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Author Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock]  (Read 274754 times)
Garr255
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September 02, 2013, 03:26:14 AM
 #1181

Apologies for the confusion in the previous post! I've been extremely busy these past few weeks and made that post when I was quite sleep deprived. The one petahash figure is the estimation for our total hashpower in a few months, as in Q1 or Q2 of next year. The number that CoinTerra has given me for my bulk order purchase is still covered by their NDA that I had to sign, and cannot be disclosed without their explicit permission, which I have asked for.

A large investor in another mining venture of mine does not want this new location disclosed publicly for security purposes, which I believe is a very good choice. I will talk with him and see if he would be willing to agree to share the location with those willing to sign an agreement not to disclose it.

The first batch of COG.F2 sold out in a few hours, so I expect this batch to sell fairly quickly after the numbers can be publicly finalized. I am going to be calling the CEO of CoinTerra tomorrow morning to figure this out.

--Garrett

I understand the security issue. I just want to know the jurisdiction and general area, so I know the legal circumstances and the cost per kilowatt-hour. Any additional information is unnecessary.

I'm sure you agree there is no reasonable security concern that would keep you from sharing the state or province?

Sure, the location is in Montana, USA and the power rates will be less than what we had in in Idaho ($0.07/kwh). Because we may be drawing a large amount of current, I might be able to get lower rates than before.

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September 02, 2013, 03:27:30 AM
 #1182

Hi Garr,

Is the dividend for this week coming?
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September 02, 2013, 03:27:36 AM
 #1183

Apologies for the confusion in the previous post! I've been extremely busy these past few weeks and made that post when I was quite sleep deprived. The one petahash figure is the estimation for our total hashpower in a few months, as in Q1 or Q2 of next year. The number that CoinTerra has given me for my bulk order purchase is still covered by their NDA that I had to sign, and cannot be disclosed without their explicit permission, which I have asked for.

A large investor in another mining venture of mine does not want this new location disclosed publicly for security purposes, which I believe is a very good choice. I will talk with him and see if he would be willing to agree to share the location with those willing to sign an agreement not to disclose it.

The first batch of COG.F2 sold out in a few hours, so I expect this batch to sell fairly quickly after the numbers can be publicly finalized. I am going to be calling the CEO of CoinTerra tomorrow morning to figure this out.

--Garrett

I understand the security issue. I just want to know the jurisdiction and general area, so I know the legal circumstances and the cost per kilowatt-hour. Any additional information is unnecessary.

I'm sure you agree there is no reasonable security concern that would keep you from sharing the state or province?

Sure, the location is in Montana, USA and the power rates will be less than what we had in in Idaho ($0.07/kwh). Because we may be drawing a large amount of current, I might be able to get lower rates than before.

Thank you, that's awesome. I appreciate the responsiveness. $0.07/kwh is very reasonable.

I'm sure you're already aware, but mid-central Washington State has power at $0.01/kwh. Just something to keep in mind for the future.

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September 02, 2013, 03:37:44 AM
 #1184

Apologies for the confusion in the previous post! I've been extremely busy these past few weeks and made that post when I was quite sleep deprived. The one petahash figure is the estimation for our total hashpower in a few months, as in Q1 or Q2 of next year. The number that CoinTerra has given me for my bulk order purchase is still covered by their NDA that I had to sign, and cannot be disclosed without their explicit permission, which I have asked for.

A large investor in another mining venture of mine does not want this new location disclosed publicly for security purposes, which I believe is a very good choice. I will talk with him and see if he would be willing to agree to share the location with those willing to sign an agreement not to disclose it.

The first batch of COG.F2 sold out in a few hours, so I expect this batch to sell fairly quickly after the numbers can be publicly finalized. I am going to be calling the CEO of CoinTerra tomorrow morning to figure this out.

--Garrett

I understand the security issue. I just want to know the jurisdiction and general area, so I know the legal circumstances and the cost per kilowatt-hour. Any additional information is unnecessary.

I'm sure you agree there is no reasonable security concern that would keep you from sharing the state or province?

Sure, the location is in Montana, USA and the power rates will be less than what we had in in Idaho ($0.07/kwh). Because we may be drawing a large amount of current, I might be able to get lower rates than before.

Thank you, that's awesome. I appreciate the responsiveness. $0.07/kwh is very reasonable.

