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

[rdyoung]

Yes, so one would expect them to have an interest in reducing the running costs of the mine.

Lol?
Of course he has -and always had- an interest in minimizing the actual running costs, which one can only guess. But the difference between that, and the $0.15/GH "hosting fee" is what butters his sandwich. And yes, within a month or two, he will drop those fees; otherwise dividends would end up being negative, prompting a sale of his farm and ending his hosting fee revenue. So most likely you will see him come up with some excuse as to why he can suddenly reduce the fees and keep paying a few dozen satoshi's in divs until there is barely any resale value in the hardware. So after losing their shirt, pants and socks,  'unit' holders lose their underwear too.

Still looking good though. Annual Yield 584.66%. What a bargain

Interesting how you left out the rest of my statement.

[troy112]

well the dividends are picking up, don't know how. But it's 1040 satoshi for two days, even though BTC price has fallen.

[Puppet]

well the dividends are picking up, don't know how.

If you really dont know how that is possible, should you be invested in a mining asset?
Hint: its variability, and even at 1040 satosh's it was still a hair below where it should have been on average with the previous difficulty. It been (well) below expected average for a long time.

With todays difficulty, expected average divs are
0.00001834 -  0.15 / $475 / 30= 0,00001053= 781 satoshi's.

And by the end of next week at currently estimated difficulty (and assuming constant BTC rate), it will be

0.00001590 --  0.15 / $475 / 30= 0,00001053= 537 satoshi's.

Can you see a trend?

[jjdub7]

well the dividends are picking up, don't know how. But it's 1040 satoshi for two days, even though BTC price has fallen.

mining assets' output isn't directly correlated with the BTC price other than when the price falls so low that it forces those with the lowest efficiency to stop mining whether by outright difficulty increase or by power costs vs. variance.

[Puppet]

mining assets' output isn't directly correlated with the BTC price

No, but PETA dividends are; fees are fixed in dollar, and they represent over 50% of the mining revenue.  If BTC exchange rate where to fall by 50%, dividends would hit zero.

[jjdub7]

mining assets' output isn't directly correlated with the BTC price

No, but PETA dividends are; fees are fixed in dollar, and they represent over 50% of the mining revenue.  If BTC exchange rate where to fall by 50%, dividends would hit zero.

Dividends will hit zero because PETA seems to be withholding and using fees as an excuse.

[crino]

what does mean this transaction?

https://blockchain.info/es/tx/7ce11d086b3fdfe3c627aff94ff29ecfa8f06d2dd39915da4f8ba411fa415e64

[Puppet]

what does mean this transaction?

https://blockchain.info/es/tx/7ce11d086b3fdfe3c627aff94ff29ecfa8f06d2dd39915da4f8ba411fa415e64

Dont know, but some weird transactions going on on peta's adress:

https://blockchain.info/address/1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6

At 2014-09-02 12:35:57 you see the 2 outgoing transactions for fees and (paltry) divs. Nothing weird there, but a few hours later, there is a sizable (21.25 BTC) incoming transaction from ghash.io. Most of which is spirited away to that 14cG address. Id keep an eye on that.

[skuser]

Hmm another fresh attempt to squeeze money from public, bitmains hashnest.com. They have little bit lower fees (about .09usd gh/s month) anyway the roi is nowhere, but they still managed to sell 300 THs in few hours...Seems people just need to
 mine somehow regardless of returns
https://bitcointalk.org/index.php?topic=766448.0

[nwfella]

Yes, so one would expect them to have an interest in reducing the running costs of the mine.

Lol?
Of course he has -and always had- an interest in minimizing the actual running costs, which one can only guess. But the difference between that, and the $0.15/GH "hosting fee" is what butters his sandwich. And yes, within a month or two, he will drop those fees; otherwise dividends would end up being negative, prompting a sale of his farm and ending his hosting fee revenue. So most likely you will see him come up with some excuse as to why he can suddenly reduce the fees and keep paying a few dozen satoshi's in divs until there is barely any resale value in the hardware. So after losing their shirt, pants and socks,  'unit' holders lose their underwear too.

