IceDrill.ASIC
Mining Profit asset
August 5, 2013
Introduction:
DigiMex, a British Virgin Islands company (BVI Company Number: 1784369), is deploying a large-scale Bitcoin mine named IceDrill. The company is hereby releasing a asset (symbol: IceDrill.ASIC) for shares in the profits of the IceDrill mine.
To build the IceDrill mine, DigiMex has a special relationship with HashFast to acquire significant volumes of its new 400 Gh.s-1 ASIC chips on a continual basis.
The IceDrill mine, at launch, will be running with 500 Terahashes (500,000 Gigahashes) of power. This asset comprises 60% of the mine’s ongoing profits (meaning roughly 100% of 300 TH power). However, this asset is NOT tied to a specific hashrate. Rather, it is tied to a specific percentage of IceDrill profits, meaning that as the mine grows in hash power, so too do the profits earned by the shares. While one share will be worth roughly 10 Mhash of mining power upon launch, it will be worth more hash power over time as the mine grows.
In order to grow, 75% of the profit from each shares share will be paid out to the investor, and the remaining 25% will be reinvested in additional mining capacity on a continual basis. Thus, the mine will grow substantially over time to maintain the most efficient market share.
The IceDrill mine will launch with its initial 500 Th.s-1 capacity in the last quarter of 2013, likely in November.
Purpose of the asset
Money raised through this offering will be combined with privately-raised capital (already secured) for the purpose of purchasing specialized ASIC mining equipment and establishing a secure, climate-controlled mine facility in Europe (the exact location is already selected but is confidential for security reasons).
Mining start date:
The estimated time of delivery is Q4 of 2013.
The physical mine location will be prepared for chip delivery in September.
Chips will arrive in early November
The IceDrill mine will be operational in Q4 2013, likely in November.
Why should you believe in this timeframe? Because we are working with HashFast. We invite you to consider their ability to deliver chips on time and to spec for yourselves.
IPO details:
30,000,000 (30 Million) IceDrill.ASIC shares will be created at the IPO. 30,000,000 of these shares will be sold. Each share represents 1/50,000,000 of the profit of the IceDrill mine. Since the mine will open with 500 Th.s-1. of capacity, 1,000,000 shares will equal profit derived from roughly ten terahashes (10 Th.s-1) of capacity (and this will grow over time as 25% of profits are continually reinvested).
The shares will be sold in three batches:
The first batch is a initial sale of 14,500,000 (14.5 million) shares, which will be sold on BitFunder for 0.0014 BTC per share. The first batch will raise money to partially pay for chips and mining equipment from the manufacturer (HashFast, see thread
https://bitcointalksearch.org/topic/hashfast-announces-specs-for-new-asic-400ghs-262052) This money needs to be raised before the 12th of August (00:00:00 UTC, 12 August 2013) for this IPO to be deemed successful.
The second batch of 3,500,000 (3.5 million) shares and will be sold at 0.0015 BTC per share. Proceeds raised from this sale will help pay for more hardware and build out of the compute center/mine location. This batch needs to be sold by the 25th of August (00:00:00 UTC, 25 August 2013) for the IPO to be deemed a success. If this does not occur then any money collected will be reimbursed to the investors. At the opening of the mine, this equates to a price of 0.15 BTC per Gh.s.
The third batch is of 12,000,000 (12 million) shares and will be sold at the price of 0.0016 BTC per share. These shares have to be sold by the 4th of November (00:00:00 UTC, 4 November 2013) for the IPO to be deemed a success. At the opening of the mine, this equates to a price of 0.16 BTC per Gh.s.
Keep in mind that the Gigahashes represented per share will grow over time as the reinvested Bitcoins are used to purchase more hardware.
Introduction of parties involved and responsibilities
The ASIC manufacturer is HashFast, which recently made its announcement here
https://bitcointalksearch.org/topic/hashfast-announces-specs-for-new-asic-400ghs-262052, you can also check out their website for more information hashfast.com
As announced by HashFast, it is working together with Uniquify Inc to create the best mining equipment possible. Uniquify has been in the ASIC business since 2004 and has produced numerous ASIC and SoC designs. For more info about the team check out their website
http://www.uniquify.com/.
