[ActiveMining] Official Shareholder Discussion Thread [Moderated]

[drasted]

We really need some sort of clarification on the financial report. If you have someone working on it or if you're getting someone to work on it, how much longer are you expecting it to take?

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[ThunderSheep]

We have announced our Gold Rush boards and have had a very positive response.  We are now training and switching our help to do more shipping than build of the mine.
We have 100 Gold Rush boards in stock for immediate shipping.  We have worked out the logistics for this.

Ken, I implore you, please make whole your customers who have you sent you money in good faith before taking any more orders.

[auto2nr1]

Weekly Update 4/23/2014.

Datacenter:

We are up to 64.34 Th/s and expect by the end of the month to be around ~170 TH/s.  Everything is in place to expand our hash rate to this level.

VMC:

We have announced our Gold Rush boards and have had a very positive response.  We are now training and switching our help to do more shipping than build of the mine.
We have 100 Gold Rush boards in stock for immediate shipping.  We have worked out the logistics for this.

So within a week (7-days - 04/30/14) we will be at 170 TH/s correct? Can you update the site and add the Gold Rush product to the catalog? If you can post pictures on this thread i am sure it will help us with marketing.

[BitSwe]

Just get the mining ramped up, then get the whole order, dispatch, customer services up and running properly before selling any more products to consumers.

+10

Do NOT sell anything until the previous mess has been fixed.
Ship the promised products, refund those who should have a refund, THEN accept new orders.

[BitSwe]

50th/s.
ActM is getting close to having 0.1% of the global hash rate.

ActM: 64th/s
Global: 57,241th/s

Meaning ActM currently have ~0.112% of global hash rate, ActM are climbing not only in th/s, but also as a percentage of global hash rate.

[emkay47]

Ken should never have sold any units to customers until everything was properly in place. Pre-orders have been a disaster both PR wise and complaints that put the company under the microscope.

Even now, things are not in place properly - stop selling products. Just get the mining ramped up, then get the whole order, dispatch, customer services up and running properly before selling any more products to consumers.

Easy for you to say.  Hard to do with the bitcoin difficulty going up 15% every 10-14 days.

So , Basically the difficulty rise is only for you and not for the pre-paid customers ?
Even after knowing it so precisely that 15% is going up every 14 days , you are still not ready to ship and making your customers wait for 25 days ....?

[RoadStress]

Ken should never have sold any units to customers until everything was properly in place. Pre-orders have been a disaster both PR wise and complaints that put the company under the microscope.

Even now, things are not in place properly - stop selling products. Just get the mining ramped up, then get the whole order, dispatch, customer services up and running properly before selling any more products to consumers.

Easy for you to say.  Hard to do with the bitcoin difficulty going up 15% every 10-14 days.

So , Basically the difficulty rise is only for you and not for the pre-paid customers ?
Even after knowing it so precisely that 15% is going up every 14 days , you are still not ready to ship and making your customers wait for 25 days ....?

Exactly. He has his investors wait for their financial report for 24 days now too.

[bitdog101]

Weekly Update 4/23/2014.

Datacenter:

We are up to 64.34 Th/s and expect by the end of the month to be around ~170 TH/s.  Everything is in place to expand our hash rate to this level.

VMC:

We have announced our Gold Rush boards and have had a very positive response.  We are now training and switching our help to do more shipping than build of the mine.
We have 100 Gold Rush boards in stock for immediate shipping.  We have worked out the logistics for this.

MSD:

Nothing new at this time.

Shares:

Nothing new at this time.

Would be nice if Ken could answer this, but i spose anyone else could take a stab at it too:

Just how profitable is this current mining operation? When do we reach a ROI?

[PurpleTentacle]

...
Would be nice if Ken could answer this, but i spose anyone else could take a stab at it too:

Just how profitable is this current mining operation? When do we reach a ROI?

Impossible to answer as we don't know the actual hardware, setup and operating costs.

[elmwar]

+1


The only thing we know for certain at the moment is Ken took our money.
Without the financial report, none of us definitively know anything else.

[minerpart]

Just how profitable is this current mining operation? When do we reach a ROI?

As stated by PurpleTentacle above it's impossible to know - another unknown, dynamic and pretty crucial factor is the price of BTC.

If you use this calculator you can run through various scenarios:
http://www.vnbitcoin.org/bitcoincalculator.php

You can see that if for example a Gold board costs us $500 to buy/build and host for 2 months and BTC is at $300 it will break even after 52 days (difficulty increase 15%).
The total profitable lifespan of a 750GHs Gold miner (with BTC at $300) is around 160 days making a total of $780 (after electric costs). So with economies of scale and after hosting costs we could make around 50% profit on each card with BTC at $300.

In other words we start with $1 and end up with $1.5 after around 5 months.

If BTC is not at $300 and is instead at $750 we can mine profitably for longer with the same miner - 240 days. In that time the machine makes $2660 so after hosting costs we would make around $2400 profit on each card. So Starting with $1 and ending up with $4.8 after 8 months.

So BTC price has a huge impact on our profit margins.

[bitlind]

Ken should never have sold any units to customers until everything was properly in place. Pre-orders have been a disaster both PR wise and complaints that put the company under the microscope.

Even now, things are not in place properly - stop selling products. Just get the mining ramped up, then get the whole order, dispatch, customer services up and running properly before selling any more products to consumers.

