Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock] - page 23. (Read 300490 times)

Same here. Last week it was on the line. Some careful work could have turned it around. Now, events are working against us.

Hash rate is 22 TH/s now. Shame it wasn't a month ago.

The average price of the last 10 TerraMiners sold on ebay is $7,900. At the current exchange rate, that's 16.81 BTC per unit.

Thanks for the math work guys.  It's pretty obvious what needs to happen. Unfortunate and costly to us all. Let's bury this and be on to better things.  I actually voted for the continuation of cognitive but can now see that it is a losing proposition. Blah   

Yup

It does not matter what "Garrett believes" we voted in large numbers to liquidate.

Please do so now!

A small comparison between a theoretical and an actual mining bond:

B.Mine on havelock is 5GH/s/share at 0.046 btc/share, which is 0.0092 btc/GH.

Cognitive is 20000/14460 = 1.4GH/s/share [minus hosting costs].
If we could get 380 btc by selling now, that is 0.026/share, which is 0.0186 btc/GH.

If you want Cognitive to keep mining hoping for profits, you should buy B.mine instead.
If you want Cognitive to keep mining to fortify the bitcoin network, you should look for a more competent/trustworthy operator.

I've got the same calculations as Tafelpoot.

Considering that Garrett cannot keep most of the hardware running, we can say that we are already mining at a loss and it is getting worse with time.

Moreover, the price of BTC is crashing which mean that it is much better to sell the hardware for USD and buy BTC at the bottom of the crash.

I made some calculations before the weekend, but with the exchange rates going down it looks a bit worse.
On the other hand, I'm pretty sure that Garrett had to pay this month's mining in advance, so he might have been lucky there...

If cognitive chooses to go for mining (and paying hosting bills):
At 500 usd/btc, mining at 20 TH/s using 30kW electricity at 0.37 usd/kWh will produce
-   103 btc before we start running at a loss in 180 days, assuming 10% difficulty jumps.
-   69 btc before we start running at a loss in 125 days, assuming 15% difficulty jumps.
-   52 btc before we start running at a loss in 100 days, assuming 20% difficulty jumps.

At 450 usd/btc, mining at 20 TH/s using 30kW electricity at 0.37 usd/kWh will produce
-   93 btc before we start running at a loss in 175 days, assuming 10% difficulty jumps.
-   62 btc before we start running at a loss in 115 days, assuming 15% difficulty jumps.
-   46 btc before we start running at a loss in 90 days, assuming 20% difficulty jumps.

This assumes that Garrett is able to maintain 20 TH/s on average without too much variations.

If cognitive chooses to sell everything:
22 units at 8000usd a piece, we are in for 176k usd = 352 btc (500 usd/btc).
Add the 30 btc (29. of the whole Cog Fund:
-   7.67 in 1cogxX – mining eligius
-   1.08 in 1cogHC – mining altcoins
-   1.89 in 1cogtX – mining eligius B
-   15.95 in 1coggh – reserve wallet
-   3.2 in 1LQFqj – Havelock deposit
-   xxxx mining profits of april (about 20-30 btc).

Conclusion: sell now should provide about 380 btc now, while mining will provide about 50 btc in 3 months.

Division over 14420 shares (825 unclaimed) is 0.026 per share if we sell, opposed to 0.0034 x 50% in the coming 3 months if we continue mining with these high hosting costs.
This is almost a nobrainer. The best Garrett can do to save his reputation is to get the most out of the negotiations with Cointerra and get it delivered asap. We should embrace the decreasing exchange rates to sell some HW for usd.

If its garret believes cog will gain back the funds why is he breaching the contract he held with shareholders and making them pay hhosting.

If he feels that good he should continue as yhe contract says.

Hello everyone,

Just to clarify electricity prices for the new data center in Canada:

They are charging $270/kWh/month
So total cost = $270/kWh/month * 30kW (set amount)  =  $8100
+ $1150 setup/provisioning fee = $9250

It is Garrett's believe that even with these costs, Cognitive Mining will gain back the money it has lost. We are currently at 17 TH/s, and Garrett is planning to  get one more unit up and running at the shop here in Montana which will hopefully bring it up to 18TH/s.

- Samuel

COG.2 holders should get all the dividends from from the liquidated hardware there the ones who bought the hardware.  Now I have waited 6 months and my shares are diluted with regular Cognitive Mining shares that never bought any of the hardware and I have not received any dividends from the new equipment since a lot of the equipment has not been mining. There has been nothing but missing dividends and late dividends.  Now there is no dividends being paid at all since havelock has frozen trading. There is no accounting of these missing dividends and the contract with Cognitive Mining does not say how late dividends are handled. I think we should get all late, stolen, and missing dividends back plus interest for the late dividends.

Cognitive is only worth the hardware it owns.  There is no additional value.  It's best to cut our losses while we still can and while the hardware has some value.

This cant be done with Garr involved. He will keep stealing funds / hashing power.

Why can't the liquidated hardware be reinvested in buying newer, cheaper, and faster hardware?  It's not in anyones best interest to redistribute the liquidated hardware in dividends since it would be like paying you pennies on the dollar. Its better to look long term and reinvest the money from the liquidated hardware into new hardware and to continue the mining operation. I would like to see a change in ownership of this operation before we move ahead.

I don't want to just end the operation and be paid dividends.  I can't vote yes or no neither are what I want.

Voted no although I think by now majority and consensus was reached

My slate for COG Board of Directors:

1.TafelPoot
2.Robitnik
3.Silverfuture
4.Theterabyte
5.His Most Eminent Highness Grand Caesar Imperator Goat

I do not nominate myself for fear of jeopardizing the Chinese Wall established between COG management and my firm.

BTW: We haven't discussed voting rights for unclaimed shares. Shall we add a nullification clause to the COG contract?

What do you mean good work?  It was at like 22th earlier, he's obviously still having problems.

Liquidate!

seems hashrate is 15th now，good work ，garr

We don't know anything. All we have is your word. Want to share your evidence with the rest of us? Or at least let us know where you are filing your suit against Garr so we can see what the courts have to say on the matter.

In regards to voting, we can use something along the lines of gmaxwell's "proof of solvency" idea to provide a verifiable voting record without revealing anyone's personal information or shareholding. Garrett can build the merkle tree, publish the root hash here and email the fragments to shareholders. Vote totals can be verified via Havelock and voters can verify that their votes were included in it.