Topic: [PHM] - Power Hash Mining Announcement (Read 5763 times)
How to Exchange PHM Coin ...
I smell a private investor having stepped in, so not going public,
seems ciphermine is comparable and doing great....
however if your speaking the honest truth, i respect that, and wish you the best.
seems ciphermine is comparable and doing great....
however if your speaking the honest truth, i respect that, and wish you the best.
Ah well- seemed like an interesting idea. Best of luck with other projects. 
Well it is true that no one has put any money into this at the present time so best of luck on your ventures and possible future release.
Well, there were orders for, or buyers lined up for almost 200,000 of the first set of shares.
So, if we let this launch there would have been a whole lot of buys. But we did not feel comfortable in even letting it get to this stage before working out more specific details. We just felt at the current time, it is better this way.
No problem did not mean it sarcastically, quite the opposite I appreciate your team listening to investor concerns and taking the time to re-think your strategy. Again I wish you the best of luck on your ventures.
Thanks!
Still when time permits, I have a bunch of other Bitcoin related projects to release. None as of right now that would involve requiring investments, but still!
Building up bitcoin is always the core goal so the more projects the merrier
If we can get Grandma to use it without needing to understand the details I will consider victory achieved haha
Well it is true that no one has put any money into this at the present time so best of luck on your ventures and possible future release.
Well, there were orders for, or buyers lined up for almost 200,000 of the first set of shares.
So, if we let this launch there would have been a whole lot of buys. But we did not feel comfortable in even letting it get to this stage before working out more specific details. We just felt at the current time, it is better this way.
No problem did not mean it sarcastically, quite the opposite I appreciate your team listening to investor concerns and taking the time to re-think your strategy. Again I wish you the best of luck on your ventures.
Thanks!
Still when time permits, I have a bunch of other Bitcoin related projects to release. None as of right now that would involve requiring investments, but still!
Well it is true that no one has put any money into this at the present time so best of luck on your ventures and possible future release.
Well, there were orders for, or buyers lined up for almost 200,000 of the first set of shares.
So, if we let this launch there would have been a whole lot of buys. But we did not feel comfortable in even letting it get to this stage before working out more specific details. We just felt at the current time, it is better this way.
No problem did not mean it sarcastically, quite the opposite I appreciate your team listening to investor concerns and taking the time to re-think your strategy. Again I wish you the best of luck on your ventures.
Well it is true that no one has put any money into this at the present time so best of luck on your ventures and possible future release.
Well, there were orders for, or buyers lined up for almost 200,000 of the first set of shares.
So, if we let this launch there would have been a whole lot of buys. But we did not feel comfortable in even letting it get to this stage before working out more specific details. We just felt at the current time, it is better this way.
Well it is true that no one has put any money into this at the present time so best of luck on your ventures and possible future release.
I will like to announce that this fund will no longer be run.
Before I start, I'll like to say its after 2am and I am struggling to stay awake. So dont pick too much fun at sentences that drag on, or just plain dont make sense.
At first, it started with the decision to pause the fund until a few new things can be worked out, such as a smaller raise to build things up slower and to answer any questions.
Upon further research we have decided it's just not feasible to run. For both us, or the public shareholders. Now, we could have easily decided to run anyways, raise the money and get things going with terrible returns for investors, as I have seen other companies do. This is not what we are about, and we realized simply stopping before ever accepting any funds from anybody would be best.
Thanks for the interest, questions, and the time put into this. I have already sent out an email to Havelock hours ago about this to have it delisted.
Maybe in the future we will run a new and even more tempting fund.
I will still be around to answer any questions, or can be reached directly at: [email protected]
Thanks!
Before I start, I'll like to say its after 2am and I am struggling to stay awake. So dont pick too much fun at sentences that drag on, or just plain dont make sense.
At first, it started with the decision to pause the fund until a few new things can be worked out, such as a smaller raise to build things up slower and to answer any questions.
Upon further research we have decided it's just not feasible to run. For both us, or the public shareholders. Now, we could have easily decided to run anyways, raise the money and get things going with terrible returns for investors, as I have seen other companies do. This is not what we are about, and we realized simply stopping before ever accepting any funds from anybody would be best.
Thanks for the interest, questions, and the time put into this. I have already sent out an email to Havelock hours ago about this to have it delisted.
Maybe in the future we will run a new and even more tempting fund.
I will still be around to answer any questions, or can be reached directly at: [email protected]
Thanks!
Please sent PM's to those who are interested when this become online. 
