Name: MinersAtWork (MAW)
Project type: FinTech
Extended company description: A decentralized trade ecosystem involving crypto mining and crypto currency operations, including but not limited to physically installed ATMs.
Company: Wat-a-deal PTE Ltd
Public ICO start date: 06.01.2018
Public ICO end date: 03.02.2018
Token sale duration (weeks): 4.4
Token type: ERC20
Token emission: 300,000,000
Tokens available (Pre-Sale + Public ICO): 150,000,000
- purchase and installation of servers & FASTCOIN ATMS
- research & development
- future investments
GNI price: Between GINNI/ETH - 3100 and GINNI/ETH – 2200
Accepted payment: ETH
Bounty: Not announced
Token role: Functional
Team (number of people): 4
Advisors and partners (number of people): 1
Twitter: Postings: 11, Subscribers: 58.
Telegram: Subscribers: 12.
Linkedin: Subscribers: 5.
Facebook: Subscribers: 42.
Instagram: Postings: 7, Subscribers: 26.
Minersatwork (MAW) is a decentralized trade ecosystem involving crypto mining and crypto currency operations, including but not limited to physically installed ATMs.
We believe that project has 2 separate areas of functioning:
- Development of an existing Data Processing Center (a mining farm with additional capacity and functionality.)
- Installation of ATMs for purchase and sale of cryptocurrencies (including Bitcoin), under its own brand FASTCOIN.
The team justifies pursuing both directions in that they complement each other.
1. Data Processing Center:
- REAL GPU Mining
- an electronic terminal from which a user can buy and sell cryptocurrency and tokens instantly on the spot (including using cash)
- exchange of digital assets and P2P
- a crypto wallet in which digital currencies can be stored, sent and received.
- HD Gupta Linkedin - Managing Director at Goldkist International (S) Pte Ltd (53 years old with 30 yrs of successful international business experience)).
- Sim City Group of Companies - Space and infra providing partner IT company helping small, medium and large companies to create their IT infrastructures and business systems.
- Thomson Reuters - for the undertaking of KYC /AML screening of investors.
- FC GROUP PTE LTD Singapore – for marketing of the ICO in Singapore (island-wide) via 100 LCD terminals placed in strategic locations.
- 570 Ethereum (as at 26 Nov) equivalent to U$253k from 7 investors; many more are currently partaking in serious discussions.
The project has experts in crypto mining and a working farm for the production of cryptocurrency. The project is not well known in block chain community yet (this can be seen from the structure of website traffic and the number of responses on social media).
However, the team points out that during the advertising campaign of the forthcoming crowd sale, more attention will be paid to publication and mass media rather than social media. We hope that this strategy will bring the desired attention to the project.
Strengths of the project:
- A legal ICO (Singapore jurisdiction)
- a functioning Data Processing Center
- the team is trying to diversify risks via the development of two areas for project functioning.
Weaknesses of the project:
- according to statistics, mining projects undergoing ICOs are generally not achieving hardcap (more on this in the section Competitors).
Market and industry
Since the beginning of 2016 total capital in the cryptocurrency market has more than tripled, reaching almost $25 billion in March 2017 (Global Cryptocurrency Benchmarking Study - University of Cambridge) . The overwhelming role in this market is played by Bitcoin (see below). If the market continues to grow at the same rate, this will have a positive impact on the development of the “Data Processing Center”.
As for the ATM sector, Juniper Research predicts that the volume of cryptocurrency transactions will exceed $1 trillion by the end of 2017. This is 15 times more than last year. Also, according to CoinATMRadar information, there are more than 1800 ATMs worldwide for operations using cryptocurrency; the same figures are indicated by the team in the WP. All ATMs support work with BTC and a third of them support other cryptocurrencies (altcoins). The source also notes that the number of ATMs has increased more than 5 times over the past 2 years; the leader in installing ATMs is North America.
CoinATMRadar indicates that there are already 3 BTC workstations in Singapore (the target region for ATM installation). This information, in conjunction with the global trend of installing physical terminals for work with cryptocurrency shows the need for such devices.
Classic cryptocurrency mining requires the purchase, maintenance and configuration of highly specialized equipment. Also, according to project representatives, there is a dependence on external factors (complexity of extraction, speed of crypto exchange, cost of utilities, etc.); thus, it is not always possible to predict the exact financial result. However, the team notes that demand for remote mining services exists and reaches more than 10,000 potential users (mining enthusiasts.)
