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

[Stego]

Hello Cryptx, any news about the deployment schedule ?

[mikemikemike]

Hello Cryptx, any news about the deployment schedule ?

+1

getting to that time where i start getting update cranky again

[nwfella]

Hello Cryptx, any news about the deployment schedule ?

+1

getting to that time where i start getting update cranky again

CryptX best be showin up soon boys!  I've already grabbed the rope and several horses in case we need to get a posse together and finagle some sorta update outta him.  :p

[Usman056]

Since we are behind schedule... why not use some of those reinvestment bitcoins and buy some more hash from a supplier going bankrupt? not sure if the contract rate for the mining equipment is lower (most likely is) but more hash now would help reach ROI. Just throwing it out there.
http://www.coindesk.com/bankrupt-bitcoin-mining-company-alydian-sell-218ths-mining-power/

[IamNotSure]

Since we are behind schedule... why not use some of those reinvestment bitcoins and buy some more hash from a supplier going bankrupt? not sure if the contract rate for the mining equipment is lower (most likely is) but more hash now would help reach ROI. Just throwing it out there.
http://www.coindesk.com/bankrupt-bitcoin-mining-company-alydian-sell-218ths-mining-power/

5000$/TH ? Seems overpriced to me. Plus they're not new models, meaning that the power consumption is probably high.

With the current reinvestment fund you'll buy 5TH at most... not sure if it's a good idea.

[MonkeyBear68]

Since we are behind schedule... why not use some of those reinvestment bitcoins and buy some more hash from a supplier going bankrupt? not sure if the contract rate for the mining equipment is lower (most likely is) but more hash now would help reach ROI. Just throwing it out there.
http://www.coindesk.com/bankrupt-bitcoin-mining-company-alydian-sell-218ths-mining-power/

5000$/TH ? Seems overpriced to me. Plus they're not new models, meaning that the power consumption is probably high.

With the current reinvestment fund you'll buy 5TH at most... not sure if it's a good idea.

Definitely overpriced. Ironically the current cost of buying 1TH by simply purchasing PETA shares is around $5000.

1000GH / 8.68 = 115.2 shares of PETA required to equal 1TH.
115.2 * 0.073 (Current price on Havelock per share) = 8.4 BTC to purchase 1TH of PETA.
8.4 * $610 (rate per BTC on Bitstamp) = $5124.00

Keep in mind that the PETA share price is already up 46% from the initial price that CryptX sold them for. If we base it on the IPO price per share of 0.05 then the cost per TH for PETA is only around $3500.00.

Any reinvestment in PETA needs to be for faster/better equipment. It seems that most trying to sell (old) mining equipment are greedily trying to get all the profit that such equipment would have generated until it had become obsolete. The party purchasing this equipment would get little more than their initial investment back.

[rdyoung]

Since we are behind schedule... why not use some of those reinvestment bitcoins and buy some more hash from a supplier going bankrupt? not sure if the contract rate for the mining equipment is lower (most likely is) but more hash now would help reach ROI. Just throwing it out there.
http://www.coindesk.com/bankrupt-bitcoin-mining-company-alydian-sell-218ths-mining-power/

5000$/TH ? Seems overpriced to me. Plus they're not new models, meaning that the power consumption is probably high.

With the current reinvestment fund you'll buy 5TH at most... not sure if it's a good idea.

Definitely overpriced. Ironically the current cost of buying 1TH by simply purchasing PETA shares is around $5000.

1000GH / 8.68 = 115.2 shares of PETA required to equal 1TH.
115.2 * 0.073 (Current price on Havelock per share) = 8.4 BTC to purchase 1TH of PETA.
8.4 * $610 (rate per BTC on Bitstamp) = $5124.00

Keep in mind that the PETA share price is already up 46% from the initial price that CryptX sold them for. If we base it on the IPO price per share of 0.05 then the cost per TH for PETA is only around $3500.00.

