Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock] - page 39. (Read 300749 times)

If you can sell units for $12K each on ebay you must do it right now.

Am programmer, worked for a giant online retailer - can confirm.

Seriously, 10TH/s is supposed to be making $35/hr right now, or $820 a day.  This means if it costs you $1000 to keep these miners running for a week, you should PAY SOMEONE $1000.  Can you not find someone you can pay to spend 1-2 hours a day restarting machines, and monitoring them?  This comment is spot on, this is a "sev1" event, all-hands-on-deck.  If you own any significant percentage of this company at all, you are losing as much as us.  Take it from me, studies aren't everything - the experience of running this company is going to mean way more on your resume than As versus Cs in some classes.  And so is running it into the ground.  This is real life.  Don't ignore real life to go to school and implement a "Dinner" class and a "TurkeyDinner" subclass.  Silly examples are nothing compared to the real-world experience you are getting, but it doesn't seem to be going very well =(

I also agree that if you can't keep these machines running, you should consider selling them on ebay and paying cog holders the proceeds in dividends (or, into the reinvestment fund to buy more reliable miners).  The calculation is easy - if it takes you 2 weeks to get these miners reliably running, then you have lost almost 50% of their potential to earn coin.  If you can sell them for over 50% of their profit potential (and realistically, you can probably sell them for a lot more because of speculators) then you should maybe do that.

1.6TH/s at current diff => $944 this week, 708 the next week, 708 the next week, 531 the next week, 531 the next week, 398 the next week, 398 the next week... etc
13 week profit @25% bi-weekly network growth => $5600, and that is if they started working perfectly a few days ago.  Currently on Ebay, I see buy-it-now prices of $10k to $12k for CT units in hand.  This sounds like a no-brainer.

Piece of advice, in a normal corporate environment this would be classed as a P1 event with 24/7 coverage and hourly updates. At least one C-Class exec would be breathing down your dept. managers neck, and in turn that manager would be pissing hot lava in turn on to the team leaders, and in turn to the devs/support staff next in line. You have a market cap of approx 42K USD, this would be in line with a medium level contact in the environment I just mentioned, in turn meaning that you should really be showing signs of stress that Cointerra have sold you shit, which in turn means that we should have posts outlining comms from Cointera that they are taking your problem seriously and that you are really taking this seriously in keeping the stress up until the issue is resolved.

It ain't easy, but that's the reality in this line of work. But when you win and get your system fixed....it feels all the better.

Good luck, don't let us down - ฿0.04855132

For Cognitive, yes.

In the meantime, Garrett is repaying another trench of his undisclosed "debt" on 2014-03-08 ... that was a long hour.

Your website says 4 btc + 12.41 reserve, while I see 22.5 btc in all announced 1cog addresses + havelock deposit.
Does it mean you will drain our reserves for another 6 btc, while we're mining at less than 10% the hash rate that was promised?

I'll ask again for the following to get the full picture:
- link to the tx of 682 btc (CT payment). the remaining balance will be the start value of the fund.
- sum of all dividends as of that moment up to today(which will be suspiciously low due to 2 months of no mining / "bad luck")
- link to the tx of 5-10 btc (litecoin payment) to be subtracted from this total.
- where do you put the withheld dividends from unclaimed shares + amount of unclaimed shares?


For those who like to read, go back to page 116 - 118:
and check this temporary deposit to the Cognitive/Garrets havelock account (1Gw8oc): link.
... followed by several days of silence ...

I'm complaining because they have a responsibility to their shareholders.
Look at how much space there is under the 10Th line...that's how much money we have lost this week due to incompetence. 

Get off your asses and get these machines hashing....stop blaming the manufacturer, piss on them if you have to to cool them properly.

You are wasting the most profitable week of these miner's lives, next week it will be 20% less. 

Would anyone like to do an analysis on what we haven't earned in the past week?

Really, truly, I don't want to be an unpleasant voice of unending criticism. These forums have plenty of that. But I have a whole menagerie of different  miners  running at my home, and they are not all reliable, but I get much better results than this. Peta-Mine, also, is running Cointerras, and they're able to make it work.

There is a solution to this that doesn't take a month to work out. Maybe some of these machines end up at friend's houses, or shareholder's homes, where they can be checked more frequently -- I don't know, I don't have enough information. But just letting them collapse and sit idle and blaming the manufacturer doesn't seem to be getting us anywhere.

