Summary

Veden is based in blockchain-friendly Estonia and is building it’s third mining facility, this time in Norway. Veden has successfully established a strong team of executives and directors with deep experience in blockchain, software, Bitcoin mining, investment banking, venture capital, and government. Veden Community Members contribute to building Norway’s largest cryptocurrency mining infrastructure and share the output transparently and equitably using Ethereum-based smart contracts.

To ensure maximum mining profitability, the Veden Management Team will leverage it’s access to ASIC and GPU equipment at wholesale prices.

Each Community Member automatically receives access to regular and transparent accounting and reporting on all costs and output via our Mining as a Service (MaaS) portal.

Veden will be taking advantage of the optimal mining conditions associated with Norway. Having established a 15 year electricity agreement at $0.035 USD/kWh with a local energy producer, Veden is positioned to be one of most profitable cryptocurrency mining projects to date.

Veden Community Members obtain Ethereum-based VDN Tokens that represent their participation in Veden. 70 percent of Veden output, minus basic operating costs including electricity, is distributed to all VDN Token Holders. 20 percent will be re-invested into new mining hardware to keep Veden’s mining infrastructure at the cutting edge of technology. If the actual cost for upgrade is lower than 20%, the remaining sum will also be distributed as dividends. 10 percent will be split between the Veden Team and Advisors.

Variability in bitcoin mining difficulty and other variables makes it a challenge to predict how much cryptocurrency a mining facility can generate. Based off our experience in the mining industry, we have done our best to calculate various possible scenarios and have included that information in the “Business Model” section of this White Paper. Using today’s most advanced mining equipment, assuming current rates of mining difficulty, equipment and electricity costs, and bitcoin prices of USD 5,000–30,000, acquiring a VDN Token for $1.00 USD which will provide resources for mining bitcoin worth USD 2.15–4.86 over the next three years of operations.

Of all VDN Tokens that will be issued during the Crowdsale, 80 percent will be available to the public. The remaining twenty (20) percent are allocated to the ICO Bounty Program (3 percent), Advisory Board (3 percent), Airdrop Campaign (2 percent) and Founding (Management) Team (10 percent). Thus, contributors, advisors, and management are all part of the Veden Community and share an interest in the success of Veden.

Having proven the economic viability and high productivity from two previous mining facilities, Veden is now seeking to raise capital through an Initial Coin Offering (ICO) for a large-scale facility in Norway. Token holders will be able to rent hash power using our MaaS dashboard with their tokens and enjoy the mining results that follow, without having to deal with the complexities of a crypto-mining operation (including supply chain management, security, environmental control and maintenance).

With a stable democracy and favorable climate conditions, Norway offers the best landscape for low-cost cryptocurrency mining. Veden’s technology-driven, intelligent and scalable business model provides an excellent opportunity to get involved in the evolution of the blockchain infrastructure.

Veden plans to build and delpoy it’s first bitcoin mining facility in Norway by Q1/2019.

Important Disclaimer

This whitepaper is marketing material only. Information provided herein is for information purposes only and neither constitutes an offer nor a solicitation to purchase securities, it merely serves as non-binding information and it is not intended as a substitute for advice on the purchase and sale of securities.

This whitepaper gives an overview of certain aspects of Veden OÜ (“Veden”) and its intended operations. If you decide to participate in the VDN Pre-ICO (token presale as a form of investment, Veden expressly warns you that an investment in Veden carries a high degree of risk. For a description of the associated risks, see the chapter “RISK FACTORS.”

A description of the offer and its associated risks are also available in a later section of this document.

This whitepaper contains certain forward-looking statements*.

The forward-looking statements are based on analyses or forecasts of future results and estimates of amounts not yet determinable or foreseeable. Such forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “could,” “believe,“ “plan,“ “estimate,” “expect,” “intend,” “predict,” “project,” “will“ and similar terms, including references and assumptions.

