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Hey all,
Sorry for the long wait before this update, like BeesBros said, I'm in the process of moving and have been extremely busy the past few weeks.
As for this project, everything is ready to go on my end, we're just waiting for the delivery of the chips from Avalon, which they keep delaying just like BFL did.
--Garrett
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Nothing from BFL? Weren't the Cognative orders on July 14?
Actually, they were in July of last year, 2012! Still nothing from BFL unfortunately. I will keep urging them to process our order of course but there is much more opportunity in the new chips arriving in a few months anyway  |
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Hey all, First thing, I apologize for my lack of response recently. I've been extremely busy moving to college and getting situated here. Now I'm getting settled, and the situation for Cognitive is better than ever. I have leased a large warehouse solely for the purpose of bitcoin mining, which means Cognitive will be able to expand now more than ever. This is crucial timing taking into consideration the introduction of the new 28nm and under chips being shipped this December. And that brings me to our next point: I am in the process of securing a bulk order of chips from the company CoinTerra. As of now, I am the only one running a mining company that has access to the chips at such a low price. We will be undercutting the retail price significantly. The fact that these two events are happening in perfect timing, it only makes sense to release the additional 600 COG.F2 contracts. So, as of this post, the additional 600 contracts are listed for sale. Pick them up here: https://btct.co/security/COG.F2The 600 contracts will raise a total of BTC3000, which will enable us to purchase nearly a nearly a petahash of hardware within a few months (1,048,576 gh/s). Projected revenue for this is quite tremendous, so personally, I will be further increasing my stake in Cognitive tonight as well If you have any further questions, please post and I will be happy to answer. Best, Garrett |
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The user Garr255 received his money:
$115
08-20-2013
Post the txID and USD/BTC conversion rate please. |
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The user Garr255 received his money:
$115
08-20-2013
Post the txID and USD/BTC conversion rate please. |
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I just wanted to chime in and say: Our large 28nm order is NOT with Butterfly Labs. I'll be back with a thorough update soon |
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If there are no objections to issuing an additional 600 COG.F2 contracts (as opposed to waiting for COG.F3 to approve on btc-tc), then we should go ahead and do that ASAP.
Cheers,
Garrett
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I wouldn't so much mind this, but I think first would be a good idea to specify what it would go towards and how long it will last. With that much larger of a fund, this is going to be more difficult. But I have a feeling you know this and are already planning its future usage should it actually happen.
Yep it will be for the same product as COG.F2, and will most likely be converted in December or January. |
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Hi Garr,
do you mind to reveal some of the less sensitive information on the 28nm project?
for example, is there a rough online date that we can look forward to? or is there an estimated hashpower that the project can bring us?
Thanks,
KC
Hey KC, I'm currently working under an NDA so what I can share is limited, however that will expire when they announce their products publicly (at a significantly higher price point) later this month. The team designing the chips is rock-solid, based in the USA. I foresee hashpower coming in at the rate of less than $8/gh which is the best you can find anywhere. To put that in perspective, at the rate of $100 usd per btc, with our current funds + the proposed COG.F3 we could purchase around 40 TERA hashes/s. That's 40,000 GH/s Cheers, Garrett |
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COG.F(x) are big hardware investment.
These are vital for the COGNITIVE share to increase in value.
It may decrease the value of shares in short-term but it will increase them in the medium and long-term.
This is now a turning point : new hardware is coming with unbelievable hashing power. If COGNITIVE doesn't invest big right now, he is not likely to survive the next 6 months.
Thanks for further explaining this. Would anyone be opposed to doing a larger COG.F3? Possibly 500 contracts? This would raise 2500 coins, turning Cognitive into a big player. I believe large-scale expansion via fundraising is critical to our long-term success right now. There is always more demand than supply for COG.F contracts, so I believe offering 500 instead of 100 would mitigate that problem (mind you it is an excellent problem to have ). Cheers, Garrett |
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Can anyone ELI5 why Cognitive holds 50% of mining revenue as a growth fund, but also dilutes shares with COG.F(x) growth funds?
I think there's a misunderstanding here. COG.F is set up in such a way that it does not dilute shares, because it is not until the hardware arrives and is hashing that the Cognitive shares are issued. As time progresses, hardware is getting cheaper per GH, therefore COG.F is actually increasing the value of a given share, despite the fact that eventually more shares will be issued. I like to view it as a snowball effect, or exponential growth. Retaining 50% dividends provides a fantastic medium for expansion, and the COG.F funds are an excellent catalyst to this expansion. Cheers, Garrett |
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If everyone everywhere transacted in Bitcoin, I'd happily never touch fiat again. Sadly this won't be the case in my lifetime, but we can try to get there!
