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Topic: [HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit) - page 15. (Read 565897 times)

legendary
Activity: 1610
Merit: 1000
Well hello there!
Yes, so one would expect them to have an interest in reducing the running costs of the mine.

Lol?
Of course he has -and always had- an interest in minimizing the actual running costs, which one can only guess. But the difference between that, and the $0.15/GH "hosting fee" is what butters his sandwich. And yes, within a month or two, he will drop those fees; otherwise dividends would end up being negative, prompting a sale of his farm and ending his hosting fee revenue. So most likely you will see him come up with some excuse as to why he can suddenly reduce the fees and keep paying a few dozen satoshi's in divs until there is barely any resale value in the hardware. So after losing their shirt, pants and socks,  'unit' holders lose their underwear too.

Still looking good though. Annual Yield 584.66%. What a bargain Smiley
I completely agree with Puppet on the point of CryptX coming up with some "bonus for investors" or so it will seem the way he will try to phrase it as to why he's finally lowering his ridiculous hosting/management fee's.

I suspect if he lowers his rates by 1/3rd it may just extend the life of the fund by another month possibly two but not much beyond that.  And that's a best case scenario imho.

I've finally dumped all of my shares of Peta and still feel bad for those still holding.  CryptX ran quite a number on the bitcoin community with both this and his Scrypt asset.
sr. member
Activity: 291
Merit: 250
Hmm another fresh attempt to squeeze money from public, bitmains hashnest.com. They have little bit lower fees (about .09usd gh/s month) anyway the roi is nowhere, but they still managed to sell 300 THs in few hours...Seems people just need to
 mine somehow regardless of returns Cheesy
https://bitcointalksearch.org/topic/hashnest-discussion-and-support-thread-766448
legendary
Activity: 980
Merit: 1040

Dont know, but some weird transactions going on on peta's adress:

https://blockchain.info/address/1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6

At 2014-09-02 12:35:57 you see the 2 outgoing transactions for fees and (paltry) divs. Nothing weird there, but a few hours later, there is a sizable (21.25 BTC) incoming transaction from ghash.io. Most of which is spirited away to that 14cG address. Id keep an eye on that.

hero member
Activity: 938
Merit: 502
mining assets' output isn't directly correlated with the BTC price

No, but PETA dividends are; fees are fixed in dollar, and they represent over 50% of the mining revenue.  If BTC exchange rate where to fall by 50%, dividends would hit zero.

Dividends will hit zero because PETA seems to be withholding and using fees as an excuse.
legendary
Activity: 980
Merit: 1040
mining assets' output isn't directly correlated with the BTC price

No, but PETA dividends are; fees are fixed in dollar, and they represent over 50% of the mining revenue.  If BTC exchange rate where to fall by 50%, dividends would hit zero.
hero member
Activity: 938
Merit: 502
well the dividends are picking up, don't know how. But it's 1040 satoshi for two days, even though BTC price has fallen.

mining assets' output isn't directly correlated with the BTC price other than when the price falls so low that it forces those with the lowest efficiency to stop mining whether by outright difficulty increase or by power costs vs. variance.
legendary
Activity: 980
Merit: 1040
well the dividends are picking up, don't know how.

If you really dont know how that is possible, should you be invested in a mining asset?
Hint: its variability, and even at 1040 satosh's it was still a hair below where it should have been on average with the previous difficulty. It been (well) below expected average for a long time.

With todays difficulty, expected average divs are
0.00001834 -  0.15 / $475 / 30= 0,00001053= 781 satoshi's.

And by the end of next week at currently estimated difficulty (and assuming constant BTC rate), it will be

0.00001590 --  0.15 / $475 / 30= 0,00001053= 537 satoshi's.

Can you see a trend?
sr. member
Activity: 448
Merit: 250
well the dividends are picking up, don't know how. But it's 1040 satoshi for two days, even though BTC price has fallen.
legendary
Activity: 994
Merit: 1000
Yes, so one would expect them to have an interest in reducing the running costs of the mine.