This applies in particular to statements in this whitepaper containing information on future developments of Veden, plans and expectations regarding VDN, and the growth of its value.

Forward-looking statements are based on current estimates and assumptions that the developer makes to the best of its present knowledge. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual developments to differ materially from and be worse than expected or assumed or described in these forward-looking statements.

Accordingly, anyone interested in participating in the private placement is strongly advised to read the chapter RISK FACTORS. This chapter includes more detailed descriptions of factors that might have a negative impact on Veden and VDN. In light of these risks, uncertainties, and assumptions, future events described in this whitepaper may not occur.

Norway's Largest Cryptocurrency Mining Infrastructure

Norway is providing Veden with 100% renewable hydro power and at rates that cannot be obtained elsewhere due to excess and unused power capacity available from hydro-power plants built more than 60 years ago to extremely high durability standards, and hence are fully paid down and operating at negligible operating cost.

The growing popularity of cryptocurrencies, smart contracts and other applications of blockchain technologies are growing at an exponential rate. Only well established large-scale mining facilities will remain profitable in the years to come and Veden has positioned itself to be among the top level of global cryptocurrency mining operations. There are many factors that determine profitability. On the cost of electricity alone, a crypto-mining operation can save up to 30% of operational costs ​when (1) establishing supply contracts with power plants directly. The costs can be further reduced by situating mining rigs in the vicinity of the producer where power transmission costs are negligible. Not only are contracts without intermediaries economical and highly competitive, but electricity producers will also find them mutually beneficial for offloading excess capacity.

Challenges of Cryptocurrency Mining

The Proof-of-work mechanism has an important role in maintaining decentralization and consensus within distributed networks. However, this model has been criticized due to the ongoing centralization of mining power within the hands of a few large miners. The outcome is a centralization of mining nodes which could lead to security risks and defeats the vision of decentralization.

Despite the willingness of new miners to enter the market, there are a number of roadblocks which further reduce the level of competitiveness within the crypto-mining industry. For smaller professional start-ups, a profitable entry to the market remains behind a high barrier due to a number of concerns.

Arranging the supply of electricity. One small-scale mining facility can consume as much electricity as 3 apartment buildings. To prevent unexpected downtime, the electricity supply must be pre-arranged with power providers and transmission lines must be certified.

Investing to remain competitive. ​The chances of finding a block decrease as the number of miners on the network increases, which reduces profitability. To counteract this, the mining operation must evolve with the market.

Supply chain. When ordering mining equipment in volume, ground presence in China is necessary to guarantee reasonable delivery times, reliable hand-off of hardware, and payment transfers.

Location and real estate. ​This is one of the most crucial decisions a mining operation must make, as it ties in with operating costs and environmental conditions. Any real estate incurs its own contracts, costs and terms.

Physical Security & Cybersecurity. The physical integrity of mining equipment (which forms the majority of up-front cost) must be guaranteed, as well as the miners secured to prevent hijacking or wallet theft.

Managing heating. Mining is an intensive computational operation: a crypto-mining cluster is similar to a server farm constantly running at full load by design. To maintain competitive productivity, cooling systems must be carefully planned and may require significant investment.

Which Cryptocurrencies to mine. High price volatility of cryptocurrencies and the shifting mining supply requires optimization to maximize the profitability of the entire operation.

The above are only a few of the problems that crypto-mining companies face and must solve before mining can commence.

Veden has successfully addressed all of these challenges.

MaaS ``Mining as a Service``

Veden (VDN) project is carried out by Veden OÜ, Estonia, providing a Mining as a Service (Maas) in it’s crypto mining farm located in Norway.

Veden offers a smart and easy way to invest in the cryptocurrency industry. Our cryptocurrency mining infrastructure is suitable for those who are new to the world of crypto currencies, as well as for cryptocurrency experts and large-scale investors. Our bitcoin mining algorithm is designed to provide the most efficient and reliable bitcoin mining. All partners and investors can securely manage their mining via a robust mining management software and app.

