Got another question about the potential location in Siberia. In the message I quoted below, you mentioned that you are in talks to buy an already operational farm in your preferred location. Would this be in Siberia or is the information you gave at that time already outdated? If we choose to setup our farm from scratch we anticipate 6-15 weeks, but we are in talks about the initial purchase of an already operational farm in our preferred location to speed this process up.
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The location we are securing at the moment is in Siberia, has ample amounts of room but Greg is just finalising costings and feasibility prior to confirming. But as it stands preliminary it's around 25-30% reduced costs in comparison to Iceland
So this means, right now, the option to have your location in Dubai is off the table? Let us know when you decided where you'll build up your mining farm. As per the Whitepaper the team were impressed with the financial models based around the location of Iceland... If we can improve those models, which isn't just about maximsing profits but reducing risk also, then we will consider relocation. Off all the Sites we've been to and assessed all mitigating risks so far Siberia has the best outlook. Our vision is to become a major player in the cryptocurrency arena and for MinedBlock to own a significant part of the infrastructure required to process transactions and mint new crypto assets. This will enable our investors to reap a significant return on investment while we employ an aggressive growth strategy to position ourselves as the ‘Amazon’ of the crypto mining industry If you end up in Siberia, do you know already how the electricity will be generated? In Iceland geothermal would have been a perfect option, especially when you consider that this is a renewable energy source. But what's about in Siberia? |
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The location we are securing at the moment is in Siberia, has ample amounts of room but Greg is just finalising costings and feasibility prior to confirming. But as it stands preliminary it's around 25-30% reduced costs in comparison to Iceland
So this means, right now, the option to have your location in Dubai is off the table? Let us know when you decided where you'll build up your mining farm. |
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I just dug up a post from one from the team in this thread that already answers a lot of these questions. However, I am not sure if the price of $0.044 per kWh that was mentioned there is still up-to-date, since they may even get a better deal when setting up their operations in Dubai. If you look at the two example breakdowns in the whitepaper it would perhaps make a little more sense.
The 10% operational costs is relating to staff, marketing, insurance etc - all the things required to operate a company.
The 75% to distribute is after the costs. Where we plan to mine, our electricity costs will be around $0.044 per kWh and potentially lower if we raise enough to negotiate a lower supply cost. So even in this bear market we can be productive.
The remaining 15% will be used for expansion and a token buyback.
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At first page it's mentioned that, 75% revenue will be shared with tokens holders. And just 10% kept for operation cost. This 10% will be sufficient to support operation cost (including electricity)?
I complete doubt this. From my experience in the blockchain I came to realize that mining is a very expensive process. I'll need a breakdown of expenses to really ccept that 10% would be enough or probably it's just a face value thing since it hasn't been tested or implemented The 75% they share with token holders is part of the profit they make from mining. So I guess the electricity cost is already paid and not part of the operational costs. |
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Utility tokens would play a different role. I don’t see the need for utility tokens for Minedblock just yet. It could comes at a later time, when Minedblock facility is completed and running. Maybe then, there would be need to let other investors in. I think your security tokens should get you all the finance you need for a startup.
I am surprised by this post. Why utility tokens are not helpful especially in Minedblock project? You can pay using the tokens for mining assignment right? I don't understand why someone would want to pay Minedblock to mine for them? Doesn't Minedblock choose the coins they mine by themselves? And then, why does this need another token? It would be much easier if they would just accept BTC, ETH etc. for this. |
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Since you don't have a bounty campaign, what are you currently doing to advertise your tokensale? Maybe you could get in touch with some influential crypto Youtubers to make a review about your project.
We are in the process of finalising the details to add a 'Pay as you go' side to our mining service which will utilise a utility token. With that will come a bounty and airdrop campaign ahead of an IEO. Watch this space... full details will be released soon Interesting development. Seems like going in the direction of utility tokens. Why not? This will become extremely attractive in the very near future. As long as the utility token serves a reasonable use-case. Don't forget that the whole ICO craze ended up producing a lot of useless utility tokens. I am fine with them introducing an utility token as long as it makes sense. I am just not seeing the real need for it but let's see with what they come up with. |
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You can open a DM with myself of Greg (usernames found in the pinned post) if you have any direct questions you want to ask
Nice to see project team actively keeping watch on this thread. You guys are active on telegram and other platforms as well? The core team are active, this is our baby and you won't find a more dedicated team! Yes we have collaborated with a community management specialist "the Collective Go" but this is to answer questions in all native languages and operate with an immediate response 24/7 What are the benefits minedblock team of offering for token holders? What team will do if coin mining if not profitable for say few days or even a month? Will they pause mining? Well, the benefits for token holders are definitely the monthly ETH payouts from the mining profit. And to your other question. I don't think that they would pause their mining. First of all, they can switch the coins they are mining easily, so when they see that mining one isn't worth anymore they can switch to another. And secondly they can mine with profit even if BTC drops to 1800 USD. ( https://bitcointalk.org/index.php?topic=5108768.msg50361742#msg50361742). |
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Since you don't have a bounty campaign, what are you currently doing to advertise your tokensale? Maybe you could get in touch with some influential crypto Youtubers to make a review about your project.
