Topic: [HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit) - page 195. (Read 565837 times)

Surely, A1 wont last forever.
Personally, as for today, I have no conviction which way will be the winning bet in the more distant future.

CryptX, any chance we can delay the dividend until we have the next payout from eligius? seems a little silly to crash the dividend at such an early stage just because of our place in the payout queue

A lot depends on cost efficiency of proposed mining solutions. We should wait and see ... and then if raising reinvestment ratio could give us additional boost then it could be worth the effort.   

I also agree, we should reinvest a bit more (up to 50/50 imo).
Could cryptx set a vote or something ?

I suggested this back during the IPO, I don't think 35% is enough, and I would rather see this project go long term than get slightly more dividends now.

Secondly all the troll calling is annoying. It's good that people are questioning the business model, there's no need to be sanctimonious about it. Don't be so precious guys, Cryptx is doing a great job, but people should be allowed to question whatever they want, money is at stake here.

I would be all for this.
I had another thought as well. Perhaps cryptx could partner with someone working on 22/20nm or even work towards 14nm so that when its ready for primetime we get it first. Of course first priority is getting the mine fully deployed and 28nm will be profitable for quite sometime, but getting ahead of the curve would be worth it long term.

I meant share price doesnt move when eliguis stats (hash rate) goes down

people were buying up all day until stats went down same as yesterday when it went offline

I just wanted to point out that this statement is a big oversimplification.  A chip design and a pcb design are completely separate beasts.  I have done freelance electronics design (pcb) for 10 years, and I can say with some certainty the dc/dc to generate 1V at 100amps range (and there are likely to be several similar for different rails) to power a ~250W ASIC is not easy in a number of ways.  There is a whole mini-industry of chips and designs to handle this difficult problem.  A small loss of efficiency could be the difference between a viable and not overall design - it could function just fine, but creates too much heat/uses too much power/etc.
For an example of this look at cointerra's blog.
Cryptx says they are doing 3 pcb designs in parallel and WOW how fortunate that they have the resources to do it this way - the best possible way when time is of the essence.  Since there is obviously no time for a pcb respin once the ASICs arrive, the which-design-is-best contest has to be completed beforehand.

On a different topic, if cryptx asked to change the reinvestment ratio from the 65/35 to 60/40 or 55/45 or 50/50, I'd likely vote yes.  I see the inevitable future to be a small number of large mining operations, and if by doing a larger reinvest petamine can climb to being one of those, all the better for the shareholders in long run.  All else equal (ha there's a broad statement) if cryptx reinvests a larger % than the difficulty rise, petamine will have a seat at the grownups table.  By having enough $ to be a lead investor/customer for each next generation round of ASICs petamine can stay ahead of all the others buying the same chips.

Thoughts?
Jesse

No need, just monitor the payout address. If you have mycelium you can add it as a watch only address.

Yaaay CryptX!!  Congrat's on breaking the 100TH barrier!!

Hats off to CryptX for getting us above 100 TH/sec!  

I believe one metric we can use to judge how well PETA is performing in relation to others is our position in the list of top contributors on eligius. One month ago we started around #40 and last time I checked we were at #13. You can check our position by going to the following link:

http://eligius.st/~wizkid057/newstats/topcontributors.php

Currently the eligius stats are offline, but once they are back you can see how PETA compares to others. Ultimately if CryptX's goal of 2% total network comes to fruition we should end up #1 on this list.  

(Stats are back) We are currently #7 on the list. We should rapidly move up to the #2 spot. Overtaking #1 will not occur until PETA has fully deployed and substantial reinvestment has been applied.

Eligius pool currently provides ~15% of the total hash power as shown in the following pie chart:

http://blockchain.info/pools

You can hover over a section of the pie to see each pools percentage contribution to the total hash rate.

I love how pretty much all share movement stops as soon as eliguis goes down lol, is there any other way we can monitor their hashrate?

gosh this thread got terribly interesting...

I don't really get why anyone gives a shit about whether they win an argument or not in a largely anonymous internet forum. You're writing under a psuedonym for christs sake. Swallow your pride and shut the fuck up, otherwise you are obviously arguing for the sake of the argument. When you quote 3 massive sections of text to write short replies, you are either a retard or you are doing that for a reason.

Lastly, raise all the questions you want about a business model. But please stop with the pathetic cynical computer geek tone that is so so prevalent on these forums - and so so boring it's childish. You don't know it all so stop trying to talk like you do.... and cost breakdown on pcb designs? Isn't it a bit early for that? Did cryptx offer that up on the contract or something? Speculate all you want but get with the fucking reality of what is going on here - you can't control this, it's happening with or without you and not within the specific parameters you demand or speculate would be the "best case scenario"


-in other news, 100TH, good, more (albeit slow) progress

Here's hoping that our hashrate and dividends start heading for the sky.

It's March 13 and PETA-MINE just crossed its first 100TH. Despite undeniable efforts by CryptX we are well behind schedule (~300TH). Let's hope Bitmine gets production finally on track.

Also, we are approaching very important moment. According to THE ANNOUNCEMENT week 13 (24-29 March) could mark first delivery of our own mining devices based on A1 chips - fingers crossed.