The key project principals lie in the fact that the mining farm is located in an Industrial Park, with a 15 year electricity agreement at $0.035 USD/kWh. Having the naturally chill Nordic airflow greatly lows the cost of cooling the equipment, which increases the overall profitability.

All of the factors listed above help reduce the capital costs for cryptocurrency mining. Veden expects a 23% reduction in costs over its previous mining facilities.

Mining as a Service (Maas)

Veden’s solution is mining-as-a-service (MaaS), which enables users to commence crypto-mining without the need to have significant computing expertise or acquire complex and expensive hardware and have the frustration of setting up their own systems. Users can start mining for digital currencies within minutes of accessing Veden’s MaaS portal on a mobile phone or computer.

Using state-of-the-art computing hardware and mining software, Veden’s infrastructure also saves time and vastly improves user-experience. Veden’s system is developed by a team of experienced cryptocurrency mining experts that  have run two highly efficient mining farms.

Mining Management Software

All-In-One Dashboard

‘Hashee’ is our all-in-one cryptocurrency mining management software. All your mining assets on a single page with detailed information. Know exactly what is going on in the mining facility.

  • What is the total hashrate of the rigs?
  • How many miners are contributing to it?
  • How many of them are underperforming?
  • What is the total power consumption?

Being well informed about the mining hardware is key to optimizing profits.

Powerful Filters

Want to see all the online mining equipment, in our farm in Norway, that are deployed in Row 3, that have a low hashrate value? Veden’s mining mangement software can provide that. Our powerful filters enable us to fine select any thinkable combination of rigs – all in one comfortable GUI (Graphic User Interface).

Adaptive Feedback

The selection summary shows you every important detail about our mining setup and updates live on every change. Whenever we use the filter to select miners, all the graphs and stats adopt to the range of selected rigs keeping the Veden Mining Team always up to date.

Minertype Configuration

Hashee comes pre-configured for most of the existing mining hardware on the market. It works great with cgminer, but it is not limited to it. We can add new miner types in a few guided steps and create or modify the configuration file for them. Our config builder will integrate changes automatically across any miner type.

Smart Notifications

Keeping all team members on the same page. Smart Notifications allow distribution of specific problems to specific users. The Veden Mining Team will be informed of a hashrate drop of only a few percent, enabling them to keep the hashes at a high level. The rest of the team will get notified of big hashrate drops, making sure that the notification chain grows with the significance of the issue. Once everything is back to normal, everyone will get the all-clear.

Bulk firmware upgrades

The software constantly checks our miners‘ firmware and will offer to upgrade those rigs in the background. We have also developed customized firmware versions for most minertypes that are optimized for large scale installations and will improve their stability by factors. These will be shared exclusively with all the Veden Community Members.

Automatic Deployment

Building a new farm from scratch has never been so easy. Hashee will watch the build-out process. When adding new devices, those will automatically be added to the system and configured according to our presets. This makes manual excessive configuration a thing of the past. We can start mining by simply sliding the new rigs into the shelves.

Poolguard

Our intelligent poolguard lets us define a range by location of the rigs. Any miner in that range, whether it is an unconfigured existing device or a newly deployed miner will be kept mining at the pool setting of choice.

Control is key

Perform any operations, like restart mining, reboot or switch pools on any of the miners in bulk – even across different miner types. There is no limit.

Overheat Protection

Set the maximum allowed temperature per miner type, or per location of rigs. If any of the rigs exceeds this temperature threshold, Hashee will automatically downclock each individual rig until it‘s back to an accepted temperature value. No matter if its a failure in the cooling system, a heatwave or simply the day/night differences, the hardware is protected and it will adopt quickly to get back to normal speed as soon as it can.

Electricity Assistant

Measure the power consumption of the mining farm or individual pools / miners and use the built in calculator to predict future costs and the ROI. Hashee helps us to stay in the safe zone.

