[HAVELOCK] PETAMINE - 1,150 TH/S HASH RATE (1GH/S per Unit)

[EdoBcn]

looks like we got Cryptix comment for this week (10 days) period. Now we need to wait for the next ...

this is becoming quite stressful. we all invested good money here.
Havelock doesn't bother. Cryptix at least says something,  but only every 7-10 days... Still... I'm starting to be scared.
The bunch of stock shares on Havelock makes possible to sell only under purchase price. Not to mention that we would need some buyers...

it is sad. I'll hold, but I don't have a good feeling...

"mining to start after mid February" hypothesis... it is a fact. Best case scenario, you really think we would see dividends...when???

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[spartan82]

looks like we got Cryptix comment for this week (10 days) period. Now we need to wait for the next ...

this is becoming quite stressful. we all invested good money here.
Havelock doesn't bother. Cryptix at least says something,  but only every 7-10 days... Still... I'm starting to be scared.
The bunch of stock shares on Havelock makes possible to sell only under purchase price. Not to mention that we would need some buyers...

it is sad. I'll hold, but I don't have a good feeling...

"mining to start after mid February" hypothesis... it is a fact. Best case scenario, you really think we would see dividends...when???

Best case scenario is third week of February if we deploy mid February. Basically should be receiving divs one week after mining

[MonkeyBear68]

Since they are not receiving the miners till the second week in February, we (investors) should hopefully qualify for the second 20% increase to bring the total to 3.45 GH/s per share.

Cryptx did not address the questions about the second free mining rig for first batch Cointerra orders so I guess that does not apply.  

Luckily hash rate seems to be bouncing around 20,000 Thash/s so hopefully it will not go up too quick in the next 2 weeks.

Since dividends pay out every Friday at 15:00 GMT, I expect the first dividend would be on Friday Feb 21. Based on PETA getting their equipment in the second week of Feb.

[Anotheranonlol]

"All customers who ordered the first batch of TerraMiner IV units, scheduled to ship in December, will now receive a second rig, free of charge." via http://www.coindesk.com/cointerra-performance-issues-security-breach/

So we're getting even more hash right? Or is that just the "insurance" that we were initially offered?

With cointerra hardware underperforming it's currently breach of contract regardless to measure in hashrate and claim an additional 20% from 80% taking to what would usually be '100%' is 'extra'.  This news of added hashpower for late and underperforming December, is a fresh update. It goes without saying that there would be no tangible reason any single Dec batch customer would be excluded from this compensation, if they were they would be at a significant disadvantage, so it would also apply here. Bear in mind these are some of CT's earliest investors. and (supposedly) 2 customers already have their units before them

I expect large sell offs if Cryptx attempts to claim this is not the case.

[spartan82]

Sell offs have been happening already, we are currently 20% below IPO. Im just about ready to get out myself, but not for such a low price. Its very unfortunate but I think the real lack of communication has just pushed everyone away

[Anotheranonlol]

Sell offs have been happening already, we are currently 20% below IPO. Im just about ready to get out myself, but not for such a low price. Its very unfortunate but I think the real lack of communication has just pushed everyone away

It seems a little strange time to sell really at such a low price, unless you had desperately needed the btc. as we are getting closer to deployment, yet shareprice is low as it has been in a long time

I had never beleive in Cointerra  but luckily switch to Bitmine for bulk of initial hashrate and they are coming on quite strongly. The real important things will come during re-investment where there is flexibility (e.g as cryptx said to use own chips and custom PCB. If cryptx give serious effort into deployment it will be good, first stage with bitfury was handled nicely. there are also some other manafacturers who will do good deal on bulk that are not so efficient but will still see a positive ROI)

It is not good when issuers go into near radio silence after taking money when they are very chatty during collection phase, or those that tend to treat the investors in a not equal way giving them only - vague robotic updates, same way a customer service rep might give you standard copy paste response, 'we understand your concern.bla bla'. but still cryptx has IPO outstanding so it is in their interest to not let this deflate and it will succeed or die depend on them

[nwfella]

Share price not too surprising imho given last update.  Hope to see things start improving with this security soon, starting to look a bit grayish.