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i wanna ask one question：why cog-f still not convert to cognitive？？ and when？？
COG.F will convert once our Avalon chips arrive and are hashing. Avalaon Mining Company is having some delays shipping the chips, thus the longer time it will take to convert COG.F to Cognitive. After just 8 hours a little over half of the cogf2 contracts have been sold. That's faster than I expected and great news. It would be amazing if they were converted by the end of the year!
Yep, it is a great deal, so they're selling at about the speed I expected For those of you just tuning in, COG.F2 was launched last night and quite successfully! https://btct.co/security/COG.F2As of the time of writing there are 49 contracts remaining of the total 100. |
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I cannot divulge right now; however, I can say that they will be the most cost effective miners in existence at the 28nm level. Details to come soon when things get finalized COG.F2 is LIVE! https://btct.co/security/COG.F2Contracts will be sold for BTC5 each. Each is a contract for delivery of 20 Cognitive shares. Just like the first round of COG.F this is an extremely good deal for long-term investors, only this time, the delivery date is guaranteed to be no later than Q1 2014, and more than likely will be December of this year. Go pick a few up at https://btct.co/security/COG.F2 Cheers, Garrett Hi Garrett, Which of the new ASIC companies are you working closely with? (in regards to you talking about forming a deal with a new 28nm company.) |
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COG.F2 is LIVE! https://btct.co/security/COG.F2Contracts will be sold for BTC5 each. Each is a contract for delivery of 20 Cognitive shares. Just like the first round of COG.F this is an extremely good deal for long-term investors, only this time, the delivery date is guaranteed to be no later than Q1 2014, and more than likely will be December of this year. Go pick a few up at https://btct.co/security/COG.F2 Cheers, Garrett |
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Hey all,
Revenue was low this week because of an internet outage local to myself. Our Avalons were online throughout this but all other hardware was offline.
The 28nm project is progressing brilliantly. I am going to be negotiating a lease for a building to house the hardware this coming Sunday.
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Cool, didn't know CogMin boards would be so close to a replica. Just needed to hear some more from you before nearly doubling my investment, didn't intend to interrogate.  The recent increase in communication/plans/details/pictures reminds me of why I choose to order from you. I'd like to say thank you for sticking with us. My second order for batch one chips totaled BTC6.5; I was planning on holding onto the 5 spare chips as emergency replacements in case the 80chip miner needed maintenance. From others on the forum it sounds like duds/broken chips are a very rare occurrence and not worth worrying about. Here comes my question/favor : Is there any chance you would allocate that extra BTC.5 towards shipping costs? It doesn't really seem feasible/logical to add 5 more chips for another board (9 total), considering the module setup/payment tiers. Thanks for your time Garrett, this is getting exciting! P.S. Have you gotten word from BitSyncom about any shipping updates? Possibly including the 200k chips "stuck" in customs? Do you think there is any use in pressuring Yifu for chip reimbursement (late delivery) like with some avalon batches? Thanks for the positive words Just like the situation posted above yours, I will have a plan to round the extra chips one way or another soon. Cheers, Garrett |
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Garr255 I ordered 32 chips, can I get a refund for the extra 2 chips?
Yes. I will have a method of doing this when I come back on Tuesday. |
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Will you be creating a case for these boards to fit in? something modular maybe? Will this be setup for USB host or will it connect just like the avalons?
Yes. There are multiple case designs underway, and each of them will be sold separately. One-module design:  (stripped down) 98-module design, for large scale miners:  The will connect just like Avalons, although you could use a single raspberry pi if you'd prefer. Here are more board pics: https://dl.dropboxusercontent.com/u/9542654/btc/Cognitive/ctrl-board.jpghttps://dl.dropboxusercontent.com/u/9542654/btc/Cognitive/ctrl-board-back.jpghttps://dl.dropboxusercontent.com/u/9542654/btc/Cognitive/hash-board2.jpg- Dimensions?
- How is power sourced to the board?
- Whats the arrangement look like for a completed 8/16/32 module?
- Do you have any ideas to the running temp of units?
- Flat rate shipping for everything/anything (within US) is $50?
- Why are you only accepting BTC for orders? I imagine all production costs are in fiat, wouldn't accepting USD lower fees?
- Order now, pay now, then placed in order queue. Shipping products according to order placement?
1-4: Same as original Avalons 5: Yes. 6: I am using Bit-Pay to facilitate the btc -> usd transfer. 7: Correct. |
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