So are we expecting to reach 60th/s in the next day or so?
Soon, we have one part that was on backorder, holding us up. We will have the part in on Friday morning.
Did that part show up?
Topic: [ActiveMining] Official Shareholder Discussion Thread [Moderated] - page 172. (Read 629902 times)
April 11, 2014, 12:57:57 PM
Soon, we have one part that was on backorder, holding us up. We will have the part in on Friday morning.
Did that part show up?
April 11, 2014, 11:50:55 AM
No, if you react in fear at every single twitch of the exchange rate and difficulty, you'll not make money.... in retrospect you can look at the charts and say, if I'd switched off exactly there, and turned on exactly there, I'd be $$ better off, but yah, I can do that too, take the chart data from 2013 and I'll show you how only an idiot would have failed to make a million bucks from an initial 50 cent investment...
Don't even attempt to predict every future second of time, and micromanage accordingly, you'll never do shit, you'll turn on too late, you'll sell too late, you'll turn off too early, play the general trend.
Don't even attempt to predict every future second of time, and micromanage accordingly, you'll never do shit, you'll turn on too late, you'll sell too late, you'll turn off too early, play the general trend.
I think the point was; if it costs more in electricity to mine a bitcoin, we must not mine that bitcoin but rather buy it instead. Mining at a real loss due to the energy required cannot be done. If we had funds to drown into a hole of energy waste we would rather buy bitcoin to get a better return.
However I am not convinced that $100 - $300 bitcoins will be uneconomical to mine. If someone could make an educated guess as to our electricity costs, the efficiency of the miners and the cost of cooling a datacentre we might be able to compile a realistic price point for unprofitable mining where we are spending more fiat on energy than getting in bitcoin (hence the logic of buying that bitcoin instead)
I feel like your wasting your breath here. If he can't see what is wrong with his gut after two explanations, I think the third and fourth are just burning unnecessary calories.
April 11, 2014, 11:47:30 AM
No, if you react in fear at every single twitch of the exchange rate and difficulty, you'll not make money.... in retrospect you can look at the charts and say, if I'd switched off exactly there, and turned on exactly there, I'd be $$ better off, but yah, I can do that too, take the chart data from 2013 and I'll show you how only an idiot would have failed to make a million bucks from an initial 50 cent investment...
Don't even attempt to predict every future second of time, and micromanage accordingly, you'll never do shit, you'll turn on too late, you'll sell too late, you'll turn off too early, play the general trend.
Don't even attempt to predict every future second of time, and micromanage accordingly, you'll never do shit, you'll turn on too late, you'll sell too late, you'll turn off too early, play the general trend.
I think the point was; if it costs more in electricity to mine a bitcoin, we must not mine that bitcoin but rather buy it instead. Mining at a real loss due to the energy required cannot be done. If we had funds to drown into a hole of energy waste we would rather buy bitcoin to get a better return.
However I am not convinced that $100 - $300 bitcoins will be uneconomical to mine. If someone could make an educated guess as to our electricity costs, the efficiency of the miners and the cost of cooling a datacentre we might be able to compile a realistic price point for unprofitable mining where we are spending more fiat on energy than getting in bitcoin (hence the logic of buying that bitcoin instead)
April 11, 2014, 11:15:59 AM
No, if you react in fear at every single twitch of the exchange rate and difficulty, you'll not make money.... in retrospect you can look at the charts and say, if I'd switched off exactly there, and turned on exactly there, I'd be $$ better off, but yah, I can do that too, take the chart data from 2013 and I'll show you how only an idiot would have failed to make a million bucks from an initial 50 cent investment...
Don't even attempt to predict every future second of time, and micromanage accordingly, you'll never do shit, you'll turn on too late, you'll sell too late, you'll turn off too early, play the general trend.
Don't even attempt to predict every future second of time, and micromanage accordingly, you'll never do shit, you'll turn on too late, you'll sell too late, you'll turn off too early, play the general trend.
April 11, 2014, 09:34:14 AM
My gut feelings are...
* BTC is worth mining at a cost equal to modest mid term price projections i.e. if you think it's definitely going to top $3000 a year hence, then you will mine at a cost of $3000/BTC
* Fiat reserve should be in the neighbourhood of 3-6 months running costs.
* Reserve should be tapped when BTC 90 day moving average drops... or other xx day rolling average, or 10% drop from, some chart work to optimise that would be good.
* BTC is worth mining at a cost equal to modest mid term price projections i.e. if you think it's definitely going to top $3000 a year hence, then you will mine at a cost of $3000/BTC
* Fiat reserve should be in the neighbourhood of 3-6 months running costs.
* Reserve should be tapped when BTC 90 day moving average drops... or other xx day rolling average, or 10% drop from, some chart work to optimise that would be good.