[ujka]

...
Cryptx did not address the questions about the second free mining rig for first batch Cointerra orders so I guess that does not apply.  

CryptX did address that question about a month ago (Jan, 4th), https://bitcointalk.org/index.php?topic=310783.msg4299711#msg4299711
I think that offer was for retail customers, CryptX bought large number of miners and probably got some other offer back then.

About underperforming Terraminers, 1.6th/s instead of 2.0th/s, maybe CryptX can 'press' on Cointerra to deliver that same number of th/s (60), with a dozen of miners more.

[Anotheranonlol]

...
Cryptx did not address the questions about the second free mining rig for first batch Cointerra orders so I guess that does not apply.  

CryptX did address that question about a month ago (Jan, 4th), https://bitcointalk.org/index.php?topic=310783.msg4299711#msg4299711
I think that offer was for retail customers, CryptX bought large number of miners and probably got some other offer back then.

About underperforming Terraminers, 1.6th/s instead of 2.0th/s, maybe CryptX can 'press' on Cointerra to deliver that same number of th/s (60), with a dozen of miners more.

is this what you call addressing the question? this is not addressing anything. It's same as when somebody ask if you turned it off and on again when you call to ask for support. it's what is referred to as 'fob off' easy way out, not answering the question properly.

what sort of useful info is this? really.. compensation terms update for an order you had paid hundreds of thousands of dollars for of investors money, and you'll just sit back and say, meh.. didn't hear anything about it yet..and leave it at that? this has big repercussions on success of this project, it's not a joke thing (bear in mind cryptx have vested interest in success of cointerra as well as this operation)

that was the time to go and make contact and come back with the correct info to shareholders, put in some serious effort and show some concern to future of your business

I had receive that news.  Another early investor of cointerra I spoke with he had said he get updates regularly. These are earliest investors of cointerra how can you beleive they won't get updated?

[ujka]

  No need at attacking me here...
My understanding of that new Cointerra offer (100% upgrade) is that this upgrade will be delivered after batch #3, that can be in April, as things are progressing at cointerra.
My opinion was (is) that 20% upgrade NOW is still good.

[Anotheranonlol]

No need at attacking me here...
My understanding of that new Cointerra offer (100% upgrade) is that this upgrade will be delivered after batch #3, that can be in April, as things are progressing at cointerra.
My opinion was (is) that 20% upgrade NOW is still good.

sorry not trying to attack personally here. yes you are right with this assumption

[ujka]

OK. After half a year of waiting, and more than a month overdue now, we all want to see some progress.
CryptX could communicate more often, but I can understand that all details of his deals maybe can not be disclosed.
Glad to see they are focusing on developing and producing own mining boards for chips. I think this can greatly help when reinvesting.

[trek27]

OK. After half a year of waiting, and more than a month overdue now, we all want to see some progress.
CryptX could communicate more often, but I can understand that all details of his deals maybe can not be disclosed.
Glad to see they are focusing on developing and producing own mining boards for chips. I think this can greatly help when reinvesting.

That's the point.

We have several years of mining ahead of us. Probably, it's going to be very competitive business and the ability to implement  reinvestment strategy (35% of net income in Peta case) on time is going to be crucial for long term success.
Personally, I hope CryptX will be able to fulfill IPO contract because in this case Peta Mine should be very profitable for all of us. Fulfill the contract means both to increase hash power by 20% for each month of delay and to implement reinvestment strategy ASAP after deployment. One can really not exaggerate on importance of second condition - reinvestment must be FAST. 
 
Of course I hope they manage to negotiate to receive as much hardware as possible because of delays.
But if they use it for 'deployment' or 'reinvestment' purposes?  According to the contract they are free to use it for both.

[Aireun]

Can someone explain exactly what the 35% is being used for? For example is it 35% more hashing power to the pool size... or 35% of hashing power added to your own personal piece of the pie. I have roughly 200 shares, but I am afraid of the difficulty destroying my profit over time if hypothetically speaking the exchange price for btc does not rise.

