[BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast)

[Jutarul]

Are we going to be self mining or on a pool? Would really love to see IceDrill take some of that power away from GHash.

With a 18,000 TH/s network you need a minimum of about 18,000/2016 * (10-100) ~ (90-900) TH/s for self mining to make any sense which is about 1%-10% of the network, due to the uncertainty in the block generation algorithm (Poisson distribution). 1% right now is about 180 TH/s which equals about 150 Sierra Units - so the short answer is IceDrill needs to partner with other operators and form a mining pool or use an existing mining pool in the short term.

The granularity of the bitcoin mining subsidy is one of the problems of the bitcoin mining protocol, and will likely end in representational governance of the mining network. It is my understanding that IceDrill strives to have a "full seat" in such an environment, which forces it to maintain a 0.1-1% threshold.

I haven't seen the business plan of IceDrill so I cannot guarantee that this is what they're actually pursuing. The other question mark is the underlying economic model to sustain a 0.1-1%.

[CanadianGuy]

We need information on current mining stats.  Now.

[kleinessteak]

^ THIS ^
Where are the BTCs from the units go to?

[dropt]

We need information on current mining stats.  Now.

+1

[babybonobo]

We need information on current mining stats.  Now.

Chill the fuck out Little Lord Fauntleroy, demanding much?

[DeaDTerra]

We need information on current mining stats.  Now.

Chill the fuck out Little Lord Fauntleroy, demanding much?

As we have said previously we are working on a solution so that you guys can follow our hashing power in real time, but it is not yet complete.
Please have some patience, Willem will contribute a update soon.
//DeaDTerra

[dropt]

Chill the fuck out Little Lord Fauntleroy, demanding much?

Well excuse us.  Some of use have substantial investments into this mine and it's already 2 months behind schedule.  Not only that, but we've been jerked around after the fact with all sorts of changes here and there as to how the mine is being structured and run.  I know I for one have been quite patient, and while I can't speak to the same end for Canadianguy, he has a right as a shareholder to demand transparency.  He/I/we want quantifying details but all we're getting is:

we are working on a solution so that you guys can follow our hashing power in real time, but it is not yet complete.

Realtime stats weren't requested, status on the mine we're invested in is.  How hard is it to disclose the mining address or pool worker name?

I'll continue patiently waiting, but your attitutude isn't impressive or welcomed IMO.

TL;DR:  How about you STFU.

[_mr_e]

We need information on current mining stats.  Now.

Chill the fuck out Little Lord Fauntleroy, demanding much?

Well excuse us.  Some of use have substantial investments into this mine and it's already 2 months behind schedule.  Not only that, but we've been jerked around after the fact with all sorts of changes here and there as to how the mine is being structured and run.

TL;DR:  How about you STFU.

I agree with dropt. I understand you guys are busy but with the amount of shit that has gone on with this stock forgive us if we demand that someone take 30 minutes out of their day to give your loyal investors, the ones that allowed you to purchase all this equipment in the first place, an update on what the hell is going on with our investments.

[Flashman]

Hum, 4 and a half stacks of 6, 27 machines, ~1.2TH each nominal, = 32Th

edit: I can't count right first time either.

[fudruker]

awesome we are hashing away now, even if it is basically a month late but at least it isnt BFL late right? i am sure we will get the address for what we are hashing as soon as they get all the kinks out of the product if they give us a address right now we all know what would happen " we are hashing at this rate wtf i didnt pay for this yadda yadda yadda" we are getting updates slowly i do have to admit but id rather they work their ass off getting it up and running insted of sitting down and typing to every one of us. "full disclosure i have a couple hundred shares so i am not as hugely involved as some of you other people"

[DeaDTerra]

We need information on current mining stats.  Now.

Chill the fuck out Little Lord Fauntleroy, demanding much?

Well excuse us.  Some of use have substantial investments into this mine and it's already 2 months behind schedule.  Not only that, but we've been jerked around after the fact with all sorts of changes here and there as to how the mine is being structured and run.

TL;DR:  How about you STFU.

I agree with dropt. I understand you guys are busy but with the amount of shit that has gone on with this stock forgive us if we demand that someone take 30 minutes out of their day to give your loyal investors, the ones that allowed you to purchase all this equipment in the first place, an update on what the hell is going on with our investments.

As I understood it from Willem the next batch we will be getting is significantly bigger 25+ units at once.
Right now we are at the same hashing power as before but once we get the next batch we will probably be around 60+ Thashs.
As for the Bitcoin address, we are currently mining on different pools, I will check with Willem how the pools are setup (automatic withdraws? and how their are scheduled) as well as where the final destinations of these coins are.

Last time I checked (a day ago) with Willem we have 25 Bitcoins mined so far in total.

