[BTC-TC] CryptX introduces the PETA-MINE - 18,000 CHIPS IN SEPTEMBER/UPDATE

[cryptx]

UPDATE 09/09/2013

CRYPTX BUYS DATACENTER

CryptX is pleased to announce the purchase of its own datacenter.

The datacenter has an initial power capacity to host 300 TH/s of Bitcoin mining equipment. The capacity can be expanded if necessary. The electricity costs can be kept at a minimum due to our on-site solar plant of 350,000 Watt. The first deployment of 20 TH/s at the end of September has a monthly total cost, including electricity, maintenance and hosting, of maximum 5,000$.

The purchase of the datacenter is the second milestone in the development of the PETA-MINE. This enables CryptX to run the mine very cost efficient.


UPDATE 08/09/2013

PETA-MINE revenue forecast with our September deployment:

https://docs.google.com/spreadsheet/ccc?key=0AjI5bgsiFJAidDRWR3RBYXdtR0JEb3JqdmlxYVpmTmc#gid=0

*Please note that this scenario is just an example and does not represent the future or actual profits. These figures do not include the electricity, hosting and maintenance costs.

UPDATE 05/09/2013

CRYPTX EXPANDS BITFURY CHIP DEAL

CryptX is pleased to announce it has secured a new purchase contract with Punin Design.

The purchase agreement has expanded to the delivery of 18,000 Bitfury chips (about 54 TH/s). Even more important is the early delivery date of 20 September 2013 for all chips. We will pick up the chips in Finland in person. This date will give CryptX an important lead start.

The agreement is a first milestone in the development of the PETA-MINE. The chips will be used in a first stage deployment of 20 TH/s.


UPDATE 31/08/2013

CryptX is pleased to announce the deployment of 20 TerraHash as early as end September (BitFury chips). The net mining revenue of this 20 TH/s will be divided over the shareholders until their total investment is recovered.

CryptX will also limit the sale of shares to a maximum of 10,000. This means that no more than 10,000 shares will be sold and mining revenue will be divided over those shares. Shares will be sold in batches of 2,000 shares each, starting at 0.65BTC. Price with each new batch will increase with 0.01BTC.

As stated in the initial shareholder agreement, for each share sold, 10 GH/s of hashpower, based on CoinTerra systems, will also be deployed in December, this equals to an additional 100 TerraHash by December for 10,000 shares.

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CryptX is proud to announce the Bitcoin mining project PETA-MINE ( https://btct.co/security/PETA-MINE )

The PETA-MINE is a hosted mining project with a capacity of 1,000,000 GH/s or 1 PH/s of hashing power.
The core hardware for the mine will be the 28nm chip from Cointerra.
CryptX will offer 100,000 non-dilutable PETA-MINE shares at IPO.

Detailed info can also be found on: www.cryptx.com

THE ASSET

CryptX offers an asset (its PETA-MINE) for shares in the profit of the PETA-MINE project. CryptX will offer 83,333 out of 100,000 non-dilutable PETA-MINE shares at IPO. Each share represents 1/100,000 of the total hash power of the PETA-MINE, and shareholders will recieve a weekly dividend payment every Friday. The PETA-MINE will deploy with a capacity of 1,000,000 GH/s where one share represents 10 GH/s in hashing power.
The company will issue shares in two batches:

1.   The first batch will consist of 50,000 shares. CryptX will sell these shares through BTC-TC at a fixed price of 0.65 BTC per share. The sale of the first batch will close when all shares are sold.
2.   The second batch will consist of the remaining 33,333 shares and will sell at a fixed price of 0.7 BTC per share. The sale of the second batch will close when all shares are sold.

For every share sold, CryptX will invest in an additional 20% of hashpower. All mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends.


THE REVENUE

Dividends will automatically appear in shareholders’ Bitcoin wallets every Friday around 15:00 GMT.  Dividends will consist of 65% of PETA-MINE net revenue for the week. Net revenue is defined as the total sum of Bitcoins mined, transaction fees received and net revenue from hardware sold, minus electricity, hosting, and mine maintenance costs.
Every week, CryptX will reserve for reinvestment purposes a percentage of earned Bitcoins equal to 35% of net revenue. These investments will allow CryptX to produce and deploy additional hardware. Time of deployment for this additional hardware will be in the best interest of shareholders.

The 65/35 percentages are chosen after careful consideration of the current and the future market. The percentages can change if shareholders vote to change it. Such action will only occur if the state of the Bitcoin mining space demands it.