The builder and operator of the IceDrill mining farm, and the administrator of the IceDrill. ASIC asset is DigiMex. DigiMex is in turn owned by PetaMex Limited (BVI Company registration number 1784386). PetaMex has four owners (details below).
Ludvig Öberg (aka DeaDTerra) is the point of contact for the IceDrill.ASIC asset and any inquiries should be sent to him.
IceDrill.ASIC Manager:
Ludvig Öberg:
LinkedIN: se.linkedin.com/in/ludvigoberg/
Forums:
https://bitcointalksearch.org/user/deadterra-40976Email:
[email protected]Skype: terragubben
Title: Asset manager (Not a shareholder/Owner, nor the issuer of the asset)
Mobile Number: +46735691370 (Please only call during the hours 10-20 CET)
HashFast:
John Skrodenis:
Role: Vice President of Marketing
LinkedIn:
www.linkedin.com/in/johnskrodenisPetaMex (holding company), DigiMex (mining operator):
David Shin:
Role: Shareholder/Owner
LinkedIn:
http://www.linkedin.com/pub/dave-shin/2/62b/355Willem van Rooyen:
Role: Shareholder/Owner
Task: Mining logistics, location setup, technical team/consultant director.
LinkedIn:
http://www.linkedin.com/pub/willem-van-rooyen/1/9b9/7b0BitcoinTalk:
https://bitcointalksearch.org/user/will-8890Lourens Vorster:
Title: Shareholder/Owner, Director
LinkedIN:
http://www.linkedin.com/pub/lourens-vorster/1/a2b/8Felix Ng:
Title: Shareholder/Owner
LinkedIN: hk.linkedin.com/pub/felix-ng/48/466/bb/
Estimates:
Estimates or speculation of potential return can be found here:
https://docs.google.com/spreadsheet/ccc?key=0AqOET6CrjiUodFIxN1Q0Q2FVT0VsalhOcVhfTmhJRmc&usp=sharingPlease note that the scenarios that have been set up are just examples and do not represent the future or actual profits. Please do you own due diligence before deciding to invest. If you want to setup your own scenarios please copy paste and plug in your own numbers. Please note that these figures do not include the electricity and rent costs. Please see other estimates of mining facilities for a cost budget.
Please note that any risks that DigiMex assumes is also a risk for the investor, as an investor owns a share of the profit and not the hardware. This may include but is not limited to risk such as failure of delivery of hardware (due to chip design flaw, malfunction in production, delays etc), theft of hardware, damage to hardware etc. Please consider this before investing,
This Bitcoin-related investment is a high risk investment and you should only invest as much as you can afford to lose. No guarantee is made of any return or profit whatsoever.
IceDrill.ASIC offering:
Each share represents 1/50,000,000 of the profit of DigiMex (The Issuer) and gives the holder right to 100% of the profit (Of the 1/50,000,000 profit). Profit is defined as income from mined bitcoin minus electricity cost,rent and maintenance. 75% (of this profit) will be paid in interest every week (every Sunday) and 25% of the profit will be reinvested in additional mining capacity. The holder of the share has the right to the full profit of any hardware purchased with these reinvestments (the 75%/25% distribution rule will again apply to hardware acquired through reinvestment).
The shares have no voting power. Shares of IceDrill.ASIC on BitFunder do not represent real world shares of DigiMex. The shares are solely a distribution mechanism for rights to profits of DigiMex. Profit distribution will not be dependent on BitFunder’s existence, in the case of where BitFunder is closed down the asset will be moved to another platform, if no adequate platform exists then payouts will happen manually to the shareholders bitcoin address.
The Issuer has the right to terminate the asset in the event of insolvency by liquidating any company savings to pay out a final dividend. The Issuer has the right to buy back, at any time, all shares issued, for 1.2x the price of the previous 7 day average market price (determined by the data provided by bitfunder.com).
The issuer has the right to release more shares at any time and for any price (the 20,000,000 shares not sold at the IPO). Because each new share holds the same proportion of the company even after more issuance, there will be no dilution to the previously sold shares.
The issuer has the right to change the price and/or amount of any scheduled batches of shares.
Please note that DigiMex will be operated by PetaMex in the foreseeable future. However, the operators (PetaMex in this case) retains the right to stop Digimex operations if it becomes operationally unprofitable. At that point, this agreement will automatically be terminated. In addition, we would not preclude the possibility that DigiMex may be sold to another operator.
