mikemikemike
Copper Member
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Activity: 224
Merit: 100
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May 15, 2014, 12:48:04 PM |
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cryptx there are still a lot of unanswered questions I thought you were gonna address last friday around when divs were released, I hope you can answer some of them this upcoming friday or just give a more detailed breakdown on your future plans and updates
-div% reinvest% changes due to hosting new project scryptx
-how are you going to be using reinvestment funds going forward(our own boards vs premade rigs)
-what is the status of new rigs from bitmine(we all know they are starting soon, but how many are we getting a week going forward)
-do we have future chip deals in line if we save up enough reinvestment funds or from opening up another IPO since there are always so many delays with manufacturers
+1 |
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cryptx (OP)
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May 15, 2014, 12:50:26 PM |
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An update on the current and future operations of the PETAMINE will be given shortly.
Thank you all for your patience.
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spartan82
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May 16, 2014, 12:45:54 AM |
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An update on the current and future operations of the PETAMINE will be given shortly.
Thank you all for your patience.
Good news I hope lol |
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BiteMyShinyMetalAss
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May 16, 2014, 08:16:14 AM |
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Increased dividends, update about bitmine hardware, new plans. Looking forward towards todays update!  |
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millenium
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May 16, 2014, 09:17:52 AM |
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My guess for today: 0.001229
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Elvis Trout
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Merit: 10
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May 16, 2014, 09:21:26 AM
Last edit: May 16, 2014, 01:49:17 PM by Elvis Trout |
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An update on the current and future operations of the PETAMINE will be given shortly.
Thank you all for your patience.
Seeing as the one factor that will keep this mine going despite difficulty rises is power efficiency some info on how you factor that in to reinvestment purchases would be good. |
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cryptx (OP)
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May 16, 2014, 02:02:42 PM |
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Update:
We had the opportunity to acquire a large amount of PETA units from a big investor. Instead of financing the second part of our Bitmine contract we took this proposition which gives rise to some strategic opportunities and optimizations.
- By eliminating the risk of new delays with the current Bitmine contract, we were able to lower the outstanding units from 80,673 to 66,206. This will have an immediate and positive impact on hashrate per unit, which rises from 6 GH to 7.55 GH per unit.
- The creation of these extra units together with the still outstanding units gave us the opportunity to prepare a new overall plan which will take PetaMine to the next level. We will announce the details of this new IPO later today.
More to follow today!
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Foebar
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May 16, 2014, 02:07:28 PM |
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 ?? New IPO ? We haven't reached the target goal of 8.68 per share , now we get an increase by eliminating shares. I'm having a hard time getting the whole picture here. I know that there have been delays but the initial 8.68 GH/s per share should be a higher number with the current reinvestments. So I hope the statement that will follow will clear things up a bit |
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stompysteve
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May 16, 2014, 02:08:29 PM |
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Update:
We had the opportunity to acquire a large amount of PETA units from a big investor. Instead of financing the second part of our Bitmine contract we took this proposition which gives rise to some strategic opportunities and optimizations.
- By eliminating the risk of new delays with the current Bitmine contract, we were able to lower the outstanding units from 80,673 to 66,206. This will have an immediate and positive impact on hashrate per unit, which rises from 6 GH to 7.55 GH per unit.
- The creation of these extra units together with the still outstanding units gave us the opportunity to prepare a new overall plan which will take PetaMine to the next level. We will announce the details of this new IPO later today.
More to follow today!
im not sure i completely follow will look out for later news does this mean 100 btc/66000 divs now |
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crino
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Activity: 82
Merit: 10
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May 16, 2014, 02:13:47 PM |
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Update:
We had the opportunity to acquire a large amount of PETA units from a big investor. Instead of financing the second part of our Bitmine contract we took this proposition which gives rise to some strategic opportunities and optimizations.
- By eliminating the risk of new delays with the current Bitmine contract, we were able to lower the outstanding units from 80,673 to 66,206. This will have an immediate and positive impact on hashrate per unit, which rises from 6 GH to 7.55 GH per unit.
- The creation of these extra units together with the still outstanding units gave us the opportunity to prepare a new overall plan which will take PetaMine to the next level. We will announce the details of this new IPO later today.
More to follow today!
so, is the contract with Bitmine cancelled? |
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Collider
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May 16, 2014, 02:37:35 PM |
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The way i read it, cryptx bought some units back, thereby (atleast temporarily) "destroying" the shares, giving everyone 20% more hashrate per unit instantly.
However, some kind of new IPO is planned to receive even more funding for a big production run, which should benefit everyone.
