Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock]

[Cognitive-PR]

The following things are still of critical importance IMO:
1. Ensure that the new address where all COG funds are stored will be verifiable and contains *all* the expected "reinvestment" funds (so it should have 50% of all divs since the time of the last CT order, right?)
2. Ensure that all of our hardware is using a visible pool like eligius, against the same address, and has backup pools should eligius go down, for best uptime
3. Ensure that the pools we use, along with their deposit address, are all documented ON THE WEBSITE (for BTC and scrypt miners) (we can't be digging through this entire thread to get critical info like our current hashrate, payout address, etc)

Once all of these are done, the "present" is taken care of, and there can be no question about stolen funds moving forward, the only questions are about the past.  To clear those up, we'd like to see the following:

1. The long-promised financial report.  How much did our CT order cost exactly?  What money came in/out last year?
2. What payout address was in use during the infamous "missing div" period?  Was the discrepancy due to your error, the pool's error, bad luck, or something else?  Any answer is better than no answer.

Finally, after that in priority, it'd be nice to have a discussion about next steps.
1. Tell us more about this PR person
2. What does our reinvestment fund look like?  Are we still in talks with CT?  Will we be placing another order soon?  How are the scrypt machines doing, is their return making that look like a better plan than more ASIC based hardware? (imma guess "probably not", but worth considering)

Here are the answers to your questions, in order:

1.) Garrett plans to have the new public address where all COG funds are stored up and running tonight. The %50 of all dividends since the last CT order will be a part of it.
2.) All hardware is currently going through Eligius. The backup pool is through btcGuild.
3.) Documentation on the pools being used, their deposit addresses, and other information about hardware, hashrate, etc will be on the Cognitive website sometime tonight. I believe specifically at www.cognitivemining.com/charts


1.) Unfortunately, we don't have a financial report yet. Putting one together is going to be a very time consuming process, and we don't have the time quite yet. Soon though.
2.) The "missing div" period was a result of very bad luck. Right now we don't have any way to prove this, but its what happened.


1.) I've already told you a bit about myself
2.) Our reinvestment fund has around 15 coins in it. As far as communication with CT, Garrett was in Austin last week talking to Ravi (CEO of CoinTerra) taking about future orders, and what the pricing will look like in the coming months. Garrett has established good relationships with the CEOs of both CT and Hashfast, which will be very advantageous in the future.


I hope this clears some things up. More info to come in the next few hours, including PICTURES!

Thanks for your patience,

Samuel

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[dunchy]

please no hashfast. please.

[Cognitive-PR]

Thx Sam. Can we ask how many units have we ordered in total?

14 units were originally ordered, but since they arrived about half a month late, Garrett was able to negotiate with CT and get 3 more. 6 units have already arrived, and after some troubleshooting all 6 are hashing! The remainder of the units are expected to arrive and be hashing sometime next week.

- Samuel

[theterabyte]

14 units were originally ordered, but since they arrived about half a month late, Garrett was able to negotiate with CT and get 3 more.

Since he earlier stated they had to give 30% more if they were more than a month late, I don't get it.
It should have been 4.2 units. Considering the hashrate is less than ordered, "negociating" would have meant getting at least 5 extra units, not getting less than promised!

I think this is good news.  It sounds like, according to the original wording of the contract, they didn't have to give us *anything* until they were an *entire* month late, which they were not.  I was prepared to hear we got nothing extra from CT, or "credits" towards some future order which may or may not be profitable regardless.  Knowing we are getting 3 extra units is a nice bonus IMO.

As for the lack of financial report yet - at least samuel is telling us bad news straight up - "sorry, we don't have time yet, but later" instead of promising and not delivering.  I would be very happy to see more of this - this is the right way to do it.  Once the new hardware is deployed and things are settled down, we can talk more about these missing divs and how we might prove the situation (or make up for it).  For now, I agree that biggest priority is getting the machines and getting them hashing with the new added transparency.  That will ensure any future screwups are in the open and cannot be dismissed.

[elasticband]

I thought gar made cointerra sign a contract based on us buying 14 x 2thps miners delivered by a certain date to spec or 30% compensation would be added.

28th + 30% = 36.5TH.