Any reinvestment in PETA needs to be for faster/better equipment. It seems that most trying to sell (old) mining equipment are greedily trying to get all the profit that such equipment would have generated until it had become obsolete. The party purchasing this equipment would get little more than their initial investment back.

How is this overpriced?
The spreadsheet cryptx released prices their cost per TH @ 4500. Yes, we aren't at the 700th starting line yet, but we will get there.
I am not sure you are up to speed on what/how cryptx/petamine is designed to operate.
At the moment there is no "better/faster" equipment than the 28nm chips they are buying from bitmine.
There is no reason to believe that bitmine is mining with equipment before selling it.
After the hardware that was ordered from bitmine/cointerra is deployed, going forward it will be custom equipment with the A1 chips from bitmine.
AFAIK KnC is the only one working on 20nm and they wont be ready for months. So we are "stuck" with 28 for the time being, it will be profitable for quite sometime. Looking further down the road, hopefully cryptx has or will reach out and align themselves with someone working on the next gens of chip design so that when that tech is ready it can be deployed as soon as chips are available.

[Usman056]

Since we are behind schedule... why not use some of those reinvestment bitcoins and buy some more hash from a supplier going bankrupt? not sure if the contract rate for the mining equipment is lower (most likely is) but more hash now would help reach ROI. Just throwing it out there.
http://www.coindesk.com/bankrupt-bitcoin-mining-company-alydian-sell-218ths-mining-power/

5000$/TH ? Seems overpriced to me. Plus they're not new models, meaning that the power consumption is probably high.

With the current reinvestment fund you'll buy 5TH at most... not sure if it's a good idea.

Definitely overpriced. Ironically the current cost of buying 1TH by simply purchasing PETA shares is around $5000.

1000GH / 8.68 = 115.2 shares of PETA required to equal 1TH.
115.2 * 0.073 (Current price on Havelock per share) = 8.4 BTC to purchase 1TH of PETA.
8.4 * $610 (rate per BTC on Bitstamp) = $5124.00

Keep in mind that the PETA share price is already up 46% from the initial price that CryptX sold them for. If we base it on the IPO price per share of 0.05 then the cost per TH for PETA is only around $3500.00.

Any reinvestment in PETA needs to be for faster/better equipment. It seems that most trying to sell (old) mining equipment are greedily trying to get all the profit that such equipment would have generated until it had become obsolete. The party purchasing this equipment would get little more than their initial investment back.

How is this overpriced?
The spreadsheet cryptx released prices their cost per TH @ 4500. Yes, we aren't at the 700th starting line yet, but we will get there.
I am not sure you are up to speed on what/how cryptx/petamine is designed to operate.
At the moment there is no "better/faster" equipment than the 28nm chips they are buying from bitmine.
There is no reason to believe that bitmine is mining with equipment before selling it.
After the hardware that was ordered from bitmine/cointerra is deployed, going forward it will be custom equipment with the A1 chips from bitmine.
AFAIK KnC is the only one working on 20nm and they wont be ready for months. So we are "stuck" with 28 for the time being, it will be profitable for quite sometime. Looking further down the road, hopefully cryptx has or will reach out and align themselves with someone working on the next gens of chip design so that when that tech is ready it can be deployed as soon as chips are available.

I am up to date, what we need is an actual update about the bitmine fiasco, are they or not delivering PETA's hardware on time? as someone mentioned earlier, this is all time sensitive if we can't get hashing now while the difficulty is relatively lower than it will be in say 3 months when we get the 700 TH deployed that hashing power will never make ROI. So what needs to be done is to calculate, if the price difference between the "true" contract rate of mining hardware from Bitmine and other hardware available is close enough to make a profit now while we wait for them to deliver then why not do so?