(as they still have the right to ipo shares until 100k shares is reached, but increasing hashrate appropriatly)
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Elvis Trout
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Activity: 116
Merit: 10
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May 16, 2014, 02:41:59 PM |
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The way i read it, cryptx bought some units back, thereby (atleast temporarily) "destroying" the shares, giving everyone 20% more hashrate per unit instantly.
However, some kind of new IPO is planned to receive even more funding for a big production run, which should benefit everyone.
(as they still have the right to ipo shares until 100k shares is reached, but increasing hashrate appropriatly)
Well they do have that right, but we also have the right to 8.68gh/s per share which we don't have. |
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Collider
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May 16, 2014, 02:45:27 PM |
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The way i read it, cryptx bought some units back, thereby (atleast temporarily) "destroying" the shares, giving everyone 20% more hashrate per unit instantly.
However, some kind of new IPO is planned to receive even more funding for a big production run, which should benefit everyone.
(as they still have the right to ipo shares until 100k shares is reached, but increasing hashrate appropriatly)
Well they do have that right, but we also have the right to 8.68gh/s per share which we don't have. Hashrate will probably be increased to a higher hashrate per unit aswell as a higher total hashrate, giving us even bigger volume discounts / lower production cost. IPOing new shares will not dilute the hashrate per share as previously stated by cryptx. |
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altoidmintz
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Activity: 180
Merit: 100
After Economics: Learning is just the first step.
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May 16, 2014, 02:58:18 PM |
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?? New IPO ? We haven't reached the target goal of 8.68 per share , now we get an increase by eliminating shares. I'm having a hard time getting the whole picture here. I know that there have been delays but the initial 8.68 GH/s per share should be a higher number with the current reinvestments. So I hope the statement that will follow will clear things up a bit We are owed ABOVE 8.68. With the share redistribution leading from an actual 6 to an actual 7.55, this implies a 26% increase from share redistribution. Share redistribution of OWED hash (not actual hash) would therefore imply an OWED hash of 8.68*1.26 = 10.94 GH/s PER SHARE! I have been previously very happy with CryptX's work, even in the face of uncontrollable setbacks, but if he tries to say that each investor is ENTITLED AND OWED even so much as .1 GH/s less than 10.94 GH/s I will be forced to sell my sizable number of shares. Setbacks I can understand. Deception will not be tolerated. |
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Collider
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May 16, 2014, 03:11:32 PM |
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Technically, only reducing the GH/share would be deception.
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altoidmintz
Full Member
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Activity: 180
Merit: 100
After Economics: Learning is just the first step.
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May 16, 2014, 03:32:15 PM |
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Technically, only reducing the GH/share would be deception.
False. GH/share is determined by total hash/total shares. To change the number of total shares fundamentally and necessarily changes the GH/share. To change the number of total shares without permission of the shareholders is a clear violation of shareholder trust. The ONLY justification, and even it is not a very good one, would be that the action was taken on an immediate basis for the express benefit of the shareholders. An "increase" from 8.6 to 7 GH/s does not fit such a justification. In fact, it constitutes a double-offense because it is a REDUCTION in hash power. There will be an increase from 8.6 to an excess of 10 GH/s owed as per this action, or else it is a deceptive practice. |
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SamboNZ
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May 16, 2014, 03:38:47 PM |
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Technically, only reducing the GH/share would be deception.
GH/share is determined by total hash/total shares. To change the number of total shares fundamentally and necessarily changes the GH/share. Correct, they have bought back ~14000 shares, however there has been no decrease in total hash rate, thus increasing the current hash rate per remaining share. Not sure where you're seeing a deception here TBH... |
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webbrowser
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May 16, 2014, 03:46:56 PM |
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I don't see why it would be in cryptx's interest to buy back ~14000 shares from the market and destroy them. Where did that money come from?
Speculating, was the bitmine contract paid for with shares, and the risk of further delays removed by cancelling the contract and recovering the shares?
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Elvis Trout
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Activity: 116
Merit: 10
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May 16, 2014, 03:51:24 PM |
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Share price is rising fast, shame divs are late though.
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SamboNZ
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May 16, 2014, 03:51:49 PM |
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I don't see why it would be in cryptx's interest to buy back ~14000 shares from the market and destroy them. Where did that money come from?
Speculating, was the bitmine contract paid for with shares, and the risk of further delays removed by cancelling the contract and recovering the shares?
We don't know exactly why yet, but I expect the next announcement will clear that up. However, CryptX did say that the move opened up some new opportunities, so I it sounds like good news to me! Sounds like one way or another the money came from the reserves sitting waiting to be invested in more hash power. |
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