Hi everyone, just wanted to make an official post here, to thank everyone in the community for their questions and concerns regarding the PHM IPO. We are working with PHM now to refine the details and will re-announce soon.
Just so everyone is clear -- We do perform very extensive due diligence on our end before listing an asset. We still turn down/reject many, many more asset requests than we approve. For any that we do decide to list, you can be assured we have worked with the fund manager for at minimum several weeks (sometimes much longer) before launching. We never rush into any asset listings. That said, everyone should still perform their own due diligence before making any investment (this applies to bitcoin-world, and real-world), so it is very encouraging to see this type of constructive discussion occurring.
Stay tuned, a more refined and detailed PHM IPO announcement is in the works.
Cheers
James
Just so everyone is clear -- We do perform very extensive due diligence on our end before listing an asset. We still turn down/reject many, many more asset requests than we approve. For any that we do decide to list, you can be assured we have worked with the fund manager for at minimum several weeks (sometimes much longer) before launching. We never rush into any asset listings. That said, everyone should still perform their own due diligence before making any investment (this applies to bitcoin-world, and real-world), so it is very encouraging to see this type of constructive discussion occurring.
Stay tuned, a more refined and detailed PHM IPO announcement is in the works.
Cheers
James
..."In mid-2013, the idea came online to build the first coinraping machine and sell shares. Many people had this same idea, but it was a race to the idea, as are many good ideas."
PowerHash – Good replies, and thanks for clearing up a number of points. I’ll see if I can tidy the post up a bit so we don’t end up with a massive wall of text 
Excellent news, and thank you for taking time to consider our questions
Our initial IPO writeup stated we wanted to release 1 million total shares at a low pricepoint each. The reason for this was to provide opportunity for anybody to have the ability to buy in. Whether its 1 share or 10,000 a person, we wanted to appeal to everybody. We were later told to leave the "1 million" part out of it, and just release as needed. We were working with Havelock all week and this seemed to be a good date to release it. This would allow the announcement on the 12th and the weekend for people to review.
That’s good advice, and I was in the same situation months ago. I’ve discovered that, overall, it’s better to release slowly than to toss out the word “million” to investors. Staying low will help you get a feel for how the public reacts to your investment opportunity…knowledge I wish I had when I started off.
Also, are you planning on maintaining the $0.20 per share for the IPO as well as later releases (if there are any)? Just curious, especially given the recent vast price fluctuations.
The word hoping to was used because 50mhash was our plan. We didnt want to necessarily say we WILL add 50mhash only to fall a little short due to major issues arising. In that case, the whole 50 couldnt be added in that time frame and action would be taken. Whether this is a dividend reissue to re-imburse for what couldnt happen, or things may be a little delayed while the technicalities got worked out. Our plans were to run 20 servers, each sporting 4 7950 GPUS. We priced out everything through WTCR and BitcoinStore. It worked out to (at the time btc was around $100) 17 btc each. This would provide about 2.5mhash each build.
Makes sense, and thanks for clearing that up. Given the hardware quantities you’re ordering, is there any way to get all the parts / cards wholesale? Maybe you’d be able to work something out with BitcoinStore? I’m not sure anyone has these capabilities, but it still may be something to consider checking out.
What price point would you see fit? Our initial plan was to withhold 100k / 1,000,000 shares for our personal hold. To collect the dividends off this. We were later then told to simply hold 10% of all issued shares. This was then changed to us not being allowed to do this, and to hold a percentage of profits.
It’s hard to say without looking over the numbers, but most managers take 5% off the top. Given all expenses are already taken out of any generated revenue prior to dividends, a smaller managers fee seems more reasonable.
Are you planning on purchasing up a percentage of shares in the fund? [EDIT: Found the answer to this at the end, but that’s ok]. If so, then you’d be paying yourself dividends on top of the manager’s fee, which may make up the difference (depending how much you buy in).
Rent is $1000 a month. Electricity averages out to $0.09/kWh. (Different costs depending on the time of day/day of week. But the overall overage consistently is at 9 cents)
Each rig consumed 1200 Watts of power. For a total of 24k watts.
As for GPU failures, I have run cards for 1-2 years solid back for Bitcoin mining without issue. In the event that cards do fail quickly in this scenario, warranty does cover this.
As for replacement parts, It would really depend on what fails on the card. The usual result is getting a new card, as there isnt much that could be directly replaced.
Thanks for clearing that up. With this data in mind, do you have any profit (revenue – expenses) projections for a week/month (just an example)? I can’t say I follow Litecoin all that much, so I’m not terribly versed in its past network hashing speed and average difficulty increases (more on all this momentarily).