You can find a revenue forecast here*:

https://docs.google.com/spreadsheet/ccc?key=0AjI5bgsiFJAidHNCdDBqOTV2Zmt6ZW9PbWdvZDV1M3c#gid=0

*Please note that this scenario is just an example and does not represent the future or actual profits. These figures do not include the electricity, hosting and maintenance costs.

START DATE

Deployment of the PETA-MINE will start mid December, 2013.

PARTNERSHIPS

CryptX has a contract with Cointerra to purchase 250 TH/s up to 1,000 TH/s of that company’s 28nm chips. The chips will come from the first production batch, which will be tested on site and shipped directly to our PCB/board manufacturer in Europe. This arrangement lets us keep the time between chip production and boards deployment to an absolute minimum.

Thanks to our contract with Burnin Electronics, a PCB/board will be developed using Cointerra’s board reference design before the chips arrive in Europe. This way production can start immediately upon arrival of the chips.


FAQ
www.cryptx.com/faq/

Detailed information can be found on www.cryptx.com

UPDATE 27/08/2013

We received some valuable feedback and updated our IPO details with the following:

For every share sold, CryptX will invest in an additional 20% of hashpower. All mining revenue from this additional 20% will go to public shareholders until the initial investment of 0.65BTC/share is recovered in dividends.

[cryptx]

RESERVED

[FloatesMcgoates]

What's up with mining companies and releasing forcasts that nearly always under predict the rate of difficulty increase?

6% Difficulty increase in a month? Seriously?

[TMAN]

This is going to be a fun read over the next few days..

[cryptx]

What's up with mining companies and releasing forcasts that nearly always under predict the rate of difficulty increase?

6% Difficulty increase in a month? Seriously?

The difficulty increase is divided in stages:

• First stage is an increase of 65% up till december
• Second stage is an increase of 30%
• Third stage is an increase of 18%
• LAst stage is an increase of 6%

When you take 1 number to calculate the difficulty increase, for instance 30%, you would end up with impossible numbers.
(30% = difficulty of 4,749,627,852,593)

[cointerra]

Best wishes CryptX for a successful IPO!

[klee]

What's up with mining companies and releasing forcasts that nearly always under predict the rate of difficulty increase?

6% Difficulty increase in a month? Seriously?

The difficulty increase is divided in stages:

• First stage is an increase of 65% up till december
• Second stage is an increase of 30%
• Third stage is an increase of 18%
• LAst stage is an increase of 6%

When you take 1 number to calculate the difficulty increase, for instance 30%, you would end up with impossible numbers.
(30% = difficulty of 4,749,627,852,593)

It already doubled in a month! It is the awkward moment when many ASIC startups realize they will probably FAIL.

[karsy]

Will you provide a live "hashmeter" ?

[MilkyLep]

So you wish to acquire $6.8+ million for this contract with cointerra?

No matter the facts you present and plans you speak of, this sum appears outrageous relative the prospectus.

However I have the ability to overlook things from time to time, what am I missing? And please, spare the $/gh outlook, this is BTCland. Far too many variables control this risk before I can see reasonable profit margins.

EDIT:

After reading your listing on BTCT.co you state the IPO is succesful if 30,000 shares at .65 are sold, yet in this thread you say the same amount sold are required but at an increased price point at .675. Which is it?

Furthermore, I saw nothing in PETA-MINE's details on btct informing of a specific percentage used to fund the reinvestment account. Not too mention, imho 35% seems a little high.

And the final whammy, with optimistic outlook, I've got to wait until December to start hashing?

[cryptx]

Will you provide a live "hashmeter" ?

We will use our own mining pool (so no fees lost there) and the hashrate of the mine can be viewed live online.

[cryptx]

So you wish to acquire $6.8+ million for this contract with cointerra?

No matter the facts you present and plans you speak of, this sum appears outrageous relative the prospectus.

However I have the ability to overlook things from time to time, what am I missing? And please, spare the $/gh outlook, this is BTCland. Far too many variables control this risk before I can see reasonable profit margins.

EDIT:

After reading your listing on BTCT.co you state the IPO is succesful if 30,000 shares at .65 are sold, yet in this thread you say the same amount sold are required but at an increased price point at .675. Which is it?

Furthermore, I saw nothing in PETA-MINE's details on btct informing of a specific percentage used to fund the reinvestment account. Not too mention, imho 35% seems a little high.

And the final whammy, with optimistic outlook, I've got to wait until December to start hashing?