As we understand, ATMs in the MinersAtWork ecosystem will be installed to so users may monitor accounts and withdraw mined cryptocurrency in tokens and/or Fiat.
The market for crypto mining is showing good growth. The team has an idea who the target users of the project will be. We believe that installation of ATMs will attract late followers to crypto mining.
In general, we believe that the selected segment of GPU mining can grow further. Consequently, the project has the opportunity to occupy its own niche.
During our review, we have identified the following competitors in the field of ATM production:
- Genesis Coin - manufacturer of Bitcoin ATMs. It accounts for 44% of the existing market.
- General Bytes - a company that produces hardware and software related to Bitcoin, Blockchain and Open Source technologies. Its market share is 27%.
In addition, we note the market shares of the following companies: Lamassu (16.28%), BitAccess (3.06%), BitXatm (2.11%).
Evaluating past ICOs for similar projects, the following competitors can be distinguished:
- Terraminer – A mining farm for production of alternative cryptocurrency (Altcoin) using the Scrypt algorithm (ICO: 10.2017) – collected $747,927
- Hydrominer (hydrominer.org [website not working]) - cryptocurrency mining company using green energy drawn from hydro power stations in the Alpine region of Europe (ICO: 10.2017) - collected $2,955,708 (4% of Hardcap.)
The ATM market is captured by Genesis and General Bytes but the advantage of MinersAtWork is its support for more than 40 types of digital currencies. In the current year, companies based on mining farms have already staged ICOs (for example, Hydrominer has raised about $3 million).
Engineering features of the platform
As noted above, the project consists of Data Processing Center and a system for working with cryptocurrency (ATM).
The main technological advantages of the Data Processing Center are:
- Modular Cellular technology, allowing efficient heat dissipation at low overhead costs.
- introduction of cell structure for modules, a mining farm which will allow scaling of the Center if necessary.
- from 15 to 30 mining facilities will be placed in each cell. Each cell will have a heat dissipation infrastructure to maintain optimum temperatures for GPUs.
- servers will act as routers instead of using conventional routers that may have limitations.
- the company has worked closely with hardware vendors to customize hardware to deliver better hash power at lower costs.
- being in Singapore, the company enjoys lower taxes (0% custom duty, 0% capital gains, 7% GST, 17% income tax) making overall business and rewards more profitable.
GPU Mining (combination of Nvidia and AMD) is used mainly for the operation of the farm.
The main technological advantages of the ATM are the following:
- ATM will support alternative cryptocurrencies (as can be seen on CoinATMRadar there are no terminals supporting altcoin in Singapore.)
- a representative of the project also states that the ATM will work with more than 40 popular cryptocurrencies and tokens.
- Also the team intends to "stake out" the abbreviation ATM for terminals working with cryptocurrency under the brand FASTCOIN of Miners At-work.
Technical advantages of data processing center
The project offers users a real GPU Mining (i.e. receiving a share of rewards from mining at MinersAt-work) which, according to the project, will be easier and more profitable than organizing your own farm mining.
In the future, with the development of technology and data capacity it is planned to implement the following:
- November 2017 - release of FastCoin ATM prototype
- December 2017 - development of FastCoin ATM operating system; listing on one of the main exchanges
- January 2018 - listing on 2 more exchanges
- January - March 2018 - installation of crypto mining equipment; installation of FastCoin ATMs;
- February 2018 - fully operational digital exchange for Singapore
- Q1 2019 - adding new features and updating the wallet; adding new plug-ins for vendors
According to the roadmap, the team will focus on quantitative growth (i.e. increasing the number of ATMs and equipment) since the team already has an ATM prototype and crypto mining equipment.
Comment: The smart contract of the project is available on the link
Resume: Since MinersAtWork is an existing working business in the cryptocurrency mining market, the team does not distinguish large technological features. As we understood from the description, the process of interaction with the Data Processing Center is supposed to be implemented via interaction with the ATM system. It looks logical if this process is supported by crypto enthusiasts, which the team rely upon in assessing the market.
We have analyzed the MinersAtWork website and documentation for sufficiency and consistency for making an investment decision.
The documentation contains only the white paper presented in English. MinersAtWork is described in sufficient detail in the presented documentation; scans of registration documents for the legal entity and received certificates are attached. The main focus is on the technical description and planned economic indicators (financial plan, budgeting, planned turnover, ROI, etc.).
