AND PLEASE DONT LYNCH GRNBRG he's very helpful and only messed up once by letting the cat out of the bag a little early haha.
Oi! I did not! I only mentioned that there was a cat, and the bag was going to be opened soon.   grnbrg. This is true |
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AND PLEASE DONT LYNCH GRNBRG he's very helpful and only messed up once by letting the cat out of the bag a little early haha.
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Back on Dec. 21st, Labrat posted the following estimates: DEC/JAN (25+TH) JAN/FEB (50+TH) FEB/MAR (150-250TH) MAR+ (? PH ?) (Now, to be totally fair, he didn't specify which year these estimates were for... but... ) Now, some members are wondering just how realistic those estimates were. (And are giving LR some grief in the process.) Adding to the uncertainty is the online difficulty/hashrate data graph not being updated in months. Bail, hold, or double-down... The answer isn't clear given the limited info most of us have access to at the moment and uncertainty is NOT an investors friend. To be clear on my own view... I have no reason to doubt the good intentions of Labrat and grnbrg. But all the good intentions in the world don't help us stay ahead of an exponential difficulty curve. I hope that the rumored "good news" gets us well ahead of the curve. After making the announcement tonight I read back to this and wanted to address. The Dec/Jan hardware is in hand, I was just letting it mine to pay itself off part way as it came from my pocket  but it's about time to start moving it over to LRM. Better Nate than Lever right, I believe it's still January. The Jan/Feb bump is Monarchs which were some of the first ordered and should be delivered as soon as they're ready. I have a feeling they'll be ready in two more weeks. The Feb/Mar hardware is pretty well confirmed to be the first half of March and will put LRMs total hashrate toward the higher end of that number at ~210TH. The Mar+ timeframe is still uncertain, but I can see us hitting 1 PH very easily in 2014, the exact amount is going to be played by ear. |
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Hello all, as BarGraphics said, I've been extremely busy over the past couple weeks. I'm glad that I have the time to release a formal update with more information. I would like to start off by clarifying the dividend mixup. This mixup is unrelated to any circumstances going on at this moment other than the fact that I was out of town at the conference. I decided to give the individual who screwed up dividends months back on BitFunder a second chance. She handled the payout properly but made a simple mistake on creating the spreadsheet. After freaking out for a few moments while over 1000 miles away from the situation at hand I began working on a way to resolve the situation as fairly as possible. I called grnbrg to get an investors point of view and ensure I was taking the right path. I was originally going to flat out eat the cost of paying the extra to those underpaid, but grnbrg brought up a very valid point. Besides the fact of those who were paid what they should have been being at a disadvantage to those who were overpaid, LRM would then have less funds to reinvest. This turned to the decision to require overpaid funds to be returned. As Bitcoin was designed, there are no chargebacks so each individual has the right to refuse. As a fix for this bondholders who refuse to payback funds will retain ownership of their bonds forcefully until the dividends have covered their overpayment. They will not be able to transfer their bonds at all. I will gladly thank all of you who have returned funds. I have been sending out emails to those of you who were overpaid by a significant amount and to verify the emails are truthful and I am the ones sending them, you will receive a link to this post. For all of you who see this and wish to actively seek repayment, please feel free to email me at labrat@labratmining.com and your overpayment amount will be sent to you. To avoid mass emails, If you received 2 dividend payments, you were paid the CORRECT amount, please do not inquire. The next hot topic I would like to cover is CoinSeed. CoinSeed has a vast amount to offer LRM, with not a whole lot more work than I'm already doing for LRM, the location is just different. Working with CoinSeed provides the benefits of piggybacking on deals to ensure the lowest cost possible for hardware at the shortest time frame possible. In addition to this, CoinSeed provides a hosting location with some redundancy that is not cost effective on a smaller mine as well as a buildout team and solid infrastructure in an area with some of the lowest power costs in the world. There are a few things that partnering with Merlin Kauffman is offering LRM that I can not share at this time, as is the case with any other company in the world. Can't tell the public everything unfortunately until the time is right. There are a few projects that are in the works that are far too exciting to pass up and WILL benefit each and every person who has invested with LabRatMining. As for inviting BarGraphics up to visit the mine. This was for a few business reasons that are also exciting, but the main intention was to validate LRM to the public as there is now a trusted witness to the mine(s) and also have some fun working on the hardware and <sarcasm>enjoy the sub 20F temperatures.</sarcasm> I hope that this clears up some of the uncertainty that was left after the CoinSeed announcement. It was released at a time that disallowed much interaction by the public which is unfortunate, but BarGraphics can rightfully verify that I'm not going anywhere. The skeptics can put down the pitchforks and torches now and ask me questions they would like. I believe I can make at least a few minutes every day to field some answers every day through next tues (2/4) Thank you for your patience and I hope no one had a heart attack waiting for more information. |
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Upon starting this company, I began the never-ending search for the biggest (or rather smallest) baddest hardware out there. Ranging from 65nm to 20nm the choices are becoming harder and harder to make with companies coming out with a new offering every day. Some of these offers are scams, others are blatant lies when it comes to time frame or specs, and others are made by less than knowledgeable hardware distributors that have high hopes and fall short. Weeding through all of the competition that has sprung up in the last year is a full time job in itself. I consider myself lucky to have stumbled upon BitFury at just the right time and have built a friendship with Dave Carlson of MegaBigPower. This man built, and continues to add to, what is possibly and probably the largest mine in North America. This week I had the honor of meeting with Dave at his mine which has grown to an impressive 700+ TH/s and is quite possibly 800+TH/s as of today as more hardware was being added while I was there. The actual reason behind this meeting was a little more impressive than the mine itself if that is possible. LRM has locked in an order with a guaranteed hashrate of 156+TH/s, but this order is not coming in the typical form that people are used to seeing. A new and specially designed piece of equipment which is the first 1+TH piece of equipment to be in the hands of a customer. The untested and unoptimized rig pulled over 1.5TH/s on its first bootup. **BitCoinTalk auto-rotates this photo** The newly designed rig is an impressive M-Board with 48 slots. This rig is not publicly available at this time and will not likely be made available for some time, if at all. The fact that the slots have been tripled is just a minor part of what makes this such a beast. The H-cards are now smaller and contain 15 (3x5) chips instead of 16.  On top of the M-board and chip quantity changes, the H-cards are now aluminum backed!!!  This turns the PCBs into their own heatsink. This rig is based on 55nm chips, operates as fast or faster than all the competitors at this time, and doesn't even need crazy (and expensive) cooling. For the large expansion to the mine, we are moving the mine to another location. This location, that will remain unlisted, has power in the 1.7c/kWh range. With power at these prices, it ensures the longevity of the company for as long as Bitcoin Mining itself exists. As released today on BusinessWire and CoinDesk, LabRatMining is working with CoinSeed CEO, Merlin Kauffman, to help CoinSeed build out an extremely large scale mine. By partnering up with Merlin, LabRatMining will also benefit from the economies of scale on the hardware and build-out alike. We're looking forward to a longstanding relationship with CoinSeed and Dave Carlson of MegaBigPower. The circumstances involved in this deal ensure that LabRatMining is here to stay. To read the full article, visit CoinDesk: http://www.coindesk.com/coinseed-5m-investment-bitfury-mining/ |
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Who is going to be in Miami this week?
