Frequently Asked Questions
Is the KWATT Token an ERC-20 Token?
Yes, the KWATT token is based the ERC-20 token standard and Ethereum-powered smart contracts. Once the blockchain is developed, the token will be swapped out for the KWATT coin which will interact with the blockchain. The total token offering is three hundred million tokens (300,000,000). This is the hard cap limit for the crowd sale offering. Each KWATT Coin represents 1 kilowatt of electricity per year.
How Can KWATT Coin Holders Use Their Coins?
KWATT Coin holders will be able to apply their energy to one of two places. They can either sell their energy to the UK National Grid, or they can choose to apply it towards 4NEW’s cryptocurrency mining farm. At the start of each year, KWATT Coin holders will be able to choose how their energy is used. Energy is determined by the total amount of KWATT Coins in their control at the time of this election. Management reserves the right to determine a user’s energy allocation if a decision is not made within the allotted time frame.
Is the Business Model Scalable?
Each year, 35% of profits are allocated towards the development of additional plants. This will increase business longevity and scalability.
What is 4NEW’s Accounting Procedure?
4NEW’s financial statements will be maintained at Zucker Forensics P.A. Zucker Forensics is a credentialed forensic accounting firm with a staff of U.S. Certified Public Accountants (CPAs). The team has over 35 years of forensic accounting experience and specializes in identifying fraudulent accounting practices.
Who Audits 4NEW?
4NEW’s independent auditor is Daszkal Bolton LLP. Over a 26 year tenure, Daszkal Bolton has forged an illustrious track record that includes highly profitable companies from every sector. In an effort to comply with the highest ethical standards, 4NEW management will submit to annual audits.
How Bad is Bitcoin’s Energy Waste?
The energy inefficiency of Bitcoin mining is significantly greater than initially anticipated, and the associated carbon footprint is worrisome. Bitmain serves as a perfect example. Their mining operation consists of 25,000 units in total, seven buildings housing 21,000 ASIC Bitcoin rigs, and another building with 4,000 Litecoin rigs. Their profits are around $200,000 per day, after paying for 40 mW of $0.05 per kilowatt-hour, coal-powered electricity totaling $40,000. This is in addition to paying 50 salaried employees.
The mining operation produces a lot of heat, resulting in a higher-than-usual malfunction rate. Cooling costs to keep the devices at normal temperatures are about one fifth of the total power consumption.
The mine’s total footprint is between 24-40 tons of CO2 per hour. This mean the total energy consumption of the Bitcoin network processes about 200 tons of CO2 per hour at minimum. The footprint could be significantly reduced if the source of energy is substituted for a greener method.
Bitmain’s plant consumes 40 megawatts per hour (approximately 5% of the total Bitcoin output), the same output capacity of the 4NEW plant. Therefore, it is possible for our operation to scale in the same way. At approximately 5% market share of a $20 billion Bitcoin mining sector, the projected market capitalization of 4NEW revenues is roughly $1 billion.