Thank you for pointing out any inconsistencies.

The share price of .65 BTC is the correct one.

The 65/35 percentages were chosen after careful consideration of the current and the future market. The 35% is a trade-off between difficulty and the possibility to reinvestment at a low cost. We will continuously monitor the market and propose adjustment through shareholder’s vote.

We made a strategic choice for deployment of mining hardware based on Cointerra's chip which has excellent specifications in terms of scalability, GH/mm2 and power consumption. This way we can anticipate future developments in the Bitcoin mining space.

[cryptx]

We are currently under moderator review and approval.

You can see our asset here:

https://btct.co/security/PETA-MINE

[bobboooiie]

The BTC-TC application is not editable.

Thats too bad because with that one you are never getting approved. This is so sloppy put together probably in hurry...
Also after icedrill fiasco you should include no private buys outside of BTCT

[cryptx]

We are undergoing the thorough procedure at BTC-TC. There is no fixed time frame for that.
We keep you updated on the progress. 

[iCEBREAKER]

I'm very happy to be able to get liquid, tradable Cointerra exposure.  This will balance/hedge my Ice.Drill nicely.

Good luck with BTCT, their bigwigs seem to resent non-Chinese scam IPOs, as evidenced by their denial of ID's listing.

Thx for doing this.

[cryptograd]

This and Icredrill are pure crap designed to only benefit the scam artists putting them together.

Might as well you post you bitcoin address and say send me money.

[cryptx]

Why would anyone pay $16K for 2Th/s when they can get 1.6Th/s for $5.75K??

I suppose you refer to the protection program of Hashfast. Worst case (If you only mine 12.5BTC with your 50 BTC Baby Jet) you get an extra 1.6 TH/s, which will be sent to you in chips 90 days after you have received your BabyJet. This means they ship you an extra 1,6 TH/s in chips around 1 march 2014. You also have to buy ASIC-ready rigs for the chips.

[radiumsoup]

by single-sourcing the chips, your supply chain is at the mercy of that single supplier, making you effectively no more attractive than any other of the many pure-mining plays. Since pure mining plays aren't all that interesting to me, I won't even think about investing here unless you differentiate yourselves by doing one (or both!) of the following:

1.) You become your own supplier of chips
2.) You sign a contract with at least one other chip supplier

And in any event, the "shareholder protection" clauses where the issuer will deploy additional hash power "at no cost to the investor"  in the event of a missed deadline is highly, HIGHLY suspect. Where does the money for this additional hash power come from, if not from the profits of the company? You know, the profits that dividends are pulled from? Something doesn't smell right about the way this is being described in the contract.

[cryptx]

But, Based on the information from cointerra they're only going to give you a 20% discount on your NEXT purchase and only if they ship late. So you have to plop down more money for the joy of having your initial batch delivered late. There's no guarantee of additional hardware to help recoup your investment.

We will deploy an extra 20% of hashing power for no charge for every 30 days we are late. You can find more about this under "THE INSURANCE":
http://www.cryptx.com/faq/

IMPORTANT: The cost of the extra 20% will not come from the revenue of the PETA-MINE. We have a clause in our contract with Cointerra which states we will receive an additional 20% for free.

[cryptx]

by single-sourcing the chips, your supply chain is at the mercy of that single supplier, making you effectively no more attractive than any other of the many pure-mining plays. Since pure mining plays aren't all that interesting to me, I won't even think about investing here unless you differentiate yourselves by doing one (or both!) of the following:

1.) You become your own supplier of chips
2.) You sign a contract with at least one other chip supplier

We have been in contact with a number of other chip suppliers (Avalon, Bitfury and Hashfast).

We made an early purchase of 10,000 Avalon chips and are still waiting for the batch to arrive. We excluded Avalon for future cooperation because of these reliability issues.

Bitfury chips were considered because of their appealing delivery date. We received sample chips and send them to Burnin (he is currently testing the chips and making a prototype). For now we are not pursuing this road because of the downside of scalability and power consumption. But if an opportunity comes up here, we are ready.

Hashfast was a price issue. The difference in delivery time with Cointerra was so short, the price difference could not be justified. (chip is also not as performant as Cointerra's chip)

We have confidence in the design and time schedule of Cointerra and have extensive contact with them to follow up on their progress.

We will initially deploy systems based on Cointerra's chip. Future deployment from reinvestment is not bound to a single supplier, this allows diversification as well as make the best decision in terms of price, scalability, ROI and time of deployment.