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Dividend error, moving rigs, bond and pass-thru
Dear Investors,
Dividend report
We have seen continued difficulty rises across the board recently, as well falling XPM revenues. This has been compounded by difficulties with the GPU rigs recently (see below). However, I rushed last night's dividend payment (I had been out all weekend and only returned Sunday evening) and as a result made mistakes. Profits for the period were €652, so the dividend payment should have been LTC 174, not LTC 135. This error was due to me putting in a USD/LTC rate in the EUR/LTC field.
The other obvious error was that the dividend was sent twice. I'm not sure how this happened since I remember it appearing to fail the first time. Again, I should have been more careful. This sort of error is normally unlikely to happen since I normally only transfer exactly the amount +0.1 LTC into CipherMine's LTC Global account, but being in a hurry I had sent 300 so I could run the calcs while waiting for the deposit to confirm, intending to withdraw the balance today.
The net result is that dividends have been overpaid by LTC 96. I cannot reclaim the overpayment nor do I feel it is fair to deduct it from next week's dividend so I will take this from my own cut of the CIPHERMINE dividends and put it down as a learning experience. This is my third crypto-cockup in a week (first selling 25 BTC of personally purchased CIPHERMINE.B1 at 0.3 BTC, second sending 3k ANC to a XPM address :/) and I'm hoping the "bad things come in threes" rule applies!
Moving and rig instability
Memset recently moved offices from Guildford to Dunsfold Aerodrome where we have lots of very cheap, renewable power. The new data centre is behind schedule so the rigs are not in there yet but we could not put them in even if we wanted to because our excessively paranoid SIRO wrote the security policies such that nothing combustible be allowed in it, including things like GPU rigs in wooden frames or plastic crates. Yes, I'm the SIRO - hoisted by my own petard! FYI, at the old offices we had an unused secure server room which is where the CipherMine gear was living; we had anticipated the new DC (which is in the ground floor of Memset's new building) being ready by the time we moved the offices (on the first floor).
That doesn't matter since we don't need much cooling just yet and the offices are massive so we have the gear safely stashed with good cooling and now mostly renewables-powered! :) In order to minimise downtime for the mining gear the office move the lads actually brought CipherMine's equipment to my home first, is only 1.5 miles away from the old offices, so I could look after it while the inevitably chaotic move happened. I didn't mention this before because I preferred not to advertise that I temporarily had tens of thousands of Euros worth of kit at my home!. ;) While I have good security measures they are vastly inferior to Memset's. Anyway, that bit of the downtime was minimal. Last week we then moved them to Dunsfold which only involved about an hour in total.
However, during the moves three of the rigs became unstable. In the end Ross and Simon completely dismantled the faulty ones and rebuilt them, and they now appear to be stable again. This has meant they were offline for a while, but it was a worthwhile investment of downtime. We are going to rebuild them again soon using aluminium frames using some bits from our friendly competitors BUY-A-HASH (extra-long PCIE risers) and S.OPENRIGS (they make adaptors to allow rigs to be built using aluminium tubing). This downtime did not help last week's numbers.
Partly as a result of this we've not had time to properly assess mtrlt's not-very-good GPU miner. Our cursory examinations led us to conclude that it was not worth switching all the GPU rigs over to it in a panic, but investigation continues. Unfortunately it may be completely useless. Jan should be deploying the next update of primecoind to the VM grid in the next couple of days too (HP10 I believe).
Bonds
Our pre-IPO investor has delivered the remaining 400 BTC for CIPHERMINE.B1 earlier than agreed, so we have collected all 1,000 BTC as planned. I spent most of it immediately at a price of around $120 (including some losses during conversion). Total proceeds were €89,900 (it is approximate since some of the spend was in BTC). The proceeds have been spent as follows:
2 x 400 GHs BitFuries (due October) @ €6,500 each -> €13,100 (CM-BF-03)
8 x 400 GHs HashFast BabyJets w MPP (20th-30th October) @ €4,120 each -> €33,550 (CM-HF-01, CM-HF-02)
4 x 1,200 GHs HashFast Sierras w MPP (late November) @ €10,490 each -> €41,950 (CM-HF-03)
Total: €88,600, reminder €1,300 (added to the hardware reinvestment fund).
Pass-thru
Finally, I'm delighted to announce that a pass-thru has been created and now approved on BTC Trading Co (CIPHERMINE-PT). If you should wish to move some of your LTC Global CIPHERMINE shares onto BTC Trading Co now you can. I'd like to take this opportunity to thank Dexx for his work, both to date and ongoing, in making this pass-thru for us.
Kate.
Dear Investors,
Dividend report
We have seen continued difficulty rises across the board recently, as well falling XPM revenues. This has been compounded by difficulties with the GPU rigs recently (see below). However, I rushed last night's dividend payment (I had been out all weekend and only returned Sunday evening) and as a result made mistakes. Profits for the period were €652, so the dividend payment should have been LTC 174, not LTC 135. This error was due to me putting in a USD/LTC rate in the EUR/LTC field.
