Dear investors! Yesterday Pavel Kuznetsov held a webinar where he told about his business trip to China and our current state of affairs. Here’s a summary for our English-speaking investors.
✔New farm location
“We decided to relocate the farm away from the hydro power plant closer to the city so that we could tap into either the hydro plant supply, or the city energy supply, which is important to avoid downtime: small hydro power plants in China don’t work year round. When the power plant is undergoing maintenance we will power the farm from the local power grid. This will cut farm downtime to mere 2 days a month on average.
All the hardware will be mounted in a branded container making a convenient and mobile solution. The container itself is being prepared for hardware installation.
We have concluded the rental contract with the site owner. We’re not the only mining projects on that site too, which makes it particularly special. We’ve been looking for such a place for a long time, comparing different options, and this one hits home just right. If you remember, I left Guangzhou on a quick notice, that was for negotiations with the landlord. We’re granted the space, public utilities, and an engineer to help our own engineering team with the hardware. This site also allows us to scale up our project and install as many containers as we need.”
✔ INNOSILICON contract. Why not Bitmain?
“Bitmain doesn’t sell chips separately, they only have ready-made solutions, and that’s not what we need. INNOSILICON agreed to sell us chips only. I’m also their partner on projects other than TerraMiner. We’re already receiving hardware for our other projects, that’s why we put our trust in that supplier.
We visited their HQ in Wuhan and our negotiations went well into the night until almost 2 AM. The main point of negotiations was our request for them to install chips into hashboards by themselves, so that if something went wrong, we’d be able to troubleshoot quicker and eliminate the risk of our own mistakes during hardware assembly and installation. They did not take that too well initially, but gave in and agreed to make an exception for our company.
Why did we decide to change our plans and order hardware assembly at INNOSILICON? Should we assemble the hardware ourselves, we won’t have the right for warranty, which is annulled in the case of a third party assembling the hashboards. That’s why we decided to assemble the first batch with the help of the manufacturer and avoid unnecessary problems. We’re likely to order our second batch assembly somewhere else, however.”
✔ Mineral oil cooling technology
“We don’t make our own cooling baths, and order them from a third company, from our own blueprint instead. We’ve already ordered and paid for them. Their manufacture takes 2 weeks and another 10 days for delivery. They arrive on 15 December, and the manufacturers are responsible for their installation as well. Baths are warranty-protected as well.
For the first TerraMiner farm we placed our bets on hardware and cooling baths warranty, concluded agreements to guarantee uninterruptible power supply and keep downtime to a minimum. We could’ve assembled it all ourselves, and lose warranty because of it. Considering how one bath contains dozens of hashboards, any unscheduled repairs or failures would put almost a third of out farm’s capacity out of operation. That’s why we went the longer and more expensive route this time, which is more reliable in return – full warranty for all hardware and installation.”
How does one get started in this game he knows nothing about?
“Our project is just for you. You don’t have to buy a miner for $1000-$5000. Buy some tokens for as much as you want and enjoy minimal risks. You’ll see how it works. You just buy hashrate, the rest of the work is on us.”
✔When the payouts start
“The payouts begin the first day our farm is launched, and will go on for as long as the profits are higher than electricity costs.”
✔Plans for the future
“Our plans haven’t changed: we want to build a 3 terahash per second farm. We need $15 mil to do that. We’re talking with big investors, and soon we’re launching the second ICO. The first one was more of an introduction, since $2.8 per token covers hardware costs only, all other expenses aside.
We’re still paying for everything in cryptocurrency – the rent, cooling baths, chips, etc. This was the core idea of the project. During this trip to China we managed to reach all the goals that we’d set for it. So far it’s going according to plan.”
We would like to remind you that our first ICO is over, and the second one starts in December. Right now you can buy TRM tokens on the EtherDelta exchange, for near ICO prices.