Anyone knowledgeable on this side of things?

[rdyoung]

Can someone explain exactly what the 35% is being used for? For example is it 35% more hashing power to the pool size... or 35% of hashing power added to your own personal piece of the pie. I have roughly 200 shares, but I am afraid of the difficulty destroying my profit over time if hypothetically speaking the exchange price for btc does not rise.

Anyone knowledgeable on this side of things?

Its reinvested in hardware increasing the piece of pie for everyone. This information is available on petamines website as well on the listing at havelock.
For some time we will see the returns slow even with the 35% reinvest, however the difficulty increases will slow at some point.

[Aireun]

Thanks for your reply rdyoung.

And yes I do see the information on their website and on Havelock, however, I'm still stumped to understanding what exactly they mean by "everyone". Even you say and I quote "Its reinvested in hardware increasing the piece of pie for everyone." With regards to that in "literal sense" does that mean we see an increase in our gighash each week as a whole community? (i.e. if someone had 700 GH from 202 shares @ 3.45g/h they would notice an increase possibly to 701 g/H each week growing possibly by a few GH). Or is it a total increase to the quality of the pool size for further betterment and probability for solving blocks... or is it both?

Hope I make sense, im kinda new still lol

Thanks again mate.

[Anonylz]

Thanks for your reply rdyoung.

And yes I do see the information on their website and on Havelock, however, I'm still stumped to understanding what exactly they mean by "everyone". Even you say and I quote "Its reinvested in hardware increasing the piece of pie for everyone." With regards to that in "literal sense" does that mean we see an increase in our gighash each week as a whole community? (i.e. if someone had 700 GH from 202 shares @ 3.45g/h they would notice an increase possibly to 701 g/H each week growing possibly by a few GH). Or is it a total increase to the quality of the pool size for further betterment and probability for solving blocks... or is it both?

Hope I make sense, im kinda new still lol

Thanks again mate.

this percentage is the percentage deducted from mining revenue before dividend is payed out. The BTC will be used to buy new hardware. I am not known with the procedure, so i can't help you on that.

[rdyoung]

Thanks for your reply rdyoung.

And yes I do see the information on their website and on Havelock, however, I'm still stumped to understanding what exactly they mean by "everyone". Even you say and I quote "Its reinvested in hardware increasing the piece of pie for everyone." With regards to that in "literal sense" does that mean we see an increase in our gighash each week as a whole community? (i.e. if someone had 700 GH from 202 shares @ 3.45g/h they would notice an increase possibly to 701 g/H each week growing possibly by a few GH). Or is it a total increase to the quality of the pool size for further betterment and probability for solving blocks... or is it both?

Hope I make sense, im kinda new still lol

Thanks again mate.

Alrighty, some quick math to help you see things.
Lets assume you have a 1000ghs miner of your own that you can add hashpower to as you can afford to.
For easy math lets say 1ghs is .01btc. We will leave USD/eur/etc out of this for ease of comprehension
At current difficulty 1th would net you about .2292btc/day.

If your doing what petamine is you would take 65% of that and put in your pocket, then take the remaining 35% IE .08022btc and purchase 8ghs with it, giving you now 1008ghs to mine with. The next day you now earn .2311btc, rinse and repeat.
Of course for the sake of simplicity I am not accounting for difficulty increases, or the fact that they will be doing this weekly.
It doesn't matter if its for the individual or the group its the same thing in this regard, we will all earn based on the # of shares we have purchased.

I don't know how we will know what our individual hashrate is unless they post regular updates as to the current speed of the mine, you can see if your hashrate has gone by your dividends going up or not.


 

[Aireun]

Ah perfect, Great explanation. So, technically speaking it is possible not only to keep up with the difficulty, but also exponentially grow over time with the 35% added from dividends each week. Especially in the case where the difficulty slows down at some point? Would I be correct in saying this?

[Elvis Trout]

I think given the late start we should increase the reinvestment percentage, at least temporarily. Otherwise we are sitting on a dead duck.