The other obvious error was that the dividend was sent twice. I'm not sure how this happened since I remember it appearing to fail the first time. Again, I should have been more careful. This sort of error is normally unlikely to happen since I normally only transfer exactly the amount +0.1 LTC into CipherMine's LTC Global account, but being in a hurry I had sent 300 so I could run the calcs while waiting for the deposit to confirm, intending to withdraw the balance today.
The net result is that dividends have been overpaid by LTC 96. I cannot reclaim the overpayment nor do I feel it is fair to deduct it from next week's dividend so I will take this from my own cut of the CIPHERMINE dividends and put it down as a learning experience. This is my third crypto-cockup in a week (first selling 25 BTC of personally purchased CIPHERMINE.B1 at 0.3 BTC, second sending 3k ANC to a XPM address :/) and I'm hoping the "bad things come in threes" rule applies!
Moving and rig instability
Memset recently moved offices from Guildford to Dunsfold Aerodrome where we have lots of very cheap, renewable power. The new data centre is behind schedule so the rigs are not in there yet but we could not put them in even if we wanted to because our excessively paranoid SIRO wrote the security policies such that nothing combustible be allowed in it, including things like GPU rigs in wooden frames or plastic crates. Yes, I'm the SIRO - hoisted by my own petard! FYI, at the old offices we had an unused secure server room which is where the CipherMine gear was living; we had anticipated the new DC (which is in the ground floor of Memset's new building) being ready by the time we moved the offices (on the first floor).
That doesn't matter since we don't need much cooling just yet and the offices are massive so we have the gear safely stashed with good cooling and now mostly renewables-powered! :) In order to minimise downtime for the mining gear the office move the lads actually brought CipherMine's equipment to my home first, is only 1.5 miles away from the old offices, so I could look after it while the inevitably chaotic move happened. I didn't mention this before because I preferred not to advertise that I temporarily had tens of thousands of Euros worth of kit at my home!. ;) While I have good security measures they are vastly inferior to Memset's. Anyway, that bit of the downtime was minimal. Last week we then moved them to Dunsfold which only involved about an hour in total.
However, during the moves three of the rigs became unstable. In the end Ross and Simon completely dismantled the faulty ones and rebuilt them, and they now appear to be stable again. This has meant they were offline for a while, but it was a worthwhile investment of downtime. We are going to rebuild them again soon using aluminium frames using some bits from our friendly competitors BUY-A-HASH (extra-long PCIE risers) and S.OPENRIGS (they make adaptors to allow rigs to be built using aluminium tubing). This downtime did not help last week's numbers.
Partly as a result of this we've not had time to properly assess mtrlt's not-very-good GPU miner. Our cursory examinations led us to conclude that it was not worth switching all the GPU rigs over to it in a panic, but investigation continues. Unfortunately it may be completely useless. Jan should be deploying the next update of primecoind to the VM grid in the next couple of days too (HP10 I believe).
Bonds
Our pre-IPO investor has delivered the remaining 400 BTC for CIPHERMINE.B1 earlier than agreed, so we have collected all 1,000 BTC as planned. I spent most of it immediately at a price of around $120 (including some losses during conversion). Total proceeds were €89,900 (it is approximate since some of the spend was in BTC). The proceeds have been spent as follows:
2 x 400 GHs BitFuries (due October) @ €6,500 each -> €13,100 (CM-BF-03)
8 x 400 GHs HashFast BabyJets w MPP (20th-30th October) @ €4,120 each -> €33,550 (CM-HF-01, CM-HF-02)
4 x 1,200 GHs HashFast Sierras w MPP (late November) @ €10,490 each -> €41,950 (CM-HF-03)
Total: €88,600, reminder €1,300 (added to the hardware reinvestment fund).
Pass-thru
Finally, I'm delighted to announce that a pass-thru has been created and now approved on BTC Trading Co (CIPHERMINE-PT). If you should wish to move some of your LTC Global CIPHERMINE shares onto BTC Trading Co now you can. I'd like to take this opportunity to thank Dexx for his work, both to date and ongoing, in making this pass-thru for us.
Kate.
Cheers!
Edit:
I decided to forward the double dividend and I will do it in the future again, if something similar happens. CIPHERMINE-PT shareholders are equal to CIPHERMINE shareholders and I think it would be unfair to not do it or even to delay the dividend till someone posts an explanation. Any form of "gentlemans agreement" (like there is an accidently overpayment of 100x and shareholders decide to return a fraction) would have to be discussed and negotiated with each shareholder, but not with the operator. It's not my role to take a special position or to intervene here on my own. Please let me know, if you disagree. ;)