Still looking good though. Annual Yield 584.66%. What a bargain

I completely agree with Puppet on the point of CryptX coming up with some "bonus for investors" or so it will seem the way he will try to phrase it as to why he's finally lowering his ridiculous hosting/management fee's.

I suspect if he lowers his rates by 1/3rd it may just extend the life of the fund by another month possibly two but not much beyond that.  And that's a best case scenario imho.

I've finally dumped all of my shares of Peta and still feel bad for those still holding.  CryptX ran quite a number on the bitcoin community with both this and his Scrypt asset.

[stompysteve]

Pls delete

[hephaist0s]

Yes, so one would expect them to have an interest in reducing the running costs of the mine.

Lol?
Of course he has -and always had- an interest in minimizing the actual running costs, which one can only guess. But the difference between that, and the $0.15/GH "hosting fee" is what butters his sandwich. And yes, within a month or two, he will drop those fees; otherwise dividends would end up being negative, prompting a sale of his farm and ending his hosting fee revenue. So most likely you will see him come up with some excuse as to why he can suddenly reduce the fees and keep paying a few dozen satoshi's in divs until there is barely any resale value in the hardware. So after losing their shirt, pants and socks,  'unit' holders lose their underwear too.

Still looking good though. Annual Yield 584.66%. What a bargain

Trimonthly reality check: If you don't own any shares, then why do you post here all day every day for months on end?

[Netwerked]

Trimonthly reality check: If you don't own any shares, then why do you post here all day every day for months on end?

It's equivalent to rubbernecking at an accident.  You know you shouldn't slow down to look at the wreck, but curiosity gets the better of you.

[dyask]

Trimonthly reality check: If you don't own any shares, then why do you post here all day every day for months on end?

It's equivalent to rubbernecking at an accident.  You know you shouldn't slow down to look at the wreck, but curiosity gets the better of you.

Just move a small amount of bitcoin to HavelockInventments and buy a PETA or two.   Then you wont have to rubberneck.  In the worst case you won't lose much, but 1/2 a cup of coffee.

[Netwerked]

Trimonthly reality check: If you don't own any shares, then why do you post here all day every day for months on end?

It's equivalent to rubbernecking at an accident.  You know you shouldn't slow down to look at the wreck, but curiosity gets the better of you.

Just move a small amount of bitcoin to HavelockInventments and buy a PETA or two.   Then you wont have to rubberneck.  In the worst case you won't lose much, but 1/2 a cup of coffee.

I'll assume that's your sense of humor   Why would I knowingly want to give away money?  I donate to charity, but that's for a good cause at least.  I could take that money and gamble with it, and I would have a 49% chance of coming out ahead.  I just don't see how buying any PETA shares would ever be profitable, unless day trading.  Even with successful day trading, it doesn't seem like there would be much profit.  The math didn't add up for me, and my scenarios were more optimistic than what has actually happened over the past couple of months.  I do wish the best for the current share holders though.

I think the best chance of making any money mining is via cloud mining, however, with difficulty rising an average of 16% every 2 weeks, that's even risky.  I know the thought is that the difficulty increases will eventually level off, but how soon and for how long?  It's a very competitive environment.

[Puppet]

I know the thought is that the difficulty increases will eventually level off, but how soon and for how long?

I posted the answer to that a year ago:

https://bitcointalk.org/index.php?topic=295270.0

Those large scale mining operations  pay on the order of 5 cents per kwh.
Note that we are around $700/TH retail for the hardware already, and that will keep dropping.
No one took those estimates seriously when I posted them. The network was below 1PH back then.