I'm sure you're already aware, but mid-central Washington State has power at $0.01/kwh. Just something to keep in mind for the future.

Indeed. I have already looked into operating out of a location where electricity was less than 0.01/kwh but concluded that because of the costs for remotely running the operation it would not be benefical in the mid-term. Long-term however, if we get to the point where we are drawing a megawatt of power, central/eastern WA hydroelectric power will be the way to go!

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

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September 02, 2013, 04:09:02 AM
 #1185

Garret,

So when you say our estimated Q1 or Q2 target is 1PH, you mean our current deal, plus the 50% growth re-invested with cointerra on similar pricing (which we may have already worked out contractually?), would put us there?

Are you saying if all the COG.F2 sells, we will have everything we can project being at 1PH by Q2 2014 with NO further funding?  Or does that assume further funding raised?  If that is with no further funding (but using our 50% growth reinvestment) that both explains the math *and* makes cog even more attractive, knowing further dilution wouldn't be needed.  If it does assume further investments outside of growth fund (COG.F3 or whatever) please outline what dilution we can expect.

Thanks!
-Carl

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September 02, 2013, 04:26:07 PM
 #1186

This seems relevant http://www.thebitcoinchannel.com/archives/22276
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September 02, 2013, 04:52:10 PM
 #1187

Please Garr, provide more details on the delayed BFL order and on the 1 PH deal.
CogF2 is not selling at all.
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September 02, 2013, 04:55:49 PM
 #1188

You saw the previous page right? It was hours ago he said he was doing just that, today. Patience.
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September 03, 2013, 07:24:06 AM
 #1189

Dividends, anyone?
Garr255
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September 03, 2013, 08:02:41 AM
 #1190

Garret,

So when you say our estimated Q1 or Q2 target is 1PH, you mean our current deal, plus the 50% growth re-invested with cointerra on similar pricing (which we may have already worked out contractually?), would put us there?

Are you saying if all the COG.F2 sells, we will have everything we can project being at 1PH by Q2 2014 with NO further funding?  Or does that assume further funding raised?  If that is with no further funding (but using our 50% growth reinvestment) that both explains the math *and* makes cog even more attractive, knowing further dilution wouldn't be needed.  If it does assume further investments outside of growth fund (COG.F3 or whatever) please outline what dilution we can expect.

Thanks!
-Carl

Hi Carl,

The 1PH figure is calculated using COG.F2 and COG.F3 funding in conjunction with the growth fund. We're certainly in a desirable situation Smiley

I spoke with a BFL employee this morning and our box of 7 singles will be in the mail this week, so that in itself is fantastic news!

As for the dividends this week, I'm terribly sorry they are late! I neglected to check whether the script worked properly because it has been very reliable for the past weeks. It turns out the server doesn't appreciate having a changed IP address, so I had to sift through some files to manually change over some IP settings. All is well now and dividends will be going out in a few hours. I'm adding 1btc of my personal funds to the dividend this week in an effort to compensate for the delay.

--Garrett

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September 03, 2013, 08:17:11 AM
 #1191

Garret,

So when you say our estimated Q1 or Q2 target is 1PH, you mean our current deal, plus the 50% growth re-invested with cointerra on similar pricing (which we may have already worked out contractually?), would put us there?

Are you saying if all the COG.F2 sells, we will have everything we can project being at 1PH by Q2 2014 with NO further funding?  Or does that assume further funding raised?  If that is with no further funding (but using our 50% growth reinvestment) that both explains the math *and* makes cog even more attractive, knowing further dilution wouldn't be needed.  If it does assume further investments outside of growth fund (COG.F3 or whatever) please outline what dilution we can expect.

Thanks!
-Carl

Hi Carl,

The 1PH figure is calculated using COG.F2 and COG.F3 funding in conjunction with the growth fund. We're certainly in a desirable situation Smiley

I spoke with a BFL employee this morning and our box of 7 singles will be in the mail this week, so that in itself is fantastic news!

As for the dividends this week, I'm terribly sorry they are late! I neglected to check whether the script worked properly because it has been very reliable for the past weeks. It turns out the server doesn't appreciate having a changed IP address, so I had to sift through some files to manually change over some IP settings. All is well now and dividends will be going out in a few hours. I'm adding 1btc of my personal funds to the dividend this week in an effort to compensate for the delay.

