I cant understand why we should to pay for KYC? And why you have 95% of tokens for tokens sale? You dont have tokens for community building?
The charge for KYC is also just a pre-purchase of some discounted tokens. We are doing this to remove the risk of people going through KYC which has a cost to us and then not investing. Thus wasting funds that can be used productively elsewhere. I would understand the issue if we were charging a huge fee but $2 only just covers the cost of the check and you get it back in tokens anyway. 95% of tokens are available for the community and investors I have 2 questions. Has this strategy really worked out for you guys and secondly won't this be misread as a forced way of taking part in the token sale? Firstly we are working with a couply of marketing strategies currently so the reasoning behind a slow Pre-Sale could be many things but we don't believe a $2 charge (reimbursed with MBTX) is really an obstacle. Secondly I cannot see how this can "force" anyone into participation, As mentioned before our aim here is to alleviate unecessary costs (KYC being one of many) to bring you a profitable and sustainable service, we believe our business model, experienced team and work ethic will do just this. Especially when you think that there is no other reason than investing to do the KYC. No bounty participants that are forced to pay the 2$, no airdrops etc. So you'd only do KYC when you are really interested to invest. |
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I think the rewards will be paid either in ETH or in BTC. Since team member is present here, he/she can answer our query here. Thanks.
I guess Eth because it’s smart contract is on Ethereum blockchain. I think they’ll add more options soon. May be when the main sales starts we can see multiple options. In 10 days, mainsale will start and we will come to know very soon. He was asking for the payment of the mining profits, not which currencies are available if you want to invest in their STO. And I think it has been stated already (even in the whitepaper) that they will pay out in ETH at first with the possibility to change this if the community wants to. |
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What is happening this thread is so quite from long time to news or update is coming from the team. This project is moving towards slow death trade is already dead and no new exchange added even no interest from new investors so what is the plan to get survive?
Sadly that's what happening with soo many projects nowadays. Once the ICO is over and they got their money, they become silent. However, I still have some small hope left for MarkSpace. |
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I just saw in your whitepaper that you also have the plan to acquire and run masternodes? Is this only planned for later on or will you try to set-up masternodes right when you start mining? And which coins with masternodes will you chose?
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I cant understand why we should to pay for KYC? And why you have 95% of tokens for tokens sale? You dont have tokens for community building?
What do you mean exactly with 'community building'? Are you referring to a bounty program? I guess it would have been a regulatory nightmare to give away free security tokens for tasks like retweeting, wearing a signature here in the forum etc. That's probably why they have none but that shouldn't be that bad. Don't bounty hunters have the disreputability to dump their tokens at the first best opportunity? |
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Can anyone tell me for how long their pre-sale will continue? I first thought it will only run for a month, which would mean it is already over but it seems like it hasen't finished yet. And from when on will the main-sale start?
Mainsale will start immediately after the pre-sale. May be starting from 1st of April? Price is changing for the mainsale? As far as I know, the pre-sale gives you a 33% bonus. So there won't be any bonus at the mainsale. While the price per token in the pre-sale is $0.10, main-sale price will be $0,15. |
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Can anyone tell me for how long their pre-sale will continue? I first thought it will only run for a month, which would mean it is already over but it seems like it hasen't finished yet. And from when on will the main-sale start?
They are still on presell stage? I though they were in private sell last time i stopped by to check out on it! Maybe i need to check in their telegram channel to get updated with recent status!!! Same here. I think they are still on private sale stage. I might be wrong though but I have not updated myself on this project for a while now. Usually, the private sale comes before the pre-sale (although I guess they had no private sale at all) and the thread title here in the forum says that the pre-sale is live starting from the 15th of February. In the meantime, I checked ICOBench ( https://icobench.com/ico/minedblock). If the information there is correct, the pre-sale will run until the end of March, directly followed by their main STO. However, I couldn't find any information on the official website so I am not sure if the dates on ICOBench are correct. |
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Can anyone tell me for how long their pre-sale will continue? I first thought it will only run for a month, which would mean it is already over but it seems like it hasen't finished yet. And from when on will the main-sale start?
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I understand Minedblock is licensed to sell their tokens unlike most mining project scams, but older mining projects like genesis had to cancel unprofitable contracts due to the price of BTC falling and mining hashrate going higher, how does Minedblock plan to realize profits both for themselves and token holders in a bearish market trend?
We will be able to manage that by switching between the assets we mine and the fact that we have low running costs. 75% of profits will be shared equally between token holders. The founders will only have 5% of the 75% profits with the remaining 95% being available to investors. But since you have a set of different mining equipment, you cannot completely switch to one coin that you mine, right? I mean with your ASIC miners you cannot mine ETH, for example. So would you also switch off part of your mining gear, if it is not profitable to run them at that moment? |
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I’m interested in knowing what cryptocurrency would our revenue be distributed in? Most mining projects make use of ETH for payments and also you’re using Ethereum blockchain, does that mean we can only get paid in ETH?
