Author

Topic: [HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit) - page 211. (Read 565837 times)

full member
Activity: 180
Merit: 100
After Economics: Learning is just the first step.
Any idea why the price dropped to around .07?
full member
Activity: 129
Merit: 100
Has Cryptex released a updated Projection google doc spreadsheet? Can you please point me there?
full member
Activity: 129
Merit: 100
The peta mine is located in Belgium right ?
If so, Belgium is one of the most expensive country in Europe for electricity cost. It's around 0,2€/kwh ($0.275/kwh).
yea it was discussed here with some nice links with charts and tables

https://bitcointalksearch.org/topic/m.4344975
newbie
Activity: 42
Merit: 0
The peta mine is located in Belgium right ?
If so, Belgium is one of the most expensive country in Europe for electricity cost. It's around 0,2€/kwh ($0.275/kwh).
newbie
Activity: 5
Merit: 0
Just today read a calculation somewhere, that these farms can still operate even if btc goes as low as $4.

Link please?
This isn't possible unless they are running 100% on solar/wind and they have set aside funds for if/when BTC drops.
Don't remember, and don't know how to search through history on this Android thing.
Was just electricity taken into account, very cheap at datacenters, say $0.04/kwh - if 1TH/s miner uses 1kw, that's $0.96 per day, it mines 0.16 btc per day, so btc at $6 covers electricity.
Not important, anyway - btc at $6, can you imagine? Smiley

I think electricity is more around $0.2/ kwh and you also have to add maintenance costs and rent.
hero member
Activity: 630
Merit: 500
Just today read a calculation somewhere, that these farms can still operate even if btc goes as low as $4.

Link please?
This isn't possible unless they are running 100% on solar/wind and they have set aside funds for if/when BTC drops.
Don't remember, and don't know how to search through history on this Android thing.
Was just electricity taken into account, very cheap at datacenters, say $0.04/kwh - if 1TH/s miner uses 1kw, that's $0.96 per day, it mines 0.16 btc per day, so btc at $6 covers electricity.
Not important, anyway - btc at $6, can you imagine? Smiley
full member
Activity: 202
Merit: 100
Does anyone know if Havelock supplies Cryptx with complete shareholder lists periodically?

yes, csv of all shareholder is supplied often.
legendary
Activity: 994
Merit: 1000
Does anyone know if Havelock supplies Cryptx with complete shareholder lists periodically?
full member
Activity: 172
Merit: 100
Solo mining would surely face us with streaks of good but also bad luck.
Picostocks 100TH (aka 500TH) is mining solo and they rather complain about under performing e.g.
though if their apparent under performance is caused only by solo mining is debatable.

Of course as shareholders we could just accept less stable and less predictable payouts but there is one more aspect. Predictability of income could be a serious factor for CryptX in implementing reinvestment strategy -which is crucial for our long term success. Taking this into account I wouldn't vote for solo mining or changing pool without very clear backing by CryptX.
sr. member
Activity: 241
Merit: 250
Unrelated to price/capacity/reinvestment/GH/s

Can we throw a bone at havelock so they can sort their website uptime issues?
It is not only annoying, but somehow disturbing.
Havelock owns our btc (and shares)...

I thought that the fees were enough to ensure a 99,99% uptime, but it doesn't seem to be the case Sad
full member
Activity: 180
Merit: 100
After Economics: Learning is just the first step.
Solo = yes...BUT 1) Get online first, go solo second. That is, low priority.
                       2) When we go solo, set up merged mining as well else we forego some income.
full member
Activity: 163
Merit: 100
solo has to be the best approach when we hit enough of the market share to have several blocks per quarter
full member
Activity: 154
Merit: 100
Here is another tool I found that can be used to gauge the current levels of difficulty and how it has increased in the last 30, 60 and 90 days:

http://mining.thegenesisblock.com/

You can also select various miners from different companies and set various parameters to see how they will perform. Please keep in mind that the costs for the miners that are given might not be what CryptX has paid for the PETA mining hardware. Also I agree with others that difficulty will NOT continue to increase at 20% every two weeks as it has in the recent past, also hash rate will stabilize. The above link will give everyone a picture of hash rate and difficulty increases as time progresses.

Regarding the value that Bitcoin has to be at to make running a Cointerra miner profitable (assuming the miner itself has been paid for), the calculator above indicates a value of $13.75 a BTC will just cover electricity costs. I have confirmed this number using my own calculations assuming 0.6 Watts per GH as the power consumption for a Cointerra miner and 0.15 per Kilowatt hour. I do not believe we will see Bitcoin much below the recent low of $400.00, so no worries there. Also the calculation uses current hash rate.

Reinvestment is the key to ensuring our dividends remain consistent once the initial 700 TH/s is achieved, I fully believe we are in good hands as CryptX has shown that he is on the lookout for us shareholders. In the following months after the mine is fully operational we can judge how well our dividends stay consistent through the 35% reinvestment strategy. As a shareholder I definitely would be open to increasing the percentage going toward reinvestment, if it was needed to stabilize dividend levels that were decreasing due to being unable to keep up with difficulty increases.

It will be very interesting to see how this all plays out in the next few months.  Smiley

I definitely would be open to solo mining once we get over 1% of the total hash power. Not certain how others feel about this?
legendary
Activity: 994
Merit: 1000
I know it's probably luck but PETA has already found 4 blocks, for 41 BTC only.