I'm complaining because I want this to work.

So...wtf, there are like literally 2 units running right now? (2.5TH)

What temps are yours operating at?  Granted, I am with you.  CoinTerra shipped a misrepresented product.  One of the reasons I ordered from them is because I was expecting a liquid cooled miner to be quieter/cooler.  I was even hoping I would be able to switch off my server closet AC unit to save on electricity.  My assumption was wrong on both counts. 

I'll admit that the heat/noise CT miners put off is far beyond what I expected...  As long as you keep them cool though, I haven't had any issues keeping mine online at 1.65TH/s.  When I originally got mine, I had placed it in an air conditioned closet with the rest of my mining equipment.  Without a direct line of cooled air, it would shut itself off requiring a hard reset.  Once I gave it a direct line of cooled air, it was all good.  I can't imagine the amount of space/cooling you would need to run the amount of hardware you purchased though.  Perhaps putting them outside somewhere cool & dry?  Also, I found that temperatures stayed the lowest when the power setting was at it's highest.  Strange, but true.  Hope that helps you find a cooling solution and helps calm your shareholders that these CT devices are essentially flaming leaf blowers requiring specialized care.

Garr, what temps are yours running at?  As long as I keep mine under 81 degrees Celsius (it sits at 75 now), it is rock solid.  Good luck!

History suggests it will only be hashing at full power for a few hours, then our rate will collapse back down to 1-2Th/s for the following 24 hours or longer, until someone can get back to it. Will anything different be done this time? Are we getting any closer to an environment in which the machines can be restarted or troubleshot more frequently than every few days?

Yes, it has been very frustrating to see the CT hardware be so unreliable. We are working on the problem, and the units should be up and hashing again sometime today.

- Samuel

Seems we most definitely are not.
Why?
Is this the power cycle issue?

Cant describe how fucking frustrating it is peeking in on http://www.cognitivemining.com/charts/ right now...

I don't understand.

Do I literally have to spam this thread in caps just like alincoln just to get Garr255 to notice?

I've PM'd him twice and posted twice on this thread.

I would like to exercise the sellback clause as stated in the original FIMB contract

A quick update:

Some of the CoinTerra boxes are underperforming by quite a bit, which just means that we'll get more boxes! I do believe we will indeed be the best served CoinTerra customer, because we purchased a number of hashes per second and not total boxes.

Cheers,
Garrett

As Cognitive becomes more like a real-world, brick-and-mortar, established company, office hours will be put into place, and those office hours will likely not include Saturdays

Is there a reason for this?

We're online at our full received capacity of 10th/s!

Dividends will be sent on Mondays instead of Saturdays as of March 2014.

Cheers,
Garrett

I agree with your assessment except all of the additional value has to be upheld by Garr.  If the transparency doesn't keep moving forward and mining, power, etc. issues continue then we should not be valued anymore than the assets we hold.

In addition to my past analysis, I was wondering whether the current share price makes sense from an assets POV.  The market cap of COG is currently ~600 BTC at 0.044BTC/share.  We currently own or have on the way ~20 TerraMiner IV units, which are currently selling for 10-15k on ebay right now for "currently in hand" units.  Our reserve fund is about 20 BTC, so 580BTC @ 620 => $360,600 market cap minus liquid holdings.  20 TerraMiners @ 15k each => $300,000.  We also have several avalons and BFL rigs.  The BFL 60 gh/s units seem to be going for over $500 on ebay right now, and a 4-module avalon is $1000-$2000 it looks like.  Along with all our other equipment, it looks like the company's entire value is pretty close to our market cap.  That means if Garrett sold everything right now, and did a force buyback, we'd probably break even, or maybe be at like 80-90%.

IMHO, this means we are undervalued, because COG has value in a lot more than just our assets - once the miners are working, they are going to more than break even, which means the divs paid over the next few months are likely to exceed the current share value - plus the hardware can still be sold then (for a much smaller amount, but for something nonetheless) which can be invested in more hardware as well.

I plan to continue to hold COG and if the share price goes much lower I will probably buy even more, even though COG is already a larger part of my total portfolio than a strategy of diversification would like.

For the record: I confirm having received 1 BTC from Garr today, total received so far 39.56 BTC, still 37.56 BTC left.