If they are newly released shares for the sole purpose of adding more power, it does end up balancing out does it not? If we added new shares and did not add new mining power then yes, that would be a horrible dilution as it would reduce dividends. This will not be the case, and after the initial setup newly issued shares for expansion will only increase your dividend payments.
Ah ok, I see what you’re saying. I feel like there could be complications down the line for this, but for whatever reason I can’t put my finger on ‘what’ or ‘why’. I’ve spent the last 10 minutes thinking through scenarios where good and bad things can happen, but they seem to work themselves out.
Anyway, it’s probably just me. I prefer the “set limit” method to issuing shares (what ASICMiner, HIM, and others have done), where there’s only so many shares issued and will never increase or decrease. It makes predicting dividends a lot easier and no need to worry about more shares popping up later on
Well, you also need to take into account the other startup expenses within that raise. As for KnC, I am currently reading up on them. I did not follow their cycle much, but seems very promising.
I presume the startup expenses you’re referring to (aside from GPUs) are the cases, racks, cooling, power, etc? Or does it also include the fixed costs (labor, rent, etc)?
Votes would be for things that hurt the shareholders. For example, we withhold 15%. Would everybody have an issue and demand a vote if one day we decide for whatever reason to reduce that to 12%? Critical changes that potentially hurt any prices, dividends or anything that is not what the shareholder initially bought in and it negatively effects them, will have a vote.
Got it, thanks for the clarification.
Well, hoping between new coins and dumping at the right time is always a great way to make profit. This is one of the big things PHM will be doing to try and maximize profits for everybody. New shares will be released to further expand that 50mhash as well.
How do you decide which coin to mine, or how to split between the various coins? Would it be something you’d decide on daily, weekly, or sporadically based on market conditions?
And yes, these are hard questions to answer since there are quite a few factors at play!
Currently mining at WeMineLTC. I will provide pictures of the current setups when my partner is around to take them. As of this moment, the servers are down as we are experimenting different builds of operating systems. Our plans for the big setup are to essentially have everything setup on bootable usb drives, clone them and then can mass deploy them with ease. We are currently using Saphire 7950s in the main setup, and 6950s in a second rig we are experimenting with as well.
Honestly? No. Its really hard to predict where we think the network is going. We will be working with many networks. Whether its the most profitable ones to mine today, be it Feathercoin, BBQcoin, Litecoin etc or something new released in the future. We will have the power to jump onto new currencies and essentially have a nice dominating head to start. We cant really give a guideline as to exactly where we will be going with this and what we will be working on. What if we are mining coin X and suddenly coin Y becomes the most profitable thing? This is not something we can predict.
Our investment, both me and my partner are putting in a minimum 10BTC each, most likely more. That way we can secure some shares and hold in the company itself.
I hope all this clarified alot of the questions, issues and concerns.
Very cool, thanks for the information and I’m glad we could hash through quite a bit of this!
On network difficulty, I certainly agree with you there. It’s one thing to pull together data and averages to try and predict where the Bitcoin network will go…but that becomes quite a bit more convoluted as you jump between Litecoin, Bitcoin, Feathercoin, etc, etc.
My advice on this would be to grab as much data on how Litecoin has been growing over the past 2 (maybe 3) months, take an average, and try to extrapolate that over the next 3 months. Add in the data on your operation and how you see yourself growing, and with that you’ll have an idea regarding revenue. It’s not perfect of course, but seeing sensible numbers on paper will certainly put minds at ease.
If there’s one thing I’ve learned, it’s to under promise and over deliver. I look forward to seeing how this project develops.
Secondly, due to the major raise of questions I am going to cancel Mondays release of the shares until a later date. We do not want to come across as those who are looking to raise the money and run, and that is one of the main reasons for this cancelation. James at Havelock; who I have dealt with over the last few weeks is unaware of this decision yet, and I will be discussing it with him shortly. I want to have everything answered and clarified and be on good standing before the IPO starts. This should help ease everybody into being more comfortable, as well as give time for any more questions to be answered.
Excellent news, and thank you for taking time to consider our questions
[1] – This is impressively short notice when we no really nothing about what you’re trying to do or who you are. Why Monday, July 15th, and why 300,000 shares?
