I've asked Eric (the independent accountant who compiled the financial report) to answer any relevant questions regarding it as it is his direct work-product.
If you ask a question on-topic, it will be answered. I've asked Eric to ignore obvious trolls (common, current practice).
You will have access to him this week, so please feel free to ask away.
Topic: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast) - page 45. (Read 378562 times)
March 04, 2014, 04:03:02 AM
March 03, 2014, 10:13:15 PM
ok, id just like to ask, how many more sierra units is icedrill still waiting for? or have they had all their units now?
March 03, 2014, 03:26:56 PM
It seems odd to me that the note on the cash flow statement for payment on the Sierras says:
"As per sales contract"
Cash flow is always done from actual payments. Why did the accountant need to refer to the contract rather than either Bitcoin transactions or dollar payment receipts?
Because of BTC/USD has gone up from moment of IPO"As per sales contract"
Cash flow is always done from actual payments. Why did the accountant need to refer to the contract rather than either Bitcoin transactions or dollar payment receipts?
In which case you show the ACTUAL BTC paid and the exchange rate at the time.
As was done with the Cointerra investment, where a Bitpay invoice was used.
Was the Hashfast contract actually paid, or is there still outstanding amounts? As you note BTC/USD has changed a lot since the IPO. If BTC were held, they represent a significant gain for INVESTORS, not for a back room deal where Icedrill backdates a sale to themselves.
If bitcoin price would be lower at payment moment it would be bitpay invoice, but now its only "Transaction to HashFast".
About 20 000 btc transaction to hashfast, is there transaction id?
I would like to see receipt with amount of sierra units and price in bitcoin.<- Is it possible, DeadTerra?
The bitcoin transactions for the units have been posted here before they amount to 20 000 BTC which was locked at 100 USD per BTC, giving us 2 mill USD for the 235 Thash worth of equipment.
The full trail and math will be in the audit so you can look at them yourself
We also have the receipts from HF if you don't believe me.
//DeaDTerra
The full trail and math will be in the audit so you can look at them yourself
We also have the receipts from HF if you don't believe me.
//DeaDTerra
March 03, 2014, 12:56:27 PM
It seems odd to me that the note on the cash flow statement for payment on the Sierras says:
"As per sales contract"
Cash flow is always done from actual payments. Why did the accountant need to refer to the contract rather than either Bitcoin transactions or dollar payment receipts?
Because of BTC/USD has gone up from moment of IPO"As per sales contract"
Cash flow is always done from actual payments. Why did the accountant need to refer to the contract rather than either Bitcoin transactions or dollar payment receipts?
In which case you show the ACTUAL BTC paid and the exchange rate at the time.
As was done with the Cointerra investment, where a Bitpay invoice was used.
Was the Hashfast contract actually paid, or is there still outstanding amounts? As you note BTC/USD has changed a lot since the IPO. If BTC were held, they represent a significant gain for INVESTORS, not for a back room deal where Icedrill backdates a sale to themselves.
March 03, 2014, 09:29:38 AM
March 03, 2014, 06:06:09 AM
It seems odd to me that the note on the cash flow statement for payment on the Sierras says:
"As per sales contract"
Cash flow is always done from actual payments. Why did the accountant need to refer to the contract rather than either Bitcoin transactions or dollar payment receipts?
Because of BTC/USD has gone up from moment of IPO "As per sales contract"
Cash flow is always done from actual payments. Why did the accountant need to refer to the contract rather than either Bitcoin transactions or dollar payment receipts?
March 02, 2014, 01:11:03 PM
It seems odd to me that the note on the cash flow statement for payment on the Sierras says:
"As per sales contract"
Cash flow is always done from actual payments. Why did the accountant need to refer to the contract rather than either Bitcoin transactions or dollar payment receipts?
"As per sales contract"
Cash flow is always done from actual payments. Why did the accountant need to refer to the contract rather than either Bitcoin transactions or dollar payment receipts?
