Source of Article : FactorDaily
Mining Capital (MCAP) was launched in April this year and is Bhardwaj’s newest cryptocurrency based project. Information from its main website, Bitcoin Growth Fund, MCAP is a mining fund and initial coin offering (ICO) which has a current market value of $5.0781.
The site also highlighted that MCAP Labs, the main concept driving the MCAP token, will mine other cryptocurrencies like Bitcoin, Ehtereum Lite Coin, Z cash, Dash Coin, Monero and Ethereum Classic through the investment made via MCAP tokens.
Although it is not explicitly mentioned that Bhardwaj is the owner of the Bitcoin Growth Fund on its site, However, information on Amit Bhardwaj’s personal site names him as the owner of MCAP Labs.
According to a news report by The Economic Times in June 2017, through MCAP as part of its token sale of its ICO, Bitcoin Growth Fund had raised $14.5 million (about Rs 95 crore). likewise, an initial share or an initial public offering, in an ICO, companies trade crypto tokens in return for Bitcoins or other similar cryptocurrencies.
Bhardwaj had earlier mentioned that he would begin to mine other cryptocurrencies in conjunction with Bitcoins, and grant payouts to GainBitcoin investors in MCAP tokens as Srivastava clearly recalls in an announcement made sometime around April this year. “He started marketing it as a tool for mining other crypto currencies as well and said that future payouts will be given as equivalent MCAP tokens instead of Bitcoins. And being a homegrown token the value is determined by him only,” recalls Srivastava.
Furthermore, Srivastava reckons that the team behind MCAP has used the mainstream media to promote it and its endorsements. He says, “The token was being sold at a value of around $5 and the company said that it will go over $100.” As at the time of filing this report, MCAP token was trading at $1.79 even though the Bitcoin Growth Fund website pegs the price of the token at $5. Similarly, Bhardwaj’s book titled Crypto Currency for Beginners, which sells for around Rs 1,499 accompanies with it cryptocurrencies (like MCAP) that is worth Rs 1,200