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

[qwertyqwerty]

Cryptx do not own shares in Peta.

However the rest of what you say is true. The bigger and better Petamine becomes the more they will earn in hosting fees and whatever else. I hope they do well out of this project as they put a lot of work in and ultimately our successes are linked.

Apologies you're right, I was assuming they had taken ownership of remaining IPO shares but seems divs are only distributed to publicly owned shares on the market

[1715454779]

1715454779

[nwfella]

I have a bad feeling.

[rdyoung]

I have a bad feeling.

Explain?

[nwfella]

I have a bad feeling.

Explain?

Rate at which hardware is coming in at this point completely insufficient.  I know cryptx and crew are doing their best to keep people informed regarding their day to day contact with manufacturers but unless something changes pretty significantly in the shipping schedule of these remaining units the remaining per/share values will only continue to drop.

[rdyoung]

I have a bad feeling.

Explain?

Rate at which hardware is coming in at this point completely insufficient.  I know cryptx and crew are doing their best to keep people informed regarding their day to day contact with manufacturers but unless something changes pretty significantly in the shipping schedule of these remaining units the remaining per/share values will only continue to drop.

True, but remember we aren't that far out from their designed hardware. That they can control, as long as they are on time with design/deployment.
Personally I am not too concerned. I may take the opportunity to purchase more shares, but I just emptied my wallet on some more USB miners, building a small ppc farm.

[nwfella]

You raise a couple of good points.  The fact that there are multiple teams working on the custom boards is somewhat reassuring but I suppose time will tell.  Think I'm going to start saving up an extra miner or two as well

[mmitech]

just to share my thoughts regarding your concerns about the share price, looking at the rate of implementing new hardware, the price is still looking good, I don't know if this will comfort you but at least this is what I think

[rdyoung]

Something odd at bitmine.
http://bitmine.ch/?p=5402

Please don't take this as fud.
Whatever is going on explains the lack of speedy hardware deliveries to Peta.
Unless cryptx can tell us that its not related.

[nwfella]

Hmmm.  Doesn't exactly give one the warm fuzzies does it?  Looking forward (as always) to next update from cryptx as well.

[rdyoung]

Hmmm.  Doesn't exactly give one the warm fuzzies does it?  Looking forward (as always) to next update from cryptx as well.

Reading the other news posts, they are able to build 50 units a  day ATM, the backlog will be cleared in 2-3weeks.
With them revising the boards, we should get faster more efficient hardware down the line.

I for one am not selling my shares. It might be taking longer than expected to get up to speed, but when we do I have no doubt we will be going for land speed records.

[nwfella]

Hmmm.  Doesn't exactly give one the warm fuzzies does it?  Looking forward (as always) to next update from cryptx as well.

Reading the other news posts, they are able to build 50 units a  day ATM, the backlog will be cleared in 2-3weeks.
With them revising the boards, we should get faster more efficient hardware down the line.

I for one am not selling my shares. It might be taking longer than expected to get up to speed, but when we do I have no doubt we will be going for land speed records.

Also holding

[EdoBcn]

Details about todays dividend payout:

72.54245172 BTC in total from mining:
- 40.50846763 as Dividend (0.00050213 BTC / share)
- 21.81225180 Reinvestment (brings total to 57.68291570 BTC)
- 10.22173228 Hosting Fee

Thanks Cryptx!

Assuming we would have been at 7x (700TH/s)
507.7972 BTC mined
-283.5593 as dividend (0.003515 BTC / share)
-152.6858 Reinvestment
- 71.55213 Hosting Fee

Honestly, would like to have more shares. With the price going down, it is the right time to buy. I'm already all in, but with the dividends we may get to that day, I could still buy more.
Any news on shipping/arrival dates for new hardware? How is the PCB going?

[trek27]

Something odd at bitmine.
http://bitmine.ch/?p=5402

Please don't take this as fud.
Whatever is going on explains the lack of speedy hardware deliveries to Peta.
Unless cryptx can tell us that its not related.

Statement is a bit ambiguous but I suppose it talks just about new pre-orders - they stopped taking them.

Given recent developments at Bitmain https://www.bitmaintech.com/productDetail.htm?pid=000201403150259438234hgMrx380699 trying to announce new products seems logical. Interesting what options Bitmine will propose to current backlog orders owners (wait until we deliver, refund, upgrade). This could be bad but also good news - especially given seemingly endless inability of Bitmine to start Rigs production.
Maybe for PETA the best choice would be to get refund for Rigs orders and buy A1 chips? - we simply don't have enough information to judge this. I do really hope that CryptX will choose the best option for us.

This is classic situation when investing in start-up operation. You just cannot overstate crucial role of management's ability to make good decisions. CryptX, good luck.

[Oztwinpeaks]

I have a bad feeling.

Explain?

Rate at which hardware is coming in at this point completely insufficient.  I know cryptx and crew are doing their best to keep people informed regarding their day to day contact with manufacturers but unless something changes pretty significantly in the shipping schedule of these remaining units the remaining per/share values will only continue to drop.

True, but remember we aren't that far out from their designed hardware. That they can control, as long as they are on time with design/deployment.
Personally I am not too concerned. I may take the opportunity to purchase more shares, but I just emptied my wallet on some more USB miners, building a small ppc farm.

