Topic: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast) - page 48. (Read 378562 times)

Nice to hear things are still moving and that my initial trust as a shareholder was not misplaced. Just a few questions.

how goes the mighty struggle with canadian taxation law?
Is it true that KYC requires you to disclose the bitcoin addresses of dividend recipients?

I stumbled across something recently that might be of interest to that independent accountant you alluded to in an earlier post.

http://www.ato.gov.au/Business/Imputation/In-detail/Refunding-franking-credits/Refunding-franking-credits---individuals/

regards,
a Sunny australian

Glad to see things progressing.  Once everything gets going, I hope we see more solo mining.  There's no reason to pay pool fees.

Idealist!  Sales taxes have to be paid.

Don't worry though.  There is no way DeadTerra actually paid $2M for the machines he bought so there isn't $300k in sales taxes owing to Quebec right now.

You don't have to pay tax if you never made any money.

Did you submit all your details as a shareholder in order to receive dividends?   No.
Under the Canadian ruling, everyone would have to before distributions of coins starting going out.
And let's not be coy about "legitimacy", the last thing Icedrill could survive would be a visit from the government of Quebec or Canada.   They actually take their tax collection quite seriously up there. 

+1

you are either running a legitimate business, or you are not.

And why is this going to be a problem for IceDrill?

"They may be virtual money, but they are going to come under real-life laws."

this is GOOD news. is this the first time a country recognises bitcoin as 'money'?

http://www.huffingtonpost.ca/2014/02/11/bitcoin-regulation-canada-federal-budget-2014_n_4769489.html

"The government plans to bring virtual currencies such as the Bitcoin under the provisions of the money-laundering and anti-terrorism financing regulations.

"It is important to continually improve Canada's regime to address emerging risks, including virtual currencies such as Bitcoin, that threaten Canada's international leadership in the fight against money laundering and terrorist financing."

Online casinos will also be subject to these rules."

Interesting, so IceDrill is an investor in CoinTerra?  Is that a recent development?

To clarify, "Cointerra Stocks" are actual shares held of Cointerra and not machines.

I'm glad just to see some progress.

A couple of questions:

Does the datacenter costs already include electricity?

Developing IceDrill's trading platform costs less than just list in Havelock?

Thanks.

This statement has me confused...

• Are you saying you actually have a total of 82 Sierras in your possession right now? -48 operational & 34 offline
• "most running under spec", "about 35% non working units" ..I hate to argue semantics, but since 'most' = >50%, are you suggesting 35% are under spec, or that 35% are not running at all?
• And even if all 48 Sierras are operational, 48-54Th is only marginally below spec with each unit clocking 1.2Th; How far below your anticipated spec are we for the units that are online?
• Why are these additional 34 Sierras not running; were they received so recently you haven't had the chance to get them up yet, or are you waiting to stabilize the mine?
• How many total units are you waiting for delivery of before the order with HF is considered fulfilled?

Further questions...

• Since the average Joe IceDrill shareholder isn't privileged to know the details of the compensation received from HF, WHEN might that information be made available?
• Hypothetically speaking, would IceDrill management ever consider dealing with another HW vendor going forward since HF is not only failing to deliver the full number of units in a timely manner, but also ~3+ months late and under spec?
• Since it seems likely it will take over a year before investments can be paid back at .0016BTC per share (depending upon compensation conditions), are private investors still relegated to wait until public shares are paid back according to the terms of the original agreement, or has that item now been amended?

Most importantly...

• What is the time frame that investors can hope to see the first wave of dividends?

...I'd imagine more definitive clarity on mine status and some actual dividends paid out may be good before the share trading platform is actually rolled out. Just a thought.

Thanks for your time and efforts DT & Will.

I'll close way off-color by saying, FUCK SCAMFAST IN THEIR FUCKING MOUTHS.

Don't forget the 15% GST and HST that became due when they took delivery in Montreal.  500 BTC or so...

http://www.revenuquebec.ca/en/entreprise/taxes/tvq_tps/

The good news is that with 22 000 / month in facilities, lawyers, accountants, plane fares, hotel bills, and not even bothering to plug machines in, there won't be any Canadian corporate taxes to pay.

Thanks for the answers DeaDTerra. I'm looking forward to the financial report.

2M$ for 200 Sierras, while the retail costs of it (batch 1 BJ) would have been 3.4M$.
Can you share the terms of sales you are bounded to with HashFast? I know that you almost definitively won't, but they would be really interesting.