Our initial IPO writeup stated we wanted to release 1 million total shares at a low pricepoint each. The reason for this was to provide opportunity for anybody to have the ability to buy in. Whether its 1 share or 10,000 a person, we wanted to appeal to everybody. We were later told to leave the "1 million" part out of it, and just release as needed. We were working with Havelock all week and this seemed to be a good date to release it. This would allow the announcement on the 12th and the weekend for people to review.
That’s good advice, and I was in the same situation months ago. I’ve discovered that, overall, it’s better to release slowly than to toss out the word “million” to investors. Staying low will help you get a feel for how the public reacts to your investment opportunity…knowledge I wish I had when I started off.
Also, are you planning on maintaining the $0.20 per share for the IPO as well as later releases (if there are any)? Just curious, especially given the recent vast price fluctuations.
[2] – Hoping to add, or will add? In monetary terms, how much will it take to get up to 50MH/s? What equipment will you purchase?
The word hoping to was used because 50mhash was our plan. We didnt want to necessarily say we WILL add 50mhash only to fall a little short due to major issues arising. In that case, the whole 50 couldnt be added in that time frame and action would be taken. Whether this is a dividend reissue to re-imburse for what couldnt happen, or things may be a little delayed while the technicalities got worked out. Our plans were to run 20 servers, each sporting 4 7950 GPUS. We priced out everything through WTCR and BitcoinStore. It worked out to (at the time btc was around $100) 17 btc each. This would provide about 2.5mhash each build.
Makes sense, and thanks for clearing that up. Given the hardware quantities you’re ordering, is there any way to get all the parts / cards wholesale? Maybe you’d be able to work something out with BitcoinStore? I’m not sure anyone has these capabilities, but it still may be something to consider checking out.
Dividends
Shareholders will receive dividends weekly on each Wednesday. Dividends will be paid as 85% of the net profits earned after expenses. Mining expenses are Rent, Electricity, Replacement Parts, and Repair. Labour fees or time-consuming work will not be expensed and are covered by the 15% of profits being retained by the operators.
Coins will be converted to Bitcoin for dividend payments. Conversions will be done in a strategic fashion, to best maximize profits and minimally impact conversion rates.
Shareholders will receive dividends weekly on each Wednesday. Dividends will be paid as 85% of the net profits earned after expenses. Mining expenses are Rent, Electricity, Replacement Parts, and Repair. Labour fees or time-consuming work will not be expensed and are covered by the 15% of profits being retained by the operators.
Coins will be converted to Bitcoin for dividend payments. Conversions will be done in a strategic fashion, to best maximize profits and minimally impact conversion rates.
Just to make sure I’m reading this correctly, whatever is generated within a week (Wednesday to Wednesday) is the revenue. From that amount, you will deduct all expenses for that week (rent, electricity, any replacement parts, and cover any repairs). [1]
From what’s left over, you will keep 15% as a “management fee”, distributing the rest as a dividend.
So we’re essentially purchasing the hardware for you…and giving you 15% (after expenses) just because “labor”? I can understand the expenses part, but 85% (after all expenses) is quite shallow given you’re asking for our coin.
From what’s left over, you will keep 15% as a “management fee”, distributing the rest as a dividend.
So we’re essentially purchasing the hardware for you…and giving you 15% (after expenses) just because “labor”? I can understand the expenses part, but 85% (after all expenses) is quite shallow given you’re asking for our coin.
What price point would you see fit? Our initial plan was to withhold 100k / 1,000,000 shares for our personal hold. To collect the dividends off this. We were later then told to simply hold 10% of all issued shares. This was then changed to us not being allowed to do this, and to hold a percentage of profits.
It’s hard to say without looking over the numbers, but most managers take 5% off the top. Given all expenses are already taken out of any generated revenue prior to dividends, a smaller managers fee seems more reasonable.
Are you planning on purchasing up a percentage of shares in the fund? [EDIT: Found the answer to this at the end, but that’s ok]. If so, then you’d be paying yourself dividends on top of the manager’s fee, which may make up the difference (depending how much you buy in).
[1] – Bunch of questions here:
How much is rent per month?
How much is electricity per kWh?
How much power does your rig currently consume?
How much power will the fully developed rig consume?
How often do the GPUs break, and when they do what fails first?
How much do replacement parts cost?
How much is rent per month?
How much is electricity per kWh?
How much power does your rig currently consume?
How much power will the fully developed rig consume?
How often do the GPUs break, and when they do what fails first?
How much do replacement parts cost?
Rent is $1000 a month. Electricity averages out to $0.09/kWh. (Different costs depending on the time of day/day of week. But the overall overage consistently is at 9 cents)
Each rig consumed 1200 Watts of power. For a total of 24k watts.