There is always the risk of supplier-sided slowdowns in the mine development- however like you I am holding for the long-term, and in fact accumulating a decent amount of Peta at present as the price dips further.
There are very few crypto companies that are professional in their approach and communication to investors and as such Peta is the only thing that I am invested in at present. Peta is a bit like AAPL stock- it will soar on good news, but dip on no news.
btw Looks like a couple of new machines added today judging by the hashrate.

[Elvis Trout]

Not sure about hardware, no new workers that I can see, and it's well within the bounds of fluctuation.

Still I'm happy with my investment so far, just hope the share price stays this low until I get my next pay check.

[ujka]

Something odd at bitmine.
http://bitmine.ch/?p=5402

Please don't take this as fud.
Whatever is going on explains the lack of speedy hardware deliveries to Peta.
Unless cryptx can tell us that its not related.

It talks about not taking new pre-orders. Existing orders and bare ASIC sales are OK.
But I read at bitmine thread a few days ago, that they are out of power supplies?!? And Ppl with orders can arrange a shipment without power supply.
Also, rig boards are at 4th(edit) 3rd revision, and that's why the delay last week.

[Darkstone2]

Please explain how cryptx can make a profit on this operation unless A) they are shareholders themselves, B) overcharge hosting costs or C) overcharge hardware costs.

all of the above already applies, yet it's still entirely possible for all shareholders turn a profit and means they have direct incentive to care for progression of PETA project rather than a private competing mine

Any of the above invalidates petamine as an valid investment option. Also i would like a source on that statement.

Businesses setup parent/subsidiary relationships all the time, and they sell or rent equipment or services to/from each other.
In cryptx/petamines case, its feasible for cryptx to sell the hardware to petamine at a small markup. As I have posted before, cryptx has incentive to not overcharge petamine per ghs because they will limit the amount of growth and therefore profit that can happen.

Is there something inherently evil or wrong with cryptx making a profit off of petamine?
If cryptx is able to manufacture mining hardware for say 3$/ghs and sells it to petamine for 4$/ghs is that wrong? Am I missing something where its wrong for companies to make money?
As long as they keep the $/GHS low enough that the mine stays profitable and preferably growing, what is the problem here?

There is nothing inherently wrong with an company making profit of an subsidiary. But there are many things wrong with the cryptx/petamine relationship.

Take a look at rental starter from Havelock. The owner of rental starter holds 70% of the company. The other 30% are distributed to shareholders. If rental starter makes bad business decisions, that will be his personal financial grave. If rental starter makes good business decisions, both the company and the shareholders will profit.

Back to petamine. Say, petamine makes horrible business decisions. For example, they buy hardware off cryptx for 2x the price of competitor products and have chosen the worst place to host their hardware. Will that be the downfall for cryptx? No of course not. They actually profit from such decisions. There is absolutely not incentive to not overcharge their products because cryptx doesn't actually benefit from the success of petamine. In fact it would be best to kill the subsidiary as soon as possible and create an new IPO next year when everybody has forgotten it. There is no financial benefit at all to keep petamine an healthy company as long as possible.

However the rest of what you say is true. The bigger and better Petamine becomes the more they will earn in hosting fees and whatever else. I hope they do well out of this project as they put a lot of work in and ultimately our successes are linked.

That is not true. cryptx does not benefit from the success of petamine. The amount of money raised via IPO is fixed and cryptx gains 0% of the dividents. Provided these 2 satements are true, simple logic explains that it would be always better for cryptx to extract all money from petamine rather sooner than later.

[ujka]

I assume the 15 + 20 desks have been set up. That's great !
What's next ? Can you give us an update cryptx ?

43 desks have been set up.

Week 11 finished with a delay of 230 TH or about 200%!
Week 12 ?  150 TH? 280 TH delay or 250%?

Bitmine did another (3rd) revision of a rig board and delayed rigs for two more weeks.
I don't expect new hardware this week 

[nwfella]

I assume the 15 + 20 desks have been set up. That's great !
What's next ? Can you give us an update cryptx ?

43 desks have been set up.

Week 11 finished with a delay of 230 TH or about 200%!
Week 12 ?   150 TH? 280 TH delay or 250%?

Bitmine did another (3rd) revision of a rig board and delayed rigs for two more weeks.
I don't expect new hardware this week  

Wow...just wow.  This situation will go from bad to worse if what you say is true.

[rdyoung]

I assume the 15 + 20 desks have been set up. That's great !
What's next ? Can you give us an update cryptx ?

43 desks have been set up.

Week 11 finished with a delay of 230 TH or about 200%!
Week 12 ?   150 TH? 280 TH delay or 250%?

Bitmine did another (3rd) revision of a rig board and delayed rigs for two more weeks.
I don't expect new hardware this week  

Wow...just wow.  This situation will go from bad to worse if what you say is true.

That is true, its from the news articles bitmine posted on the 16th.

But how can it go from bad to worse?
If you read the articles they are aware of the backlog and working to ramp up production to make up for it, they have also triggered the protection from delayed orders, so 2 things are going to happen. 1) Because of the board revision we will likely see even faster hardware when it comes online and 2) We will likely get even more hardware to make up for the delay.
Not to mention the self designed and implemented hardware that should only be a few weeks out if they are still on schedule.

Again, still holding here.
I have learned the hard way with investing, you have to look at the big picture and not trade on emotion.
If you did your DD and decided that something was worth investing in, you need to stay the course and not jump at every loud noise.