Roadmap

Q1/2017
Launched first bitcoin mining farm with 2.2MW capacity and 700 ASIC units running in Vancouver, BC, Canada.

Q2/2017
Developed an enterprise mining management software named ‘Hashee’. After learning that existing miner management software was not built for large scale mining, our blockchain engineers customized a complete solution to conveniently manage and monitor our mining infrastructure from a single dashboard.

Q3/2017
Expanding further, we added turnkey mining colocation services tailored to those seeking professional hosting in North America. Servies also included: smart contract development, bulk miner equipment sales and private blockchain development for public companies.

Q4/2017
Launched our second bitcoin mining farm as a joint-venture in Western Mexico with 10MW capacity and 5,500 ASIC miner units deployed.

June/2018
Veden (VDN) is founded and acquires Coinflow Technologies, Inc, a professional cryptocurrency mining company which has previously built two mining farms. The acquisition provides Veden access to ‘Hashee’ the miner management software, industry connections, other Intellectual Property (IP) and most importantly, the core Coinflow management have joined Veden to ensure it’s success.

August 2018
Website created

October 2018
Whitepaper published

November 15th, 2018
Start of the Veden Private ICO Sale

December 2018
Expected to have raised 10m, order the first batch of miners and announce the Main ICO Sale.

Jan 2019
Expected to have reached the Hard Cap and order the next first batch of miners.

Feb 2019
Infrastructure ready, miners delivered and installed. Launch the MaaS dashboard and begin investor payouts.

*Veden’s intention is to deploy the ICO funds as they are received after the first $10M raised, it will be used to begin the build out of the mining infrastructure and purchase of mining equipment.

Location

The Veden mining facility will be located within a 2 and a half hour drive from Oslo, Norway. The facility is in an industrial zone to ensure that the noise does not disturb any residents.

Use of Proceeds

90% of the funds raised as part of the ICO will be used for the purchase and deployment of crypto-mining hardware, building the mining facility infrastructure, as well as logistics and other expenses.

7.5% of the capital shall be assigned to the continued development of Veden’s proprietary software (Hashee) including the MaaS Portal, mining pool management software (PoolSwitch), as well as the market analysis components used to minimize mining result transfer transaction losses, Business Development, and potential Merger and Acquisition of assets beneficial to Veden’s mining operations.

Mining revenues will not fully cover overheads and administrative expenses during the first few months of the roll-out. As such, we will reserve 2.5% of the capital raised for the roll-out phase (for business administration, research and development) and as a general reserve.

Output Distribution

Veden Community: 70%
Re-Investment: 20%
Company: 10%

Company: Veden OÜ (Veden)

Veden Community Member: Person who holds and pays Veden in VDN tokens forits services and signs hashing power rental agreement.

Mining contract period: Lifetime contract (as long as mining is profitable)

Mining contract payment: Prepayment in VDN tokens

How the mining works: The Veden token (VDN) entitles token holders to rent cryptocurrency hashing power from Veden OÜ. One VDN token can be used to rent a fraction of the aggregate hashing output (across all algorithms) proportional to the total number of VDN tokens emitted as part of this ICO.

Geographical location of MaaS facility: Norway

Veden Community Member payouts: Every single VDN token will have the right to receive a part of the total output of the cryptocurrency mining results, which directly corresponds to the number of tokens you own.

Payouts of mined cryptocurrencies will be done automatically and regularly to the Community Member’s crypto wallet.

Payout % = VDN tokens owned / VDN total ICO funds.

Cost of electricity/operations: Electricity and operational expenses will be deducted from the mining payouts.

VEDEN (VDN) INITIAL COIN OFFERING

Token name: Veden
Token symbol: VDN
Total token supply:  100,000,000 VDN
Hard cap: $68,000,000 USD
Soft cap: $1,000,000 USD
Token sale price: 1 VDN = 1 USD
Token type: Utility token
Private-ICO date: November 15th, 2018
Main-ICO start date: Will be announced in Q4, 2018

The ICO will end immediately upon reaching the maximum issue volume.

