all articles

VOTE#9. Direct $150,000 From Treasury to Purchase New Miners

March 22, 2024
min. read

Thanks to the creation of the Treasury, Minto accumulates significant funds, whose use requires a community decision.

Taking into account the prevailing favorable market conditions, we propose to allocate part of the Treasury funds ($150,000) to purchase modern miner models to improve the project energy efficiency on the eve of halving.

Why are we proposing this?

At the moment, Minto owns 104,000 TH/s of mining power, of which 55,000 TH/s with an energy efficiency of 60 W/TH were launched in the fall of 2021 and generated profits for Minto holders non-stop. 

On the eve of halving and after its onset, we see the need to upgrade the mining hardware fleet, consistently replacing outdated less energy-efficient hardware with more modern models.

Equipment that starts generating losses will be shut down and replaced with more modern units. We therefore expect not only to maintain the current hashrate level, but also to continue to increase it. 

The halving is potentially a great opportunity to buy mining hardware at a good discount.

What will change and what are the benefits?

If the vote result is positive, we expect to raise $300,000 to purchase more modern miners. This amount may comprise: 

  1. $150,000 - funds allocated from the Treasury;  
  2. $125,000 - funds from additional token issue* 
  3. $25,000 - Minto Team funds

*additional issue means the issue of tokens that have not yet been issued after the previous tokenization (total supply will not change). The purchase of tokens will be made through an auction. Details of participation, conditions, etc. can be found in our Telegram community

The purchase will be made within 30 days, taking into account the following target indicators: 

Price for 1 TH/s = 6-9$ 

Energy efficiency by 1 TH/s = 28-34 W/TH 

The expected amount of hashrate = 45,000 TH/s

As a result of the purchase, first of all, the Active Customer Hashrate (ACH) will improve according to the “best capacities for customers” principle.

The current Customer Energy Efficiency (CEE) will improve by ~23% from 38.9 W/TH to ~30 W/TH, which will significantly reduce the burden associated with electricity costs and, as a result, increase profitability by ~40-50% compared to now.

In the period after halving, the total hashrate will range from 104,000 TH/s to about 150,000 TH/s, but we expect that the hashrate will eventually stabilize around 105,000 TH/s, as the outdated 55,000 TH/s with an energy efficiency of 60 W/TH operating since October 2021 is gradually turned off while new miners are purchased and installed.

How will it work?

If a positive decision is made, $150,000 from the Treasury will be used to purchase mining hardware.

The token sale as part of the additional issue will be available from the date of vote completion until April 10. 

The acquired hashrate will be connected to the project gradually as the equipment is purchased and delivered.

In case of a different voting outcome, the funds will not be spent and will continue to accumulate until the next vote.

Voting format:

Option 1: Yes, use funds for the purchase of mining hardware

Option 2: No, do not use funds

What is required for this to work?

Voting on the blockchain will take place @
Voting period: 26/03/2024 to 28/03/2024 04:00 PM UTC(+00).

Over 51% "YES" votes are required to use the funds for purchase.

If over 51% of the votes are "YES", we will start to purchase hashrate starting on 01/04/2024, and will launch a token auction from 28/03/2024 to 10/04/2024.

The weight of your vote will be proportionate to the number of tokens you own.

You’ll be able to vote even if your tokens are currently on staking or autofarm smart contracts.
Connect your wallet, choose an option and vote.

If you have trouble voting or would like to know more details - read the article and join our Telegram community.

03/28/2024 Update: VOTE#9 IS OVER!

VOTE#9 results

Read more articles