IE ( price of available hardware at a good hash rate - price of contracted rate from bitmine) = small amount of money ($500?)
Can that hardware boost increase our hash to a level that will ROI on that hardware before the difficulty increases to such a level that all the hardware becomes obsolete?


based on the other contributors on Eligius pool, if we look at 1swrtyBsp9odruX65upeyubAVSAyggh78 take the difference between their daily BTC earning and hashing power difference which at this time is about 6 TH. if we bought 6 TH and could start hashing immediately (this is theoretical but i hope you get the point) we could be making about 0.72666091 more BTC per day. IF the difficulty had just changed, and we hashed at this rate for one difficulty change (12 days) we could make an extra 8.71993092 BTC which is the cost of about 1/6 of those miners. Its an arms race to squeeze the most BTC out of current difficulty period. 

[rdyoung]

Since we are behind schedule... why not use some of those reinvestment bitcoins and buy some more hash from a supplier going bankrupt? not sure if the contract rate for the mining equipment is lower (most likely is) but more hash now would help reach ROI. Just throwing it out there.
http://www.coindesk.com/bankrupt-bitcoin-mining-company-alydian-sell-218ths-mining-power/

5000$/TH ? Seems overpriced to me. Plus they're not new models, meaning that the power consumption is probably high.

With the current reinvestment fund you'll buy 5TH at most... not sure if it's a good idea.

Definitely overpriced. Ironically the current cost of buying 1TH by simply purchasing PETA shares is around $5000.

1000GH / 8.68 = 115.2 shares of PETA required to equal 1TH.
115.2 * 0.073 (Current price on Havelock per share) = 8.4 BTC to purchase 1TH of PETA.
8.4 * $610 (rate per BTC on Bitstamp) = $5124.00

Keep in mind that the PETA share price is already up 46% from the initial price that CryptX sold them for. If we base it on the IPO price per share of 0.05 then the cost per TH for PETA is only around $3500.00.

Any reinvestment in PETA needs to be for faster/better equipment. It seems that most trying to sell (old) mining equipment are greedily trying to get all the profit that such equipment would have generated until it had become obsolete. The party purchasing this equipment would get little more than their initial investment back.

How is this overpriced?
The spreadsheet cryptx released prices their cost per TH @ 4500. Yes, we aren't at the 700th starting line yet, but we will get there.
I am not sure you are up to speed on what/how cryptx/petamine is designed to operate.
At the moment there is no "better/faster" equipment than the 28nm chips they are buying from bitmine.
There is no reason to believe that bitmine is mining with equipment before selling it.
After the hardware that was ordered from bitmine/cointerra is deployed, going forward it will be custom equipment with the A1 chips from bitmine.
AFAIK KnC is the only one working on 20nm and they wont be ready for months. So we are "stuck" with 28 for the time being, it will be profitable for quite sometime. Looking further down the road, hopefully cryptx has or will reach out and align themselves with someone working on the next gens of chip design so that when that tech is ready it can be deployed as soon as chips are available.

I am up to date, what we need is an actual update about the bitmine fiasco, are they or not delivering PETA's hardware on time? as someone mentioned earlier, this is all time sensitive if we can't get hashing now while the difficulty is relatively lower than it will be in say 3 months when we get the 700 TH deployed that hashing power will never make ROI. So what needs to be done is to calculate, if the price difference between the "true" contract rate of mining hardware from Bitmine and other hardware available is close enough to make a profit now while we wait for them to deliver then why not do so?

IE ( price of available hardware at a good hash rate - price of contracted rate from bitmine) = small amount of money ($500?)
Can that hardware boost increase our hash to a level that will ROI on that hardware before the difficulty increases to such a level that all the hardware becomes obsolete?


based on the other contributors on Eligius pool, if we look at 1swrtyBsp9odruX65upeyubAVSAyggh78 take the difference between their daily BTC earning and hashing power difference which at this time is about 6 TH. if we bought 6 TH and could start hashing immediately (this is theoretical but i hope you get the point) we could be making about 0.72666091 more BTC per day. IF the difficulty had just changed, and we hashed at this rate for one difficulty change (12 days) we could make an extra 8.71993092 BTC which is the cost of about 1/6 of those miners. Its an arms race to squeeze the most BTC out of current difficulty period.  

A couple of things.