*Raises hand* Me! I know you are.... Who else? |
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About three days and no posts. This is about as quiet as I've seen this thread.
I just got a phone call. Things are about to get very not quiet. In a good way. Start F5ing. grnbrg. Dear Diary, It's day 6. Everyone's F5 key has been broken for 2 days now. Supplies are running low and the nerd stink in the room is getting overwhelming. Fortunately, grnbrg and LR's re-enactment of "Christopher Walken - Puss In Boots - Happy Cat" was so flawless it inspired us not to resort to cannibalism. http://www.youtube.com/watch?v=GEjKmsMkPKQI'm certain it will all be over "soon"™.    I never TradeMarked "soon" you must be thinking of another company. |
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Who is going to be in Miami this week?
WTF is that supposed to mean? Is there something important in Miami? DON'T TEASE ME BRO! ... must find out... what is going on in Miami... dig... dig... >> http://btcmiami.com/ |
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Who is going to be in Miami this week?
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I will say one thing as this is a side note to the actual release. Power costs are far UNDER $0.02/kWh for LRM starting in March so LRM is not going anywhere for a very very very long time.
Music to a miner's ears Lab_Rat Cheap power -- well, that's more than cheap! It adds up when you're burning MegaWatts though... |
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I will say one thing as this is a side note to the actual release. Power costs are far UNDER $0.02/kWh for LRM starting in March so LRM is not going anywhere for a very very very long time.
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Dunno why people are coming down on grnbrg -- I quite enjoyed the heads up that info was coming, and even LR himself said he'd possibly post something that very evening. Obviously there were some variables that were not initially apparent, and I'd prefer that LR post definites than maybes, so for me the wait isn't a big deal. grnbrg had nothing to do with that, and I for one would still enjoy his tidbits of news (so don't let the mob dissuade you grnbrg!). He said it was great news, which is good enough for me. LR will undoubtedly post something very soon. My guess: we'll get somewhere in the range of 300TH/s --> 3PH/s in the chute.  plus, GD BFL will be delivering in... 2 weeks. I await the word of the LR Thank you, I would've posted that night except I'm coordinating news releases with 2 other entities. Trust me I'm just as ready to put the news out there as you are to hear it. |
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Just a thought: It seems to me a better chart of labrat mining performance - in contrast to the dual hashrate & difficulty chart - would be a graph of the cumulative daily delta of the percentage changes of hashrate and difficulty since inception. It seems this would account for the area under the curves and give a better idea on the trend of LRM decay or growth.
Spreadsheets, I love spreadsheets. (is that weird?) I have difficulty and hashrate data from the beginning if someone would like to do the percentages, other than that I can get around to them when I have a moment. |
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The news is not quite ready. I filled grnbrg in on a few things so he now understands why the news is worth waiting for. It's just being coordinated with a couple people. Apology on the delay, but I will not say "2 more weeks" because it's imminent. Just going to let the suspense build even more! Just please no pointy sticks, or dull ones for that matter. P.S. The jet-lag is from me returning from a trip that is part of the news. |
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Dividends out
Mined: BTC 44.80467071
Paid Out: BTC 33.60350303
Per Bond: BTC 0.000571566
-----------------------------------
Alt Coin Update
-----------------------------------
NMC: 3434.49532368
IXC: 542.31572609
DVC: 19089.88099737
Referral Bonus for GHS: 58.56937820
-----------------------------------
Total Payout
-----------------------------------
2014: BTC 123.0696662
All-Time: BTC 1,134.85777068
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Working on divs while jet-lagged is no fun |
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It's ok, it's news worth waiting for.
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I'm going to have to postpone this announcement until later today or this weekend. Stay tuned.
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Dividends out
Mined: BTC 58.00613383
Paid Out: BTC 43.50460037
Per Bond: BTC 0.000739975
-----------------------------------
Alt Coin Update
-----------------------------------
NMC: 3344.89601005
IXC: 299.61190115
DVC: 10434.11898957
Referral Bonus for GHS: 55.73350548
-----------------------------------
Total Payout
-----------------------------------
2014: BTC 89.46616319
All-Time: BTC 1,101.25426764
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