Nay, it is you who is ignoring what others have posted.
They likely got the money for the PCBs the same place they got the money to pay for the deployment of an extra 500+ Terahashes of hardware. The havelock ipo happened when BTC/USD was a lot higher than the original ipo last year. My bet is that the funds came from that or, the folks behind cryptx have some deep pockets and decided to anty up to make up for the major delay in deployment, it helps us as well them because it puts us further ahead than we would have been.

Some #s for you to visualize. NOTE: These are based on #s I can find now, without too much slogging through the interwebs. If someone can provide better #s, please do so and we can adjust the math,
Lets say BTC was @ 100$ when they first IPO'd. They issued 100k shares @ .05btc each, looking to raise 5kBTC or about 500,000$.
Based on the shares put up @ havelock, they sold 63496 raising approximately 317480.
The havelock IPO according this page https://www.havelockinvestments.com/fund.php?symbol=PETA sold 5816 shares, if they cashed them out @ or near 1k, they would have brought in another 290800$. over 100k more than they were originally looking for.

Again, I know there are issues with the above #s, I don't know where to account for the ipo that they pulled leaving us to split 80k instead of 100k shares.

As for your attempted "question" about cryptx selling hardware to petamine at a markup thereby possibly hurting the petamine operation and profits. This is why I said that some people have no clue how a business is run. It is in their interest to get the most efficient and lowest priced hardware online so that the mine can get and stay ahead of difficulty.
They could cripple the mine by overcharging for hardware, but that would only make them a short term profit, and a profit that would shrink with each difficulty increase.

It would make much more sense for them to take advantage of the prices from bulk purchases and deploy their hardware for personal profits, rather than attempt to milk a cow that would quickly dry up.

Again, I pose a simple question.
WHY oh WHY would a person/company spend so much time and effort purchasing a datacenter, outfitting to handle more hardware than it did at purchase, only to make a short term profit?

I interpreted his words exactly as they where written. If that interpretation is incorrect, you should blame the one that wrote those words, not those who merely interpreted the words.


I was starting to lose my hope, but it appears that there are at least some people left that have the guts to provide proper arguments rather than mindless name calling. Thank you.


You are completely missing his (and my) point.  Rather than providing good arguments to fight the skepticism, everybody is running around covering his ears en yelling TROLL TROLL!! I'd say that tells a lot about the existence of those arguments..

Really, what's up with that? You can't fight skepticism by trolling back, but you can fight it by providing better arguments. What do you think will be better for the value of PETAMINE shares? 5 people screaming the word troll, or an good discussion about how the funds are allocated?


Let me ask it again nicely, who is paying for the costs of the PCB's. The shareholders? If so, how do we know we're paying a fair price for those PCB's? I haven't seen a cost breakdown yet..

No, the fact that I went fishing with C4 with the "who knows business and who doesn't" along with the "those that are trolling".
And you popped up all offended at being called a troll when I did not single you at all, tells me alot. A) you are a troll trying so very hard to not be, or B) Your not so sure about your own knowledge in this arena. If neither are true, why are you so up in arms about a general troll comment?

And by the way,
my dueling comment was sarcastic, if that wasn't obvious. I should have opened and closed it with {/sarcasm} tags.

Again,
How in the hell are we customers of cryptx?
We are shareholders in petamine which is a subsidiary of cryptx?
I start rdyoung holdings, which creates rdyoung mining llc, and give you shares in rdyoung mining llc. Does that make you a customer of rdyoung holdings? NO it doesn't, even if rdyoung holding sells or rents equipment to rdyoung mining. rdyoung mining is possibly a customer depending on how you define it for tax and legal purposes, but the shareholders are still shareholders.
I would argue that you could only claim yourself a customer if you owned enough shares to flex some weight when it comes to company decisions. Until then, your still a lowly shareholder, shareholders don't have much influence or importance unless they own a majority of shares, or can bring together enough shareholders to push the board around.

The Troll BS is really immature and unbecoming (Unless of course you really are immature in which case, figures!). I'm a shareholder who chose to challenge my own and your preconceptions about the business model, that simple! What i've heard so far is people like you putting their hands over their ears shouting 'troll troll troll' as evidenced by the fact that you completely missed my point on who is a customer of who. I made the argument that we 'Petamine project' are customers of Cryptx therefore to believe there is not and can never be a conflict of interest over profit, risk or even information flow, is downright naive.  

Most of your points was about what makes a business function behind the scenes.
IE, somehow you "know" that cryptx is selling hardware to petamine at a profit. Not sure how you know that, but more power to you.

Yes, the soft factors as you put it are important, but before you can focus on PR, you have to focus on the hard #s and behind the scenes stuff that make a business work and is profitable.
There are many businesses where poor marketing and PR will cause to you fail, but there are just as many, if not more where the customer relations, marketing, etc come second to a solid business plan.
And to compare cryptx/petamine to say a grocery store, is bad form and is troll like.

We are NOT customers of petamine, they will have no customers. We are shareholders, and as far as I am concerned they have done a decent job of keeping us in the loop.

I will repeat that for those just tuning in.

We are NOT customers of petamine, they will have no customers. We are shareholders, and as far as I am concerned they have done a decent job of keeping us in the loop.

If you have issues with the way they are running things, or you feel it won't be profitable and is not worth your investment, you are free to sell your shares and move on. If not, kindly stop with the BS or at the very least bring some real information to the table.