The website also provides information about the project, the staging of public ICO, advisors and the team. The website is written in English.
Resume: The documentation allows a comprehensive view of the project. However, we believe that the white paper should be more visually-oriented (for example, using infographics) which will facilitate easier comprehension of information.
Tokens for sale: 50%
Public ICO start date: January 06, 2018
Token type: ERC20
Accepted payment: ETH
GNI price: Between GINNI/ETH - 3100 and GINNI/ETH – 2200
Crowd sale duration: 4 weeks, until 05 February 2018
GNI tokens will act as mining contracts on the MinersAtWork platform.
Token limitation: 300,000,000
Token holder advantages: tokens will allow receipt of a quarterly share of 58% of the profit after deducting all material/direct costs (costs incurred for third parties & electricity).
The team and management will not draw any salaries, and will be paid from 42% share.
Max goal: ~ 56454 Ethereum (about $15,000,000)
Min goal: No minimum
Token sale is implemented in several stages:
- Pre ICO: December 6, 2017 - January 6, 2017
- Public Crowdsale: January 6, 2017 - February 3, 2017
GNI tokens are planned to be placed on exchanges.
Token and capital distribution
Tokens and capital distributed according to the following scheme:
Token and capital distribution scheme
- MinersAtfWork Initial Investments - 50%
- Space & infrastructure provider - 10%
- Early investors and team member compensation - 10%
- Founder & Management - 10%
- Future R&D and product development - 10%
- Marketing, promotion and strategic growth - 10%
Resume: Tokens do not affect the distribution of shares in the company. The incentive system is set up so such way that it is more profitable to buy tokens earlier.
As we understand from the documentation, the team will install several ATMs in Singapore and also expand the network in other countries. The team promises that the first ATM prototype will be ready in November 2017 and will be installed in January 2018 in Singapore.
Part of the ICO funds will go to increase the number of ATMs worldwide as well as for future platform development. Also, users who invest in the project will be able to install ATMs, which clearly increases distribution for these terminals.
We believe that the development strategy is fairly transparent. However, we recommend expanding the plans to enable entering markets outside of Singapore.
The team consists of 11 people and 1 advisor. Information about the main team members based on LinkedIn is given below:
- Vikas Gupta - CEO & Founder. LinkedIn. Director of IamTreked since 2010.
- Andrew Murali - Director of Business Development. LinkedIn. Experienced specialist in sales and business events. Has been working at MICE (Meetings, Incentives, Conferences, Exhibitions) for more than 10 years as Senior Account Manager, Senior Project Managerand Delegate Sales Executive. Former Customer Service Manager at American Express.
- Phoon Cheng Cheong - Account Management Executive. LinkedIn. Has 14 years of experience in well-known brands, including Westin and Swissotel. Fields of activity: F & B, hotel business, customer service, design and computer graphics.
- Abdul Qayyum - Compliance manager.
Resume: All public members of the team indicated their affiliation with the project. However, social media does not provide information about the CEO and Compliance Manager.
Project information is available on Twitter, Facebook, BitcoinTalk, Instagram and Reddit. Unfortunately, the project has not yet started a bounty program. According to the team, this will soon be launched.
The project is active on social media. Twitter and Facebook updates its news. The team communicates with users on Telegram. The format of the articles about the project shows that they were written mainly to order.
Comment: Interest in the project is still low; there is no user activity on social media. The basic marketing campaign is set on Twitter and Facebook as well as main news media. 
Website traffic analysis based on Similarweb.com data showed the following: 
100% traffic by directlink
Search traffic: 0%
Referral links: 0%
Comment: There is no data on Similarweb. According to Alexa.com, visits on the website consist of 957 people per month; views are 3,840. 
Resume: According to the available data, it can be concluded that the interest of users in MinersAtWork is still low. Apparently the team has started its advertising campaign only recently. The team is conducting an advertising campaign on social media (Facebook, Twitter) and communicates with users on Telegram. There are several press releases but almost all of them are in Indian newspapers, despite the fact that the team works in Singapore.
The team is planning to focus on the media in the coming months, at least 50-100 articles are expected in different newspapers and on television channels.
A marketing contract has been signed with FC Group Pte Ltd to display about ICO on 100 LCD screens in Singapore spread throughout strategic locations with high traffic.
The developers can be contacted using the links below:
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data from open access and information that developers provided to the team through Skype, email or other means of communication.
Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud.
We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.