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

[TMAN]

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.

please can you clarify this for me please - you have bought a DC. IE purchased the whole business? or are you renting racks? or a full data suite?

[bulltrap]

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.

If we assume 1Ghash per watt then 20Thash and 5000usd a month would mean 0.34usd hosting fee per kilowatt. That is a really high fee for a data center hosting. For example 100Thash bitfury project has 5000usd hosting fee for 100Thash which is much more reasonable.

[cryptx]

If we assume 1Ghash per watt then 20Thash and 5000usd a month would mean 0.34usd hosting fee per kilowatt. That is a really high fee for a data center hosting. For example 100Thash bitfury project has 5000usd hosting fee for 100Thash which is much more reasonable.

Can you give a link to this example?

Are these costs based on this assumption:

low maintenance costs due to low power dissipation of the chip: approximately 0.2-0.3 Watt / 1GH/s (4-20 time better than competition)
from https://bitcointalk.org/index.php?topic=140366

[cryptx]

If we assume 1Ghash per watt then 20Thash and 5000usd a month would mean 0.34usd hosting fee per kilowatt. That is a really high fee for a data center hosting. For example 100Thash bitfury project has 5000usd hosting fee for 100Thash which is much more reasonable.

From the original business plan:

- Low maintenance costs
We plan to spend monthly only 5k USD for the maintenance of the operation (including network access, electricity costs and management). The 100TH-mine is expected to consume around 25kWatt, which at 0.15 USD per kWh corresponds to a monthly cost of approximately 3k USD. The project can offer low maintenance costs because of a bulk deal with a data center (MegaBigPower.com).

[cryptx]

If we assume 1Ghash per watt then 20Thash and 5000usd a month would mean 0.34usd hosting fee per kilowatt. That is a really high fee for a data center hosting. For example 100Thash bitfury project has 5000usd hosting fee for 100Thash which is much more reasonable.

Can you explain how you got the 0.34 usd?

[bulltrap]

If we assume 1Ghash per watt then 20Thash and 5000usd a month would mean 0.34usd hosting fee per kilowatt. That is a really high fee for a data center hosting. For example 100Thash bitfury project has 5000usd hosting fee for 100Thash which is much more reasonable.

Can you explain how you got the 0.34 usd?

20kW per hour is 14600kW per month. 5000usd/14600kW is 0.34 usd per kW

edit: of course not all the fees are only electricity costs but I used 1ghash per watt in my calculations when in reality bitfury chips use much less than that. 0.34 usd per kW for hosting is really expensive when you can even run the equipment much cheaper in average household.

[cryptx]

In the end there is a lot more to consider apart from the costs itself. We have chosen to eliminate all manageable risks concerning delays in deployment. One of these risks concerns shipment and customs. We personally pick up our chips and do not let them out of our site until they are safely hashing in our datacenter. You will never make up for the delays you can encounter with shipping or customs. We can still reconsider when the time comes that electricity cost outweighs anything else.

We also like to have our mine close, so we can keep an eye on it. When a problem occurs we can intervene immediately without relying on a third party. We can easily and fast deploy, expand and monitor.

About the costs itself, there is a fixed cost and a variable cost. When we start the mine the fixed cost will be at the highest per GH and will only decrease when we expand. For example at 100 TH/s, we are nowhere near the 0.34$ mark.

[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.

Cryptx,

Awesome news! 

The bitcoin investment market is interesting right now as most people are playing the labcoin/activemining movements at the moment and don't want to tie their investment funds up in a security that can't really increase in value until ~ 5000 more btc are invested.  There really isn't much penalty for investors to wait until the 28th to buy.

Notice how the FUD stopped once you clarified the 10,000 share release scheme?  Everyone was trying to keep others from investing because they wanted the 20TH dividends split fewer ways. I personally don't care for those games as I've invested the amount in PETA-MINE that I want to hold long and I have different funds I'm playing the short game with.

Don't take the lack in volume to mean lack of interest.  You're doing a great job with this security, keep it up!

Thanks! We appreciate your support.

[bulltrap]

In the end there is a lot more to consider apart from the costs itself. We have chosen to eliminate all manageable risks concerning delays in deployment. One of these risks concerns shipment and customs. We personally pick up our chips and do not let them out of our site until they are safely hashing in our datacenter. You will never make up for the delays you can encounter with shipping or customs. We can still reconsider when the time comes that electricity cost outweighs anything else.

We also like to have our mine close, so we can keep an eye on it. When a problem occurs we can intervene immediately without relying on a third party. We can easily and fast deploy, expand and monitor.

About the costs itself, there is a fixed cost and a variable cost. When we start the mine the fixed cost will be at the highest per GH and will only decrease when we expand. For example at 100 TH/s, we are nowhere near the 0.34$ mark.

Could you give some estimate about the management fees at 100Thash capacity? It's true that because of the fixed costs the fees will be higher on the average in smaller installations.

[SebastianJu]

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.

Hm... what does such datacentre cost? I mean you pay it while collecting. Can you use the IPO-Bitcoins already? If you did, can you refund shares when IPO fails?
When i first read that news i thought its strange. Buying things with a not yet successful IPO. Is there a datacentre bought at all? Dont get me wrong, i have not a small amount of shares, but such things make me think.

[TMAN]

please can you confirm what you mean in buying a DC. have you rented a rack, a data suite or have you actually purchased a whole DC.

[cryptx]

Hm... what does such datacentre cost? I mean you pay it while collecting. Can you use the IPO-Bitcoins already? If you did, can you refund shares when IPO fails?
When i first read that news i thought its strange. Buying things with a not yet successful IPO. Is there a datacentre bought at all? Dont get me wrong, i have not a small amount of shares, but such things make me think.