As for GPU failures, I have run cards for 1-2 years solid back for Bitcoin mining without issue. In the event that cards do fail quickly in this scenario, warranty does cover this.
As for replacement parts, It would really depend on what fails on the card. The usual result is getting a new card, as there isnt much that could be directly replaced.
Thanks for clearing that up. With this data in mind, do you have any profit (revenue – expenses) projections for a week/month (just an example)? I can’t say I follow Litecoin all that much, so I’m not terribly versed in its past network hashing speed and average difficulty increases (more on all this momentarily).
IPO & Share Issuance
The initial public announcement will be on 7/12/13. This announcement will outline the plans and release dates for PHM. On 7/15/13 the initial public offering will be released at the Bitcoin equivalent value of $0.20 per share at the time of release.
Additional shares will be released in the future, for further expansion and growth. No set dates for these releases are planned at this time. After the initial IPO shares are sold and mining has started, we will assess when to announce and release additional shares. The price of newly issued shares will beset to the 7-day average price of the week prior. New shares will not be issued until any hardware purchased previously has been implemented and is mining.
The initial public announcement will be on 7/12/13. This announcement will outline the plans and release dates for PHM. On 7/15/13 the initial public offering will be released at the Bitcoin equivalent value of $0.20 per share at the time of release.
Additional shares will be released in the future, for further expansion and growth. No set dates for these releases are planned at this time. After the initial IPO shares are sold and mining has started, we will assess when to announce and release additional shares. The price of newly issued shares will beset to the 7-day average price of the week prior. New shares will not be issued until any hardware purchased previously has been implemented and is mining.
So you will, without a doubt, dilute our shares in the future?
If they are newly released shares for the sole purpose of adding more power, it does end up balancing out does it not? If we added new shares and did not add new mining power then yes, that would be a horrible dilution as it would reduce dividends. This will not be the case, and after the initial setup newly issued shares for expansion will only increase your dividend payments.
Ah ok, I see what you’re saying. I feel like there could be complications down the line for this, but for whatever reason I can’t put my finger on ‘what’ or ‘why’. I’ve spent the last 10 minutes thinking through scenarios where good and bad things can happen, but they seem to work themselves out.
Anyway, it’s probably just me. I prefer the “set limit” method to issuing shares (what ASICMiner, HIM, and others have done), where there’s only so many shares issued and will never increase or decrease. It makes predicting dividends a lot easier and no need to worry about more shares popping up later on
Mining
Shareholders own all PHM mining equipment. Currently, PHM is GPU-mining Litecoins at approximately 2.4Mh/s. We have an established dedicated mining room, which is properly temperature-controlled and secured. PHM also has plans of purchasing 2 ASICS from BFL. These include one Jalapeno and one 30Gh/s miner. These will provide about 35Gh/s toward mining Bitcoin directly.
The primary coin being mined will be Litecoin, but we may switch to other promising alt coins at will. Provisioning of hashing power can be spread to multiple currencies. During times when no alt-coins are more profitable than Bitcoin, the mining power can easily be moved to mine Bitcoin instead.
Shareholders own all PHM mining equipment. Currently, PHM is GPU-mining Litecoins at approximately 2.4Mh/s. We have an established dedicated mining room, which is properly temperature-controlled and secured. PHM also has plans of purchasing 2 ASICS from BFL. These include one Jalapeno and one 30Gh/s miner. These will provide about 35Gh/s toward mining Bitcoin directly.
The primary coin being mined will be Litecoin, but we may switch to other promising alt coins at will. Provisioning of hashing power can be spread to multiple currencies. During times when no alt-coins are more profitable than Bitcoin, the mining power can easily be moved to mine Bitcoin instead.
Just so I understand, should you sell the full 300,000 shares (valued at $0.20 each), you’re plan with the $60,000 is to purchase $1,600-ish worth in BFL gear, and push the remaining $58,400 in GPUs for alt-coin mining?
I don’t think I have a problem with that plan, I’d just like more detail on the GPUs. And why BFL? Why not splurge the extra $400 for a 100GH/s Mercury from KnC?
I don’t think I have a problem with that plan, I’d just like more detail on the GPUs. And why BFL? Why not splurge the extra $400 for a 100GH/s Mercury from KnC?
Well, you also need to take into account the other startup expenses within that raise. As for KnC, I am currently reading up on them. I did not follow their cycle much, but seems very promising.
