While many marketing campaigns promise golden returns on an investment, the Moria ICO has gone one step further and is putting an actual gold mine within investors’ reach.
GS Mining Company LLC, the issuer of Moria tokens, are opening the Bates-Hunter Gold Mine in Colorado to the blockchain. The mine has an accumulated historical production of gold that exceeds 200,000 ounces.
Combining Cryptocurrency and Gold
According to geological studies and mapping estimates the mine, which covers 35 acres, still has over one million ounces to be brought above ground bringing a potential annual revenue of $120 million.
Apart from the natural allure of gold, the company are stressing the dividend benefits that can be gained from the Moria token.
Holders of the new token will receive quarterly payments equal to 10% of GS Mining Company gross revenue capped at an amount which equals 20% of the ICO price per token, which will be approximately $1 USD.
For the first 18 months, however, a quarterly payment of 20% of the ICO price regardless of any revenue at the mine shall be made from either funds raised as a result of the ICO or general company funds. All payouts will be made in ETH.
Moria is likely to appeal to precious metal enthusiasts who have turned to cryptocurrencies in droves after becoming disillusioned with years of price manipulation of the commodity. Detractors of the current system even point to the official terminology used, such as ‘gold fixing’, to explain their position.