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Robitnik is correct here. Garrett began the motion to cover hosting expenses/liquidate hardware on 3/27/14. As usual, motions last one week, so the motion ended and votes were counted on 4/3/14. When I posted this the night before the last day of voting I mentioned the "current results of the motion", not the final results.
Whether or not liquidating is the best option, shareholders have voted against liquidation. Of course, if Garrett decides that we are much better off liquidating, he will take the necessary steps to do so (raising a motion, finding buyers, etc).
- Samuel
OMG. You turned around the wording of the vote. You've even miscounted my vote and probably the vote of several others. You have never returned the full result of the first vote (my vote was never in there) and you've mixed all the "wait for delivery until friday" to the "yes, start paying for hosting" camp. All because you want to drain the fund even more... [/quote My vote was also never shown in the first vote and you have misrepresented my vote in the second.
Tafelpoot and elasticband, I am meeting with Garrett today and I will discuss this issue with him. |
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The second was started on the 27th to finish today.
Not True. Cog-PR said it had ended yesterday. I quoted him. I sold after he said it had ended and the results would be posted. Garr clearly owes me a public apology or 25 BTC. Garr if you pay the 25 BTC I will donated it to a charity and will make the transaction public. However I doubt you will man up and pay out. It would be a lot easier to find if you'd stop deleting your posts  I originally voted against liquidation but I am inclined to change my vote (given the recent "mathing" - which though I haven't verified, looks legit). Garr, Sam, if you have a counter-argument to "300BTC versus 50BTC", you should post it now, or expect a flood of vote changing. =/
Garrett agrees with the math. Assuming these calculations are correct, it seems that our best option is to liquidate. Garrett is going to post the current results of the motion on the Cognitive Mining website tonight. More updates to come. - Samuel It could be argued that he's talking about the current results not necessarily the final results. Edit: And the 27th was 7 days ago. Robitnik is correct here. Garrett began the motion to cover hosting expenses/liquidate hardware on 3/27/14. As usual, motions last one week, so the motion ended and votes were counted on 4/3/14. When I posted this the night before the last day of voting I mentioned the " current results of the motion", not the final results. Whether or not liquidating is the best option, shareholders have voted against liquidation. Of course, if Garrett decides that we are much better off liquidating, he will take the necessary steps to do so (raising a motion, finding buyers, etc). - Samuel |
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Garrett is going to tally up the votes and post a link within the next couple hours.
- Samuel
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I originally voted against liquidation but I am inclined to change my vote (given the recent "mathing" - which though I haven't verified, looks legit). Garr, Sam, if you have a counter-argument to "300BTC versus 50BTC", you should post it now, or expect a flood of vote changing. =/
Garrett agrees with the math. Assuming these calculations are correct, it seems that our best option is to liquidate. Garrett is going to post the current results of the motion on the Cognitive Mining website tonight. More updates to come. - Samuel |
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Hello everyone,
Just to clarify electricity prices for the new data center in Canada:
They are charging $270/kWh/month
So total cost = $270/kWh/month * 30kW (set amount) = $8100
+ $1150 setup/provisioning fee = $9250
It is Garrett's believe that even with these costs, Cognitive Mining will gain back the money it has lost. We are currently at 17 TH/s, and Garrett is planning to get one more unit up and running at the shop here in Montana which will hopefully bring it up to 18TH/s.
- Samuel
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For anyone who would like to have questions answered, or who would like to give input, we are doing an IRC right now at #cognitivemining on freenode.
- Samuel
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Hello everyone, Here are some updates/answers to questions/other info: - The CT units sent to Canada are at the border right now. They should pass through security tomorrow morning and arrive at the datacenter by noon. Garr, if you're lurking, miners 3, 5 & 6 are down and 4 & 7 need a reboot. There seems to have been some power event at ~17:00 GMT
- Garrett was just at the shop troubleshooting. The hashrate should increase momentarily. - In response to questions about where the hardware will reside after this month: hardware will be moved to a different data center only if it is more profitable to do so. For the same reason, some units may stay in Bozeman - it just comes down to the math. We can discuss this more in a few weeks. - The results of the motion will be released on Friday, and verified using SHA-256 hashes. - Garrett and I were thinking it would be a good idea to do an IRC where anyone can ask questions, give input, etc. We are planning to do the IRC from 9AM to 10AM Mountain Central Time this Thursday Mar. 27. Use the channel #cognitivemining at chat.freenode.net. Goat, shouldn't we be doing this using the appropriate forum of shareholder meetings, motions, and agreements?