I presume the startup expenses you’re referring to (aside from GPUs) are the cases, racks, cooling, power, etc? Or does it also include the fixed costs (labor, rent, etc)?
Reserved Rights
The issuer reserves the following rights:
1. Make changes to this agreement, as long as it has the best interest of its shareholders in mind.
2. Create motions for changes to the business, contract, or strategy of the company.
The issuer reserves the following rights:
1. Make changes to this agreement, as long as it has the best interest of its shareholders in mind.
2. Create motions for changes to the business, contract, or strategy of the company.
Uhh…but you just said there’s voting rights? So shareholders get to vote “upon decisions that affect shareholders as a whole or changes to this agreement”...but then you reserve the right to change it regardless?
Or are you saying that we can vote on the changes, but only you have the ability to implement the change?
Or are you saying that we can vote on the changes, but only you have the ability to implement the change?
Votes would be for things that hurt the shareholders. For example, we withhold 15%. Would everybody have an issue and demand a vote if one day we decide for whatever reason to reduce that to 12%? Critical changes that potentially hurt any prices, dividends or anything that is not what the shareholder initially bought in and it negatively effects them, will have a vote.
Got it, thanks for the clarification.
Dissolution
In the event that mining becomes only marginally profitable or a losing effort, or an act of god causes such, PHM reserves the right to close the business. Existing hardware will be sold, and remaining funds will be distributed back to all shareholders as a special dividend. The owners of PHM cannot be held personally liable for any losses incurred due to investments.
In the event that mining becomes only marginally profitable or a losing effort, or an act of god causes such, PHM reserves the right to close the business. Existing hardware will be sold, and remaining funds will be distributed back to all shareholders as a special dividend. The owners of PHM cannot be held personally liable for any losses incurred due to investments.
This is guaranteed to happen. You haven’t specified how you plan to expand your operation, so I can only assume you’ll mine on 50MH/s until your hashing power is drowned out by larger or more efficient operations.
Well, hoping between new coins and dumping at the right time is always a great way to make profit. This is one of the big things PHM will be doing to try and maximize profits for everybody. New shares will be released to further expand that 50mhash as well.
How do you decide which coin to mine, or how to split between the various coins? Would it be something you’d decide on daily, weekly, or sporadically based on market conditions?
And yes, these are hard questions to answer since there are quite a few factors at play!
Final thoughts:
With all honesty, I like the idea. Building up a large scrypt mining operation can certainly generate an income, but this investment is still quite risky.
After going over everything, here are my final questions to you:
-- Who are you? You joined today and yet you’re already asking for $60,000 worth of Bitcoins. In my experience, rarely has any offering fitting this pattern NOT been a scam. I’m not saying you fall in this category, I’m just saying it’s a bit odd, that’s all. Trust is a HUGE factor here..or at least to established members (newbies throw money at everything and anything).
-- Proof of Mining? Where are you currently mining now where we can see the 2.4MH/s in action? What GPUs are you currently using?
-- Financials? Do you have any financial and network models where you show where you think the network is going to go (for Litecoin or the other alt-coins)? As a potential investor, I want to see you do your due diligence on hashing speeds and how our hardware will ultimately benefit us in the end.
-- Your Investment? What are you putting into the fund? Anything other than the already established 2.4MH/s?
Bottom line here is TRANSPARENCY. Give us detail..so much detail that if we printed out each word we could literally swim in pages. Investors want to see what you're doing with their money down to the smallest detail. If you can do that, while providing a reasonable investment opportunity and managing your fund correctly, then I can assure you money won't be a problem in the future.
With all honesty, I like the idea. Building up a large scrypt mining operation can certainly generate an income, but this investment is still quite risky.
After going over everything, here are my final questions to you:
-- Who are you? You joined today and yet you’re already asking for $60,000 worth of Bitcoins. In my experience, rarely has any offering fitting this pattern NOT been a scam. I’m not saying you fall in this category, I’m just saying it’s a bit odd, that’s all. Trust is a HUGE factor here..or at least to established members (newbies throw money at everything and anything).
-- Proof of Mining? Where are you currently mining now where we can see the 2.4MH/s in action? What GPUs are you currently using?
-- Financials? Do you have any financial and network models where you show where you think the network is going to go (for Litecoin or the other alt-coins)? As a potential investor, I want to see you do your due diligence on hashing speeds and how our hardware will ultimately benefit us in the end.
-- Your Investment? What are you putting into the fund? Anything other than the already established 2.4MH/s?
