“Recyclable energy” will soon be coming to cryptocurrency mining, it was revealed at the USI Tech company meeting today in London.
Officials of the company told members in attendance that it has received global patents for a process that will use the heat created by computers used for mining and create energy with it to power the same computers, rather than additional electricity.
John Smith, one of the leading distributors for USI Tech, said, “They’ve got a system that pretty much zeroes out the cost of electricity (in cryptocurrency mining). Most of the cost in mining is electricity, once you’ve got the hardware. You always hear that it’s not the most profitable part of the business, but that might be about to change.” (His full comments can be seen in the video above.)
Concurrent with that announcement, the company announced the creation of its own cryptocurrency, the TechCoin. USI distributor Lee Oakey said, “it is the (recyclable energy) technology that is going to prop the price (of the TechCoin) and add the value.”
In other words, investing in TechCoin can also be seen as an investment in the new recyclable energy technology.
“The problem with mining is that 90 percent of the cost of mining is the electricity,” Smith said. “So, if you have a patent on a machine that delivers essentially electricity at essentially zero cost, not only is that going to make us one of the most profitable miners in the world, if not the most profitable miner in the world, but people are going to want to buy into that technology. And the only way they’re going to be able to do that is through TechCoin. With this sort of technology backing, who wouldn’t want to get involved in TechCoin?”
The new patented technology is called the Asymmetric Permanent Magnet Motor Generator. Applying this technology into practice will allow USI Tech to reduce costs of mining to nearly ZERO. The heat that’s generated during the process gets turned back into power and by doing so, there’s not going to be any costs in regards to ventilation and cooling.
“They’ve got an extraordinary means that they’ve patented pretty much globally to reduce the cost of the mining,” Oakey said. “They will then probably license that technology out to different streams of the industry that will affect heating as well as air conditioning and mining, and everyone will start to take notice.” (His full comments can be seen in this video.)
“It has to do with creating energy,” said USI distributor OJ Jordan. “It is quite powerful through magnets. They are going to use it to do the mining so that they will have recyclable energy. They are talking about using the heating produced from the mining to power up the machines. … This is actually quite groundbreaking.” (His full comments can be seen in this video.)
The TechCoin is currently in its ICO (initial coin offering) phase, which is similar to an IPO (initial public offering) for a company selling stock on an exchange for the first time. While it is in its ICO phase, only USI Tech members can purchase the tokens. The tokens will be converted to TechCoins when TechCoin goes public.
“You have an opportunity to come in and buy these tokens at a preferential rate, and then at the rate that 500 million are sold to USI Tech members, they go on to the exchange at a value,” Oakey said. “It’s like having a preferential share option at a reduced price ahead of a (public offering). That’s what you have at the moment in front of you.”
USI Tech is an investment software company that introduced a product called the Bitcoin Package a year ago. The product pays approximately 1 percent in daily returns on Bitcoin invested via the package product. The company has more that 400,000 members participating in the program worldwide, with 5,000 joining per day. It has paid more than $150 million in commissions to members who share the opportunity with others. There is no requirement to do so, however.
Each Bitcoin package costs 50 Euros, or around $62 US. (Bitcoin packages can also be purchased with Bitcoin.) They can be set to reinvest all returns into new Bitcoin packages, each of which will also earn around 1 percent daily, creating a compounding effect – a way to, in effect, multiply your existing Bitcoin holdings.
Among the other major announcements at the London company event:
- The company’s Foreign exchange (Forex) investment product, which previously was available through software only, can now be purchased in the form of packages, just like the Bitcoin product, and managed by the company on behalf of its customers.
- A $70 million investment in mining computer hardware will result in USI Tech having 1 percent of all global capacity in Bitcoin mining, and 2.5 percent of all Ethereum mining.
For much more on USI Tech, visit their current website.
(Updated November 12, 2017 at 8:02 p.m. Central time U.S.)