Min. contribution: 200 VDN
Unsold tokens: All unsold tokens will be burnt
Issuer: Veden OÜ (​https://www.veden.com​)
Token type: ERC-20
Blockchain used: Ethereum
Investor restrictions: Our ICO is global. Restrictions apply to investors from the US and Switzerland.
Payment accepted: BTC, BCH, ETH, LTC, Wire Transfer (USD/EUR), Credit Card
Token issue date: No earlier than February 1st, 2019

No later than 2 months after Main ICO sale ends.

Token distribution:
80%​ Token holder 
12%​ Founding team 
3%​ Advisory team
3%​ Airdrop
2%​ Bounty

Service Details

A Crypto-mining Service

The Veden token (VDN) entitles token holders cryptocurrency hashing power from Veden’s MaaS facility. One VDN token provides a fraction of the aggregate hashing output (across all algorithms) proportional to the total number of VDN tokens emitted as part of this ICO. Veden shall forward results of the crypto-mining to a crypto-wallet nominated by the token holder.

For the purposes of forwarding mining output, a token holder is considered to have a unique VDN wallet associated with the user account registered at the Veden Token Sale Platform. Tokens cannot be redeemed once submitted to Veden for hashing power. While Veden will be listed on cryptocurrency exchanges in 2019, as a utility token, VDN is in no way intended to be used as a speculative financial instrument.

VDN Tokens - How It Works

Participating in the Veden Initial Coin Offering and enjoying the benefits is simple and straightforward. In broad terms, it can be divided into Token Sale and Mining Operations. Participants are required to create an account on the Veden ICO Token Sale Platform and Veden Mining Platform, as well as an Ethereum (ETH) Wallet.

In order to buy VDN Tokens, participants should follow these simple steps:

1. Indicate your intent to participate in the Token Offering by registering on our website

2. Once the ICO goes live, an account needs to be created on the Veden Token Sale Platform

3. After a simple KYC and by signing the contract, the tokens can be purchased via the platform

4. Once the Token Issue Date has been reached, the VDN can be withdrawn to your ETH Wallet

Veden Advisors

Whitepaper

Franek Sodzawiczny

Data Center Specialist

With a career history spanning 25 years, Franek has extensive experience in every aspect of the property industry, from finance, design and construction to facilities and energy management. His area of expertise is mission-critical environments having been involved in a myriad of projects across a range of vertical sectors including aviation, telecommunications, IT and manufacturing.

Whitepaper

Gaute Juliussen

Strategic Advisor

Gaute is a founder of Graphitene a leading nanomaterials products developer and manufacturer. He joined Veden to focus on using high-quality, non-synthetic graphene material to greatly reduce the carbon print of cryptocurrency mining, improve electricity efficiency, reduce costs and increase profitability.

Graphitene is already the leading innovator and manufacturer of graphene having manufactured in-house and sold their proprietary new products to more than 250 customers in 6 continents, including 19 FORTUNE 500 companies. Manufacturing plant in the UK and established offices in Belgium, Estonia, Singapore, Sweden and Norway.

Whitepaper

Pål Brun

Renewable Energy Management

Co-Founder of Kolos Norway AS, a 30MW green energy data center which was acquired by HIVE Blockchain Inc and Genesis Mining in March, 2018. He is also the founder and MD of Nordic Sustainable Ventures. 12 years’ experience as a management consultant; previously Executive Director/Head of Sustainability Services at PwC and EY Norway. Broad experience from advising professional investors, including several large PE, VC, and infrastructure funds.

Good political and regulatory insights and connections; has previously held several positions for the Conservative Party of Norway.