We are in the process of finalising the details to add a 'Pay as you go' side to our mining service which will utilise a utility token. With that will come a bounty and airdrop campaign ahead of an IEO. Watch this space... full details will be released soon I think I don't understand?! Does this mean you have plans to introduce a utility token (besides your security token)? Not really sure what purpose that token would have but I guess it's better to wait for more information before judging that idea. |
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Since you don't have a bounty campaign, what are you currently doing to advertise your tokensale? Maybe you could get in touch with some influential crypto Youtubers to make a review about your project.
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This is what I was looking for. I couldn't find this link on your website. Maybe I overlooked it but if it isn't somewhere there, I'd put it on there. That's a good advertisement. |
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Does anyone know if there is some official paperwork from the SEC that confirms that the Minedblock tokensale follows all of their regulations?
I have not seen it. However the team was in process of doing it before they start with their STO. Thats also the reason, they stopped their ICO for a while before they start their STO. Yeah, I know that they stopped their ICO in order to make a fully compliant security token offering. I am just wondering if they've got some documents from the SEC that prove that. |
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What you guys think about minedblock? It's first STO for mining and it's registered with SEC. This giving me some confidence in this project.
Welcome to Minedblock. Just scroll this thread for many detailed information about the project that too from the team member itself. If you have further questions, post it here. Does anyone know if there is some official paperwork from the SEC that confirms that the Minedblock tokensale follows all of their regulations? |
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Don't wanna sound impatient but are there any news about how much you've raised so far? Or are there any news about potential private institutional investors?
When I was talking to a team member, they are super confident about raising private investments. We just have to give them time.. I see ETH is up more than 100% since recent low. Is this hint of bull market? Or market still in bear phase? I wouldn't call this recent uptrend the start of a bull market. For a bull market, in my opinion, we need to spark the interest of the mainstream media again. |
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Don't wanna sound impatient but are there any news about how much you've raised so far? Or are there any news about potential private institutional investors?
When I was talking to a team member, they are super confident about raising private investments. We just have to give them time.. I hope they are right. It doesn't really seem possible to raise enough money to build up their mining operations without the help of institutional investors. |
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Don't wanna sound impatient but are there any news about how much you've raised so far? Or are there any news about potential private institutional investors?
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Regardless of whether they are from Europe, Asia U.S, Africa etc.... They will always be our competitor, we are on the same network, this is the beauty of a decentralised network! It would be a shame to loose our friends but China had been putting electric rates up to try to flush miners out. What does it mean for us? From our R&D China’s miners have been running at a loss or have been switched off altogether, where would move too, how much would it cost? Sadly I think the likely outcome would be that said companies close their doors, for us it does take out some big players but we don’t think that mining is an overly competitive market, there’s just poor business structures in them to sustain a profit If all the chinese mining needs to move to other area where it is allowed, it could be a nice opportunity for Minedblocks to get immediate clients. What are you saying? Why should miners that have to leave China become clients of Minedblock? That makes no sense at all. If they really have to leave the country, they'd probably compete with Minedblock for a mining site in a country with cheap electricity. |
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Regardless of whether they are from Europe, Asia U.S, Africa etc.... They will always be our competitor, we are on the same network, this is the beauty of a decentralised network! It would be a shame to loose our friends but China had been putting electric rates up to try to flush miners out. What does it mean for us? From our R&D China’s miners have been running at a loss or have been switched off altogether, where would move too, how much would it cost? Sadly I think the likely outcome would be that said companies close their doors, for us it does take out some big players but we don’t think that mining is an overly competitive market, there’s just poor business structures in them to sustain a profit Sure it could be good for you if other miners had to shut down their operations but I am just wondering why so many miners in China operate on a loss. Isn't the electricity there super cheap, too? |
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Feathercoin, Monero, Dogecoin, vertcoin, Ravencoin, Grin, AEON, ZENcash, Electroneum and Bitcoin Gold are just a few on our portfolio, but risk and ROI calculations will be made to decide on which is profitable.
Our monitoring algorithms will monitor potential Altcoin returns and trading volume in order to suggest potential coins for focus. Miners will be allocated to groups so as to not "over" allocate our resources to single activity.
I have no experience in mining at all. So can you tell me about how fast it will be possible to switch the coins that you are going to mine? I mean, will you evaluate the most profitable coins on a daily basis or is it too much of a hassle to switch to a different coin to mine? |
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