Saying STFU isn't very helpful tbh
If you want something answered please politely state a question clearly, if it has not been responded to before and I have the necessary information to respond to it, I will as soon as I have time.

//DeaDTerra

[lunarboy]

How long till some method of share trading is enabled? 

[_mr_e]

We should really have all this hardware on p2pool. There is no reason not to and the network needs it!

[raskul]

We should really have all this hardware on p2pool. There is no reason not to and the network needs it!

^This.

probably is.

[stevenroose]

@DeaDTerra

I'd like to ask a few questions. Hopefully they are politely enough to be answered, each one of them separately.

1. Is there a time frame for when we will be able to trade shares again?

2. Do you consider mining on P2Pool? The network will benefit and we are really just the size P2Pool is intended for.

3. What compensation did/will we get from HF for the delay? Are you still negotiating with them actively?

4. Considering the huge delay (in Bitcoin terms), what is the management's opinion about our current status? More specifically about the odds of (IPO) investors making it to break-even. Are you positive about it?

[_mr_e]

@DeaDTerra

3. What compensation did/will we get from HF for the delay? Are you still negotiating with them actively?

This is what I meant by my previous post... Why isn't anyone telling us anything about this!??

[SimonBelmond]

@DeaDTerra

What is the divident payout scheme? Monthly, weekly...? When will the first dividends be payed out?

[molecular]

possible suggestion:

how about using p2pool? It's having problems due to low hashrate.

http://www.reddit.com/r/Bitcoin/comments/1wl2he/we_are_letting_p2pool_die/

If we can't make money, why not at least make some freedom?

[DeaDTerra]

@DeaDTerra

I'd like to ask a few questions. Hopefully they are politely enough to be answered, each one of them separately.

1. Is there a time frame for when we will be able to trade shares again?

2. Do you consider mining on P2Pool? The network will benefit and we are really just the size P2Pool is intended for.

3. What compensation did/will we get from HF for the delay? Are you still negotiating with them actively?

4. Considering the huge delay (in Bitcoin terms), what is the management's opinion about our current status? More specifically about the odds of (IPO) investors making it to break-even. Are you positive about it?

Hi,
Thank you for the questions.

1, I will have more info on that by next week. Hopefully within a couple of weeks, we don't want to rush things but we are working on it.

2, We are considering it, as I have understood it, it is a matter of tuning the software to P2Pool. The software we are using is early on, hopefully it will be improved over time. We are keeping P2Pool in mind and in the long term it is one of the solutions we are considering together with solo mining, and split pool mining.

3, We are currently actively negotiating with them regarding the delayed shipping, it is a process but we are making progress. Please be patient as soon as we have something solid and signed, we will tell you guys how it will affect the public share holder and the IceDrill project.

4, My personal opinion is that in terms of BTC it  will be hard to break even short term due to the massive difficulty increase and the delays we have encountered, but that in the long term through hard work, reinvestment and innovation, I hope we should be able to break even in BTC terms. I am personally a public and private investor, I as much as anyone want to see this venture succeed.

//DeaDTerra

@DeaDTerra

What is the divident payout scheme? Monthly, weekly...? When will the first dividends be payed out?

The plan is for the payouts to be on a weekly basis, we have currently been so busy that we haven't had time to setup a automated system.
We will have a automated system which pays out dividend until we can launch on a platform which we can pay dividend on.
I will talk to Willem today regarding the ETA on such a dividend system.

//DeaDTerra

[stevenroose]

Hi,
Thank you for the questions.

1, I will have more info on that by next week. Hopefully within a couple of weeks, we don't want to rush things but we are working on it.

2, We are considering it, as I have understood it, it is a matter of tuning the software to P2Pool. The software we are using is early on, hopefully it will be improved over time. We are keeping P2Pool in mind and in the long term it is one of the solutions we are considering together with solo mining, and split pool mining.

3, We are currently actively negotiating with them regarding the delayed shipping, it is a process but we are making progress. Please be patient as soon as we have something solid and signed, we will tell you guys how it will affect the public share holder and the IceDrill project.

4, My personal opinion is that in terms of BTC it  will be hard to break even short term due to the massive difficulty increase and the delays we have encountered, but that in the long term through hard work, reinvestment and innovation, I hope we should be able to break even in BTC terms. I am personally a public and private investor, I as much as anyone want to see this venture succeed.

The plan is for the payouts to be on a weekly basis, we have currently been so busy that we haven't had time to setup a automated system.
We will have a automated system which pays out dividend until we can launch on a platform which we can pay dividend on.
I will talk to Willem today regarding the ETA on such a dividend system.

//DeaDTerra

Thanks for making some time to answer our questions. Consider opening a blog or something where we can look at for finding official announcements.

Remember that communication is everything in projects like these where a lot of people are financially involved.