[crino]

what does mean this transaction?

https://blockchain.info/es/tx/7ce11d086b3fdfe3c627aff94ff29ecfa8f06d2dd39915da4f8ba411fa415e64

Dont know, but some weird transactions going on on peta's adress:

https://blockchain.info/address/1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6

At 2014-09-02 12:35:57 you see the 2 outgoing transactions for fees and (paltry) divs. Nothing weird there, but a few hours later, there is a sizable (21.25 BTC) incoming transaction from ghash.io. Most of which is spirited away to that 14cG address. Id keep an eye on that.

Answer from Cryptx:
"Hello,


There was a problem with the BTC withdrawel from CEX.io. Because we pay a daily dividend, we have prefinanced the revenue of that day.

Transaction:
https://blockchain.info/es/tx/62b3b555ea353328846b49d5fe1cede9438edb090b4301472c69753a65170a36

Your transaction (https://blockchain.info/es/tx/7ce11d086b3fdfe3c627aff94ff29ecfa8f06d2dd39915da4f8ba411fa415e64) is the repayment of this 'loan'.



Regards,
CryptX"

[nwfella]

what does mean this transaction?

https://blockchain.info/es/tx/7ce11d086b3fdfe3c627aff94ff29ecfa8f06d2dd39915da4f8ba411fa415e64

Dont know, but some weird transactions going on on peta's adress:

https://blockchain.info/address/1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6

At 2014-09-02 12:35:57 you see the 2 outgoing transactions for fees and (paltry) divs. Nothing weird there, but a few hours later, there is a sizable (21.25 BTC) incoming transaction from ghash.io. Most of which is spirited away to that 14cG address. Id keep an eye on that.

Answer from Cryptx:
"Hello,


There was a problem with the BTC withdrawel from CEX.io. Because we pay a daily dividend, we have prefinanced the revenue of that day.

Transaction:
https://blockchain.info/es/tx/62b3b555ea353328846b49d5fe1cede9438edb090b4301472c69753a65170a36

Your transaction (https://blockchain.info/es/tx/7ce11d086b3fdfe3c627aff94ff29ecfa8f06d2dd39915da4f8ba411fa415e64) is the repayment of this 'loan'.



Regards,
CryptX"

lmao...looks like somebody is making off with all the shareholders 'sprinkles'

https://www.youtube.com/watch?v=o9Y69p1Lx48

[nreal]

It was a really big scam from cryptx to ask about moving to p2pool.
And its maybe the biggest lie in the market to tell shareholders that every single hardware they have is not compatible with p2pool.
They could have splitted harvare to use 2 pools if they were honest with us. But no.
They tell us lies about variance is something we want to avoid - variance has nothing to do with high or low income in case shareholder does live longer than few weeks.

Its just wonderfull to see days that im getting 4 times more than my hashrate on p2pool, finding a block gives a small bonus - dont have to share altcoins with everyone... That doesnt matter to team cryptx because fees are safe...

Incase peta had done as they said, they could have saved all altcoins - we would have got much more of those for sure - and sold those in high times....or maybe even leave it for shareholder to decide if they want to withdraw those someday, that way it could add some value to each and every peta...

50btc, mtgox, cryptx

[Puppet]

Looks like I have to be the guy to stand up for cryptx. Oh the irony.
- The explanation for the 21BTC transaction makes complete sense, and I see no reason to doubt it.
- That the move to P2P didnt happen should be considered a god sent. Yes, unit holders voted for it, but anyone who was still holding units at that point was per definition mathematically challenged or an idiot, so be glad Cryptx didnt listen. It would have been nice had cryptx spread his hashrate to several smaller pools (including p2p) to take power from ghash.io while not creating unacceptable variability, but moving everything to P2P would be madness.

Cryptx, if you are reading, consider moving part to bitminter, part to eligius, part to P2P etc. Each of them is small and has high variability, but using all of them reduces that problem while fighting centralization.

Anyway, that was the good news. Now the bad one. Looks like today might the be first day you get no dividends:
https://blockchain.info/address/1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6
10.5 BTC isnt enough to pay the fees.

Probably cryptx will do another loan to pay his fees and some theoretical div, but think about that for a second.
And get used to it.