You've made clear your feelings towards Garr, now let's find the means to secure COG's future by using the appropriate processes and procedures necessary to form an agreeable corporate structure going forward.
Now with regard to that, we should establish a corporate structure which would basically be an board to which operations would report. In COG's case, we are somewhat limited by the options available, but I do believe we could form a three or four person board representing: Operations, Large Shareholders, Small Shareholders, and Chairperson. Operations will be held responsible to the board, who may raise a motion to remove anyone they may feel isn't completing their duties. The board will be responsible for scheduling shareholder meetings, agendas, and ensuring that reports are published in a timely manner. The board might also be a good interface for the exchanges in dealing with COG.
Operations will consist of:
Finance
Mining Support
Shareholder support and PR
Hardware acquisition.
Given the size of the operation, it will be acceptable for one person to hold more than one role starting out. This should give us enough flexibility to secure the smooth running of the operation as well as ensuring that shareholders interests are looked after and maintained.
This is just a constructive suggestion to try and share my knowledge on the matter, any other suggestions would be welcome.
- Garrett thinks this may be a good idea. Anyone who would like to give input on this idea, or who would be interested in becoming a board member, please email either Garrett or me. Of course, nothing will be decided without a motion, but we would like to see what kind of interest exists. |
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I wonder when will the havelock open for trade of cog again?
We are not sure exactly when Havelock will open Cognitive trading again, however Garrett has been in close communication with them, and they will likely resume trading once the hardware is in Canada hashing. Just an update: The six units that have just been shipped from CoinTerra are scheduled to arrive in Bozeman tomorrow, which will be immediately reshipped to Canada. The other units that have already been sent are supposed to arrive in Canada today. - Samuel |
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Agreed, but Asicminer's hardware is overpriced.
How so? AM Gen3 at the chip level is supposed to be $0.5-$1/gh at 0.2w/gh Compare that to hashlast evo boards which are about $3/gh at 1w/gh. Anyways good luck selling hardware that is 3 times more expensive and 5 times less efficient than the competition. Compared to the price we can get from HashFast, BitMain (makers of AntMiner), and CoinTerra, yes - it's overpriced. Also, we will not purchase any hardware from HashFast unless it is either in stock or delivered first. No more pre-ordering. The first CT unit is now on eBay: http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=131145403391- Samuel |
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Seems like a motion is appropriate, but I can see this working a few different ways:
1. Sell hardware, use proceeds to pay 100% div. Raise COG.F3 if we need more funds for hardware purchase later
2. Sell hardware, use 50% of proceeds to pay div, keep 50% for reinvestment fund
3. Sell hardware, put it all in reinvestment fund
I think 3 is only reasonable if we have some other hardware to buy that we can have in-hand very soon (like, < 1 month). Otherwise, I'd prefer 1 or 2. Would 1 mean "the end of cog", or would there still be plenty of money left over for reinvestment in the next big thing? Maybe to answer these questions, we need to see just how many CT machines we sell, and how much profit we can make from them. Also, if some of the CT machines do work, or if we are able to run a smaller number of them reliably, maybe we don't sell them all - just a few.
Also, maybe before we are able to sell them, the data center comes through and magically fixes everything. Who knows. I'm still in favor of keeping our options open, so long as movement happens to keep as many options open as possible in the meantime.