First off you can't focus on ROI as you would if you purchased your own hardware. There is reinvestment to keep up and possibly get ahead of difficulty. We also have to account for reduction in $/GHs over time, not only does tech get less expensive to produce thanks to economies of scale, the ASIC producers have also been cutting prices with each difficulty increase.

Second, Why are you still assuming that the difficulty will keep rising at the current rate forever?
Even at 15% every 13 days or so, after a few years you would need a small star to power the hardware. Not to mention the logistics of producing and deploying that much hardware. Lets say when the network hits 100PHs it still is growing at 15%, That is 15PHs that has to be brought online, now we have 115PHs, now we need 17.25PHs to be brought online, and so on and so forth. Does this seem plausible?

Finally, because cryptx hasn't said anything about a delay in their custom hardware we have to assume its still on schedule, according to their timetable they posted we are about 2 weeks out from the first 250THs of custom hardware, Plus the first reinvestment hardware.

Week 13-15: 250 TH/s of custom hardware together with the first reinvestment units

And this from that same update.
We have engineered a standard unit with a hosting capacity of 500 TH/s, which can be installed fully operational in a matter of weeks. This enables us to expand at a very fast pace.


As for the bitmine hardware, all of their customers were affected, but according their news posts its now under control and they are working through the backlog, another couple of weeks and they expect to be back to par.
Petamine brought on 20 or so THs yesterday I believe, so YES, they are getting hardware from bitmine just not as fast as they expected.

[howardb]

I disagree, stick to eligius and not go solo. Eligius has been around for ages and has shown them selves to be trustworthy.

Why add variance into the mix when we can avoid it?

Gox was around for ages, till they lost everyones money! Why keep a trust dependency we don't have to?

[EdoBcn]

An interesting thought. What happens if the reinvestment part is used (once or twice) to purchase shares of PETA?
Wouldn't that mean that each share actually increases in TH/s, making it more interesting for price and future dividends?

I've been doing this for the last few dividends... repurchasing more shares, meaning MY own total TH/s (GH/s) increased, meaning my future dividends should be higher (as I now hold more shares).

Is it just a brain fart or does it make any sense to someone else as well?
 

[MonkeyBear68]

How is this overpriced?
The spreadsheet cryptx released prices their cost per TH @ 4500. Yes, we aren't at the 700th starting line yet, but we will get there.
I am not sure you are up to speed on what/how cryptx/petamine is designed to operate.
At the moment there is no "better/faster" equipment than the 28nm chips they are buying from bitmine.
There is no reason to believe that bitmine is mining with equipment before selling it.
After the hardware that was ordered from bitmine/cointerra is deployed, going forward it will be custom equipment with the A1 chips from bitmine.
AFAIK KnC is the only one working on 20nm and they wont be ready for months. So we are "stuck" with 28 for the time being, it will be profitable for quite sometime. Looking further down the road, hopefully cryptx has or will reach out and align themselves with someone working on the next gens of chip design so that when that tech is ready it can be deployed as soon as chips are available.

I do understand how PETA will operate and that 35% is saved for reinvestment. It is crucial that we build up BTC in the reinvestment account so that we will have a large amount available for pre-ordering these new 20nm and other technologies. Based on the current values ($3500) that CryptX can produce a TH for, and even if we use the $4500 value you quote above, it is still not wise to waste reinvestment money on old technology.

Reinvestment is usually done to make something better. If current difficulty remained totally unchanged it would take over 2 months (66 days) just to recoup the $5000 at 1TH/sec. In reality it would be closer to 5 months because of difficulty increases. At that point we would have just paid for the equipment. Out of the 8.4 BTC generated by the equipment we would have 2.8 BTC (35%) in the reinvestment account. IMHO it would be much better to save the 8.4 BTC that would be required to purchase each TH and have it readily available for 20nm pre-orders in 5 months time.

[MonkeyBear68]

An interesting thought. What happens if the reinvestment part is used (once or twice) to purchase shares of PETA?
Wouldn't that mean that each share actually increases in TH/s, making it more interesting for price and future dividends?