Whitepaper

Michael Butler

Research Scientist - MA (Cantab), PhD, CPhys, MInst

Michael has 19 years of research and management experience from Unilever, including several years as Director of R&D responsible for partnership with a diverse set of leading academic groups, innovative SMEs and large suppliers to develop new plastics incorporating graphene. Recognized for successfully creating technology roadmaps for materials science, relevant for both formulation and packaging, and securing funding from senior stakeholders. Michael has an in-depth understanding of product development and champions processes designed to maximize launch success. One of his core strengths is building and managing teams to explore challenging new technical and business areas.

The Veden Team

1x1

Marc Muhammad

Chief Executive Officer

Marc is a digital marketing strategist and blockchain developer with over two decades of experience. He began building powerful AI and blockchain machines to generate cryptocurrency and produced prototypes demonstrating the capabilities made possible by blockchain. Marc has extensive experience in blockchain development and complex distributed application design. In his previous startups, he served as founder and developer. Marc’s area of expertise also include system architecture, project management, and financial systems.

Whitepaper

Miguel Palomino

Chief Technology Officer

Miguel is an expert in ITT planning and deployment, hardware supply, network infrastructure, server migrations and cloud services. His experience in crypto-mining goes back to 2014, where he started his own profitable mining operation. In 2016, he joined Veden as CTO and is managing all technical aspects while implementing and adapting new technologies and cryptographic strategy.

Whitepaper

Kathreen Cammayo

Chief Financial Officer

Kathreen is a Chartered Professional Accountant. Specializing in blockchain technology and advisory, Kathreen has provided expertise to several start-up cryptocurrency mining firms, fin-tech development companies and advisory to regulatory bodies on the promise and regulation of blockchain technology.

Whitepaper

Dale Mounsey

Chief Marketing Officer

Experienced CMO: Thought leader in all aspects of integrated marketing strategy development and implementation including branding, market research, channel management, partnership and event marketing, public relations, government relations, direct and digital marketing of both products and services.

Whitepaper

Sunni Brooke

Director of Business Development

Sunni is an experienced business development, strategic alliances and acquisitions executive with significant experience in strategy development, ecosystem development, deal structuring and execution, business model innovations, corporate finance, international expansion, and leadership.

Whitepaper

Tim Catchpole

Full-Stack Software Engineer

Tim is the Architect and Software Lead for Veden’s system infrastructure. Tim has been working as a principal solutions engineer and business analyst covering different global projects. He is present in the analysis and design of complete solutions starting from the system architecture to the data model of the applications, taking advantage of his strong technical presence unified with his business analysis experience.

Whitepaper

Emi Kamito

Community Manager

Experienced communicator, marketer, digital PR and social media professional, advising companies as a strategist, editor, consultant and community manager. Emi is currently managing several social media networks, managing community outreach, solidifying partnerships, and acts as liaison between marketing, business development, and tech managers.

Jurisdiction and Participation Restrictions

This White Paper does not constitute an offer to sell or a solicitation of an offer to buy a security in any jurisdiction in which it is unlawful to make such an offer or solicitation.

Neither the Finanstilsynet nor the United States Securities and Exchange Commission, The Securities and Commodities Authority of the United Arab Emirates, nor any other foreign regulatory authority has approved an investment in the tokens.

The VDN Token can be categorized as a security as it entitles token holders to receive the profits from mining operations. The token is, as such, subject to certain restrictions under US security laws. The Veden ICO is compliant with these rules and restricts access for US-citizens, “green card” holders, and residents of the US to the category of “accredited investors”, pursuant to the US Security Act Regulation D Rule 506 (4).

Risk Management

Participating in cryptocurrency mining or purchase of tokens offers no guarantee of financial returns or revenues. Successful cryptocurrency mining depends heavily on factors over which we have little or no control.

With emerging technology, market volatility is inevitable. Fluctuating demand, potential regulatory decisions, the number of other miners – all of these can and will affect the productivity of the MaaS facility.

