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Author Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock]  (Read 274417 times)
elasticband
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March 16, 2014, 10:15:36 AM
 #2421

Unless you have been intimately involved from the start, how can you know that with certainty?

At this point i would be very shocked if Sam and Garr are not just the same person...

where is the proof, the transparency?

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March 16, 2014, 10:53:53 AM
 #2422

Unless you have been intimately involved from the start, how can you know that with certainty?

At this point i would be very shocked if Sam and Garr are not just the same person...

where is the proof, the transparency?


And then you go full circle, back to Garr's auction shilling days.
 
Garr cant be honest with his own capabilities right now, and doesnt understand how far away he is from being the business man he would like to be. Any investment here, is an investment in a young individuals journey of mistakes and problems, that many here, have experienced many times over.

Best thing would be take this away from Garr. If only to save him this farce, following him for years to come.   IMO
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March 16, 2014, 11:02:01 AM
 #2423

Hello everyone,

I apologize greatly for the late response. Garrett has been in San Francisco for the past few days, and I have been off the grid without internet.

We can make very little excuses for the low hash rate you have seen in the last few days. As before, the problem was a result of CT hardware that isn't working properly, combined with a lack of attention and quick response on our part. Garrett was focused on securing the new, cheap-power location. This is important, but of course so is keeping the hardware online. He should have been focused on both of these tasks. Garrett is very aware of his mistakes, and is committed to fixing all of this immediately.

In response to allegations that Garrett has been stealing from Cognitive: I can assure you that this is absolutely untrue. Mismanagement in some areas -  perhaps yes. But stealing or any sort of criminal activity, absolutely not. While my word may mean very little to you, I can tell you that I have access to the shop where all the hardware currently resides, have helped with the setup of this hardware, and that all of this hardware has been hashing for Cognitive, and no one else.

It is our promise that Garrett and I will work our hardest to fix all of this as soon as possible.

- Samuel

can we meet Samuel? pictures or it didn't happen Wink
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March 16, 2014, 11:37:06 AM
 #2424

i want  to say f*k,why you two always say the machine is down, blablabla. you say we wll get 28th in jan,now is mid march .
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March 16, 2014, 07:36:09 PM
 #2425


Am I dreaming or the hashrate is increasing ?

http://cognitivemining.com/charts/

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March 16, 2014, 10:23:09 PM
 #2426

Looks like a new worker has been added labeled TerraMiner2 which added about 700 gh/s.
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March 17, 2014, 08:50:53 AM
 #2427

Looks like a spike only on the eligius chart:
http://eligius.st/~wizkid057/newstats/userstats.php/1cogxXyYU2EXEbdcV9j18PWenRU7gAjt1

:-/

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March 17, 2014, 02:21:03 PM
 #2428

Datacenter delays are causing these problems. Typically, real estate of this large-scale nature is prepared months if not a year in advance and we are doing this in weeks. Everything will be operational within the coming week, but until then we have to do our best with our current resources. I will post the miners on ebay for 10 days and cancel if the 7 day motion does not pass.

If the motion to sell the units does not pass, we will be in a top-class tier-3 datacenter piggybacking on a larger operation, getting the cheapest power in the nation.

Best,
Garrett
Garrett delivers: 1/3 of mining capacity have been "operational" for at least 1 hour this week!
Garrett does not deliver: a motion & the miners on ebay.

The rest of the week we were mining at 15% of the promised hash rate.. again.
In february we should have mined about 180 btc, instead we got 6 btc. (9.3 deposit was not by mining afaik).
Uptil today in march we should have mined about 60 btc, instead we got 6.5 btc.
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March 17, 2014, 03:43:27 PM
 #2429

In february we should have mined about 180 btc, instead we got 6 btc. (9.3 deposit was not by mining afaik).
Uptil today in march we should have mined about 60 btc, instead we got 6.5 btc.

On the other hand, we are very lucky that the Bitcoin difficulty remain stable (low increase).



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March 19, 2014, 05:01:35 AM
 #2430

Datacenter delays are causing these problems. Typically, real estate of this large-scale nature is prepared months if not a year in advance and we are doing this in weeks. Everything will be operational within the coming week, but until then we have to do our best with our current resources. I will post the miners on ebay for 10 days and cancel if the 7 day motion does not pass.

If the motion to sell the units does not pass, we will be in a top-class tier-3 datacenter piggybacking on a larger operation, getting the cheapest power in the nation.

Best,
Garrett

Honestly, as a shareholder who was hacked, and then re-acquired almost all of his original position, I wish you the best.  But I have to ask, what data center are you working with?  Are they new?

I talked to our data center and they could provision 2 - 5 cabinets, each with 4 30A 208v circuits, in 3 days if I paid about $1k per cab expedite fee.

