We need to visit LRM mine.
To see if hardware is real, to see if all this history is real.
We haven't any proof that 17 TH/s isn't just some Th/s bought at cex.io with our money...
Pretty sure Bargraphics visited the data centre I may be mis-remembering but I am like 85% sure. |
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That was a lot less dodgy than when he announced he had bought hardware with his own funds and was mining with it at the same place 'our' hardware was hashing and that he was planning on switching it over to us soon. That was a monumental conflict of interest to put in nicely. It's also all we require to pierce the corporate veil in case a law suit materialises.
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No windows, but we are trying to get some air into the place, it is at 92 now.
Haha Just another day in Perth. Ahhh Perth really miss living there sometimes. |
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As of 6:00 AM EST, Active Mining on the Eligius pool was mining at over 19 Terra Hash.
Several people have reported receiving delivery on Active Mining product.
Now, all we need is the ability to trade shares.
We could have more online; however, we are waiting on the air-conditioning to get fixed. @Ken - I know you previously mentioned this data centre can hold about 1 Ph total at the moment once Air and step[ downs are fully installed. Many shareholders believe that adding 100Th a month is not enough to get us to where we need to be. What is your view on this and are you re-considering the speed at which we are planning on deploying mining equipment. I understand there are limiting factors but surely most of those can be negated by employing a couple of key skilled people to help with rolling out the farm? |
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Ken. Release the financial reports. You have a responsibility to do this.
We have hired an accounting firm to get these done. With the new IRS ruling, the firm is having to look at how that affects our books. When we release the financial reports they will be audited reports. This makes me very happy - thank you Ken. Seriously though - thank you. |
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You guys and dolls haven't yet figured out what the "legal issues" most likely are, have you? Check the recent IRS rulings and FIN-Cen requirements, especially those requirements concerning Money Transmitters. My $.02.  This is just nonsense, the only way what your saying could be true is if Zach was pre-informed by the IRS and/or FinCen and well the chances of that being the case are at best 1 in a million. The legal issues Zach isn't talking about were first known to Zach months before these rulings and as pointed out before Zach does not qualify as a money transmitter by any current ruling. |
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While all the progress is great, I really feel like we need to be at 1Ph of equipment mining by the end of May and 2Ph by end of July to be in with a shout of still being a decent player in the mining game by year end. Difficulty is going to go through the roof the next 3 months.
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So let's set a date before we appoint some shareholders to take actions. 11th April? This endless waiting is worthless, things may get worse as we have no info.
Shareholders are already having discussions but as you can imagine trying to get a dozen people together at the same time from many timezones slows down the process. Nobody wants to sue LabRat but it seems like this is our only way of getting full disclosure at the moment. |
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@lab_rat can you at least tell us if new hardware has been delivered/is hashing etc even if you can't tell us what will happen with regards to the dividends from said hash power? As one of your quasi-recent posts suggested your relationship with coinseed had ended, what does that mean with regards to ongoing orders of cheap hardware and low electricity costs?
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Come on Ken, just two milestones to go - get shares trading and pay out dividends - your so close to making everyone take a big sigh of relief and we would all be very grateful to have shares back in our possession and allow us to trade especially after this awesome news.
Well done Ken.
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and this is a new addition to the website as well I think
'Product may be different than the picture.'
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I'm seeing only 1 item in stock now?
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Don't get me wrong these are def not the ActM full custom 28nm chips we were told were in development, that does not mean they are hash fast chips and boards though. Could they be a hashfast chip with our own inferior board - yes that is possible. What they are not though is hash fast chips and hash fast boards - i.e. some of the miner is designed by ActM, most likely the boards.
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the specs on the hashfast website do not match the specs that ken has posted.
Maximum Bitcoin Mining Performance: up to 800 GH/s (with a proper cooling system)
Typical Bitcoin Mining Performance: 675 GH/s +/- 20%
Ken was quoting more like 500Gh so either we are really really bad at reselling and whilst the units are in our hands they diminish significantly in hashing power or Ken's boards/chips are not the same as hash fasts
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That would work in your favor if Bitcoin was worth more now because you'd spend less of them on the miner. The miner will never earn more Bitcoin then you paid for it. You would earn more profit by holding your Bitcoin than you would buying the miner.
It makes no sense to buy the miner instead of holding coins. None. It would only make sense if you bought it for less Bitcoins then it earns. Currently it does not do that.
If I earn 5 Bitcoin or kept 6. Regardless of whether the price of Bitcoin is $10,000 or $600. Keeping the 6 is always worth more than the 5.
There is a slight caveat to this, in that if you were in a position where you were unable to buy bitcoins for fiat ( there are still places in the world where this is not easy at all) and you could still buy a miner you would be better off buying the miner even though it won't ROI in bticoin terms if you are unable to purchase coins directly. This is obv just a small subset of people but worth noting anyway. |
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If I had to guess I would say Ken has a monthly ongoing order for 150Th, 2/3rd of which will go to our mine and 1/3rd of which will be sold in these 'prospector' units.
From http://virtualminingcorp.com/shop1/index.php?id_product=38&controller=product: We currently have held stock to offer to our current pre-ordered customer (See Your Email) This means ActM have produced some more for the previous customers. Did the 1 Million $ customer asked for a refund? If there was such a customer and he actually payed - did he asked for a refund or he is The Customer stated (singular)? Is it just a typo and it should be customers (plural) instead? I'm not sure how many of the previous customers asked for a refund, but they'll get it now and some already got it. Just the time will tell where ActM is going from now on and it'll be great if it succeed at the very last moment. However I wouldn't call it time for party yet so be careful with your attitude. Nice spot if it is actually a 200Th or 250Th order per month with sales/mining being split 40/60 or 50/50 for example then this whole thing is starting to look a lot more interesting than it has for a long time. Would be a great time for Ken to chime in about what sort of total Th he is expecting to sell and mine with over the next 3months. |
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If I had to guess I would say Ken has a monthly ongoing order for 150Th, 2/3rd of which will go to our mine and 1/3rd of which will be sold in these 'prospector' units.
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$300k sales in a day...
need more chips...
While that is great, if we don't have any more products to sell for a month or so then the price was way too low. Much better to sell at $4000 a board and taker a month to sell them than be out of stock for 3 weeks and 6 days of every month. |
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