CryptoSolarTech is a company that creates cryptocurrencies by making use of equipment and mining. There is about 3,000 equipment and to optimize profits there are two types of alternatives. This startup company concentrated on mining of cryptocurrencies ranch in Malaga.
During the time of the initial coin offering, they launched the tokens so that the money earned by the ICO could be used for different purpose. They were planning to make use of these funds on various operations that would be done by the company. Just within two months of releasing the token, they made about $68 million. The investment made by them was just 9000,000 euros by 6,500%.
Spain and Singapore were the places where the majority of the funds raised had emerged. Initially, the tokens got a lot of attention and made a lot of money, but over a few months, it lost its value.
In southern Spain, the company had planned of setting up a center for mining cryptocurrency that would be solar-powered. They were planning to mine ethereum, dash, and bitcoins in a more eco-friendly manner. During the Initially Coin Offering, they sold the token of Ethereum ERC-20 for the US $0.05.
In spite of trying all the possible things to get the permit, they failed because of which the plan was not executed as they did not get the permit to construct the building that was required to begin the project. When this was unsuccessful they had to return all the funds they made back to their clients. The founder of the start-up made a promise to refund within 60 days. However, they also reported that after Feb. 19 if anyone would purchase the tokens, they will not be refunding them.
They are planning to begin refunding the money to people who already asked for a refund following which they will start returning to the remaining clients. Lastly, they will be informing how people who have tokens on the exchange can get their money back and what procedure they need to follow.
An energy company known as Risen Energy which is based in China said in October 2018 that they would become partners with CryptoSolarTech and help them in this project. The company said that they would help by taking the responsibility involved with building and engineering and developing 300 megawatts of photovoltaic power capacity.