GAWMiners explosive growth over the past nine months has taken the mining industry down an interesting road. The next step in that road is the ICO (Initial Coin Offering) that is part of HashBase and Project Prime. HashBase has been teased to the Bitcoin and Cryptocurrency space for a month now with details emerging in bits and pieces as it all comes closer to launch.
HashBase, HashCoin and Project Prime are being guided into fruition by Josh Garza. Josh’s vision for Bitcoin and Cyptocurrencies is a full ecosystem approach. He is working to bring both Bitcoin and mining to the mainstream and t0 make it easier for anyone to get involved and use Bitcoin. HashBase and the new HashCoin launch is the next big step in bringing everything to the mainstream. CCN has reported on GAWMiners from the beginning. We have covered it all from Josh buying BTC.com for a record $1 million to the launch of the Hashlet mining ecosystem. Through it all, Josh and GAW have called their shots and followed through on them.
CCN recently spoke at to Josh about what is happening now, the ICO and where he sees it all going.
When you and I first spoke to each other back in March and April, you had outlined what is becoming HashBase and HashCoin. You had this vision the whole time. Could you tell CCN how the process has been getting banks and mainstream companies to realize Bitcoin and GAWMiners is mainstream as well?
It is all about the big picture. Right now, we gain 1500 to 2500 new customers per day. When started it was a couple hundred per day after the initial rush. It is about bringing new people into the space. The more we can get people into it the more it will grow. Bitcoin and Cryptocurrencies need more people involved and using it to grow. When Hashlets went up, more people came into mining and Bitcoin. We need to keep people interested in it and get it used more.
HashBase and Hashcoin is about the miners and getting more people involved and educated while lower volatility. I knew that I needed to bring more people into it. I feel bad for miners they are the backbone of the industry. The always get the short end of the stick and yet they are the key part of the industry. I feel like I am a steward of all the miners and try to keep them out of harm’s way. We stand in front of the problems and help the miners.
GAW changed everything. No matter what happens from here on out things will be different. Things are better, and the ecosystem belongs to miners, and they can have control of their destiny again. We stand between them and the manufacturers to get better pricing and faster access to the hash power they need to keep up with the difficulty changes. HashBase is the next step in mining. It is for miners. The industry needs to support them as they support it.
As for the banks and the mainstream companies our scale, We grew that by helping miners and being part of their ecosystem. This work has allowed us to negotiate these deals that will benefit them all and bring new people into Bitcoin allowing it to be used more and grow again. The banks and companies have seen what we have done and were on board. They know they have to be with us or left behind.
Could you tell CCN how negotiations have been with the big retailers you mention and how you connected it all for your customers and theirs?
The great thing is we have the scale and lots of customers and mining power so we move 800 to 1500 bitcoins per day. That is larger than most all of the exchanges do, and we are not even an exchange. So negotiations are going well, and they have been easy. The companies see our scale and have confidence in what we have done, and we are doing.
Could you expand on Hashcoin as it is a new coin to the market?
Note: Hashcoin is the code name, the release name is one that GAWMiners has purchased and will reveal soon.
Despite with people think, Bitcoin main issue is not education, it’s volatility. It is unstable, so no merchant will hold onto their bitcoin. Most get their payment and have it immediately changed to cash. We do not do that, but most companies have to. Bitcoins volatility is some that changes 12% in two days. Most merchants have tiny margins they have to cash out immediately.
We are releasing the White Paper on Hashcoin. HashCoin is a new code. It is going to have faster confirmations, we did a lot to compress the blockchain. Its not practical to wait an hour to buy a coup of coffee. With HashCoin you can get confirmations instantly.
HashCoin is all about adoption of Bitcoin and Hashcoin. Our coin is mined and decentralized. As the coins are generated, it pays out dividend to escrow accounts for marketing and adoption to get people involved. People trust the GAW brand and the ICO will be huge, and we have already locked in at $15+ million in funding. This large locked in backing will allow a huge market cap at inception. We are already working with exchanges and merchants before launch even. What other coin has done that? None.
1 Adoption Fund. The adoption fund will be used to create resources to expanse the coin. We will use it for launching massive marketing PR and marketing campaigns. We will also work with merchants to help train them on accepting digital currency. Finally, we will finance business development teams and create tools and resources to help grow adoption.