Dear all,

The IceDrill technical team is currently working directly with the HashFast and cgminer technical teams to stabilize our mine. Performance & optimization work will commence once measurable stability is attained.

We currently have in our possession 48 Sierras (most of them running under specs with roughly 35% of non working units running at total of roughly 48-54 Thash. We have an additional 34 Sierras to be plugged in and stabilized. We have generated a total amount of 75 Bitcoins. These are currently being retained for operational costs, this is mostly datacenter rent and legal costs once we have a clear overview on what the costs will be we will pay out the rest in a dividend.

The mining revenue is sent to the following addresses:
DigiMex 001: 16ARJqhDqyARnGE3R3r6VMtHLJXhpcdD68 - mining proceeds from [email protected] (tech: test equipment)
DigiMex 002: 12DFehEHkoXbBtjGt4G83qbh4gVY5vfVKi - mining proceeds from [email protected]
DigiMex 003: 19UFMZajuKSNPDbCUT3jmbHcVYvTPgcMzq - mining proceeds from [email protected]
DigiMex 004: 1FvPHJ7vMknUHEDRs43uyjbEWu28T5aGgE - mining proceeds from [email protected]
DigiMex 005: 14qwTVT7wo83bgivmewtafNp46aQ2qnf8j - reserved

Please take into account that some of the Bitcoins mined are still at the pools, as well as on Bitstamp to pay for operational costs.

We have initiated legal counselling with a law firm based in California to understand our current legal options.

Public financial reports are currently under construction by an accountant, who also acts as an independent auditor of the physical equipment. Once we have received these results, they will be available for public review and comment.

Part of the IceDrill team is currently working on developing a trading platform where you will be available to trade your shares, it is currently in alpha stage and being tested by the shareholder working group. If you want to test the platform once it goes beta please sign up at cryptomex.io


Thank you for concise questions.

All these numbers will be included in an independant audit and will be available for public review on IceDrill.io shortly.

We are in the process of creating a baseline snapshot of IceDrill’s current financial position (last updated as of a couple of days ago), incorporating a high-level breakdown of the funds assets, liabilities and cash situation. It is hoped that this will provide sufficient clarity to our financial situation and answer a number of open questions from our shareholder base (until the proper audit is completed).

Currently no one is taking a salary and no one in the IceDrill team is being directly remunerated.
Current rent is roughly 22 000 USD per month.

The shares that were traded in for hardware has been destroyed. The shares was sent in, the units were written over to be delivered to the owner of the shares and then the shares were destroyed.

I hope that I have answered your questions, if not please restate them in the same concise way.
https://docs.google.com/spreadsheet/ccc?key=0AjO5QWRR9dAHdGN2bVhwclZxdkNDQXM2b2tiMi1DaXc&usp=drive_web#gid=0

We thank you for your continued patience and understanding.

Hi All

First off, sorry for the lack of communication from my side. I'm struggling to keep with all the current comms channels so this one has suffered immensely. I'd feel more comfortable doing more regular posts here henceforth.

Yes, we're mining, though we've only recently (last 24h) been able to stabilize at a measurable, relevant rate of around 50Th/s (after the latest f/w:20140205-0 aka 0.3 and cgminer 3.12.3 updates). DT will post details on where (addresses) those proceeds are going, I shared it with him earlier.

We've taken on an independent accountant to get the initial financial reporting sorted, that should be available soon as I saw a close-to-final draft this week. The accountant will also do personal audits of the mine as and when he chooses (he lives in the same city).

A public mine state display should be up in a bit, I've started sharing a link around to a select few ppl (would be nice if they can chime in here and corroborate). I don't want to spread it around too much just yet. I currently control who sees it, mainly because it suffers from being slow/heavier than i want on the controllers. Will sort out cron/caching & visualization as soon as time permits, hopefully before we fly back to Montreal on Wednesday. The endpoint will be here: https://www.icedrill.io/minestate - mainly just shows debug/warning information on the kit we currently have up.

Will post more later. DT will also post an update soon.

Will

I dont think people are that upset or think terra / will are not doing anything, its more they don't like being ignored for days on end.
As i said before even if is just a short post about anything ( Hi guys i just had a cup of coffee and im looking forward to getting some Icedrill work done today)

It only takes 5 mins and makes share holders (especially the small guys that don't get privilege of the private forum) more at ease.

hell i found 5mins to write this post and i just finished a 30hr shift.