Topic: [ANN][STO] Pivent | A mining company focused on socioeconomic change - STO LIVE (Read 459 times)

Hello all,

We wanted to share an update about our STO. After discussing with the advisors,  we have decided to open the offering up using Regulation S. This means that non-US based investors only need to only pass the KYC and AML checks. We are also reducing the minimum purchase amount to $5 USD for non-US based investors and $75 USD for US based investors. We hope these changes will allow for more people to invest in Pivent and help us to solve socioeconomic challenges using cryptocurrency mining.

To get started visit us at https://pivent.com/register to get started.

The main difference between Pivent and MinedBlock is that we are not only focused on building a mining operation that brings our investors a good ROI. We are also focused on how to solve problems of today, such as affordable housing, by building solutions that combine our mining operation's goals to expand and grow our operation with our vision to build diverse and inclusive communities.

Their approach of offering both a STO and utility token is different. It is interesting that the utility token came later, as opposed to with the launch of the STO. This shows that they are still changing what they are offering as a service/product. It's not clear why they created another token instead of using the existing token that was created before their security token. At the end of the day, it is about learning and adapting, so we both have that in common.

Other differences are:

• We have built 2 proof-of-concept mining farms that are fully managed remotely.
• We have developed our own web application, web services, and tools to manage and monitor our mining farms.
• Our team is composed of current and former Microsoft/Amazon engineers with over 10 years of experience, so we have an advantage when it comes to building robust and scalable systems.

Thanks for the response.

What makes your project different than MinedBlock?

Yes, after discussing with our advisors, we decided to remove the soft and hard cap for our offering. This was done to allow us to immediately start using funds to purchase and deploy mining equipment and start the process of purchasing our first facility. So, we are essentially aligning our offering to match the traditional offering model as we are past the concept stage. We have built a proof of concept mining farm, written software (web application + tools) to deploy, manage, and monitor mining operations, and have limited capacity (up to 20 miners) to immediately start mining operations until we have purchased our first facility. Our feeling towards having a soft cap, especially as it relates to ICOs, is that the purpose of the soft cap is the point in which a team can go off and implement their goals. For us, this number is virtually $0 as we have the capacity to start executing our plans now.

Since our offering is a Reg D 506c offering we are only accepting investments from accredited investors globally (US + International).

On your first ann post you are claiming that you have neither soft- or hardcap. Did you change this recently or what?

Is this open to anyone?

I believe that this is possible. It requires a shift in the way we all think in general about life and work. We are approaching a time where we see more and more jobs being eliminated due to advances in AI, automation, and robotics. This is great that we are heading down this path, as it frees up us humans to do other things that we may be more passionate about. In the face of these great technological advancements is a glaring question. What about the people? What I see are companies making leaps and bounds in technology, but failing to prepare the workers for a future that embraces this technology. This type of change is not something that will occur overnight. It is a process that we all must undergo to reach a better place. And we all, including companies, have to do our part to make sure this future is diverse and inclusive.

So, where does Pivent fit in this picture? I see Pivent making the first steps into this new world by doing things a little different. We will be a for-profit company focused on giving back to the community. For us, this takes form in our socioeconomic initiatives. The first initiative we will focus on is making housing affordable for everyone regardless of the circumstances and where they want to live and work. To accomplish this Pivent will need help. Pivent will develop a model that combines using profits from mining cryptocurrencies to subsidize/offset the cost of housing. We will then work with non-profit organizations to identify families that meet certain criteria and could benefit from our partnership. Once we have a solution that is proven and demonstrates it's ability to scale, then we will identify our next initiative and start marching towards solving that challenge.

We are a team of two at the moment. Eric is managing the day to day operations full-time. Once we hit our soft cap of $500k, we will purchase our first facility and order the equipment. At that time will be adding one additional employee that is an experienced software engineer and miner to help with managing operations and development of our platform. Our first facility will be in Washington state, where we have access to hydroelectric and nuclear power. Eric is a software engineer by trade and has been mining for over a year. He started off with a GPU rig and 4 Baikal X10s and grew it to a GPU rig and 58 Baikal X10s and 4 Baikal G28s. During this time, he experimented with different setups to minimize space usage and exhausting heat to make sure the miners operate at a reasonable temp (30C/~85F). He also built the infrastructure (services/scripts/hardware) that controls and monitors the miners pools, fan speed, uptime, and other configurations. We do not have any bounties right now, as we are using our available funds for social media/community management and legal expenses.

Yes, I feel it is very important to be transparent and upfront as possible. This is very true, given two identical companies, one will succeed while the other will fail. It seems strange that it happens, but it does. We are approaching this as a marathon and not a sprint. That is why our STO will be open for one year or until we hit our hard cap. It is very important that we get the right set of investors that believe in the future of cryptocurrencies and are passionate about giving back to make a meaningful change in the world. Thank you for asking the question and giving feedback as it helps to get more perspectives which helps us grow.

Are you sure you can change the socioeconomy in the community? This is a good idea and I think there are many people who will support you, but how do you do it?

So, this is a one man company? Where will you host your mining farm? What's your experience on crypto currency mining? (Also, do you have any signature bounties etc?)

Thank you for being transparent with your plans. I asked such question because there is no guarantee that a certain project can always achieve their soft cap even via STO, which is I believe better than ICO. At least we know that you are still pursuing your platform if in case you are not able to hit your soft cap. This is the usual bottleneck of most projects.

We will be starting in US, more specifically Washington State. Once the hard cap is reached, we can start the work with our local electric company to provision the first location with 3 MWs of power which is primarily sourced by hydroelectric (~90%) and nuclear power (~9%).

if the ico is a success and you reach the hard cap.
so in which country/location that you mining will works?

The expansion of our mining operation is dependent on the funds raised. At a minimum, we will need to purchase our first facility in order to continue growing. If we do not hit our soft cap of $500k by the end of the STO, then we will refund all of the funds back to the investors. The mining operation will go on, but will grow very slowly given today's environment. This would be done by swapping aging ASIC equipment out for FPGA equipment, as they are important to our long term goals. We'll also push for our socioeconomic initiatives, just in a limited capacity.

So you need to be aggressive with your STO phase. Does it mean also that you are dependent with the funds raised if this platform is a go or no go? You have your documents in place already that shows your sincerity for this project but in the worst case scenario, what if you didn't hit your target funds? Any plans afterwards?

Yes, we will be purchasing the equipment and our first mining facility using the funds raised from investors.

Does this mean that while you do not have the equipment about which you shot the video? Or are you going to buy it with funds raised from investors?

Thank you for your opinion, as others may be thinking the same.

To clarify, there is a difference between operational team and founding team. The founding team consists of one person and will remain one. The operational team consists of two people. Once we hit our soft cap, we will be purchasing our first facility and ordering equipment. At this point, we will be bringing on an additional team member to help with the setup and management of the equipment. As Pivent grows, we will be purchasing more property and facilities to grow the mining operations. In order to support this growing infrastructure, Pivent will add team members as they are needed.