Topic: [BTC-TC] CIPHERMINE-PT - Industrial Mining & High Performance Computing - page 3. (Read 44695 times)

After all, the purpose of a pass-through is to add some sort of value, usually in the form of access via a different exchange, or occasionally to provide fractional shares, etc. However, in this case, the pass-through is not providing additional value via a presence on a different exchange, and I'm guessing that holders of the pass-through aren't holding it just to have someone else convert LTC to BTC for them. Is there some other raison d'etre that I've just plain missed along the way?

For context, I mention all this as someone who wound up his own 2000 BTC fund swiftly in the aftermath of the exchange closures, specifically because I felt that was the right thing to do for participants. Now I get that you've been very public in bizarrely ridiculing me, my competence, and the very fact I ran a fund at all -- without the courtesy of ever speaking with me directly, or making any actual arguments, or even levelling your ridicule while I happened to be present. If that's your thing, that's your thing -- but I hope you will take this specific question about the pass-through as a critical but constructive one, and answer it directly, rather than merely taking another opportunity to dump on me personally.

Mining is still a niche - preorders and shipping delays are very common and there are not many producers. I think the trend of a very rapidly rising difficulty will go, because where money can be made, people will try to make money. ASRock announced two funny mainboard for GPU mining recently, which might be a precursor for "well known" hardware producers to step in.

More information about CipherMine's exchange are revealed. I highly suggest to check out the following thread:

Dear All,

This week we brought in a total of 29.44 BTC, or €10,034. After costs; power/hosting €423, bond interest €505 and depreciation of €747; that leaves a profit of £8,360. That has bees paid out as 1,339 LTC (€3.12/LTC).

€4,926 has been added to the hardware reinvestment fund, which now stands at a grand total of €13,090.

GPGPUs are still not looking like they will be ready imminently, and in the mean time BTC's meteoric value increase has made SHA256 mining again look very appealing. I therefore believe we should spend our reinvestment fund on more ASIC mining gear for the time being.

HashFast are still my preference, but they are no longer offering their Miner Protection Programme (which, by the way, we stand to profit extremely handsomely from - all 8 x 400 GH/s BabyJets and 4 x 1.2 TH/s Sierras we have on order were bought with MPP) and CoinTerra's pricing is looking much more appealing (and their delivery dates are not much different).

I have therefore done some due dilligence on CoinTerra and have satisfied myself that they are a solid bet. They are therefore where we will most likely spend the h/w reinvestment fund. I'm giving HashFast until tomorrow evening to respond to a request for a special deal.

Kate.

Dex, could you give us your opinion of where CipherMine will be in 6 months?  

On a scale of 1 to 10, where are we right now in terms of our mining capacity vs where we want to be when all of our rigs that have bee pre-ordered are online and hashing away?

I decided to roll the two deferred weeks (week to 3rd Nov and week to 11th Nov) into one so that the dividends got the benefit of rising BTC prices in the calculations. CipherMine has benefited from the rising price (our bot has been holding of course) so that seemed fair.

During the period we generated a total of 67 BTC, and using the BTC price last Sunday that's a revenue of €16,470. This was lower than it should have been, mainly due to the aforementioned power issues. Less depreciation, power/hosting and bond interest costs leaves a profit of €14,835, 50% of which is dividends.

At a price of €3.00/LTC that made 2,214.80 LTC in dividends. A further €8,100 has been added to the hardware reinvestment fund, which we're leaving in the hands of our BTC trading bot for the time being rather than spending.

For more information on how dividends are calculated please refer to the business plan / shareholder contract or previous explanations in this thread.

I've not yet caught up with everything post-honeymoon so don't know the state of play re. GPGPUs.

Kate.

Dear All,

I'm back in the UK from my honeymoon, but fly out to Berlin this afternoon. I intend to do the two delayed dividends before I depart.

Apologies in advance but I don't have time to respond to all the comments while I've been away. I have had the zeitgeist update from my team though.

To those that have been patient, thank you. To those that have not, I remind you that a) I was abundantly clear that there would be a hiatus; b) the contract terms actually states that we shall do dividend payments at least once a month. That I do them weekly is merely being generous to you all, and in our many months of operation there have only been three occasions when I have not made a weekly payment on or near the usual time of Sunday evening. Given that it still requires some manual effort and we don't have the convenience of an exchange to do it, the easy route would have been for me to revert to monthly payments during this transition. That is not in your interests, so you should be grateful I have not done so.

I will have more news about the new exchange (CipherTrade.com) soon and hope to be able to make a big announcement at the weekend. Be assured that work has continued apace and CIPHERMINE and CIPHERMINE.B1 will soon be liquid and tradable again.

Apologies re. the power outages. In part this was a bizarre issue with the BitFuries causing their PSUs to shut down inexplicably, and partly due to a major power outage at our new Memset offices. Our new data centre there is not complete; the UPSes and generators are on-site but not yet wired up. The offices will soon be powered from that resilient infrastructure. Unfortunately we cannot put the BitFuries in our current facility mainly because they are very delicate and require constant fiddling (reseating boards and such). They are not data centre compatible hardware. To minimise impact we have split the infrastructure between two geographically diverse sites though so that an outage at either won't take us completely offline.

More soon re. divi payments soon. Need a cup of tea now!

Kate.

Thanks!  Litecoin doubling this week can only be good for CipherMine shareholders!

Sorry guys, with the gear being in Memset's datacentre and Kate being away, both Ross and I are the only ones who have access to it and both of us have been away this weekend.

https://forum.litecoin.net/index.php/topic,4582.msg51932.html#msg51932

We are in the late stages of creating a new exchange in partnership with a few other major issuers.

We have spent time investigating the legal requirements and viability of establishing our own regulated securities exchange (CySEC), we have decided that this is something that we will now pursue further down the line once Neo & Bee has achieved sustainable growth as this is our highest priority. This is a viable business that can be open to US investors once certain barriers have been removed (JOBS act), certain barriers would still exist for US based investors but we would address them closer to the time.

Hashrate fluctuations

The hashrate fluctuations are due to two things:

1) Me experimenting with multipool and switching some miners to other SHA256 coins (we've got a couple of the BitFuries running bfgminer now)

2) Some down time in the last few days. For some reason the rigs were randomly shutting down. The PSU was behaving as though it had been tripped despite the power meter at the wall saying 1,100 watts (they are Seasonic 1,250 W gold, so top end). Having reshuffled the PSUs and restarting them by disconnecting the motherboard connector (which goes nowhere - just to link the boot pins) they appear to be stable. Keeping an eye on them to try and figure out what the issue is, but they have been stable for the last 24 hours.

Dividends

Revenues this week: €5,800.
Profits: €4,580
Dividend: €2,290 -> 1,712 LTC
H/W reinvestment: €2,730 (now €8,890)

Hardware reinvestment

Following the discussions on the other thread, and having confirmed that it would not change the Miner Protection Program, I have placed orders for an additional 8 HashFast Golden Nonce chips for our BabyJets. They all have an additional socket, and at $1,500 per 400 GH/s chip it was too good value to ignore. That brings our hardware reinvestment fund down to -$314 (there was a $500 shipping charge).

Since it is quite a lot of LTC to buy and volumes are slack on BTC-E on a Sunday evening, I'm leaving the trade to complete overnight so we get a better price and will send the dividends tomorrow.

Kate.

Any word on our KnCs?

I would suggest increase the interval of dividend payments as too much small transections will incure fees to the receiver.