Bottom line here is TRANSPARENCY. Give us detail..so much detail that if we printed out each word we could literally swim in pages. Investors want to see what you're doing with their money down to the smallest detail. If you can do that, while providing a reasonable investment opportunity and managing your fund correctly, then I can assure you money won't be a problem in the future.
Currently mining at WeMineLTC. I will provide pictures of the current setups when my partner is around to take them. As of this moment, the servers are down as we are experimenting different builds of operating systems. Our plans for the big setup are to essentially have everything setup on bootable usb drives, clone them and then can mass deploy them with ease. We are currently using Saphire 7950s in the main setup, and 6950s in a second rig we are experimenting with as well.
Honestly? No. Its really hard to predict where we think the network is going. We will be working with many networks. Whether its the most profitable ones to mine today, be it Feathercoin, BBQcoin, Litecoin etc or something new released in the future. We will have the power to jump onto new currencies and essentially have a nice dominating head to start. We cant really give a guideline as to exactly where we will be going with this and what we will be working on. What if we are mining coin X and suddenly coin Y becomes the most profitable thing? This is not something we can predict.
Our investment, both me and my partner are putting in a minimum 10BTC each, most likely more. That way we can secure some shares and hold in the company itself.
I hope all this clarified alot of the questions, issues and concerns.
Very cool, thanks for the information and I’m glad we could hash through quite a bit of this!
On network difficulty, I certainly agree with you there. It’s one thing to pull together data and averages to try and predict where the Bitcoin network will go…but that becomes quite a bit more convoluted as you jump between Litecoin, Bitcoin, Feathercoin, etc, etc.
My advice on this would be to grab as much data on how Litecoin has been growing over the past 2 (maybe 3) months, take an average, and try to extrapolate that over the next 3 months. Add in the data on your operation and how you see yourself growing, and with that you’ll have an idea regarding revenue. It’s not perfect of course, but seeing sensible numbers on paper will certainly put minds at ease.
If there’s one thing I’ve learned, it’s to under promise and over deliver. I look forward to seeing how this project develops.
It would be good to have a Google spreadsheet showing the expected costs (upfront and running costs) and the expected revenue from mining. For example, you could assume you will solely be mining LTC, make some estimates of future difficulty, assumptions about future BTCLTC rate and when your mining capacity will come on line. Then you'd be able to show the expected dividends. This would really make it a lot clearer what you intend to do.
By the way mega hash is abbreviated to MHash. Small m is short for milli, big m is short for mega.
This looks like it could be a good asset to invest in.
By the way mega hash is abbreviated to MHash. Small m is short for milli, big m is short for mega.
This looks like it could be a good asset to invest in.
Good reply, so http://wemineltc.com/news would be the good place to catch up with your work up to now. But yes pictures in electronic form, uploaded to the internet, are pretty high tech too. running off USB drives seems bleeding edge, I bet IT dork-ness could become a black hole in some cases, in respect to BOTH how you run the mining servers and also defend against DDOS, which is as sure as winter.
So you need IT defense (network uptime), and IT offense (mining) ...Havelock as well, deals with the same DDOS firehoses. Hopefully cryptowars do not perform charred earth tactics on cryptocoin as a whole.
Its interesting to observe these coinravaging processes. Also interesting that LTC seems to cling to BTC's belly like a 2.50 cent remora fish. I bet BTC wishes it could shed the weight of LTC, but I think LTC will more likely rise to the double digits range, which will shock everyone, but its obvious when BTC has support at these levels, and LTC will therefore become buoyant upward.
Daily dividends are nice, because they allow one to shave profits off, because technical issues in cryptocoin will surely result in some flatlining moments, buying opportunities, etc. This is a 20-30+ year market, so I expect it to be a rough but potentially wealthmaking ride.
Glad to see the response, thanks for those who are trying to bring real money back to the people. Crypto is like gold, as to wealth preservation during hard times, but not just for the rich as with gold, but for everyone who can get a wallet and some coin.
Some smart people need to do some math on how these LTC/scrypt coins are going to perhaps rise to BTC levels, when the banks seize assets as they did during the Cyprus seizure and BTC spike.
Let us hope the deadmans switch at Havelock works so that the CAD BTC can provide a safety net against total money collapse, for people all around the world. Thanks eh. Canada is such awesome place and people.
So you need IT defense (network uptime), and IT offense (mining) ...Havelock as well, deals with the same DDOS firehoses. Hopefully cryptowars do not perform charred earth tactics on cryptocoin as a whole.