This post has to be a complete level, right? I literally con not even begin to imagine the thought process that made you arrive at this conclusion. I would strongly suggest you take a mathematics 101 course because your gut is going to lose every penny you own currently.
April 11, 2014, 08:42:48 AM
My gut feelings are...
* BTC is worth mining at a cost equal to modest mid term price projections i.e. if you think it's definitely going to top $3000 a year hence, then you will mine at a cost of $3000/BTC
* BTC is worth mining at a cost equal to modest mid term price projections i.e. if you think it's definitely going to top $3000 a year hence, then you will mine at a cost of $3000/BTC
But if it's costing you $250 to mine a single BTC and you can buy coins on an exchange for $180 it makes no economic sense to keep mining - unless the 'running costs' for a switched off datacentre exceed $70 per coin that you buy on an exchange. Does that make sense?
Well this discussion revolves around the electricity (boards+cooling) being more expensive than just buying bitcoin with cash.
I wonder what that price point is. The hashfast chips are meant to be some of the most efficient on the market. If anyone is left mining it would be us right?
I can't imagine $200 a coin being anywhere near the cost of the power+aircon.
April 11, 2014, 08:23:11 AM
My gut feelings are...
* BTC is worth mining at a cost equal to modest mid term price projections i.e. if you think it's definitely going to top $3000 a year hence, then you will mine at a cost of $3000/BTC
* BTC is worth mining at a cost equal to modest mid term price projections i.e. if you think it's definitely going to top $3000 a year hence, then you will mine at a cost of $3000/BTC
But if it's costing you $250 to mine a single BTC and you can buy coins on an exchange for $180 it makes no economic sense to keep mining - unless the 'running costs' for a switched off datacentre exceed $70 per coin that you buy on an exchange. Does that make sense?
April 11, 2014, 08:11:07 AM
My gut feelings are...
* BTC is worth mining at a cost equal to modest mid term price projections i.e. if you think it's definitely going to top $3000 a year hence, then you will mine at a cost of $3000/BTC
* Fiat reserve should be in the neighbourhood of 3-6 months running costs.
* Reserve should be tapped when BTC 90 day moving average drops... or other xx day rolling average, or 10% drop from, some chart work to optimise that would be good.
* BTC is worth mining at a cost equal to modest mid term price projections i.e. if you think it's definitely going to top $3000 a year hence, then you will mine at a cost of $3000/BTC
* Fiat reserve should be in the neighbourhood of 3-6 months running costs.
* Reserve should be tapped when BTC 90 day moving average drops... or other xx day rolling average, or 10% drop from, some chart work to optimise that would be good.
April 11, 2014, 07:45:11 AM
On another note. Is the bitcoin price drop a good or bad thing for activemining?
It depends on how we hold our reserves - cash or BTC. I've mentioned a few times on here that if we held reserves in BTC it might be a good time to think about converting to FIAT to ride out the coming depreciation. No-one was interested, not a single comment on it if I remember correctly. Now this may be coming to bite us on the ass - maybe not if we have FIAT reserves.
I've asked Ken about the company sustaining itself through a big fall in BTC prices. I suggested we should be in a position to be able to suspend operations (switch off the farm, halt R+D, lay of contractors) to reduce costs near to zero. I think that would be a strong position to be in because a lot of mining companies (farms and sales) could go out of business if BTC stays at $200 for a few months. If we could stay solvent during that scenario we would be able to quickly re-start operations when BTC recovers. As a bonus we would at that point likely gain a larger share of the hash network which would have been reduced in size if other mining operations who tried to work through the fall had ended up bankrupt.
Anyway Ken said BTC would have to fall a very long way before our mining farm couldn't cover the rent and electric bill.
1) If the difficulty does decrease because many miners stop hashing then this might be good advice.
2) If the difficulty continues to increase even at $100 levels then this advice is the end of us. Because when the price goes back up the difficulty is now 10 - 100 times what is was when we stopped.
If 1 happens then looking into a type of close down scenario might work. However...
If 2 happens and we close down, we might as well never turn on again no matter the price.
My fear:
Most miners are irrational actors and will continue to mine at a loss or are continuing to mine because of cheap electricity and a location in cold climates.
EDIT:
If we really are buying GH for $1 then we are in a good position compared to most of the miners in the network. I am interested what the monthly power bill to run 100Th/s - 1,000Th/s would be including Air Con.
Also Minerpart, we can't really reduce costs to zero, we would have to pay datacentre rent or move the entire stock into cold storage and pay that rent. Storage can be expensive for us because it needs to be somewhat climate controlled as humidity can ruin electronics that are just sitting there.
April 11, 2014, 06:54:41 AM
On another note. Is the bitcoin price drop a good or bad thing for activemining?