2 Fiat Reserve. The Fiat reserve will create a liquid fiat reserve to allow the coin to move between fiat and coins seamlessly. HashBase will allow this similar to Coinbase only better and easier. When someone wants to do business with Bitcoin or Hashcoin with a merchant, it sets it up and facilitates it seamlessly. It is the key part as it sets up a floor for the coins value. We are always going to pay X amount for the coin the helps stop pump and dumps for less volatility and more liquidity. This feature will make it easier for a merchant to take Bitcoin & Hashcoin and know they can pay their bills with it if they hold onto it. We are close to announcing deals with a few major payment processors.
3 Miner Rewards. This fund is for all things miners. It will fund R&D to build new chips that will allow us to build new data centers for new Hashlets for a fraction of the market price so miners can make more money. Miners get the upside and the benefit of their work getting more value.
Miners need to have a say in the industry we are going to give it to them. For me, I want to prove all the doubters wrong mining is not dead. I will make them eat their words. We are going to stand up to them. Someone has to be willing to give up money to make miners successful. We are willing to do that. Payouts are lower right now, and we are working hard to get this done to help the miners control their destiny and make money again, you have to own it end to end. We do.
This view Josh has always had, and it has intensified as the market has gotten more and more compressed, and miners are unable to make money to support themselves. When he heard BTC Guild was possibly closing Josh immediately contacted the owner to see about purchasing it and keeping it open. With added benefits for miners who use BTC Guild in mind if he can purchase the popular mining pool. CCN will keep you up to date on the progress of BTC Guild’s sale to whoever it will be.
How much are Hashpoints going to be worth in the ICO?
HashCoin will go public for just over $20 a coin. Our customer ICO HashPoint round will be at less than $4 a coin.
Legal note: Remember, this is NOT the FIAT round. This round, at these prices, will be limited to purchases with HashPoints reward points only. Our banking partners will NOT allow more coins to be purchased than with the available pool of HashPoints.
We hope our miners will see major increase on their investment immediately. What other coin has that possibility, None!! We are taking care of those who got us to where we are. Prime Hashlets are the base and will be the only ones to mine Hashcoins. We will make mining profitable again and bring Bitcoin and Hashcoins to the mass market.
GAWMiners recently completed a deal with Bitmain for over 5 ph/s of mining power to augment their existing data centers as growth never stops in the mining industry. CCN was able to verify the purchase of the AntMiners as well: Bitmain also made an official statement on it.
One of the big questions on everyone’s mind was the fact that ZenPool has been dropping lately.
With ZenPool payouts dropping by 40%, you have stated the plan was to get them back up after your contract situations worked out. Will you be able to get it back to the levels it was at previously?
Mining rewards are down all over. The first thing people need to realize it does not only affect our pool, because all the other pools suck we get drawn into the same negativity. We needed big companies to buy our hashing power. They come to us and buy 5 ph/s of power and pay more money for it. It is very expensive to setup a data center, so we get a large amount of business for our mining power. We are renegotiating it to get it going and make it more profitable for everyone. ZenPool has not been left out, and things are coming back. We are fighting to get it where it will be higher. As HashBase and Hashcoin come out it will raise everything. Bear with us as current levels are temporary. We have a plan to get it back to normal and beyond.
Growth has been so massive that Josh also publicly stated:
ZenCloud Now Sends More Requests to Authy (a 2 factor authentication service) than Coinbase and CEX!
And, it’s all because of you guys.
Earlier this week, Authy called us and said our users were stressing their network. Authy is an amazing company. Turns out ZenCloud users are pinging Authy for more 2FA requests than any other company in the space. Even more than CoinBase and CEX.io received communication from Authy.
Josh for months now you and your team have been working extremely hard. Even though there is a ton of work to go how does it feel to see it all come together?
It still feels like as soon as we are able to catch our breath the next thing is happening, and it will be like this for a while. Everyone is working overtime to get it all done. You know you are busy when your financial people are staying late as well.
We are bringing everyone together at the same time. If you treat your customers well, the money will follow it is about the long game all these other companies are thinking short term. We are willing to not make money if it helps out customers. If things don’t work out I am making sure, it is not because we did not do the right thing. The launch is all about the little guy makes money. We are in it for the long haul, and we are having fun and bringing all people we love helping the community.
Hashbase is a big step in the move towards mainstream adoption of Bitcoin and Cryptocurrencies. CCN will bring you the details of it in the coming days. Stayed tuned more to come.
Tell CCN your Thoughts On Hashbase, Hashcoin and mining in general.
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Last modified: November 4, 2014 06:29 UTC