What is Ambit?
“Ambit is a next generation mining infrastructure. We have already managed to build and run a 1 MW mining farm and 5 MW hosting facility.”
— Beka Vashakidze, CEO
ICO Alert Quick Facts
- Fully operational crypto mine expanding in a free economic zone, Tbilisi, Georgia
- $0.50 = 1 AMBT token
- April 20, 2018 — May 10, 2018
- 88,000,000 total available / 104,000,000 total supply
- Token owners get voting rights for reinvestments
Q&A with Ambit Founder and CEO, Beka Vashakidze
ICO Alert: For those who are not familiar with Ambit, can you explain what it is and what the team aims to accomplish?
Vashakidze: Ambit is a next generation mining infrastructure. We are the first ICO with existing and scalable infrastructure, we have already managed to build and run a 1 MW mining farm and 5 MW hosting facility. With the ICO, we aim to expand rather than start everything from scratch. We are offering token holders an opportunity to become part of a large proprietary mining facility, where they will be entitled to the profit share from mining, hosting, and cloud mining services that we will offer when the farm will become operational. And unlike other cloud mining services, we will only sell the hash-rate that will be actually available and it will be fully transparent.
ICO Alert: How does the Ambit Token (AMBT) function within the platform and why is it needed?
Vashakidze: AMBT is a token with payout, it entitles the token holders to the percentage of the profit from the operation of Ambit Mining. This includes profit share from: hosting, mining, and cloud mining. Token holders will be able to receive bi-weekly payouts for as long as the mining is profitable (in a sense, it is a lifetime contract). Token holders will have 10% discount on our hosting services as well as on our future cloud mining services.
ICO Alert: According to your website, you already have a mining facility up-and-running. How successful has the facility been, and how quickly do you plan to expand that facility?
Vashakidze: The existing mining facility is diversified and it has achieved 100% ROI in just five months. We plan to start building the new facility as soon as the ICO is over in May. We expect to finish the construction and have the farm fully operational in October.
ICO Alert: Will the funds raised during the ICO go towards paying for the already functional facility?
Vashakidze: No, the funds collected during the ICO will go towards the new project, it will not be connected in any way with the existing facilities.
ICO Alert: How do you determine which altcoins you’re going to mine?
Vashakidze: We are diversifying our farm in order to maximize the profit and mitigate the risk of being tied to only one coin. Therefore, a portion of our farm will be allocated to the GPU mining. As for which altcoins to mine, we are going to look at two criteria: the potential and the promise of the coin, and the profitability. Additionally, we will have a voting system where the token holders will have a say in which altcoins to mine.
ICO Alert: What are some of the benefits of choosing the country of Georgia for your mining operations?
Vashakidze: Georgia is one of the most crypto friendly countries in the world. We have abundance of hydro energy, as well as the positive attitude from the government towards innovation (the National Agency of Public Registry is also using blockchain technology). Georgia is ranked number three in the world in terms of mining, and number one country per capita.
Additionally, we are located in Tbilisi Free Zone, which is pretty much a country inside a country. Think of the Cayman Islands or BDI with abundant, low cost electricity at just $0.05 USD kW/h. TFZ is a tax free zone, which means that, if in the future the mining is taxed, we will still be free of these changes.
ICO Alert: What is your strategy to keep up with the increasing difficulty of mining cryptocurrency?
Vashakidze: We have a reinvestment strategy in place to match the increasing difficulty. 25% of the net mining yield will be bootstrapped in order to upgrade and improve the mining facility and match the increasing difficulty of mining cryptocurrency. If the actual amount needed will be less than 25%, the rest will also be paid out to token holders.
ICO Alert: Can you explain more about how the voting system will work for future development?
Vashakidze: Token holders will have a voting right to decide which equipment to purchase for the upgrade and improvement (reinvestment stage), which altcoins to mine, etc. The voting will take place on our website.
ICO Alert: How often will contributors be able to get in touch with representatives at the physical mining facility? Are ICO participants able to visit the mining facilities in person?
Vashakidze: ICO participants are more than welcome to visit the facility in person. They can contact us at firstname.lastname@example.org and arrange their visit any time. We will provide the tour of the existing facility and our office.
ICO Alert: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for 2018?
Vashakidze: We have already successfully built and run a 1 MW mining facility and 5 MW hosting facility. Now we are starting a presale for our ICO on April 10th. As soon as the ICO is over in May, we will start the construction of the new large scale mining facility. We plan to have it fully operational by October 2018, and at the same time we will aim to provide cloud mining services.
ICO Alert: As a non-Ambit question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?
Vashakidze: We have seen the raise in popularity of cryptocurrency over the last few months, however, we believe that there is still a lot of potential for growth, and this technology is here to stay. We believe that ICOs enable bright ideas to come to life, and find required resources to disrupt and decentralize the existing industries. We believe that in 3–5 years we will, without doubt, see the mass adoption of this new technology.
The Pre-ICO will start on April 10, 2018 and will end on April 17, 2018. The minimum contribution for the entire ICO is $100 equivalent of ETH or BTC.
The main ICO will begin on April 20, 2018 and will end on May 10, 2018. There are a total of 88,000,000 Ambit tokens (AMBT) available during the main ICO, representing 85% of the total AMBT supply. A hard cap of $40 million is set for this period.
$0.50 = 1 AMBT token
Current accepted currencies for Ambit include BTC, ETH.
AMBT is an ERC20 token, so it’s important that contributors use ERC20 compatible wallets to send funds to the ICO smart contract, and to receive the Ambit tokens.
There are a total of 104,000,000 AMBT tokens being created, with 88,000,000 available during main ICO.
Contributors will have their tokens distributed shortly after the end of the ICO. Visit the Ambit website for more information and the contribution address.
The AMBT token might be categorized as a security as it entitles the token holders to the profits from the mining operation of Ambit Mining, and it might be under certain restrictions and regulations under the United States security laws. Therefore, Ambit Mining restricts access to US citizens, green card holders and residents of the United States.
Use of Crowdsale Proceeds
View the Ambit website here.
View the only comprehensive list of active and upcoming Initial Coin Offerings (ICOs) here.
- Ambit Website, Ambit (2018)
2. Ambit Whitepaper, Ambit (2018)