Garrett has decided that all of the hardware that is sold (old hardware and CT hardware) will go to the reinvestment fund. Of course, we will start by seeing how many of the CT units we can sell. The plan right now is to start by selling the first 8 CT units, one at a time, on eBay. We will place the starting bid at $8,000 and see how much people are willing to pay. If the new facility in WA is ready when the remainder of the CT units arrive, it may be most profitable to keep them. In a facility with cheap/reliable power, adequate cooling, and 24/7 supervision they should be far less problematic. If all goes as planned, this facility should be housing new hardware by the first week in April. Our priorities are as follows: 1.) Sell the first few CoinTerra units 2.) Secure the new space 3.) Purchase new hardware 4.) Documentation and transparency: Financial reports, irc interview, google hangout… anything people want to increase transparency. Of course, we will be working on these things whenever there is time to do so in-between the tasks listed above, and transparency is something we will be continuously working on. Meanwhile, Garrett plans to set up a better way of paying dividends: The plan is to place a 4 BTC buffer in the Cognitive account on Havelock, so that within about 5 hours, funds from the cog mining address can transfer to Havelcok, Havelock can pay dividends, and the balance should always go back to 4 BTC. This way Garrett doesn't have to continue paying dividends from his own Havelock account. Maybe Asicminer will have gen3 units in-hand and ready to sell in the next couple of months? Has anyone been following them? Their hardware has always been expensive, but they (AFAIK) have always only sold units in hand, shipped quickly, and delivered exactly as promised meaning the ROI calculation is straightforward, reliable, and low-risk. Of course, on the other hand, (at least based upon their share price), gen3 might be vaporware itself and not something to rely upon...
Agreed, but Asicminer's hardware is overpriced. FWIW, with the slowdown in network size increases, I have been running my 65nm BFL hardware longer than I anticipated and I think COG's BFL hardware will be economical to run for a while longer (the returns are small, but they more than offset cost to run still I believe).
Garrett believes that selling them now will be more profitable in the long run. They have been up for sale on the forum but haven't sold so the plan is to put them on eBay either tonight or tomorrow. We will keep you updated, and give you links to the eBay auctions. - Samuel |
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Alright everyone, Garrett has decided that we are going to sell all of the CoinTerra machines. They have been far too problematic, and at this point it is more profitable to sell them and buy new hardware. They will be up for sale on eBay and this forum starting tomorrow. As soon as the first couple units sell the sCrypt hardware will begin running again. Now for responses to many of the questions that have recently been raised: - In terms of compensation from CoinTerra, we will be compensated for all of the machines that were delivered, but were never actually hashing. Only 8 of the CT units were ever operational, so CoinTerra will compensate Cognitive for the rest that arrived but didn't work properly. - Once our new space in Washington is ready, all of Cognitive's hardware will be moved there. It will be kept cool, the power will be reliable and cheap, and it will be monitored 24/7. Garrett should allow some larger investors to come to the location and physically inspect the miners and see what is going on in person.
This would be a great way to demonstrate that Garret (and I) are running a clean operation. If someone would like to organize an inspection, go for it! - Garrett and I would be happy to do an IRC meeting once the hardware is sold. We were also discussing the possibility of doing a google hangout where anyone who wants to can have their questions answered in real time, and we can all discuss various issues pertaining to Cognitive. Thank you for your patience. As always, feel free to leave feedback. - Samuel |
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Hello everyone,
I apologize greatly for the late response. Garrett has been in San Francisco for the past few days, and I have been off the grid without internet.
We can make very little excuses for the low hash rate you have seen in the last few days. As before, the problem was a result of CT hardware that isn't working properly, combined with a lack of attention and quick response on our part. Garrett was focused on securing the new, cheap-power location. This is important, but of course so is keeping the hardware online. He should have been focused on both of these tasks. Garrett is very aware of his mistakes, and is committed to fixing all of this immediately.
In response to allegations that Garrett has been stealing from Cognitive: I can assure you that this is absolutely untrue. Mismanagement in some areas - perhaps yes. But stealing or any sort of criminal activity, absolutely not. While my word may mean very little to you, I can tell you that I have access to the shop where all the hardware currently resides, have helped with the setup of this hardware, and that all of this hardware has been hashing for Cognitive, and no one else.
It is our promise that Garrett and I will work our hardest to fix all of this as soon as possible.
- Samuel
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We're online at our full received capacity of 10th/s!
Seems we most definitely are not. Why? Is this the power cycle issue? Cant describe how fucking frustrating it is peeking in on http://www.cognitivemining.com/charts/ right now... Yes, it has been very frustrating to see the CT hardware be so unreliable. We are working on the problem, and the units should be up and hashing again sometime today. - Samuel |
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It's been almost 2 days and we are well under 1.5TH. What's going on?