March 02, 2014, 09:38:12 AM
Financial statement up @ http://www.icedrill.io/download/IceDrill-FS-20140203.pdf
thank you!
March 02, 2014, 08:27:24 AM
March 02, 2014, 01:18:04 AM
285k in DC costs? For 8 active Sierras? Each one is 4U, so 32U. How much of this is lining your pockets. What a joke.
March 02, 2014, 01:10:17 AM
wow you guys must travel first class... 15k for travel and accommodation...
March 01, 2014, 09:27:33 PM
Financial statement up @ http://www.icedrill.io/download/IceDrill-FS-20140203.pdf
February 28, 2014, 02:18:05 AM
Back in Montreal.
Minestate monitor going to be down for a while, we're incorporating some of the latest cgminer (4.0.0+) changes, mainly based off HF fw 0.4 (dynamic core shedding et al changes).
(https://github.com/ckolivas/cgminer/commits/master)
Apologies for the status reporting downtime, the mine is up while it's happening...
Minestate monitor going to be down for a while, we're incorporating some of the latest cgminer (4.0.0+) changes, mainly based off HF fw 0.4 (dynamic core shedding et al changes).
(https://github.com/ckolivas/cgminer/commits/master)
Apologies for the status reporting downtime, the mine is up while it's happening...
February 27, 2014, 02:15:20 PM
Damn, is there a Doctor in the house, Doctor Emmet Brown? Doctor Who? Doctor Rodney McKay maybe? ... Hell, I'll take Doctor Oz if his ageing reversal protocol involves some kind of time machine hardware.... No doctors? Lieutenant Barclay?
February 27, 2014, 01:16:34 PM
Whut? 235Th divided by 1.2TH nominal = 196 machines, 20,000 BTC / 196 = 102 BTC each, WTF did we pay retail?
The extra super top secret nda deal... Unbelievable.
One sierra unit was priced 9500$.
So, NDA deal mean that IceDrill is also overpayed 704$ per unit?
http://thegenesisblock.com/cointerra-and-hashfast-sell-17m-of-bitcoin-miners-open-second-batch-sales/
They were supposed to be October Units.
It would have been at the October Baby Jet Price of $5,600 or $14/GH For Retail
IceDrill would have been paying $8.62/GH
Also understand these units were supposed to arrive prior to First Batch from my understanding so yes they were getting them far below "retail" if delivery was on time.
February 27, 2014, 01:01:17 PM
Whut? 235Th divided by 1.2TH nominal = 196 machines, 20,000 BTC / 196 = 102 BTC each, WTF did we pay retail?
The extra super top secret nda deal... Unbelievable.
One sierra unit was priced 9500$.
So, NDA deal mean that IceDrill is also overpayed 704$ per unit?
http://thegenesisblock.com/cointerra-and-hashfast-sell-17m-of-bitcoin-miners-open-second-batch-sales/
February 27, 2014, 12:16:24 PM
Whut? 235Th divided by 1.2TH nominal = 196 machines, 20,000 BTC / 196 = 102 BTC each, WTF did we pay retail?
The extra super top secret nda deal... Unbelievable.
February 27, 2014, 11:48:51 AM
Whut? 235Th divided by 1.2TH nominal = 196 machines, 20,000 BTC / 196 = 102 BTC each, WTF did we pay retail?
February 27, 2014, 11:36:05 AM
yeah that's nearly impossible to make back now... tell us how you plan on making profit for yourself.
February 27, 2014, 11:24:55 AM
Ouch. 20,000 BTC were given to HF for 235TH/s? If all were hashing perfectly that is 235 / 22,350 (network size) X 3600 BTC per day (since hashing at pools) = 38 BTC per day.
If the network never grows and the data center hosting was free, that 20,000 BTC will be returned in 526 days.
What is in this for you, DT and Will, since you don't get money until the 20,000 is paid back right? Why are you still doing this?
If the network never grows and the data center hosting was free, that 20,000 BTC will be returned in 526 days.
What is in this for you, DT and Will, since you don't get money until the 20,000 is paid back right? Why are you still doing this?
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