I think we will only see 30TH

[Cognitive-PR]

Here are some pics!

https://i.imgur.com/co0cpIT.jpg

https://i.imgur.com/ZonRIsb.jpg

https://i.imgur.com/GGmxSae.jpg

These and more should be on the Cognitive website soon.

- Samuel

[btcboston]

2.) The "missing div" period was a result of very bad luck. Right now we don't have any way to prove this, but its what happened.

I understand that you may not have any proof but can you provide some more detail around this? What exactly happened? We never got a clear answer. Was a pool being used? if so, which one? What was the time frame?

[Garr255]

Regarding the CoinTerra contract, I wrote it in a way where I interpreted it as 1% per day late and Ravi interpreted it as 30% per 30 days late, and no compensation without the full 30 days. When in Austin, I spoke with him regarding this and, although he initially interpreted it differently, he will be supplying 1% additional hashpower for every 1 day late CoinTerra is in delivering.

In addition to that, the contract was for 28TH total (plus compensation). The units we have received are getting 1.5th/s on average, so CoinTerra will have to deliver roughly 19 units to cover that, plus extras for late delivery compensation.

This deal is working out very well for us, and we should have all hardware from cointerra in the coming week, in addition to us moving to our new facility, where more pictures will be taken.

[kakobrekla]

I understand that you may not have any proof but can you provide some more detail around this? What exactly happened? We never got a clear answer. Was a pool being used? if so, which one? What was the time frame?

You don't understand;

This deal is working out very well for us, and we should have all hardware from cointerra in the coming week, in addition to us moving to our new facility, where more pictures will be taken.

He uses 'us' because he is schizophrenic.

[Garr255]

If you indeed ordered hashrate and not units, you're going to be the best served CoinTerra client

And that's exactly how I worded the contract

[Cognitive-PR]

Just an update:

The www.cognitivemining.com/charts page is currently being worked on, and should be completed in a few hours. When it's completed, it will include the new  public address containing all COG funds, as well as Eligius charts and other info.

Garrett or I will notify you when the page is complete. Stay posted!

- Samuel

[Code_red]

So why are our six units only producing 6THS shouldn’t they be producing 9ish?

[Garr255]

A few of the units are losing connection, the only explanation I can find is the firmware becoming corrupted when power cycles.

I will be troubleshooting with CoinTerra in the morning. The cold indoor ambient temperatures here (30-40°F) actually come along with some technicalities, increasing efficiency along with potential for hardware errors. I will try letting ambient sit around 70°F and see if that helps after speaking with CT in the morning.

[elasticband]

If you indeed ordered hashrate and not units, you're going to be the best served CoinTerra client

And that's exactly how I worded the contract

Can we see a copy of the contract held between cognitive and cointerra

[hephaist0s]

If you indeed ordered hashrate and not units, you're going to be the best served CoinTerra client

And that's exactly how I worded the contract

I love it when a plan comes together.

[Garr255]

If you indeed ordered hashrate and not units, you're going to be the best served CoinTerra client

And that's exactly how I worded the contract

Can we see a copy of the contract held between cognitive and cointerra

Yes: https://docs.google.com/document/d/1yRaeac_uqzlDNTdEQi-l79sJCLCGI8FVZBOvnsEI2ng/edit?usp=sharing

If you indeed ordered hashrate and not units, you're going to be the best served CoinTerra client

And that's exactly how I worded the contract

I love it when a plan comes together.

It was a very good contract. Two of my lawyers were also impressed.

I'm glad we're all pleased with it.

The stats page is undergoing some issues, and should be functional and online today.

Preview:

[runam0k]

It was a very good contract. Two of my lawyers were also impressed.

Yes: https://docs.google.com/document/d/1yRaeac_uqzlDNTdEQi-l79sJCLCGI8FVZBOvnsEI2ng/edit?usp=sharing

Well it certainly is concise.

[KCBitcoin]

so its not about how many units, its about the 28TH! hooray!

[Garr255]

so its not about how many units, its about the 28TH! hooray!

28TH + lateness compensation

Cheers

[Garr255]

Also, with the new hardware coming in it is time to get rid of the old BFL and Avalon hardware. In-hand hardware is always in high demand, so we shouldn't have a problem selling it. I will put up for sale threads today.