Luck factor is 72.2%, 558.6%, 167.9% and 579.7%. I guess that when the luck factor is 100%, you get more or less the same in solo and in pool ?

What would be the pro and cons of solo mining, and is it possible and/or advisable ?
That's also known as the gamblers fallacy.

The gambler's fallacy, also known as the Monte Carlo fallacy or the fallacy of the maturity of chances, is the mistaken belief that if something happens more frequently than normal during some period, then it will happen less frequently in the future (presumably as a means of balancing nature). In situations where what is being observed is truly random (i.e. independent trials of a random process), this belief, though appealing to the human mind, is false. This fallacy can arise in many practical situations although it is most strongly associated with gambling where such mistakes are common among players.

http://en.wikipedia.org/wiki/Gambler%27s_Fallacy

That article on wiki is a must read for everyone involved in crypto mining.
hero member
Activity: 672
Merit: 500
I know it's probably luck but PETA has already found 4 blocks, for 41 BTC only.

Luck factor is 72.2%, 558.6%, 167.9% and 579.7%. I guess that when the luck factor is 100%, you get more or less the same in solo and in pool ?

What would be the pro and cons of solo mining, and is it possible and/or advisable ?
legendary
Activity: 994
Merit: 1000
Just today read a calculation somewhere, that these farms can still operate even if btc goes as low as $4.

Link please?
This isn't possible unless they are running 100% on solar/wind and they have set aside funds for if/when BTC drops.
hero member
Activity: 630
Merit: 500
Just today read a calculation somewhere, that these farms can still operate even if btc goes as low as $4.
legendary
Activity: 994
Merit: 1000
what will be consequence of the low bitcoin price for the difficulty? will it rise not as fast as normal?

there is no link between difficulty and price, difficulty goes high as miners add mining power, and this has no direct connection to the price of btc.
but if the price is low arent people less willing to invest in mining hardware?
Ppl already invested with pre-orders up to may-june (maybe july?). That pre-ordered hashing power will come online anyway.
By then, bitcoin price can... well, you know, can do anything  Wink

There is a link between price and difficulty. If the price stays low enough for long enough some miners will either turn off their equipment or point it towards other coins. You also can not be 100% sure that all of the march/april/may/june orders will bet turned on immediately either, there is a likely chance that some will be sold because they are not as profitable as when the order was placed, and they might sit unused until they sell.

Small miner will switch off their hardware in some months, the total hash rate is at a level that only company with huge capitals can buy new hardware, so the hardware that is switched off is a small fraction of the total computational power that is in hands of cex.io, big players in btcguild and (i hope) in the nearest future from our investment in petamine. So only the big can continue to play the game and for shure difficulty will never stop in the next months when all next gen of asic chips come to the market. The price that can negotiate a big company probably is not the street price where can buy small miners. (For me) this is the trend scenario, so price will not perfectly pairs with difficulty... (This is my personal opinion...)

Cheers

And what do you think is going to happen to those mega farms if btc stays this low?
Those farms were built to make money and they likely can not go too many months in a row with a negative return.
As the difficulty increases, it squeezes their profits. If BTC/usd stays low enough even the mega farms might run into issues.
Considering the mega farms out there now are built on older tech, IE 55nm or worse, they are probably being squeezed even now for profits. I would bet that quite a few were built on debt, and if bitcoin doesnt rebound in price soon they just might be forced to shut down.

You are basing your thoughts on the next gen tech, 28nm just started shipping, and only knc is working on 20nm at the moment and they arent even close to shipping.
I reiterate what I and others have posted, its likely that we will see it level off around 100PHS/10-12Billion difficulty.
How many foundries do you think are operating producing 28nm chips? How many THS/day do you think they can stamp out. And then they have to be shipped either to end customers who will produce their own hardware, or to folks like cointerra/bitmine that will produce hardware for the end customer, and you see how many devices cointerra/bitmine can produce+ship on a daily basis, not that much.
hero member
Activity: 630
Merit: 500
Cesmak has the point, small individual miners, mining in homes at 0.2$/kwh may switch off their hardware, but it's so small percent of the network, it won't be noticed. Big players will continue mining, they can negotiate much lower prices for new hardware, and power costs.
legendary
Activity: 1057
Merit: 1009
what will be consequence of the low bitcoin price for the difficulty? will it rise not as fast as normal?

there is no link between difficulty and price, difficulty goes high as miners add mining power, and this has no direct connection to the price of btc.
but if the price is low arent people less willing to invest in mining hardware?
Ppl already invested with pre-orders up to may-june (maybe july?). That pre-ordered hashing power will come online anyway.
By then, bitcoin price can... well, you know, can do anything  Wink

There is a link between price and difficulty. If the price stays low enough for long enough some miners will either turn off their equipment or point it towards other coins. You also can not be 100% sure that all of the march/april/may/june orders will bet turned on immediately either, there is a likely chance that some will be sold because they are not as profitable as when the order was placed, and they might sit unused until they sell.

Small miner will switch off their hardware in some months, the total hash rate is at a level that only company with huge capitals can buy new hardware, so the hardware that is switched off is a small fraction of the total computational power that is in hands of cex.io, big players in btcguild and (i hope) in the nearest future from our investment in petamine. So only the big can continue to play the game and for shure difficulty will never stop in the next months when all next gen of asic chips come to the market. The price that can negotiate a big company probably is not the street price where can buy small miners. (For me) this is the trend scenario, so price will not perfectly pairs with difficulty... (This is my personal opinion...)

Cheers
Jump to: