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

[will]

Will, are we merge mining other coins?

We're obviously not actively focusing on this, but checking the latest balances @ cex.io from our initial mining deployment there, our balances are as follows:
NMC: 413.19707426
IXC: 1146.00279981
DVC: 46782.58772756

[1714821662]

1714821662

[1714821662]

1714821662

[pedrog]

Will, are we merge mining other coins?

We're obviously not actively focusing on this, but checking the latest balances @ cex.io from our initial mining deployment there, our balances are as follows:
NMC: 413.19707426
IXC: 1146.00279981
DVC: 46782.58772756

Extra couple of bitcoins right there.

I've noticed an improvement in miners performance, many are passing 1.2 TH/s, is this a result from cgminer tuning, are you going to push it more? I saw Hashfast tests putting each chip at a maximum of 700 GH/s.

[will]

Extra couple of bitcoins right there.

I've noticed an improvement in miners performance, many are passing 1.2 TH/s, is this a result from cgminer tuning, are you going to push it more? I saw Hashfast tests putting each chip at a maximum of 700 GH/s.

Yep, checking cryptsy... that's an extra ~2.5BTC mainly from the NMC balance.

Generally speaking, stability is as a direct result of cgminer tuning, the extra hashrate is due to the current ~10% overclocking (running @ 604 MHz). Stability tuning is a prerequisite for overclocking (overclocking unstable units generates a mess of garbage/unusable data). Some units perform better than others in this regard. Not all sierras are created equal, hence the OPNAME-ing work. We'll probably re-shuffle units in the cage to similar-performing stacks and under/overclock into stable hashrates. The minestate snapshots you see are taken every 15 min, and logged to db - this data will form the basis for that work.

[ADgordo]

Extra couple of bitcoins right there.

I've noticed an improvement in miners performance, many are passing 1.2 TH/s, is this a result from cgminer tuning, are you going to push it more? I saw Hashfast tests putting each chip at a maximum of 700 GH/s.

Yep, checking cryptsy... that's an extra ~2.5BTC mainly from the NMC balance.

Generally speaking, stability is as a direct result of cgminer tuning, the extra hashrate is due to the current ~10% overclocking (running @ 604 MHz). Stability tuning is a prerequisite for overclocking (overclocking unstable units generates a mess of garbage/unusable data). Some units perform better than others in this regard. Not all sierras are created equal, hence the OPNAME-ing work. We'll probably re-shuffle units in the cage to similar-performing stacks and under/overclock into stable hashrates. The minestate snapshots you see are taken every 15 min, and logged to db - this data will form the basis for that work.

The payout address shows a cool 170 bitcoins.  Do you have an estimate as to when the shareholders will be seeing a morsel of this?

[VolanicEruptor]

Do you have an estimate as to when the shareholders will be seeing a morsel of this?

+1

Also, I don't remember what bitcoin address I assigned myself to when I invested.. how can I find this out

[will]

Do you have an estimate as to when the shareholders will be seeing a morsel of this?

+1

Also, I don't remember what bitcoin address I assigned myself to when I invested.. how can I find this out

Getting dividend payments and share trading up & running is the next important step and one of our current main focal points. I'll post an update & estimate on this sometime this week.

You can send us (support@icedrill.io) the email address you used @ bitfunder, and we'll send you the relevant address linked to it. I'll also put up the last snapshot we took of the bitfunder asset list @ www.icedrill.io, if you want to look through that.

EDIT: added https://www.icedrill.io/showbfassetlist

[Komodorpudel]

Are their any further plans(except div payments and trading) to increase the value of this undertaking?

[dunchy]

What can you disclose about the deal with Cointerra (shares owned) ? How will investors benefit from it ?

[tyrion70]

285k in DC costs?  For 8 active Sierras?  Each one is 4U, so 32U.  How much of this is lining your pockets.  What a joke.

Perhaps I should clarify as to what is included in the DC costs line item.

IceDrill has an agreement with the DC that requires a minimum monthly commitment even if there are no units being hosted - this means that the minimum commitment was being paid since October. Now that there are active units, the monthly DC costs will increase slightly. So a portion of the $285K is made up of all the monthly minimum payments that were made even though no equipment was hosted.

In addition to monthly payments to the DC, there were a significant amount of one-time setup costs ($100K+) to have everything setup and prepared for the units.

The combination of set-up costs + monthly DC payments add up to this amount and match up with invoices.

Hi Eric,

Thanks for your answers on the report. Regarding the hosting costs. If I understand correctly, 185k$ has been paid to the DC as a minimum commitment for 5 months (October-February) and 100k$ has been payed for one-time setup costs.

That makes 37.000$ minimum hosting payment per month which will only increase as you say. Can you elaborate on this? I can understand you have to pay a certain minimum amount (for example the profit the DC should make) but it makes no sense to pay for everything (including power and cooling costs which is 90% of all DC costs) if no hardware is running.

What will be the hosting costs per rack/sierra in the future once everything is hashing? the 37k$ / month makes me wonder if you got the best deal.

With regard to the one-time setup costs, what exactly were those? A 100 grand is a lot of money when it comes to one-time setup costs. You could have a DC setup ~500 racks for that amount of money depending on what you mean by setup costs. If racks and parts for racks (APC, UPS, trays etc) have been bought for that amount they need to be listed as assets and depreciated over time. Especially DC stuff still keeps pretty much of its value over time (5 year depreciation isn't uncommon).

Thanks in advance,

[will]

Update:

Had a good chat with the cryptomex team today, will continue the discussion tomorrow.

Someone asked for this so I'm fine to provide it here as well: Raw internal monitoring data of the mine from when we started the mine monitor up until today.

https://dl.dropboxusercontent.com/u/8727275/devicestatus.rar
and
https://dl.dropboxusercontent.com/u/8727275/DeviceSaveCounters.ods

 Sorry about the raw stats, but keen to see anyone produce something/anything visual that I can pull for reporting going fwd. Prefer to spend time on those as required. Please be specific in your requests and provide graphs/screenshots/description(s) to serve as spec. I know what we want/need to see and up until now that's been the main priority (for stabilization work), but that's not always what everyone else prefers.

Will

[MikkisJ]

Why DeadTerra's sig is still [IceDrill.ASIC the 500 Thash mine powered by HashFast]?

It's not 500 Thash.

-Also what will be done with the income that is now generated?

-How much will be paid through dividends, and how much will be reinvested into buying more mining hardware?

-How much hardware can you expect to get due to late delivery?

Original plan was 25% reinvested, but it's so long and so much changed, so what's the plan now?

[zebroid]

Will, seriously, why invent the wheel from scratch?

Can't Icedrill.io just deal with Picostocks to list here https://picostocks.com/stocks
then we able to do share trades and dividends?

 

Picostocks mentioned here http://www.coindesk.com/inside-north-americas-8m-bitcoin-mining-operation/
about manufacture the chips and boards and a partner with Dave Carlson, the owner of North America’s largest bitcoin mining operation.

So, Picostocks seem to be not fly by night and already have a trading platform that is transparent and partner
with various in related aspects of BTC mining/trading.

Not trying to stir major here, just many hands, lighter load...

[zebroid]

PS. If IceDrill wants a new logo, feel free to ask 
I'm cheap and charge in dogecoins (lol)

Done a "I Love Bitcoins" logo and made it  Creative Commons Attribution/Share-Alike License here
https://commons.wikimedia.org/wiki/Category:I_Love_Bitcoin

This design was already downloaded and printed on black & white T-shirts
and used by BTC South Africa Foundation - I got one 

[antirack]

What's the capacity of the IceDrill data center portion? 250kW?

Edit: created this thread with the list of the largest publicly known mining farms.
https://bitcointalk.org/index.php?topic=516114.0

[Flashman]

What's the capacity of the IceDrill data center portion? 250kW?

I hope that or better, coz probably could have got 100kW of solar set up for 100k and ran it in a barn...

[discobean]

I hope that or better, coz probably could have got 100kW of solar set up for 100k and ran it in a barn...

For 5 hours in the day?

[Flashman]

Well hence the smiley.... but only 5 hours? Where? Fairbanks Alaska?

[wosinddiehirsche]

when can we expect the first dividends? (like direct shares)
or is this depending on tradeable shares.
when can we expect this?

[ineededausername]

If anyone's in a hurry to sell any Icedrill shares I'd be happy to talk, btw.

[cedivad]

If anyone's in a hurry to sell any Icedrill shares I'd be happy to talk, btw.

This smells like news.
(Or maybe i would just like some news)
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