Nevertheless, Veden is confident that with their extensive knowledge and previous mining experience will minimize these risks and guarantee the optimal efficiency of the MaaS facility over its maximum lifespan.

1. Dependence on Infrastructure
Productivity of the MaaS facility depends on its computing infrastructure, both the physical hardware and the software and network components, which invariably poses a certain risk.

2. Smart Contract (Token) Limitation
This technology is still in the early stages of the product life cycle and there may be unforeseen or unplanned risks associated with using this technology in terms of, but not limited to, operational, technological, regulatory and financial risks.

3. Regulatory Risks
Cryptocurrency in general, as well as the specific items and terms outlined in this document, are still very new in the legislative context worldwide. Future legislation may impact these contracts and may result in a modification to the contract, including a complete loss of tokens.

4. Price of Cryptocurrencies
While Ethereum is the top-performing cryptocurrency globally, past performance does not guarantee future results. As such, VDN Token Holders may be subject to losses using a buy and hold strategy even if Veden is profitable.

5. ​Mining Results
Fluctuations in the price of coins, increases in energy and equipment costs, increases in mining difficulty, the rise of new currencies in this sector, block reward decreases, transaction fee volume and other factors may affect the efficiency of mining and may result in poor performance of the MaaS facility.

6. Fluctuation in Token Price
It is probable that the value of the VDN Token (after issuing) will likely trade according to the value of the company’s holdings and assets. This may negatively impact the price of the VDN Token and result in a reduction compared to the original value. Veden cannot guarantee any specific token value and shall not be held liable for any change in the value of the VDN Token price. Assumptions regarding the economic landscape, future statements, market conditions and business decisions are difficult to predict with a high degree of accuracy. While the company makes every effort to deliver and operate pursuant to these statements, the company cannot offer any assurance that these forward-looking statements will prove to be accurate and risks should be carefully considered prior to token purchase, including consultation with an appropriate licensed professional. Veden shall not be held liable for this information and this information is not to be interpreted as a warranty or promise of returns. The project may contain additional unforeseen risks.

7. ​Delivery Risk
Vendor management and clogs in the pipeline may cause delays in delivery of parts, equipment, facilities and other factors. While best efforts and ongoing due diligence are performed when making company purchases, there is always a counterparty and the risk that a vendor delays or fails to deliver as quoted at the time of the invoice. This may result in delays in service, i.e. ability of token holders to rent hash rate may be delayed.

8. Changes in Power Demands
The change in power consumption depending on advancements in hardware and the coins being mined may affect efficiency and cost of hash rate for token holders.

9. Changes in Operating Expenses and Maintenance Costs Over Time
Operating expenses will likely decrease as a percentage of total revenue as the company utilizes economies of scale to leverage operations. While the percentage may decline, the total expenditure will likely increase. Should mining profitability be adversely impacted as a result of other factors, this increase could result in a rise in cost of hash rate to token holders.

10. Sales and Other Taxes
Token Holders may be required to pay sales tax and other taxes associated with transactions. Mining results (i.e. mined coins) may be required to be reported as capital gains or ordinary income. Other legal and tax consequences may develop as this space grows. Consult with your tax professional for advice. Veden is not responsible for your tax liabilities and does not claim to make any representations regarding tax advice nor provide any tax advice.

11. Compliance
Given that Veden is a European owned and operated company, Token Holders are required to comply with all applicable domestic and any applicable international laws. Veden does not claim to make any representations regarding legal matters. Consult with your legal professional. The Token Holder is responsible for complying with applicable laws and regulations that exist now and any subsequent changes to legislation that would apply.

12. Disclosure of Information
Personal information received from Token Holders, customers, vendors, employees, and others, including quantities obtained, payments received, account information etc may be disclosed to law enforcement, government officials and other third parties when Veden is required to disclose such information by law, subpoena or court order. Veden will claim no responsibility nor be held responsible for any such information disclosure. The company will not share information unless required by law.