I've been doing this for the last few dividends... repurchasing more shares, meaning MY own total TH/s (GH/s) increased, meaning my future dividends should be higher (as I now hold more shares).

Is it just a brain fart or does it make any sense to someone else as well?
 

Yes as long as CryptX's reinvestment strategy proves successful and PETA remains a successful mining operation, then you should get higher dividends in the future. A lot of it also depends on how quickly the overall network hash rate goes up. If CryptX can achieve and maintain the stated goal of 2% of the total network hash rate then your strategy is a wise one. 

[trek27]

Maybe just one more ASIC maker with pre-orders.
https://bitcointalk.org/index.php?topic=521520.0
http://www.spondoolies-tech.com/

Very interesting power consumption. First miners scheduled for April.
Some legit people behind it - could be worth investigating.

[rdyoung]

An interesting thought. What happens if the reinvestment part is used (once or twice) to purchase shares of PETA?
Wouldn't that mean that each share actually increases in TH/s, making it more interesting for price and future dividends?

I've been doing this for the last few dividends... repurchasing more shares, meaning MY own total TH/s (GH/s) increased, meaning my future dividends should be higher (as I now hold more shares).

Is it just a brain fart or does it make any sense to someone else as well?
 

Yes, you had a brain fart.
If your talking about using the funds set aside to purchase hardware being used to buy up shares on havelock, then its pointless.
All it would do is raise the price of shares while NOT giving us more hardware.

You reinvesting via the DRIP method is completely different from cryptx/petamines side of the operation.
Right now the shares your buying are being bought from other shareholders.

[stompysteve]

Looks like dividends should be almost 2x from last week

anyone want to play the price is right
0.00085085

[EdoBcn]

Well,
Forgetting about the share price, if there are less shares but we keep the total TH/s power, it means more GH/s per share = more dividends at the next round.
For the reinvestment part, however, it will still generate the same amount of bitcoins to set for reinvestment.

80673 shares for 8.68 GH/s per share.
we currently have 57 Btc for reinvestment, that at 0.07 price means 824 shares.
Buying those out of the market, will make only 79849 shares eligible for dividends, making it a 8.77 GH/s power per share. Not much, I agree.

Or, maybe another brain fart Those shares dividends will be kept by Cryptix and all reinvested?

I'm just trying to find a way to make those 57btc (today, tomorrow maybe 70btc) generate something while they wait to be spent

[EdoBcn]

Looks like dividends should be almost 2x from last week

anyone want to play the price is right
0.00085085

0.000651

[stompysteve]

Looks like dividends should be almost 2x from last week

anyone want to play the price is right
0.00085085

0.000651

I almost forgot about NMC, how much of that did we mine im not sure what address we are using

[rdyoung]

Well,
Forgetting about the share price, if there are less shares but we keep the total TH/s power, it means more GH/s per share = more dividends at the next round.
For the reinvestment part, however, it will still generate the same amount of bitcoins to set for reinvestment.

80673 shares for 8.68 GH/s per share.
we currently have 57 Btc for reinvestment, that at 0.07 price means 824 shares.
Buying those out of the market, will make only 79849 shares eligible for dividends, making it a 8.77 GH/s power per share. Not much, I agree.

Or, maybe another brain fart Those shares dividends will be kept by Cryptix and all reinvested?

I'm just trying to find a way to make those 57btc (today, tomorrow maybe 70btc) generate something while they wait to be spent

Now I see what your aiming for, but its not going to happen.
They fixed the shares at 100k, and then they pulled the remaining shares from the IPO leaving us with 80674 total.
They would have to destroy shares for your idea to work, if they just bought the shares back those shares would still be owed a dividend.
In the prospectus on havelock I saw nothing pertaining to cryptx buying back shares from the market.

Companies have been known to do something similar to what your driving at, but its via a different method, its called a reverse split.
It effectively increases the price and reduces the total # of shares by whatever ratio they choose, however this method is not as normal a normal stock split.

And cryptx owns no shares in petamine, they are all owned by the public.