And no, this isn't Bob's house of chicken waffles & data centers.  It's kind of the 3rd largest data center in the United States.
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March 19, 2014, 05:06:14 AM
 #2431

Alright everyone, Garrett has decided that we are going to sell all of the CoinTerra machines. They have been far too problematic, and at this point it is more profitable to sell them and buy new hardware. They will be up for sale on eBay and this forum starting tomorrow. As soon as the first couple units sell the sCrypt hardware will begin running again.

Now for responses to many of the questions that have recently been raised:

- In terms of compensation from CoinTerra, we will be compensated for all of the machines that were delivered, but were never actually hashing. Only 8 of the CT units were ever operational, so CoinTerra will compensate Cognitive for the rest that arrived but didn't work properly.

- Once our new space in Washington is ready, all of Cognitive's hardware will be moved there. It will be kept cool, the power will be reliable and cheap, and it will be monitored 24/7.

Garrett should allow some larger investors to come to the location and physically inspect the miners and see what is going on in person.

This would be a great way to demonstrate that Garret (and I) are running a clean operation. If someone would like to organize an inspection, go for it!


- Garrett and I would be happy to do an IRC meeting once the hardware is sold. We were also discussing the possibility of doing a google hangout where anyone who wants to can have their questions answered in real time, and we can all discuss various issues pertaining to Cognitive.


Thank you for your patience. As always, feel free to leave feedback.

- Samuel
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March 19, 2014, 05:27:03 AM
 #2432

So lets do some math!

Current eBay price for Cointerra terraminer iv = ~$10,000 (more like $9,500 with eBay fees shipping etc)
We have to sell 8 units, 8 x 9,500 = $76,000
Current Cog market cap = ~$271,000
271,000 - 84,000 = $195,000

The question: is the value of the other cognitive mining gear + Cointerra refund + 17.5 BTC we're holding > $195,000?

I would guess not...
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March 19, 2014, 05:54:29 AM
 #2433

So lets do some math!

Current eBay price for Cointerra terraminer iv = ~$10,000 (more like $9,500 with eBay fees shipping etc)
We have to sell 8 units, 8 x 9,500 = $76,000
Current Cog market cap = ~$271,000
271,000 - 84,000 = $195,000

The question: is the value of the other cognitive mining gear + Cointerra refund + 17.5 BTC we're holding > $195,000?

I would guess not...
While I don't completely disagree with you, I want to point out that book value != market cap in many cases. Look at Apple for example.
superresistant
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March 19, 2014, 08:49:49 AM
 #2434

Alright everyone, Garrett has decided that we are going to sell all of the CoinTerra machines. They have been far too problematic, and at this point it is more profitable to sell them and buy new hardware. They will be up for sale on eBay and this forum starting tomorrow. As soon as the first couple units sell the sCrypt hardware will begin running again.
Now for responses to many of the questions that have recently been raised:
- In terms of compensation from CoinTerra, we will be compensated for all of the machines that were delivered, but were never actually hashing. Only 8 of the CT units were ever operational, so CoinTerra will compensate Cognitive for the rest that arrived but didn't work properly.
- Once our new space in Washington is ready, all of Cognitive's hardware will be moved there. It will be kept cool, the power will be reliable and cheap, and it will be monitored 24/7.

Finally !
Try to get the best price out of it. People are always willing to pay for the latest ASIC even if it's hard to setup and even if it cannot get a ROI.

We should ask everyone but I think it is time to stop buying vaporware.
No more science-fiction-hardware that need 8 months to deliver and that doesn't even work.

If you can find cheap or free electricity, GPU mining is the way to go.

Also, I suggested some time ago CPU mining. It's a very different business, very random but it's almost risk-free.



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March 19, 2014, 09:48:59 AM
 #2435

Maybe Asicminer will have gen3 units in-hand and ready to sell in the next couple of months?  Has anyone been following them?  Their hardware has always been expensive, but they (AFAIK) have always only sold units in hand, shipped quickly, and delivered exactly as promised meaning the ROI calculation is straightforward, reliable, and low-risk.  Of course, on the other hand, (at least based upon their share price), gen3 might be vaporware itself and not something to rely upon...

FWIW, with the slowdown in network size increases, I have been running my 65nm BFL hardware longer than I anticipated and I think COG's BFL hardware will be economical to run for a while longer (the returns are small, but they more than offset cost to run still I believe).

Seems like a motion is appropriate, but I can see this working a few different ways:

1. Sell hardware, use proceeds to pay 100% div.  Raise COG.F3 if we need more funds for hardware purchase later
2. Sell hardware, use 50% of proceeds to pay div, keep 50% for reinvestment fund
3. Sell hardware, put it all in reinvestment fund

I think 3 is only reasonable if we have some other hardware to buy that we can have in-hand very soon (like, < 1 month).  Otherwise, I'd prefer 1 or 2.  Would 1 mean "the end of cog", or would there still be plenty of money left over for reinvestment in the next big thing?  Maybe to answer these questions, we need to see just how many CT machines we sell, and how much profit we can make from them.  Also, if some of the CT machines do work, or if we are able to run a smaller number of them reliably, maybe we don't sell them all - just a few.

