Mining start date:
The estimated time of delivery is Q4 of 2013.
The physical mine location will be prepared for chip delivery in September.
Chips will arrive in early November
The IceDrill mine will be operational in Q4 2013, likely in November.
Why should you believe in this timeframe? Because we are working with HashFast. We invite you to consider their ability to deliver chips on time and to spec for yourselves. IPO details:
20-30,000,000 (20-30 Million) IceDrill.ASIC shares will be created at the IPO. 20-30,000,000 of these shares will be sold. Each share represents (percentages to be determined upon IPO finish) of the profit of the IceDrill mine. Since the mine will open with 250-363 Th/s. of capacity, 1,000,000 shares will equal profit derived from roughly ten terahashes (10 Th/s) of capacity (and this will grow over time as 25% of profits are continually reinvested).
The shares will be sold in three batches:
The first batch is a initial sale of 14,500,000 (14.5 million) shares, which will be sold on BitFunder for 0.0014 BTC per share. The first batch will raise money to partially pay for chips and mining equipment from the manufacturer (HashFast, see thread https://bitcointalk.org/index.php?topic=262052.0
) This money needs to be raised before the 12th of August (00:00:00 UTC, 12 August 2013) for this IPO to be deemed successful.
The second batch of 3,500,000 (3.5 million) shares and will be sold at 0.0015 BTC per share. Proceeds raised from this sale will help pay for more hardware and build out of the compute center/mine location. This batch needs to be sold by the 25th of August (00:00:00 UTC, 25 August 2013) for the IPO to be deemed a success. If this does not occur then any money collected will be reimbursed to the investors. At the opening of the mine, this equates to a price of 0.15 BTC per Gh.s.
The third batch is of 6,250,000 (6.25 million) shares and will be sold at the price of 0.0016 BTC per share. These shares do not have to be sold for the IPO to be deemed a sucess. The more share we sell the more equipment we can buy. At the opening of the mine, this equates to a price of 0.16 BTC per Gh.s.
Keep in mind that the Gigahashes represented per share will grow over time as the reinvested Bitcoins are used to purchase more hardware.Introduction of parties involved and responsibilities
The ASIC manufacturer is HashFast, which recently made its announcement here https://bitcointalk.org/index.php?topic=262052.0
, you can also check out their website for more information hashfast.com
The builder and operator of the IceDrill mining farm, and the administrator of the IceDrill. ASIC share asset is DigiMex. DigiMex is in turn owned by PetaMex Limited (BVI Company registration number 1784386). Estimates:
Basic spreadsheet/tool for general bitcoin mining profitability calculations:
Please note that the scenarios that have been set up are just examples and do not represent the future or actual profits. Please do you own due diligence before deciding to invest. If you want to setup your own scenarios please copy paste and plug in your own numbers. Please note that these figures do not include the electricity and rent costs. Please see other estimates of mining facilities for a cost budget.
Please note that any risks that DigiMex assumes is also a risk for the investor, as an investor owns a share of the profit and not the hardware. This may include but is not limited to risk such as failure of delivery of hardware (due to chip design flaw, malfunction in production, delays etc), theft of hardware, damage to hardware etc. Please consider this before investing,
This Bitcoin-related investment is a high risk investment and you should only invest as much as you can afford to lose. No guarantee is made of any return or profit whatsoever.IceDrill.ASIC offering:
Each share represents (percentage to be determined at IPO finish, based upon amount of hashing power and amount of shares. Please note that each share will be balance such that it is worth 10 Mhash at startup) of the profit of DigiMex (The Issuer) and gives the holder right to 100% of the profit (Of the percentage of profit to be determined at IPO finish profit). Profit is defined as income from mined bitcoin minus electricity cost,rent and maintenance. 75% (of this profit) will be paid in interest every week (every Sunday) and 25% of the profit will be reinvested in additional mining capacity. The holder of the share has the right to the full profit of any hardware purchased with these reinvestments (the 75%/25% distribution rule will again apply to hardware acquired through reinvestment).
The shares have no voting power. Shares of IceDrill.ASIC on BitFunder do not represent real world shares of DigiMex. The shares are solely a distribution mechanism for rights to profits of DigiMex. Profit distribution will not be dependent on BitFunder’s existence, in the case of where BitFunder is closed down the asset will be moved to another platform, if no adequate platform exists then payouts will happen manually to the shareholders bitcoin address.
The Issuer has the right to terminate the asset in the event of insolvency by liquidating any company savings to pay out a final dividend. In the event of a sale of the farm, the profit made will be split proportionally amongst the asset owners. The issuer has the right to release more shares at any time and for any price ((the Amount of shares to be determined which is less or equal to the 40/60 split originally stated) shares not sold at the IPO). Because each new share holds the same proportion of the company even after more issuance, there will be no dilution to the previously sold shares.
The issuer has the right to change the price and/or amount of any scheduled batches of shares.
Please note that DigiMex will be operated by PetaMex in the foreseeable future. However, the operators (PetaMex in this case) retains the right to stop Digimex operations if it becomes operationally unprofitable. At that point, this agreement will automatically be terminated. In addition, we would not preclude the possibility that DigiMex may be sold to another operator. Clause added in benefit of public shareholders
No dividends will be paid to the holders of private shares until holders of public shares have received an accumulated dividend of 0.0016 BitCoin per share. After which, proceeds from mining will be distributed proportionally such that there would be no difference between floating shares or private shares.
Private shares can be converted into floating shares after all public shares have received an accumulated dividend of 0.0016 BitCoin per share.Please note the changes made to the contract and IPO info:https://bitcointalk.org/index.php?topic=269216.msg2938623#msg2938623https://bitcointalk.org/index.php?topic=269216.msg2917934#msg2917934