The low hash rate was once again because of power cycling and faulty firmware. As you can see, Garrett was able to get the units running again, so hopefully they will stay that way. Theterabyte, thank you for your help! I believe this software will help us react more quickly to malfunctioning hardware, and stay as profitable as possible. This should be a very good month for Cognitive. More updates to come, Samuel |
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Cognitive-PR, you may want to remove the two links in the footer of www.cognitivemining.com. One is MtGox, which is rumored to be having problems of some sort, and the other is to bitbank.me, which appears to have expired and is now owned by a domain squatter. Guybrush01, thanks for the suggestion! The links have been removed. Suggestion: It would be helpful to tag the miners in the Eligius Pool to be able to track the status of each miner worker. By appending "_name_of_system" to the end of the 1cogxXyYU2EXEbdcV9j18PWenRU7gAjt1 address for the username, each miner can be tracked separately. Could help troubleshooting which miner has an issue by checking Eligius stats as well. Here is an example - http://eligius.st/~wizkid057/newstats/userstats.php/1LxYXZpBaGTV11qFAy8DP2rHneBNRmQZ4sBy tagging the username, it shows the "Toggle Display of Worker Details" djjacket, this is excellent input. Garrett is going to set up this sort of system as soon as he can. According to the spreadsheet there is 10THs or so is there a problem with some of the equipment?
Yes, some of the units have faulty firmware, and have been shutting off when power cycles. Garrett is currently in negotiations with CoinTerra regarding this problem, so hopefully they will compensate Cognitive for this loss in hash power. - Samuel |
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I propose you create a google doc spreadsheet like this:
Device - Description - Date in service - Power Usage - Hashrate Each - Number of units - total
TerraMiner IV - Cointerra's 28nm Miners - <date> - <X watts> - 2.0e12 - 12 - 2.4e13
Etc. for each batch of devices, and link it on the main webpage. Leave blank things you don't know yet, the entire thing should take 20 minutes to do tops. THis way we can see our "promised hashrate" too
Wait, we have hashfast units? I don't remember that...
Me either, I'm so confused...I wonder what our total hashrate will be when everything arrives next week?
I proposed the inventory spreadsheet idea to Garrett some time ago....I have even shared a Dropbox folder with the COG guys containing an inventory template that is about 10% complete....
It shouldn't take more than an hour to complete this. The gains in transparency will be PRICELESS
I agree with everything that was just said here. Garrett and I are planning to meet tomorrow to go through inventory and type up a spreadsheet. As you said it should be very straightforward. We will also answer any questions that have been asked, and give an update on the hardware. Stay tuned, Samuel |
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Good news:
After fixing some problems, 3 of the 5 TerraMiner units in Bozeman are hashing, and all 3 of the HashFast units are hashing also. You should see quite the spike in Cognitive hash rate.
Actually I was mistaken. 5 TerraMiner units and 3 HashFast units are hashing. |
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Good news:
After fixing some problems, 3 of the 5 TerraMiner units in Bozeman are hashing, and all 3 of the HashFast units are hashing also. You should see quite the spike in Cognitive hash rate.
- Samuel
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So we have been down to around 2ths for about 24hrs. I am assuming this is so you can move them, if this is the case why are we moving them when there time is most valuable and not in a few weeks losing a day now can be like losing a week in a month.
Here is an update on the current status of all of our hardware:Thus far, 8 CoinTerra units have arrived. 7 more will have been shipped and on their way within 24 hours. Of those 8 units, 3 are in WA (not hashing) and 5 are here in Bozeman. Of those 5, 1 is only hashing at half capacity, and another isn't working at all. We are working to get units fixed/hashing ASAP. This is our number one priority. The new facility in Washington is perfect for all of our hashing needs, however unfortunately we can't set up hardware there for about a week. Until then, Garrett hopes to have the 3 CT units set up and hashing in an alternative location by tomorrow night. The situation is not ideal, but we are making the best of it. How many KH/s did we get for 10btc??
The sCrypt hardware included four 270x’s and two 7950’s, which add up to approximately 1.2 MH/s. The sCrypt miners are not hashing right now because all of our power is being used by the CT hardware. As soon as the CT hardware is shipped to WA the sCrypt miners will resume hashing. It may take several months of hashing, but the hardware will likely pay for itself. Last of all, I'd like to point to everybody who voted "yes" to put up scrypt mining equipment... 10 btc paid for only a measly 1.04 btc return in almost 3 months... what a waste. Also, where is the GPU rig mining at ? Tompool.org Let me know if you have any more questions, comments, or concerns. - Samuel |
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