Also, maybe before we are able to sell them, the data center comes through and magically fixes everything.  Who knows.  I'm still in favor of keeping our options open, so long as movement happens to keep as many options open as possible in the meantime.

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March 19, 2014, 12:30:44 PM
 #2436

So once again, we're a mining company who doesn't mine.

With the 1% late delivery penalty, as of today CoinTerra owes Cognitive 41.16 TH/s.
  • Is Ravi actually going to honour this and will the 26+ units actually work?
  • When will they arrive?
  • Are we going to keep them or sell them too?

Garr said last week that the current hardware would be moved to the Washington datacenter "this coming week".
  • Did you actually try to run our current hardware at the colo?
  • Do we even have space in a datacenter yet?

What precisely was the problem with the current hardware? I find it difficult to believe that 80% of CoinTerra's machines simply don't work or just limp along at half capacity. There are plenty of dissatisfied TerraMiner owners out there but not 80%.

We spent almost 700 BTC on this CoinTerra deal. If we somehow both get and sell all 26 TerraMiners for $10,000 each tomorrow, we only make 416 BTC. So far, Cognitive seems to be a very efficient way to lose money.

With 41 TH/s, today we should be mining 4.872 BTC per day. We need to mine immediately.

...
Raise COG.F3 if we need more funds for hardware purchase later
...

I seriously doubt that, in it's current state, Cognitive could raise any funding whatsoever. Quite a lot of people got burned on COG.F and COG.F2. They were sold at 5 BTC each for 20 ordinary shares. That's 0.25 BTC per share. Cognitive is currently circling the drain at 0.0251 BTC. Nobody in their right mind would touch this clusterfuck until it starts performing. I'm talking about actual performance not promises, not "next week", not "in the future" but actual mining income from all the hardware we supposedly bought distributed as dividends with 50% held back for reinvestment as per the contract.

Edit: Spelling
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March 19, 2014, 01:14:47 PM
 #2437

Get what's owed us from CoinTerra, sell the units that are unreliable and require too much maintenance, and let's buy the next-gen 20nm ASICs and/or the new Scrypt ASICs being developed by KNC, Gridseed, etc.

http://www.coindesk.com/kncminer-accepting-pre-orders-first-scrypt-miner-titan
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March 19, 2014, 02:34:46 PM
 #2438


With the 1% late delivery penalty, as of today CoinTerra owes Cognitive 41.16 TH/s.
  • Is Ravi actually going to honour this and will the 26+ units actually work?
  • When will they arrive?
  • Are we going to keep them or sell them too?


Agree on the note about the CoinTerra contract - Based on the contract with ConTerra, shouldn't the 'hashrate penalty' clock still be ticking since they have not fulfilled their obligations to supply the agreed amount of hashrate?  In fact, the defective units should not count as hashrate delivered since the units are not supplying any (or minimal) hashrate  Huh Shocked and the Penalty/Bonus hashrate contract amount continues to grow. 

Hold them to the contact and get this mining company mining!

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March 19, 2014, 02:48:36 PM
 #2439

With the 1% late delivery penalty, as of today CoinTerra owes Cognitive 41.16 TH/s.
  • Is Ravi actually going to honour this and will the 26+ units actually work?
  • When will they arrive?
  • Are we going to keep them or sell them too?
Agree on the note about the CoinTerra contract - Based on the contract with ConTerra, shouldn't the 'hashrate penalty' clock still be ticking since they have not fulfilled their obligations to supply the agreed amount of hashrate?  In fact, the defective units should not count as hashrate delivered since the units are not supplying any (or minimal) hashrate  Huh Shocked and the Penalty/Bonus hashrate contract amount continues to grow. 
Hold them to the contact and get this mining company mining!

CoinTerra must respect the contract and deliver all the hashrate with working units.
Would it be possible to get a full refund of the BTC invested ?

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March 19, 2014, 03:51:38 PM
 #2440



CoinTerra must respect the contract and deliver all the hashrate with working units.
Would it be possible to get a full refund of the BTC invested ?


if that was the case no one would have taken hardware.

Very true.

On the plus side, Eligius says we have been running at ~6 TH/s for the last 7 hours. A new stable hashing record of 37.5% of our max hashrate compared to last week's 25%. With what we have now, we should be making 1.9 BTC per day compared to the 0.7 BTC we're making at the moment. We're also pissing away money at a slightly lower rate than last week. Which is a start, I suppose.
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