tired of this stuff, sold all shares.
12 hours 27.32 Th/s 274795120
3 hours 27.24 Th/s 68508480
22.5 minutes 26.64 Th/s 8374176
256 seconds 1,723.59 Gh/s 102734
128 seconds 3,006.51 Gh/s 89601
Topic: [HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit) - page 220. (Read 565837 times)
From Peta mine site:
The PETA-MINE is a hosted mining project with an initial capacity of 288,000 GH/s or 288 TH/s of hashing power.
The PETA-MINE will deploy with an initial capacity of 288,000 GH/s.
CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
CryptX missed the target of the initial capacity at mid feb, Peta mine are not deploying with the promised initial capacity.
The PETA-MINE is a hosted mining project with an initial capacity of 288,000 GH/s or 288 TH/s of hashing power.
The PETA-MINE will deploy with an initial capacity of 288,000 GH/s.
CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
CryptX missed the target of the initial capacity at mid feb, Peta mine are not deploying with the promised initial capacity.
In my opinion, the 20% bonus should apply to the portion of the Cointerra order that was not delivered by mid February. This isn't a binary issue, all or nothing. I'm sure the math isn't beyond Cryptx to figure out.
The fact that Cryptx isn't talking about it isn't proof that he's out to screw us. He simply waits until the deals are confirmed before relaying the information to shareholders.
The fact that Cryptx isn't talking about it isn't proof that he's out to screw us. He simply waits until the deals are confirmed before relaying the information to shareholders.
this isnt nice, of course cryptsy can argue that the operation started to be deployed within the time frame but it isnt honest, I wouldnt do that. Are we going to receive the dividend like if we were hasing at full power since 14 february? If not you are acting with "bad faith"(I dont know how you say that in english).I am holding this share till prices hit a fair value then I am leaving
The insurance was at place to protect us, the shareholder, and when it is just going to do that you use an interpretation that beneficts you.
The insurance was at place to protect us, the shareholder, and when it is just going to do that you use an interpretation that beneficts you.
Thank you for making this point. I know exactly what you are trying to say. Since the mine has started deployment and each share is entitled to 2.88 GH/sec, then Friday's per share dividend should be based on what 2.88 GH/sec would provide at current difficulties. IMHO it is NOT fair for CryptX to deny the 20% increase based on starting prior to mid-February and then provide dividend payouts based on the small fraction of mining power currently implemented.
In the prospectus it clearly says that each share is entitled to 2.88 GH/sec. For the investors this means:
1) If CryptX has declared that the mine has been deployed and started, then this Friday's dividends should be based on 2.88 GH/sec.
2) If CryptX does not declare the mine as deployed and started, then dividends are not due this Friday, but the 20% extra should apply giving each share 3.45 GH/sec.
In my opinion CryptX cannot have it both ways and claim the mine has been deployed and started and then proceed to pay a dividend per share any less than what 2.88 GH/sec would generate at current difficulty levels.
You make some very valid points there and I hope for all our sakes that you are right with all of that and cryptx follows suit accordingly
this isnt nice, of course cryptsy can argue that the operation started to be deployed within the time frame but it isnt honest, I wouldnt do that. Are we going to receive the dividend like if we were hasing at full power since 14 february? If not you are acting with "bad faith"(I dont know how you say that in english).I am holding this share till prices hit a fair value then I am leaving
The insurance was at place to protect us, the shareholder, and when it is just going to do that you use an interpretation that beneficts you.
The insurance was at place to protect us, the shareholder, and when it is just going to do that you use an interpretation that beneficts you.
Thank you for making this point. I know exactly what you are trying to say. Since the mine has started deployment and each share is entitled to 2.88 GH/sec, then Friday's per share dividend should be based on what 2.88 GH/sec would provide at current difficulties. IMHO it is NOT fair for CryptX to deny the 20% increase based on starting prior to mid-February and then provide dividend payouts based on the small fraction of mining power currently implemented.
In the prospectus it clearly says that each share is entitled to 2.88 GH/sec. For the investors this means:
1) If CryptX has declared that the mine has been deployed and started, then this Friday's dividends should be based on 2.88 GH/sec.