It depends on how we hold our reserves - cash or BTC. I've mentioned a few times on here that if we held reserves in BTC it might be a good time to think about converting to FIAT to ride out the coming depreciation. No-one was interested, not a single comment on it if I remember correctly. Now this may be coming to bite us on the ass - maybe not if we have FIAT reserves.
I've asked Ken about the company sustaining itself through a big fall in BTC prices. I suggested we should be in a position to be able to suspend operations (switch off the farm, halt R+D, lay of contractors) to reduce costs near to zero. I think that would be a strong position to be in because a lot of mining companies (farms and sales) could go out of business if BTC stays at $200 for a few months. If we could stay solvent during that scenario we would be able to quickly re-start operations when BTC recovers. As a bonus we would at that point likely gain a larger share of the hash network which would have been reduced in size if other mining operations who tried to work through the fall had ended up bankrupt.
Anyway Ken said BTC would have to fall a very long way before our mining farm couldn't cover the rent and electric bill.
April 11, 2014, 04:50:25 AM
he achieves absolutely nothing by holding the shares, You folks have been hounding him to get stuff done and now that is is busting his ass and balls on trying to get the farm up and running now you guys also want to make him get the shares going at the same time, I wish people would just pick one item for ken to work and focus on and then don't bitch and whine and complain when he dont finish the other item that he stopped doing to work on what you wanted him to work on
Me and ken may not see eye to eye on things but i respect the man for all he has accomplished and done, and if some of you would just take the time to get to know the man you will see he is actually pretty cool and someone you can have an intelligent conversation with
N.
Admin of DCMCo-Op.com
Me and ken may not see eye to eye on things but i respect the man for all he has accomplished and done, and if some of you would just take the time to get to know the man you will see he is actually pretty cool and someone you can have an intelligent conversation with
N.
Admin of DCMCo-Op.com
For most people the issue is the constant quotes form Ken saying 'shares are my top priority' 'share transfer will start tomorrow' etc etc he hasn't missed his own deadline once or twice it is actually a full dozen times he has told us he is about to start doing share verification/transfer and missed every one of his personally set deadlines.
He has even said the verification program is ready and just needs uploading to the server and then told us a few weeks later that he is about to start work on the share verification program - I mean at least one of those comments has to be an outright lie.
April 11, 2014, 04:43:30 AM
Looking at daily volumes, I very much would prefer ActM trade on havelock... which has literally 50x the daily volume...
Also I believe havelock have offered to do all the hard work in verifying shares etc...
Also I believe havelock have offered to do all the hard work in verifying shares etc...
+1.
Also CT is still broken displaying 700,000 issued shares.
April 11, 2014, 04:05:14 AM
Looking at daily volumes, I very much would prefer ActM trade on havelock... which has literally 50x the daily volume...
Also I believe havelock have offered to do all the hard work in verifying shares etc...
Also I believe havelock have offered to do all the hard work in verifying shares etc...
April 11, 2014, 02:50:52 AM
he achieves absolutely nothing by holding the shares, You folks have been hounding him to get stuff done and now that is is busting his ass and balls on trying to get the farm up and running now you guys also want to make him get the shares going at the same time, I wish people would just pick one item for ken to work and focus on and then don't bitch and whine and complain when he dont finish the other item that he stopped doing to work on what you wanted him to work on
Me and ken may not see eye to eye on things but i respect the man for all he has accomplished and done, and if some of you would just take the time to get to know the man you will see he is actually pretty cool and someone you can have an intelligent conversation with
N.
Admin of DCMCo-Op.com
Me and ken may not see eye to eye on things but i respect the man for all he has accomplished and done, and if some of you would just take the time to get to know the man you will see he is actually pretty cool and someone you can have an intelligent conversation with
N.
Admin of DCMCo-Op.com
April 11, 2014, 01:59:34 AM
I know
With btc collapsing, I would like to cash out my hodlings pdq
With btc collapsing, I would like to cash out my hodlings pdq
April 11, 2014, 01:49:41 AM
This is beyond a joke. Ken needs to sort out the shares mess immediately. If he doesn't then I would strongly suggest he stops referencing the shares in his updates because it's now got to the stage where doing so is blatant deception. No more words on this issue Ken only action is acceptable. Get it done today.
April 11, 2014, 01:28:57 AM
I propose that all shareholders who actually did transfer to AMC tender get rewarded with immediate transfer to CT and let Ken figure out the rest.
April 11, 2014, 01:05:27 AM
April 10, 2014, 09:24:30 PM
ugh, i wouldn't want to have that job...
April 10, 2014, 09:23:06 PM
Ken already said they hired an accountant to get the books up to spec since the IRS issued its tax guidelines for Bitcoin.
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