Lol?
Of course he has -and always had- an interest in minimizing the actual running costs, which one can only guess. But the difference between that, and the $0.15/GH "hosting fee" is what butters his sandwich. And yes, within a month or two, he will drop those fees; otherwise dividends would end up being negative, prompting a sale of his farm and ending his hosting fee revenue. So most likely you will see him come up with some excuse as to why he can suddenly reduce the fees and keep paying a few dozen satoshi's in divs until there is barely any resale value in the hardware. So after losing their shirt, pants and socks,  'unit' holders lose their underwear too.

Still looking good though. Annual Yield 584.66%. What a bargain Smiley

Interesting how you left out the rest of my statement.
legendary
Activity: 980
Merit: 1040
Yes, so one would expect them to have an interest in reducing the running costs of the mine.

Lol?
Of course he has -and always had- an interest in minimizing the actual running costs, which one can only guess. But the difference between that, and the $0.15/GH "hosting fee" is what butters his sandwich. And yes, within a month or two, he will drop those fees; otherwise dividends would end up being negative, prompting a sale of his farm and ending his hosting fee revenue. So most likely you will see him come up with some excuse as to why he can suddenly reduce the fees and keep paying a few dozen satoshi's in divs until there is barely any resale value in the hardware. So after losing their shirt, pants and socks,  'unit' holders lose their underwear too.

Still looking good though. Annual Yield 584.66%. What a bargain Smiley
legendary
Activity: 994
Merit: 1000
...
yes, shareholders own the hardware (they paid for it - this was what the loan was for, the equipment is not rented)
...

Didn't Cryptx make the loan to himself, and took shares in lieu of payment (originally to be repaid over time from mined BTC)?  

Yes, so one would expect them to have an interest in reducing the running costs of the mine. Maybe they are happy just getting paid the cost for management, they may have made more via that avenue than they have/will from mining dividends.
I doubt I will get a response, but I sent them a message via facebook asking about the 75% cost for overhead.
sr. member
Activity: 378
Merit: 254
...
yes, shareholders own the hardware (they paid for it - this was what the loan was for, the equipment is not rented)
...

Didn't Cryptx make the loan to himself, and took shares in lieu of payment (originally to be repaid over time from mined BTC)?  
hero member
Activity: 588
Merit: 504
Technically we bought ghashes, so we could reclaimed them ?

yes, shareholders own the hardware (they paid for it - this was what the loan was for, the equipment is not rented)
and can vote for liquidation at any time, as all shares have voting power.

ANTMINER S3 september 20th shipping - 0.58 BTC
Price per 1 GH - 0.00128035 BTC

PETA 1 GH units 1149988
Price per 1GH -0.00064999 BTC

sell price at S3 rate- 1472 BTC

Dividend per share - 0.00128 / 0.00064999
=  197%

Of course if such a thing were to happen you would expect slippage on that sell rate for various reasons, but still more than you would ever get dumping at current market prices.

There's people picking up at 0.00056100 right now, Chance to make some nice earnings there under the right conditions.
legendary
Activity: 1364
Merit: 1000
Technically we bought ghashes, so we could reclaimed them ?
legendary
Activity: 1610
Merit: 1000
Well hello there!
Maybe a plan for the future or planning the sale of the equipment into a big dividend for shareholders... ?
I suspect it won't be a very 'big' dividend if it even happens.  I suspect if he does sell off the equipment he will probably figure out some way to weasel 6-8% out of that as well.  Or dump them to some unknown, cannot be named entity (cough cough cryptx) that picks them up in a single swoop for 'half market price'.  Not sure what's going to happen but one thing I am pretty sure of, weather forecast lookin like a high probability of more future shady.
legendary
Activity: 980
Merit: 1040
Is there anyone from PetaMine/CryptX here that could comment on that situation ?

He just gave a press conference:

legendary
Activity: 1364
Merit: 1000
Maybe a plan for the future or planning the sale of the equipment into a big dividend for shareholders... ?
hero member
Activity: 617
Merit: 559
Is there anyone from PetaMine/CryptX here that could comment on that situation ?

Thx

While your request is a fair one, I do not see what incentive Cryptx would have to show up and comment on any of this. The asset is dead in weeks, he has all of the BTC he can extract from the community with this asset. This is Lord of the Flies now, you're on your own.


legendary
Activity: 1364
Merit: 1000
Is there anyone from PetaMine/CryptX here that could comment on that situation ?

Thx
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