Topic: [HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit) - page 221. (Read 565966 times)

There are 80674 shares sold, havelock confirmed this sometimes ago. Nobody is owning the rest of the shares, CryptX removed them.
80674 * 2.88 = 232.341 th/s
CryptX bought 340 th/s, so there is 110th/s for reinvestments already secured. If fulfilled by bitmine.

I think that the unsold share shouldn't be taken into account. CryptX won't buy Gh/s for those share, they were removed as soon as the mining as started, meaning that no mining power will be bought for those. (at least that ho I understand it)

About the 20% for feb, no statement has been done by CryptX, but if they don't give the 20% for Feb, it could be seen as little abusive from them. Meanwhile, if we we are far from hashing @ 2.88/share today, so let's wait we reach that number and then we'll discuss/complain.

Even forgetting (!) for a moment the insurance and how we've been screwed by starting mining 1 day before cut-off. I still have a doubt.

2.88 per share, with 100.000 shares = 288 TH/s
Only 80674 shares available... but the initial order to both providers will (?) be fulfilled. 
So, does this mean that:

A) each share will have 3.569923 GH/s
or
B) we will only get enough mining power to cover 2.88 * 80674 = 232.341 TH/s

Where are the 19326 shares? Who is owning them? 

Also, and this is disturbing for me, if all machines were delivered (or confirmed so), where are them? Are maybe mining already for something else?

If people (shareholders) are screaming here... I assume that if those 19326 shares are in Cryptix wallet, he should be the most concerned about mining at full power, receiving the 100% additional power and so on. I understand he may not want to scare us, but ... why do we get answers on a bloody excel and not on all other questions?

As a programmer, I think in binary.  

well there you go, stop worrying about what should/might/could happen be happening etc, you'll know soon enough and then you'll have something to talk about and be happy or sad

I agree. This is not looking that good at the moment.

When you sign a contract on the dotted line, the beauty is you have submitted yourself to a binary outcome should you fail to honor it.

will/might/should...

take a deep breath guys and stop jumping to binary conclusions, seriously

This!
I'm going to hold out to hear exactly what cryptx has to say about this because these numbers aren't good. Everyone with December batch orders is clearly being compensated so why should we miss out? This will not go down well at all. Even the 20% increase at this rate won't do miracles for us but hey it's something

Absolutely we will. Could you suggest a reason why we would not?
Otherwise, as shareholders we will have been defrauded on a huge scale. This is not a joking matter or something to treat lightly.

For sure there is grounds for legal proceedings should it not be honored. As above, contract stipulates an order placed for December. This was falsely represented. A significant savings could of been made by ordering a Jan or February batch instead. Supplier is well aware of this hence the proceedings to compensate with additional hashrate

PS: you forgot the triple-whammy of ~25% underperforming hardware currently. This will add up to ~$200,000 of lost revenue on a yearly basis on Cointerra shipment alone. (Factoring in a 20% perpetual difficulty increase) Cointerra is directly liable for shipping the full amount of TerraHash-per-second stated in the contract. They also must ship either: Firmware increase amounting to 25% unaccounted orders, replacement hardware, monetary compensation in the form of vouchers, or denominated in BTC or USD.

As shareholders it does not appear that we will be getting that extra 100% (from Dec batch being late) applied toward our mining rate. Plus there is the double whammy of missing a 20% increase because a small fraction of mining began one day before mid-Feb.

Since the mine is operational does that mean each share will receive a dividend based on 2.88 Gh/sec of hash power this Friday?

Contract clearly was made for devices to be delivered in December. A significant premium was paid for this. It was not delivered. January, and then mid February came before any news of shipments. End users had notified that they had received orders placed In January (At a greatly discounted rate) prior to CryptX operation starting with Cointerra. Again, such a thing is clear breach of contractual obligation by Cointerra.

http://www.theregister.co.uk/2014/02/03/cointerra_ships_bitcoin_miners/


I had contacted the company to confirm this statement, as I have also ordered a batch one machine outside of this operation. I have confirmed every client (regardless of order size) who placed a DEC batch order will be receiving replacement hardware amounting to additional 100% of the original order within the period of march as compensation, and this is as directly advised by their legal partners. Orders placed for shipment in Months of Jan, Feb will receive a store coupon.

Agree. This deliveries from cointerra are ridiculous, two months late and now only 'drop by drop'. (i mean only few machines per day)

@karol
Pre-purchased is part of first batch and that second batch of gear from bitmine. That with CryptXs own money (remember, not all 100000 shares are sold, yet there is 240th +100th of hardware purchased). Part of that was for january 20% free increase, part is for future reinvestments.

lol sorry but that is a fucking joke. they should be sueing cointerra over this.

You need to check petamine website for that: start of deployment was before mid feb - no 20% free increase. Sry to disappoint with this info. 
Every increase over 2.88 will have to be with reinvestment. CryptX must have emptied his own wallet for this project.

You are right it isn't up to as be we should now what is going next.
From where do You have knowledg that something is pre-purchased? What I can found is:


•   CryptX has a contract with Cointerra to deliver 60 TH/s of their devices of batch 1 (December Batch).  - delivered partially - now hashing at 18
•   CryptX has also a contract with Bitmine to deliver up to 180 TH/s of their devices of batch 1 early January. - still waiting for this order
•   CryptX has a second contract with Bitmine to deliver up to 100 TH/s of their devices for reinvestment purposes at the end of January. - still waiting for this order, will this arrive with 180th at the same time?


And lastest informations:

Current status of PETA-MINE project:

Both CoinTerra and Bitmine enter production stage. Although this is good news, we still don’t have an exact shipping date for the delivery of our miners. We have been in close contact with both companies and estimates are that we should begin receiving our first units in the 2nd week of February (but this still remains an estimate).
We are also in talk with several PCB and software engineers to develop our own mining board based on Bitmine’s A1 chip. This to increase our flexibility to deploy new systems and focus on criteria that are important for the growth of PETA-MINE like cost per unit, energy consumption, scalability, heat dissipation etc.

So there is not any information about new gear only that they are talking about possibility to use A1 chips. Nothing about purchased something.

Cryptx has the reinvestment handled. He even pre-purchases out of his own funds.  It isn't up to us as investors to make those sorts of decisions.

Guys,

Please remeber that we should already be talking how to invest 35% of our incomes?
We have some gears to got but what next? When we will be focused only on current situation we will miss the train to upgrade our mine.

Just to clear the air here, in no way am I criticizing cryptx's efforts in this investment. All I am asking is just give a sign some reassurance that yes there will be a 20% increase as stated so we as investors may breath a slight sigh of relief. As other members of this forum have pointed out that the original agreement did not clearly state whether we will be compensated duly if we do not start hashing with the FULL 220TH/s or if we do not start hashing at all. Clearly we have started hashing but seeing that we did not start in full effect does this mean we will be compensated? There is a big question mark over this so me personally I would love to hear cryptx's point of view on this subject. Are we currently in negotiations with cointerra, will there be negotiations, are we letting this go? I'm sure you all know that every little bit counts now when it comes to mining bitcoins and timing is of great importance so forgive me for asking but I feel I am not jumping the gun here when I'm sure a lot of investors here would like to know what measures are being put in place for us to overcome this issue. 20% is in fact 20% after all and I, amongst others, will feel hard done by if we miss out on this compensation