We have spent none of the BTC's from the IPO.
The Datacentre units were bought with private funds of CryptX. The solar plant (350.000 Watts capacity) and the warehouses were already our property.

From our motion:

After 27 September 2013, we won't issue new batches of 10,000 shares. The IPO will continue to run until the last issued batch of 10,000 shares is sold. For example if 6,000 shares are sold on 27 September, a maximum of 10,000 shares will be issued. For example if 15,000 shares are sold on 27 September, a maximum of 20,000 shares will be issued.

We will deploy the 20 TH/s even if the first batch is not sold out at the start of hashing.

[SebastianJu]

Hm... what does such datacentre cost? I mean you pay it while collecting. Can you use the IPO-Bitcoins already? If you did, can you refund shares when IPO fails?
When i first read that news i thought its strange. Buying things with a not yet successful IPO. Is there a datacentre bought at all? Dont get me wrong, i have not a small amount of shares, but such things make me think.

We have spent none of the BTC's from the IPO.
The Datacentre units were bought with private funds of CryptX. The solar plant (350.000 Watts capacity) and the warehouses were already our property.

From our motion:

After 27 September 2013, we won't issue new batches of 10,000 shares. The IPO will continue to run until the last issued batch of 10,000 shares is sold. For example if 6,000 shares are sold on 27 September, a maximum of 10,000 shares will be issued. For example if 15,000 shares are sold on 27 September, a maximum of 20,000 shares will be issued.

We will deploy the 20 TH/s even if the first batch is not sold out at the start of hashing.

Ok, but this last sentence now makes me worry even more. I mean even without a successfull IPO you will deploy 20TH? Is there an IPO needed at all then?

[cryptx]

Ok, but this last sentence now makes me worry even more. I mean even without a successfull IPO you will deploy 20TH? Is there an IPO needed at all then?

The 20 TH/s in September will be funded by CryptX and the dividends will be paid to the public shareholders.
The IPO will fund the 10 GH/s per  share of the December deployment.

[BitCsByBit]

With you being a main distributor for Burnin Electronics for the BitFury boards, will it affect the PETA-MINE offering and the available hash rate in anyway?

[creativex]

Hm... what does such datacentre cost? I mean you pay it while collecting. Can you use the IPO-Bitcoins already? If you did, can you refund shares when IPO fails? When i first read that news i thought its strange. Buying things with a not yet successful IPO. Is there a datacentre bought at all? Dont get me wrong, i have not a small amount of shares, but such things make me think.

Ok, but this last sentence now makes me worry even more. I mean even without a successfull IPO you will deploy 20TH? Is there an IPO needed at all then?

Original Contract:

Shareholder Protection

The IPO will prove successful with the sale of at least 30,000 shares. If fewer than 30,000 shares sell within 30 days, CryptX will refund the entire IPO to shareholders. What’s more, the fact that no shares beyond those offered at IPO will ever be issued means shareholders need not fear dilution of the value of their shares.

CryptX will invest in an additional 20% hashpower for every share sold. 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 will regularly update all relevant information about the PETA-MINE so that shareholders can evaluate the performance, capital outlay, and future of the project. It will make this information available through a regular shareholder newsletter, periodic updates to its website (cryptx.com), and a forum it will create on bitcointalk.org dedicated exclusively to CryptX news.

CryptX will pay weekly dividends to shareholders amounting to a percentage share of ownership in the PETA-MINE. CryptX will not change the direction or goal of the PETA-MINE without shareholder votes as per the statutes of BTC-TC.

Another typo...?

Proposed Contract:

Shareholder Protection

After 27 September 2013, we won't issue new batches of 10,000 shares. The IPO will continue to run until the last issued batch of 10,000 shares is sold. For example if 6,000 shares are sold on 27 September, a maximum of 10,000 shares will be issued. For example if 15,000 shares are sold on 27 September, a maximum of 20,000 shares will be issued.

CryptX will regularly update all relevant information about the PETA-MINE so shareholders can evaluate the performance, capital outlay, and future of the project. It will make this information available through a regular shareholder newsletter, periodic updates to its website (cryptx.com), and a forum it will create on bitcointalk.org dedicated exclusively to CryptX news.

CryptX will pay weekly dividends to shareholders amounting to a percentage share of ownership in the PETA-MINE. CryptX will not change the direction or goal of the PETA-MINE without shareholder votes as per the statutes of BTC-TC.

[Grinny]

cryptx: is http://www.asic-hardware.com/ a part of PETA-MINE and are the sales for that site beeing relevant for the dividend? if so, can you explain it a little bit (i.e. how much of the turnover is relevant for the dividends / what's you long term plan behind this etc.)?

or are those two different businesses?


Thanks!

[cryptx]

The revised contract is available for review since september 7 (see motion on BTC-TC) and currently has +70% approval. All shareholders received a separate email for that and a link that highlights those changes ( http://www.diffchecker.com/j0dofqjs ).

[cryptx]

cryptx: is http://www.asic-hardware.com/ a part of PETA-MINE and are the sales for that site beeing relevant for the dividend? if so, can you explain it a little bit (i.e. how much of the turnover is relevant for the dividends / what's you long term plan behind this etc.)?

or are those two different businesses?

Thanks!

www.asic-hardware.com is a seperate project of CryptX.

This will help us to scale even more and will give us a stronger negotiation position towards suppliers.

[creativex]

The revised contract is available for review since september 7 (see motion on BTC-TC) and currently has +70% approval. All shareholders received a separate email for that and a link that highlights those changes ( http://www.diffchecker.com/j0dofqjs ).

Sneaky contract edit that went unnoticed then.

kthnx.