--Garrett

thank you very much for information and resolving dividend issue! :-)
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September 03, 2013, 08:49:13 AM
 #1192

Thanks Garr, I bought back in.  Keeping regular updates makes a big difference... especiallly in bitcoin land.

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September 03, 2013, 10:11:12 AM
 #1193

asks for CogF are lower than bids for CogF2 Smiley
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September 03, 2013, 05:37:47 PM
 #1194


Hi Carl,

The 1PH figure is calculated using COG.F2 and COG.F3 funding in conjunction with the growth fund. We're certainly in a desirable situation Smiley



no, still doesn't make sense
proper calculation needs to be shown.

I presume the problem is what garr is and isn't allowed to tell us due to NDA stuff.  If the deal we are getting is really that good, they are going to want to keep it private as long as possible so they don't have to give the same deal to everyone.  That said, the poor selling performance so far is probably scaring people, along with the fact that the future of cognitive rides not only on garr but on cointerra also, so there are quite a few points of failure here.  Being in "the best position of any mining company" - which cognitive may very well be in - is still a risky place due to the entire space being risky.

With 540 shares of COG.F2 still offered at the original price, and 28 others offered at different prices, that is 32 shares being held.  Garr himself said he'd be increasing his cog position, I wonder how many of the remaining 32 shares he is holding?  Buying 10 or 20 certainly seems reasonable for him (presumably he trusts himself and cointerra).

Garr, can you comment on what happens if not all of the cog.f2 shares sell?  Are partial deals still possible?  will we simply get some reduced hashrate, or will the entire deal fall through and the cog.f2 funds be refunded?

-Carl

EDIT: FWIW, 24 BTC, or 66% of my current BTC portfolio is in COG, COG.F, and COG.F2.  I originally bought cog when it was around 0.16BTC/share and I have been very happy with the way it has been managed.  the F and F2 contracts seem like a great way for more people to buy-in and for all shareholders to benefit from increased buying power (which is everything in the mining hardware market).  I already rode cog from 0.16 to 0.95 once, and I look forward to doing it again.

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September 05, 2013, 07:44:12 AM
 #1195

What's the plan for COG.F shares with Avalon out of the question?  
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September 05, 2013, 01:25:50 PM
 #1196

What's the plan for COG.F shares with Avalon out of the question?  
The contracts were initially sold for 2.5 BTC each, so if there is a refund, which seems to be the best course of action, a lot of people who paid more then 2.5 bitcoins are going to get screwed.  Possibly an option between refund or transfer of cog.f to cog.f2 status could be an option?
I wonder how long the refunds are going to take form Avalon.
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September 05, 2013, 01:32:35 PM
 #1197

What's the plan for COG.F shares with Avalon out of the question?  
The contracts were initially sold for 2.5 BTC each, so if there is a refund, which seems to be the best course of action, a lot of people who paid more then 2.5 bitcoins are going to get screwed.  Possibly an option between refund or transfer of cog.f to cog.f2 status could be an option?
I wonder how long the refunds are going to take form Avalon.
Peace


I'd say refund would be a bad choice given how many people have paid a huge premium for them.  Transfer to cof.f2 seems like a better idea and would probably avoid pissing off a lot of investors/deterring them from cog.f2. 
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September 05, 2013, 02:00:24 PM
 #1198

Trading the Fund shares above face value is at the risk of the trader, don't you think? Buyer beware, and all that jazz? You are guaranteed a refund at the face value of 2.5BTC, why should the organization be responsible if you bought one for 5BTC?

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September 05, 2013, 03:48:53 PM
 #1199

Hi,
How long will the COG.F2 contracts be available for sale ?
What happen if all contracts aren't sold ?
Thx


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September 05, 2013, 04:20:19 PM
 #1200

Trading the Fund shares above face value is at the risk of the trader, don't you think? Buyer beware, and all that jazz? You are guaranteed a refund at the face value of 2.5BTC, why should the organization be responsible if you bought one for 5BTC?
well technically, both Cog.F and Cog.F2 represent 20 Cognitive shares upon delivery, so I don't see it unfair joining both contracts and funds. Cog.F holders have the early bird advantage (and already had to show a lot of patience).
It would be rather disappointing for investors getting a 2.5 BTC refund after having waited 6 months and then having the possibility to jump on Cog.F2 for double the price.

disclaimer: I own 1 (one) share of Cog.F Wink

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