2) If CryptX does not declare the mine as deployed and started, then dividends are not due this Friday, but the 20% extra should apply giving each share 3.45 GH/sec.
In my opinion CryptX cannot have it both ways and claim the mine has been deployed and started and then proceed to pay a dividend per share any less than what 2.88 GH/sec would generate at current difficulty levels.
We are not even hashing at 2.88gh/share let alone 3.5 so our dividends will not be anywhere near that amount. My view is that we will receive what we are hashing at (divided by) total shares (minus) maintenance/electricity fees (minus) reinvestment percentage. In other words a very very small div payout until we start hashing at 2.88gh/share and then IF after that we get our compensation 20% that will obviously happen when we are hashing with that extra power. So right now the ROI percentage will be ridiculously low
this isnt nice, of course cryptsy can argue that the operation started to be deployed within the time frame but it isnt honest, I wouldnt do that. Are we going to receive the dividend like if we were hasing at full power since 14 february? If not you are acting with "bad faith"(I dont know how you say that in english).I am holding this share till prices hit a fair value then I am leaving
The insurance was at place to protect us, the shareholder, and when it is just going to do that you use an interpretation that beneficts you.
The insurance was at place to protect us, the shareholder, and when it is just going to do that you use an interpretation that beneficts you.
Quote
START DATE INSURANCE
PETA-MINE start of deployment is scheduled early January, 2014. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 30 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 2.88 GH/s of hash power. If the company starts deployment after mid February, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 3.45 GH/s of hash power.
EDIT: The deployment of the PETA-MINE has started the 13th of February. This means each share is entitled to 2.88 GH/s of hash power.
PETA-MINE start of deployment is scheduled early January, 2014. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 30 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 2.88 GH/s of hash power. If the company starts deployment after mid February, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 3.45 GH/s of hash power.
EDIT: The deployment of the PETA-MINE has started the 13th of February. This means each share is entitled to 2.88 GH/s of hash power.
I've emboldened the vague/conflicting phrases of this section.
- "Exceeds its target deployment date": depending on the definition of 'deployment', one could definitely say that deployment date has been exceeded. Is the mine technically 'deployed' if only a fraction of it is operational?
- "Ultimately deploys the mine": this language, as above, certainly implies that 'deployment' is an ultimate, final, one-time event, not the beginning of a process.
- "Starts deployment": this statement conflicts with the two phrases above. It would be acceptable if there were definite and different terms specified for each month, but this is given as an example (grouped in the same paragraph with the example for January, see phrase above).
I think it would be hard to deny that the mine has not been deployed as of mid-February.
Most probably from strictly formal point of view everything is OK - 'starts deployment' refers to mid-February and first miners were deployed on 13th Feb.
IMHO this issue (2,88 or 3,45 at the start) is not 'make or break' factor for this project - but smart reinvestment is. So, let's hope CryptX delivers at the next stage.
Quote
START DATE INSURANCE
PETA-MINE start of deployment is scheduled early January, 2014. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 30 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 2.88 GH/s of hash power. If the company starts deployment after mid February, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 3.45 GH/s of hash power.
EDIT: The deployment of the PETA-MINE has started the 13th of February. This means each share is entitled to 2.88 GH/s of hash power.
PETA-MINE start of deployment is scheduled early January, 2014. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 30 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 2.88 GH/s of hash power. If the company starts deployment after mid February, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 3.45 GH/s of hash power.
EDIT: The deployment of the PETA-MINE has started the 13th of February. This means each share is entitled to 2.88 GH/s of hash power.
I've emboldened the vague/conflicting phrases of this section.
- "Exceeds its target deployment date": depending on the definition of 'deployment', one could definitely say that deployment date has been exceeded. Is the mine technically 'deployed' if only a fraction of it is operational?
- "Ultimately deploys the mine": this language, as above, certainly implies that 'deployment' is an ultimate, final, one-time event, not the beginning of a process.
- "Starts deployment": this statement conflicts with the two phrases above. It would be acceptable if there were definite and different terms specified for each month, but this is given as an example (grouped in the same paragraph with the example for January, see phrase above).
