Topic: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast) - page 44. (Read 378671 times)

Getting dividend payments and share trading up & running is the next important step and one of our current main focal points. I'll post an update & estimate on this sometime this week.

You can send us ([email protected]) the email address you used @ bitfunder, and we'll send you the relevant address linked to it. I'll also put up the last snapshot we took of the bitfunder asset list @ www.icedrill.io, if you want to look through that.

EDIT: added https://www.icedrill.io/showbfassetlist

+1

Also, I don't remember what bitcoin address I assigned myself to when I invested.. how can I find this out

The payout address shows a cool 170 bitcoins.  Do you have an estimate as to when the shareholders will be seeing a morsel of this?

Yep, checking cryptsy... that's an extra ~2.5BTC mainly from the NMC balance.

Generally speaking, stability is as a direct result of cgminer tuning, the extra hashrate is due to the current ~10% overclocking (running @ 604 MHz). Stability tuning is a prerequisite for overclocking (overclocking unstable units generates a mess of garbage/unusable data). Some units perform better than others in this regard. Not all sierras are created equal, hence the OPNAME-ing work. We'll probably re-shuffle units in the cage to similar-performing stacks and under/overclock into stable hashrates. The minestate snapshots you see are taken every 15 min, and logged to db - this data will form the basis for that work.

Extra couple of bitcoins right there.

I've noticed an improvement in miners performance, many are passing 1.2 TH/s, is this a result from cgminer tuning, are you going to push it more? I saw Hashfast tests putting each chip at a maximum of 700 GH/s.

We're obviously not actively focusing on this, but checking the latest balances @ cex.io from our initial mining deployment there, our balances are as follows:
NMC: 413.19707426
IXC: 1146.00279981
DVC: 46782.58772756

Will, are we merge mining other coins?

Hi All

Just a quick update from my side:

Minestate is back up & running @ https://www.icedrill.io/minestate. Apologies for the downtime on this, it was as a direct result of needing to consume the latest cgminer (4.1.0) changes, which are still coming through very often. Although not 100% yet, stack stability has now become viable enough to start clock work (e.g. see https://github.com/ckolivas/cgminer/commit/804d3eed7f696cb19026ec23ab6fdd34f9f40b11). For the moment, we've OP_NAME'd everything that is up & running (to the HF chassis serial, which enables more efficient quality reporting back into the HF production line), and recording everything in preparation for fine-tuning that process.

In short, if you're running two or more hashfast miners, you want to be doing it on f/w 0.4 and cgminer 4.1.0+.

New payout address: 14qwTVT7wo83bgivmewtafNp46aQ2qnf8j - mining proceeds from [email protected]

The decision to mine @ ozcoin was due to requiring higher visibility into pool operations during this stability workstream.

The RMA-process has been kicked off (salvaging faulty/non-working units) so we should be able to bring up more hashrate in the coming days as a result.

I'll leave the minestate software development as-is for now and switch over to focusing on cryptomex integration (shares/dividend handling), business-, revenue- and operations expansion for the time being.

As always, if there are any questions/comments, feel free to post them here.

Will

Hi guys,

My name is Eric and I'm the guy who prepared the financial statements that Will posted a few days ago. I've taken a bit of time to read through some of the questions that have come up because of the statements and I am providing some answers below.

If anyone has any other questions, post them in the thread and I will answer the next round when I am able to.





It's worth noting that the financial statements cover the period from the IPO in August until February 3rd, so the amount is not unreasonable. I've taken a look at the various receipts and there is nothing unscrupulous related to travel and accommodation expenses. A large percentage of the expenses are flights to Montreal in order to manage operations and lodging in Montreal for said visits.




Perhaps I should clarify as to what is included in the DC costs line item.

IceDrill has an agreement with the DC that requires a minimum monthly commitment even if there are no units being hosted - this means that the minimum commitment was being paid since October. Now that there are active units, the monthly DC costs will increase slightly. So a portion of the $285K is made up of all the monthly minimum payments that were made even though no equipment was hosted.

In addition to monthly payments to the DC, there were a significant amount of one-time setup costs ($100K+) to have everything setup and prepared for the units.

The combination of set-up costs + monthly DC payments add up to this amount and match up with invoices.



Investment in Cointerra are shares in the Cointerra company that IceDrill owns.



You are correct - cash flow statements are always prepared based on actual cash (or BTC in this case) that has been disbursed or received.

I referred to the contract in order to determine the $USD amount that needed to be included in the cash flow statement - the payment itself was verified with the Bitcoin transaction ID that Ludvig has already posted. The contract did not serve as a proof of payment or anything like that - simply as a means of verifying:

a) the USD/BTC rate that was quoted for the sale
b) that the Bitcoin transaction in questions was indeed to HashFast for the equipment



There are no outstanding amounts owed to HashFast, and the BTC were paid out immediately to buy the equipment - they were not held and the gains were not realized by IceDrill because of this fact.



I don't disagree that the CEX.io prices may not be the most accurate, however using a market-based price like that is consistent with what I've been doing for the exchange rate from USD/BTC and is still a relevant price for selling GHs. It was not chosen to deceive anyone, which is why I have been transparent with the rates that I've used.

As for trading on Bitstamp, there were times that Bitcoins needed to be sold for USD and at this point, IceDrill often recognized gains on these trades because the price of Bitcoin appreciated significantly since the IPO. All that the trading revenue means is that once Bitcoins were sold on Bitstamp, the operation recognized some gains because of the price increases. Trading ≠ gambling in this case.

The updated hash power target gives me an impression that Icedrill and PETAMine exchanged with each other.

Any news on progress with the share trade and dividend platforms? 

It is currently in negotiations, 235 Th was the amount of the original order.
//DeaDTerra

There is no compensation from Hashfast for the delivery delay?

Original order was for 500 Thash, we did not raise enough Bitcoins and the order was decreased to 235 Thash.
//DeaDTerra

162 Th/s is still less than a third of what we should have, right? We were promised 500 Th/s...

Ozcoin is showing 162 Th/s.  They must be getting close to having everything online.

http://ozco.in/content/user-top-20

Yarrr, $20/gh is almost dead on what I paid for BFL 65nm* considering I have it tuned up and running a few percent over nominal spec.



(*pre-release pre-order pricing from Feb 2013, not discount off the shelf pricing from late '13 early '14)

ThxCurrent total hashrate is 55.08 TH by https://www.icedrill.io/minestate

Can u set MineState page to show also total hashrate?

Seems a bit deceptive to use a rate of $20/gh. Considering bitmain is shipping devices now for $4/gh.

And how many units are hashing now? The statement says feb 3 so it has been a month now.

Another thing, why is icedrill trading btc on bitstamp? I thought this was a mining operation, not a gambling on bitcoin exchanges fund.

Here is the transaction IDs for the HashFast payment:
88704e47ea9efb730fbfd456f43f856fdd0dc063f0a132bd27fc99c49f4fec32
b2889b6e0dea50082e3dd1783dca8fdcbd83957755c612332dc55c8da7c7443b

//DeaDTerra