution from MoonLite’s mining operations is scheduled for September 2019 at $0.28 USD per token, redeemable through an ethereum (ETH) payment to the wallet address where investor’s tokens are kept, or by a token buyback and burn campaign though the exchanges. The second profit distribution will occur in February 2020 with a $0.40 USD profit per token. After this profit distributions will occur at 6 months intervals thereafter. As planned, in the future holders will be able to vote on the possibility of expediting expansion of the mining operations, with the aim of generating more profits, faster.
Update on the Token Holder Voting Portal
The voting will be done using a voting system which MoonLite is currently developing. The voting portal should be ready by June and will allow for token holder voting on key issues. Two issues are already earmarked for voting including: 1) The timing to list MNL tokens on cryptocurrency exchanges (either June or September – maybe even at a later date?); and 2) Whether to expand and expedite the Phase 2 rollout (to increase mining more quickly or stay with the original planned rate of expansion). Additional items may be added to the voting portal as needed. The voting process will be similar to online proxy votes that occur for some stocks, where participants register with their wallet addresses and email addresses. Voters will be able to log in to the voting portal, and enter their votes based on 1 vote per 1 token. For voting transparency all of the voting results are shown in real-time, publicly available, and the votes will never be altered or over-ruled by the management of MoonLite.
Update on Cryptocurrency Exchange Listings
The MNL token is currently listed on both Etherdelta and Forkdelta cryptocurrency exchanges. The listing of MNL tokens on other exchanges is also another key step in development. MoonLite revealed that they are currently in negotiations with four of the top exchanges and a newer exchange. When the agreements are finalized MoonLite will release the details of all its new exchange listings. The decision to list later on exchanges after the mining is operational seems to be favoured by token holders at this early stage as a way to protect the MNL token price. While MoonLite has no plans to use Coin Market Cap (CMC) the project does meet their requirements for listing token price in real time. Ultimately, the investor community will decide by voting whether MNL should list immediately, or wait for the project to be operational before listing – and whether to seek listing on CMC.
Summary
Overall, the MoonLite ICO has met its hard cap and is proceeding on schedule. The project is on track with its building site upgrades to accommodate mining rig equipment. Ongoing work is focused on developing a token holder voting platform, working on exchange listings, and developing the mining building infrastructure to be ready for the mining rigs. The CEO and development team continue to impress with solid performance meeting the development milestones as they continue forward towards a fully operational mining operation as set out in their roadmap. MoonLite MNL tokens remain a strong buy as the project provides a unique crypto-mining profit sharing dividend for its token holders.
For more information:
MoonLite website: https://www.moonlite.io/
MoonLite update: “Ready, set go: Data centre here we come! – 9 April,2018” see: https://mailchi.mp/f13262116868/ready-set-go-data-centre-here-we-come