I think it would be hard to deny that the mine has not been deployed as of mid-February.
"the mine" has not been "ultimately" deployed, the mine STARTED to be deployed. While there is some grey area in the wording, it can be argued either way. Of course peoples interests will differ on this. I think once the target 2.88 is met, we can discuss a little how the extra units from Cointerra might be used... they could, after all, be considered a bonus or "compensation" for missing the 2.88 target... unfortunately a timeframe for ultimate deployment is not laid out.
Fantastic progress. Any word from Bitmine?
We always wait to release information until the moment we have 100% confirmation. Thank you for the patience.
And the solidity of the information you provide is much appreciated. Watching this project develop over the past ~6 months has been a pleasure.
What was the date the exact date/time the mine started? And what was the exact date/time the mine was last late? This imo is very important to know. Also, it would be nice to have cryptx say/confirm yes/no.
Edit: I see that they have said on there website "Deployment has started mid February." However, what was the exact time and what was the exact time the mine was last seen as being late.
Edit: I see that they have said on there website "Deployment has started mid February." However, what was the exact time and what was the exact time the mine was last seen as being late.
Quote
START DATE INSURANCE
PETA-MINE start of deployment is scheduled early January, 2014. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 30 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 2.88 GH/s of hash power. If the company starts deployment after mid February, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 3.45 GH/s of hash power.
EDIT: The deployment of the PETA-MINE has started the 13th of February. This means each share is entitled to 2.88 GH/s of hash power.
PETA-MINE start of deployment is scheduled early January, 2014. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 30 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 2.88 GH/s of hash power. If the company starts deployment after mid February, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 3.45 GH/s of hash power.
EDIT: The deployment of the PETA-MINE has started the 13th of February. This means each share is entitled to 2.88 GH/s of hash power.
I've emboldened the vague/conflicting phrases of this section.
- "Exceeds its target deployment date": depending on the definition of 'deployment', one could definitely say that deployment date has been exceeded. Is the mine technically 'deployed' if only a fraction of it is operational?
- "Ultimately deploys the mine": this language, as above, certainly implies that 'deployment' is an ultimate, final, one-time event, not the beginning of a process.
- "Starts deployment": this statement conflicts with the two phrases above. It would be acceptable if there were definite and different terms specified for each month, but this is given as an example (grouped in the same paragraph with the example for January, see phrase above).
I think it would be hard to deny that the mine has not been deployed as of mid-February.
Crpytx,
Can you let us know if we are entitled to the 3.45gh/share. Or are we only entitled to the 2.88gh/share.
Thanks
Can you let us know if we are entitled to the 3.45gh/share. Or are we only entitled to the 2.88gh/share.
Thanks
From the peta-mine website, start date insurance:
http://www.peta-mine.co/peta-mine/
Quote
START DATE INSURANCE
PETA-MINE start of deployment is scheduled early January, 2014. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 30 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 2.88 GH/s of hash power. If the company starts deployment after mid February, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 3.45 GH/s of hash power.
EDIT: The deployment of the PETA-MINE has started the 13th of February. This means each share is entitled to 2.88 GH/s of hash power.
PETA-MINE start of deployment is scheduled early January, 2014. The CryptX management team is well aware of the importance of timing the mine’s deployment. It is also aware of the very poor track record of meeting time schedules in the Bitcoin mining space and recognize that potential sources of such delays include chip failure, PCB failure, or chip delivery problems. CryptX will protect PETA-MINE shareholders against such delays by adding 20% additional hash power for each 30 days the company exceeds its target deployment date.
For example, if CryptX ultimately deploys the mine after mid January, 2014, an additional 30 TH/s of power will be added to the PETA-MINE completely free of charge to shareholders, and each share will be entitled to 2.88 GH/s of hash power. If the company starts deployment after mid February, 2014, it will add an additional 20% on top of the previous 20%. In that case, each share would be entitled to 3.45 GH/s of hash power.
EDIT: The deployment of the PETA-MINE has started the 13th of February. This means each share is entitled to 2.88 GH/s of hash power.
So far I've backed petamine, but this is just straight up shady imo.
