Topic: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast) - page 99. (Read 378562 times)

Given the risks involved with non-completion of batch 3 of the original IPO, we negotiated a new deal with Hashfast which allows us to raise funds in a more realistic timeframe while getting enough capacity for a smaller sized farm (less risk) as an entry-point for this project.  The objective is to scale from a smaller size using the 25% reinvestment component to grow the assets to a more sizable state.

With this new deal, as we take less bulk capacity, the pricing was slightly less favorable.  However, this is the cost of mitigating the capital risk of going big.  Subsequently, with a bleaker pricing situation, we do not want this to affect the public shareholders.  Hence, the private shareholders sacrificed a part of their share to pay for this price change hence the change in the ratio of public and private shares.

To make sure we keep the 10/Mhash, we are scaling up the percentage of ownership and in accordance with the deal change with Hashfast, we no longer need to sell all of batch 3. If batch 3 does not fully sell we will rebalance the private to public shares and decrease the private shares even more so that we can keep the 10/Mhash per share starting point.

Lastly, with the new deal with Hashfast the new maximum amount of shares within the structure is 36.3 million (363 Thash @ nominal clock speeds). We would like to sell a total of 25.5 million shares while reducing the private shares to approximately 30% (down from 40%).  This ultimately means we increase the percent owned to keep the shares at 10/Mhash (equivalent starting mining power for comparison) each and we would then subsequently reduce the amount of privately held shares to pay for the bulk purchases and price changes with Hashfast.



//DeaDTerra

AFAIK, the first 550 BJs and ice.drill's chips are both being cut from the same initial batch of wafers.

There is no way to determine BJ assembly time plus end-user shipping vs Swedish shipping/customs plus iD assembly time.

It's a toss up.  But speaking of BJs, DT should blow, bribe, or blackmail whoever necessary to prevent a repeat of Avalon's latest disaster. 

Yeah it would make sense that an increasing Bitcoin price would result in better hash returns per share. This is only because HashFast prices in USD like you have stated. Its good for people to consider this when making a long term decision.

Is it likely that round 3 will sell at all? Some shares going cheap are already lining up below 0.0016

A question about BTC price changes.

AFAIR, HashFast chips and devices are priced in USD, so if BTC
price rises, then you'll be able to buy more hashpower.
Will the Megahash per share ration rise in this case or shall it stay fixed?

Interesting point from HashFast:


And the BabyJet's are scheduled for the end of October.

I wonder about the utilities and related cost and risks in these projects

eg.
hosting,
power supply,
air conditioning,
power costs,
power surge protection,
maintenance of this,
insurance against theft, damage or force majure
shipping
transport
etc etc

the logistics side of it

Definitely. All descriptions and addendums will be added to the top post and marked as such.


We'll syncronise this with the bitfunder description and news items.

Deadline for 3rd batch is early November if I recall correctly.

Could you please also adjust first and second post and the description on bitfunder to reflect these changes? I'm trying to base decisions on facts and I can't be expected to read the whole thread to pull these relevant facts.

Or is there a document somewhere?

Why not give us a idea now?

Has the deadline already passed? Can we even expect any shares of the 3rd batch to sell?

Hi All. We'll address the questions surrounding the share counts in an upcoming post later today. With it we'll provide a clear description of the new structure. Apologies for any confusion caused.

Yes, it has been reduced as said here by DT:


I'm also interested, as others have asked, if more shares could be released after these (up to the original limit of 12 million)? It seems to me very likely that the shares will be sold out before deadline.

I didn't follow closely. Has 3rd batch been reduced? I can see 7 million shares on sale for BTC 0.0016 each. Is that the complete 3rd batch?

How many shares have been sold (IPO shares only, not counting re-sold shares) on bitfunder up to this point?

Apologies if my incompetence in reading the bitcointalk forums shines through too much. Could you list these people for me?


Again, I'm no bitcointalk expert, but I think the reason that your continued requests for people to listen to you (and not DT) has largely gone unnoticed is mainly because of the difference in these two links:
https://bitcointalk.org/index.php?action=trust;u=40976 (Trust summary for DeaDTerra)
https://bitcointalk.org/index.php?action=trust;u=71577 (Trust summary for kingcrimson)
I don't mean to offend you (I simply don't know you), but I think if you can point people to projects you've undertaken or things you have done/participated in your opinions might carry more weight. By this I don't mean that the opinions of people with zero trust matter less (I'm one of them), just trying to explain why I think your continued "warnings?" seem to fall on deaf ears. My opinion (for what it's worth) is that you should evaluate your "self".


We consider renogatiating on behalf of our investors our prerogative and consider it our duty to work out a better deal wherever we can. It's what we did and will continue to do. If we can get a better deal out of Hashfast then we'll do it. That said, I can see how that would make it appear to an outsider that we're "making it up as we go". In my experience, an unwillingness to negotiate when doing business (any business) is a non-starter. Unwillingness (or inability) to negotiate in the fast-moving bitcoin mining space is a non-starter for the IceDrill.


I think we've addressed most, if not all, of the questions posed. We'll continue to do so throughout this IPO and beyond. If I missed anything (again, apologies for my n00bness in this forum), could you please point me to it directly or restate it?


I have no response to this, other than welcoming your opinion on this open forum. In the very least, it provides balance and I thank you for it.

Let's separate a PR news release from actual news.  This does not mean anything at all.

Only 250K shares remaining of the 3.5 million from batch two. That took about 48h. They're selling like hotcakes.

Getting that chapter closed was not altruistic, you're right. But ensuring disparate parties were as taken care of as possible, was. I agree this isn't the place to discuss SD, so I'll leave it there. I think your points are reasonable and I hope DT will respond adequately for you.

I am familiar with the many ways in which Erik Voorhees has helped Bitcoin grow and become the exciting technology/community it is today. What have you done to help Bitcoin?