Top Questions & Answers from the Ask Me Anything Telegram Session
All you need to know from the Q&A Session on Telegram
On Friday 17th of July, members of the GX Blocks Energy team, including Founders & CEO, conducted the first Q&A Session on GX Blocks’ Telegram group. The present article summarizes the Questions and Answers from our session.
Good afternoon everyone!
Before we start our Q&A Session we would like to inform you about an important update regarding the GX Blocks Energy Pre-Sale!
We have decided to extend the Pre-Sale period until 30 September 2020, as we have not reached our Soft Cap yet. We have reached this decision to allow sufficient time for consumer confidence to grow back due to the economic uncertainty caused by the COVID-19 pandemic.
We have categorized all the important Questions & Answers in 7 categories. Read below to find out more about GX Blocks Energy.
1 ~ Soft Cap
What will happen if you do not reach the Soft Cap by the end of the Pre-Sale? Will the project start nevertheless? Will you extend the Pre-Sale period further?
As already announced and communicated by our team, the Pre-Sale campaign has been extended and will officially end on 30 September 2020. The PreSale period will not be extended further.
Our plans remain the same, we are just shifting the activation of GX Contracts further back to allow for sufficient time to reach the Soft Cap of our PreSale. We are already more than half-way through to reaching our Soft Cap target and we are hopeful that we will reach our Soft Cap soon. However, even if we don’t reach it by the 30th of September, we will still continue with the creation of our GX Platform, as the funding for the platform does not depend solely on the PreSale Contract Offering. Through our Private Operations and Private funding, we will develop the GX Platform with its primary features, and we will continue our B2B operations. GX Blocks Energy has a long-term vision and will not give up. We are here to stay! GX Blocks puts value on transparency and this is why we are here engaging in open and transparent communication with our community.
How much is sold already? What numbers do you expect?
We currently have sold 692 GX Mining Contracts! (as of 20/07/2020). We are hopeful that we will reach our Soft Cap which will be triggered at 1250 GX Contracts or $700,000. If any of the two targets are reached, we will have met our Soft Cap!
We are already more than half-way through to reaching our Soft Cap target and we are hopeful that we will reach it soon.
2 ~ Mining with GX Blocks
Which coins will be mined? Can the algorithm be changed or it is only BTC? Are there any other coins that will also be mined in the future?
You are able to mine Bitcoin and various altcoins directly via our Smart GX Mining allocation page. The availability of cryptocurrencies you can receive depends on the available coins we provide through our supported coins and wallets.
You must choose an allocation strategy for your GX contract in order to determine the cryptocurrency received for your mining output. If no allocation has been made, the mining output will default to the following for the given blockchain algorithm: SHA-256 contract — Bitcoin
We will expand our operations also in different algorithms for mining digital assets such as ETH, ZCASH, etc.
When does the mining start?
As originally stated, the activation of the GX Contracts will commence 60 days after the end of our contract offering GX PreSale. Now that the Pre-Sale period has been extended, the Contracts will be activated 60 days, or sooner, after the 30th of September 2020.
When will I get my first returns?
When the contracts are activated, which will happen 60 days after the PreSale ends, you will get your first returns after the first month of active mining!
What would the prices be after the Pre-Sale ends (on September 30th)?
After the Pre-Sale ends, our next Contract Offering is expected to commence in Q4 of 2020. The next batch prices will be released accordingly based on market conditions etc.
The current prices are at $280 for the GX-S, $550 for the GX-M, and $1,000 for the GX-L contracts without considering the additional Discounts!
How are you different from other Cloud minings like EOBOT?
Our main difference of GX Blocks from EOBOT is that we are using the cutting-edge technologies for the mining infrastructure and leveraging at the same time Distributed Ledger Technologies for the creation of a transparent ecosystem. Additionally, we offer:
- Better Prices with no Hidden Fees
- Using Smart Contract Applications
- Free Maintenance
- Auto re-allocation of returns
- Transparency/ DLT Records
- Performance Pro Reports
- Sustainable & Clean Energy Usage
- Use of Innovative Liquid Cooling Methods
- No risk of Termination of the Contract
However, even if we don’t reach it by the end of the campaign, we will still continue with the creation of our GX Platform, as the funding for the platform does not depend solely on the Pre-Sale Contract Offering.
3 ~ PLATFORM AND ADDITIONAL FEATURES
Is GX Blocks Energy only about mining? What are the other features? Does GX Blocks have Masternodes? Can we acquire a share of a Masternode? What about staking possibilities?
GX Blocks is not limited to mining. GX Blocks will offer an all-in-one platform, with more features such as multi-signature wallet solution, the ability to buy/sell/swap crypto, and PoS/Masternodes, etc. We will create an explainer video when we have the final Beta version of the GX Blocks platform ready, explaining all the platform features.
Also, it will be possible to contribute to a portion of the masternode and receive the corresponding percentage of the output. Masternodes aren’t available yet, expect them in Q4 of 2020 — Q1 of 2021, with coins like ETH, XTZ, Polkadot, Algo, and Cosmos.
4 ~ Payment Options
What are the payment options?
Our payment options with fiat are through Bank Transfer or Visa/Mastercard via Paypal only. In addition to Paypal, other payment merchants include Coinbase Commerce and CoinPayments. Regarding payments in cryptocurrencies, you can pay using the following: BTC, ETH, XRP, EOS, LTC, XMR, LINK, XTZ, USDT, XLM, DASH and other coin wallets which will be supported.
Why did you choose XRP?
We did not choose the XRP as a rewarding payment method of GX Contracts, but the user will have the availability to choose in more than 10+ Digital Assets.
We have selected the XRPL as our transactional payment ledger which combining with Interledger Protocol we are able to communicate different blockchain protocols.
Have you considered or formed any partnerships as a payment gateway?
We are happy to announce that we have already partnered with Changelly & Simplex and tested in our Beta Platform.
You will be able to securely store, manage and exchange Bitcoin, Ethereum, and more than 17+ other blockchain assets.
5 ~ Mining Farms
Where is mining located? Is it all located in Greece?
For security reasons, we do not disclose the exact location of our mining farms. We will be operating several mining farms that will be located both in and outside of the Greek borders. Our location selection is based on criteria such as electricity cost and availability of cooling which are the most important factors of cryptocurrency mining.
Has the construction of the crypto mining units started?
The data center that will be used only for R&D purposes is already constructed. The facilities that will host the large scale mining operations are not yet constructed, because it is a matter of capacity and budget, which are still unknown from the moment that the Pre-Sale campaign, as long as the private funding, are still live and running. However, we have already identified the locations and we have already designed the technical aspects of the facility with our engineers so when the budget will be finalized, the constructions will start immediately. The duration of the construction will not exceed the 2-month period.
What is the total estimated hashrate your farm generates?
We are planning to have around 1400 Bitmain S19 Pro Miners, accounting for 150000 TH/s. This is the estimation based on our funding.
6 ~ Renewable Energy Sources
How does GX Blocks Energy utilize Renewable Energy sources?
GX Blocks Energy has developed a business structure of Renewable Energy Parks that can provide the produced electricity directly to mining farms. Altogether it is a high-tech solution that can be seamlessly deployed globally and allows us to use the cleanest and cheapest energy mix wherever it is available.
Our goal is to reduce the mining industry’s negative impact on the environment and to contribute to a greener data center industry. All our mining farms will take advantage of renewable energy sources and mining will happen at the minimum possible cost.
What are the renewable sources researched at the moment?
Our plan is to construct and purchase hydroelectric and solar/photovoltaic power-plants.
Apart from using green power coming from solar panels and hydropower for the mining process, do you plan on using other types of clean energy?
In addition to that, our future plan is to use other types of power such as CHP and Natural Gas, which both are Clean Energy solutions.
You will need a large land area to install photovoltaic panels, does GX already have this land?
We are located in a strategic country-location (Greece) where the land for renewable energy sources and especially for Photovoltaic Plants is unlimited.
How do you solve the problem of energy loss as heat during the transfer of electricity from energy plants to mining farms?
By using MMU (Mobile Mining Units) which are directly connected to the Mining Facilities, we effectively minimize power losses.
What if there is any change of regulation? Has the team taken this into consideration?
Greece is a strategic location for photovoltaic investments and the legal framework is friendly. Nevertheless, we feel confident about our legal department and we always stay up to date regarding the legal framework that may concern us.
A lot of mining companies that were crowdfunded in recent years turned out to be scams or dead projects. How do you differ from them?
We don’t answer these types of questions. You can base your opinion on the above-shared information and public documentation/data of our GX Blocks Project. Please do your own research before you invest/purchase any product or service in the blockchain market.
Can I visit you somewhere?
Yes, you can meet us with a scheduled appointment at our offices, which are based in Athens, Greece!