Crpytx,
Can you let us know if we are entitled to the 3.45gh/share. Or are we only entitled to the 2.88gh/share.
Thanks
Can you let us know if we are entitled to the 3.45gh/share. Or are we only entitled to the 2.88gh/share.
Thanks
Fantastic progress. Any word from Bitmine?
We always wait to release information until the moment we have 100% confirmation. Thank you for the patience.
@ Cryptx
The current machines seem unstable, lots of fluctuations in performance (between 25Th and 30Th).
Is there a problem with the hardware / firmware, or are you just playing with settings to find optimal performance?
The current machines seem unstable, lots of fluctuations in performance (between 25Th and 30Th).
Is there a problem with the hardware / firmware, or are you just playing with settings to find optimal performance?
18 Terraminers are hashing at about 28 TH/s. Fluctuations in the stats at Eligius are normal, it is nothing to worry about.
@ Cryptx
The current machines seem unstable, lots of fluctuations in performance (between 25Th and 30Th).
Is there a problem with the hardware / firmware, or are you just playing with settings to find optimal performance?
The current machines seem unstable, lots of fluctuations in performance (between 25Th and 30Th).
Is there a problem with the hardware / firmware, or are you just playing with settings to find optimal performance?
This time around it really seems that Bitmine is very close to start shipping
I can give you some definitive ones from the SW side:
Essentially, the FW for the Desk was done before time (devices are assembled / tested while I type), while the SW for the Rig will be ready just in time.
This would be really good news - Bitmine represents more than 80% of pre-ordered hardware. - CoinCraft Desk
- done: the driver got integrated in upstream cgminer just today (check git repository)
- done: all remaining FW parts (UI, sensors, actors) passed long term testing over night
- done: with that, FW is ready for deployment
- CoinCraft Rig
- done: IAP bootloader to reflash STM32 over SPI in the field
- done: initial hashing proxy tunneling SPI comms between host and 2 chip chains
- done: Initial cgminer driver
- WIP: sensor and actors (temperature, voltage regulator, etc.)
- WIP: self-optimization, long-term stability
Essentially, the FW for the Desk was done before time (devices are assembled / tested while I type), while the SW for the Rig will be ready just in time.
more miners arrived, we are mining at 30 Th/s now
It would be really nice if criptx laid a reinvestment plan and adress the issue of +20% of february and the extra units cointerra is shipping because of the underperformed units
I understand that things are probably rushy with the miners coming in, so it doesnt need to happen now but is is important to have a clearly laid down plan.It would help everyone and the prices of the shares would probably stabilize in the "fair value", just look how it jumped only because we started hashing.There is a communication/trust problem, it isnt groundbreaking but it is certainly there
It would be really nice if criptx laid a reinvestment plan and adress the issue of +20% of february and the extra units cointerra is shipping because of the underperformed units
I understand that things are probably rushy with the miners coming in, so it doesnt need to happen now but is is important to have a clearly laid down plan.It would help everyone and the prices of the shares would probably stabilize in the "fair value", just look how it jumped only because we started hashing.There is a communication/trust problem, it isnt groundbreaking but it is certainly there
I think if you were around prior to GLBSE and seen some of the things that have happened in bitcoin securities in the past you probably would have such relaxed outlooks.
EDIT...naive
you are most likely correct, although, my point of view is that if one decides to play this game they have to accept the massive risk/reward ratios and remove expectation of success, then they will be more than pleasantly surprised when the rewards pay out.
EDIT.... naive is a strong word, but while I don't much care about defending my character, I'd rather my posts weren't misunderstood. When I say relax or wait and see, I mean, worrying yourself and posting incessantly negative comments is not going to make YOUR situation any better. I think one can stay rational and sceptical while posting in a more productive manner, some of the assumptions that get spammed around come across as almost childish in tone.
EDIT 2... qwerty you have posted that it is most likely that Cointerra will deliver the compensation in march time. This information is valid and useful, thank you. To assume that cryptx would do anything other than put that hardware online for the operation I think is not helpful personally. To me I think that is the ONLY choice and once there is comment on that hardware from cryptx I may or may not make that statement.
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