As far as I know, it's only planned to pay out the profits in ETH. If the community asks for different options, I am sure they will consider it but right now I don't see any reason not to go with ETH. Transactions are fast and cheap and it can easily be converted by each user to any other coin/token on an exchange. Really? I thought the rewards will be paid in the most mined coins if I remember it right? But that makes life complicated for the team. On page 20 of their whitepaper it's clearly stated, that they will sell the coins they mine for ETH:
'Initially, we will distribute Ethereum (ETH) to the wallet holding your MBTX tokens. At a later stage we may offer distribution via a currency of a customers preference which will be configurable within the user dashboard' |
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I’m interested in knowing what cryptocurrency would our revenue be distributed in? Most mining projects make use of ETH for payments and also you’re using Ethereum blockchain, does that mean we can only get paid in ETH?
As far as I know, it's only planned to pay out the profits in ETH. If the community asks for different options, I am sure they will consider it but right now I don't see any reason not to go with ETH. Transactions are fast and cheap and it can easily be converted by each user to any other coin/token on an exchange. |
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I like the team here to talk about the machine they aim to use in the mining service, I learned using ASIC is not economically feasible and unsustainable, how does the team aim to make money from their operation?
There is a part in their whitepaper about this. Since they want the possibility to mine a broad range of different cryptocurrenies, depending on which is the most profitable at the given moment, they will use a mixture of both ASIC miners (mainly Antminers from Bitmain) and GPU mining rigs. I learnt that this may not be entirely profitable in the long term, I really can't remember exactly the current machines said to be 100% profitable but it will be nice for the team to look into this as well For the question of profitability it mostly depends on the costs of your energy source. Even the newest and best mining equipment cannot be profitable if you have high electricity costs at your location. |
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Since MinedBlock is a STO-based security token project, can Tokens be sold or listed on exchanges? Will mining only be in BTC and ETH, or mining other Altcoins?
Tokens will probably be tradeable on special security-token exchanges, like tZero and OpenFinance Network ( https://bitcointalk.org/index.php?topic=5108768.msg49738291#msg49738291). And about the currencies that they are going to mine: Pretty sure it won't be just BTC and ETH. Their whitepaper also mentions Dash, BCHABC and LTC. I guess it will mostly depend on which currency is the most profitable at the moment. |
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I like the team here to talk about the machine they aim to use in the mining service, I learned using ASIC is not economically feasible and unsustainable, how does the team aim to make money from their operation?
They plan to use ASIC miners but I’m not sure the miners has been purchased just yet. They should do more research on the best miners available and get them at the best price. Of course they haven't bought them yet. And they already decided which ASIC miners they will buy (page 12 in the whitepaper): Bitmain Antminer S9, Antminer L3++ and Bitmain Antminer D3. Maybe they can get them at a reduced price if they order them directly from Bitmain? I guess thats from their initial plan, it may change at time of actual GPU Rigs pricing when they will actually begin hardware setup buying. May be more recent upgraded version would be available by then. It will mostly depend on when they are going to buy their mining equipment. If Bitmain releases newer/better versions of their Antminers in the meantime, I am sure they will consider getting the latest versions of them. |
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I like the team here to talk about the machine they aim to use in the mining service, I learned using ASIC is not economically feasible and unsustainable, how does the team aim to make money from their operation?
They plan to use ASIC miners but I’m not sure the miners has been purchased just yet. They should do more research on the best miners available and get them at the best price. Of course they haven't bought them yet. And they already decided which ASIC miners they will buy (page 12 in the whitepaper): Bitmain Antminer S9, Antminer L3++ and Bitmain Antminer D3. Maybe they can get them at a reduced price if they order them directly from Bitmain? |
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According to the thread title, the pre-sale should be running now for almost a month and should be over soon? Do we already have any information about how much money they have raised so far? Couldn't find anything on their website.
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Well, seems like I have to apologize. Didn't know that they had to cut down on personnel costs and dismiss part of their team. I hope that they haven't burned all of their funds completely. That would be indeed a sign of bad management. |
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What are you talking about? Who says that they are already running out of funds? If you can't post a source for your accusations, it's just FUD.
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I like the team here to talk about the machine they aim to use in the mining service, I learned using ASIC is not economically feasible and unsustainable, how does the team aim to make money from their operation?
There is a part in their whitepaper about this. Since they want the possibility to mine a broad range of different cryptocurrenies, depending on which is the most profitable at the given moment, they will use a mixture of both ASIC miners (mainly Antminers from Bitmain) and GPU mining rigs. |
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I understand Minedblock is licensed to sell their tokens unlike most mining project scams, but older mining projects like genesis had to cancel unprofitable contracts due to the price of BTC falling and mining hashrate going higher, how does Minedblock plan to realize profits both for themselves and token holders in a bearish market trend?
That's something I am also wondering. When they are calculating with electricity costs of around $0.044 per kWh, what would be the price of BTC (or the other crypocurrencies that they plan to mine) where they break even? I know they would get cheaper electricity as well as some other mining cost, but how about in the long term? I want to know how they plan to keep making profit if BTC/altcoins goes lower. That's exactly what I wanted to know. It's not sure that the crypto market won't go down even lower this year. But how much lower could it go before mining wouldn't be profitable anymore for MinedBlock? |
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