Easy for you to say.  Hard to do with the bitcoin difficulty going up 15% every 10-14 days.

What does the difficulty rising rapidly have to do with the Pre-order and customer services disaster?  or the financials? or the rate with which you ramp up the DC?

[minerpart]

Bitlind, clearly the point is we have limited resources, they have been directed towards getting purchased hardware online and hashing, now Ken is focusing more on shipping and refunds as the DC seems to be progressing well. We don't have 100 staff and neither can we afford to hire them. The shipping should have happened by now, there is no excuse for customers waiting for their products. I agree we should not be selling miners if the shipping promise can not be met - but it seems that is now being given the priority it deserves.

We are now training and switching our help to do more shipping than build of the mine........We have worked out the logistics for this.

[bitlind]

Bitlind, clearly the point is we have limited resources, they have been directed towards getting purchased hardware online and hashing, now Ken is focusing more on shipping and refunds as the DC seems to be progressing well. We don't have 100 staff and neither can we afford to hire them. The shipping should have happened by now, there is no excuse for customers waiting for their products. I agree we should not be selling miners if the shipping promise can not be met - but it seems that is now being given the priority it deserves.

We are now training and switching our help to do more shipping than build of the mine........We have worked out the logistics for this.

I hope you are right MP, timely shipping and attention to customers needs are important.  If certain standards cannot be met, do not sell.  Too many excuses in this op 

[knybe]

...
Would be nice if Ken could answer this, but i spose anyone else could take a stab at it too:

Just how profitable is this current mining operation? When do we reach a ROI?

Impossible to answer as we don't know the actual hardware, setup and operating costs.

nor have we ever been furnished with a proper professional financial report.

based on the bullshit scams and abuses to investors in this field (now danny brewster) I leave no doubt in my mind that we may never see our shares again.

give strangers control of large amounts of money and they just can't seem to help themselves from walking away with it.


Ken please prove me wrong and do SOMETHING to show good faith with our shares. (I know I'm blowing into the wind here)

[elmwar]

Ken please prove me wrong and do SOMETHING to show good faith with our shares. (I know I'm blowing into the wind here)

Great idea knybe!

Ken could post a screen shot of the MtGox wallet balance.  This would prove that BTC were lost there as mentioned.  Account numbers or other sensitive information could be blacked out.  There would be no legal reason not to do this.  It would only take 10 minutes.

The list of all MtGox transactions isn't currently available on their website, but Ken should have that information.  There were chances to download even after the site stopped all withdrawals.  Posting that would show the $6million in orders were true, cash orders were sent to the MtGox account, and BTC/USD were held in the account.

Screen shots from Ken's CEX.io activity with our BTC could also be posted. 

Scans of payment to eASIC, HashFast, or any other vendor would at least provide investors some information.

Ken's accountants were expected to have the fully audited financial report completed in March.  Certainly there is some information available that can be posted today.   

[JoTheKhan]

Ken please prove me wrong and do SOMETHING to show good faith with our shares. (I know I'm blowing into the wind here)

Great idea knybe!

Ken could post a screen shot of the MtGox wallet balance.  This would prove that BTC were lost there as mentioned.  Account numbers or other sensitive information could be blacked out.  There would be no legal reason not to do this.  It would only take 10 minutes.

The list of all MtGox transactions isn't currently available on their website, but Ken should have that information.  There were chances to download even after the site stopped all withdrawals.  Posting that would show the $6million in orders were true, cash orders were sent to the MtGox account, and BTC/USD were held in the account.

Screen shots from Ken's CEX.io activity with our BTC could also be posted. 

Scans of payment to eASIC, HashFast, or any other vendor would at least provide investors some information.

Ken's accountants were expected to have the fully audited financial report completed in March.  Certainly there is some information available that can be posted today.   

Just an FYI, nothing you state shows good faith in our shares.

[elmwar]

Agreed. 

Ken uses the legal issue excuse for this.  Any suggestions on what Ken could do to provide good faith information without being able to use the same old excuse? 
Maybe a statement from his lawyer recommending continued trade on crypto-trade while also recommending to not provide verification of share ownership.
Speaking of crypto-trade, a screen shot of our account would also show number of shares sold and funds recovered.
Perhaps a bill from his lawyer handling the legal issue.  With lawyer fees and the issue going on this long, that must be one big bill.  (Maybe that's where all our money went.)

There is no excuse for not showing investors what's been done with their money.  A screen shot of just one of our accounts would take minutes.

The share verification issue dragged on until it became a legal issue.  We have a right to know what's been done with our money.  I don't want to give Ken that legal issue excuse regarding the audited financial report.  But if he takes our money and refuses to show what he has been done with it, at some point investors must take action.

[lobbes]

Weekly Update 4/23/2014.

Datacenter:

We are up to 64.34 Th/s and expect by the end of the month to be around ~170 TH/s.  Everything is in place to expand our hash rate to this level.

VMC:

We have announced our Gold Rush boards and have had a very positive response.  We are now training and switching our help to do more shipping than build of the mine.
We have 100 Gold Rush boards in stock for immediate shipping.  We have worked out the logistics for this.

MSD:

Nothing new at this time.

Shares:

Nothing new at this time.

And the financial report?

I'll ask in haiku
Where's the financial report?
This is overdue

[MilkyWayMasta]

What does it matter?
What are you going to do?
You can't trade your shares