Its interesting to observe these coinravaging processes. Also interesting that LTC seems to cling to BTC's belly like a 2.50 cent remora fish. I bet BTC wishes it could shed the weight of LTC, but I think LTC will more likely rise to the double digits range, which will shock everyone, but its obvious when BTC has support at these levels, and LTC will therefore become buoyant upward.
Daily dividends are nice, because they allow one to shave profits off, because technical issues in cryptocoin will surely result in some flatlining moments, buying opportunities, etc. This is a 20-30+ year market, so I expect it to be a rough but potentially wealthmaking ride.
Glad to see the response, thanks for those who are trying to bring real money back to the people. Crypto is like gold, as to wealth preservation during hard times, but not just for the rich as with gold, but for everyone who can get a wallet and some coin.
Some smart people need to do some math on how these LTC/scrypt coins are going to perhaps rise to BTC levels, when the banks seize assets as they did during the Cyprus seizure and BTC spike.
Let us hope the deadmans switch at Havelock works so that the CAD BTC can provide a safety net against total money collapse, for people all around the world. Thanks eh. Canada is such awesome place and people.
Thanks for the reply was going to suggest an IPO delay as well as previously posted but you replied as I was about to post since it gives people time to propose good questions and for investors to digest the new information
On the BFL details glad your looking at the alternatives and will look forward to seeing your units
I would prefer Korbman's reply to the questions so withholds further comment
On the BFL details glad your looking at the alternatives and will look forward to seeing your units
I would prefer Korbman's reply to the questions so withholds further comment
This will be a major flop. The IPO issuer is not willing to clarify squat!
In fairness, if I was trying to sell 2 BFL preorders + a few GPUs for $60k I wouldn't be too keen on clarifying either. Which is what we have to assume to be the case given the total lack of clarity on the very key point of whether the funds raised by IPO go into the fund or into the issuer's pocket.
I agree with this sentiment until we get a reply from the official issuer I am uncertain.
I would like a reply to the questions raised here before the IPO launch, according to the ISP data the domain is only a week and two days old.
The IPO launch was announced only 3 days in advance and the issuer is a brand new account on the forums.
A proper reply from the issuer or lightbox/havelock would go a long way here to clear some suspicions and give us a bit of information on the holder of this asset.
Creation date: 04 Jul 2013 21:44:00
Expiration date: 04 Jul 2014 21:44:00
http://whois.net/whois/powerhashmining.com
Looks like not much thought has gone into this ipo still surprised havelock are running with this
This will be a major flop. The IPO issuer is not willing to clarify squat!
In fairness, if I was trying to sell 2 BFL preorders + a few GPUs for $60k I wouldn't be too keen on clarifying either. Which is what we have to assume to be the case given the total lack of clarity on the very key point of whether the funds raised by IPO go into the fund or into the issuer's pocket.
I agree with this sentiment until we get a reply from the official issuer I am uncertain.
I would like a reply to the questions raised here before the IPO launch, according to the ISP data the domain is only a week and two days old.
The IPO launch was announced only 3 days in advance and the issuer is a brand new account on the forums.
A proper reply from the issuer or lightbox/havelock would go a long way here to clear some suspicions and give us a bit of information on the holder of this asset.
Creation date: 04 Jul 2013 21:44:00
Expiration date: 04 Jul 2014 21:44:00
http://whois.net/whois/powerhashmining.com
This will be a major flop. The IPO issuer is not willing to clarify squat!
In fairness, if I was trying to sell 2 BFL preorders + a few GPUs for $60k I wouldn't be too keen on clarifying either. Which is what we have to assume to be the case given the total lack of clarity on the very key point of whether the funds raised by IPO go into the fund or into the issuer's pocket.
I had a conversation with PHM before this announcement. It looks like some of the details discussed were not included in the final version here. While I cannot speak for PHM, it was my understanding that the funds for the IPO will be owned by the shareholders under PHM, but that the current market value of the BFL orders and the GPUs will be deducted in order for the fund to buy the equipment and own it. He quoted the BFL value as what they paid for them in cash, but we did not discuss how they would determine the value of the GPUs.
PHM, please update the details to clarify that the fund owns money raised via the sale of shares, and what exact cost will be deducted to purchased the existing equipment/orders.
That changes the whole complexion of things obviously - it's rather important information to have forgotten to include. It's actually one of the worst errors made commonly on IPOs here - not identifying current assets and obligations.
Anf of course there's a big difference between buying the BFLs for what they cost in BTC (ridiculous) and buying them for what they cost in USD (reasonable).
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