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

[Cognitive-PR]

Hello everyone,

Just to clarify electricity prices for the new data center in Canada:

They are charging $270/kWh/month
So total cost = $270/kWh/month * 30kW (set amount)  =  $8100
+ $1150 setup/provisioning fee = $9250

It is Garrett's believe that even with these costs, Cognitive Mining will gain back the money it has lost. We are currently at 17 TH/s, and Garrett is planning to  get one more unit up and running at the shop here in Montana which will hopefully bring it up to 18TH/s.

- Samuel

[elasticband]

If its garret believes cog will gain back the funds why is he breaching the contract he held with shareholders and making them pay hhosting.

If he feels that good he should continue as yhe contract says.

[Tafelpoot]

Hello everyone,

Just to clarify electricity prices for the new data center in Canada:

They are charging $270/kWh/month
So total cost = $270/kWh/month * 30kW (set amount)  =  $8100
+ $1150 setup/provisioning fee = $9250

It is Garrett's believe that even with these costs, Cognitive Mining will gain back the money it has lost. We are currently at 17 TH/s, and Garrett is planning to  get one more unit up and running at the shop here in Montana which will hopefully bring it up to 18TH/s.

- Samuel

I made some calculations before the weekend, but with the exchange rates going down it looks a bit worse.
On the other hand, I'm pretty sure that Garrett had to pay this month's mining in advance, so he might have been lucky there...

If cognitive chooses to go for mining (and paying hosting bills):
At 500 usd/btc, mining at 20 TH/s using 30kW electricity at 0.37 usd/kWh will produce
-   103 btc before we start running at a loss in 180 days, assuming 10% difficulty jumps.
-   69 btc before we start running at a loss in 125 days, assuming 15% difficulty jumps.
-   52 btc before we start running at a loss in 100 days, assuming 20% difficulty jumps.

At 450 usd/btc, mining at 20 TH/s using 30kW electricity at 0.37 usd/kWh will produce
-   93 btc before we start running at a loss in 175 days, assuming 10% difficulty jumps.
-   62 btc before we start running at a loss in 115 days, assuming 15% difficulty jumps.
-   46 btc before we start running at a loss in 90 days, assuming 20% difficulty jumps.

This assumes that Garrett is able to maintain 20 TH/s on average without too much variations.

If cognitive chooses to sell everything:
22 units at 8000usd a piece, we are in for 176k usd = 352 btc (500 usd/btc).
Add the 30 btc (29. of the whole Cog Fund:
-   7.67 in 1cogxX – mining eligius
-   1.08 in 1cogHC – mining altcoins
-   1.89 in 1cogtX – mining eligius B
-   15.95 in 1coggh – reserve wallet
-   3.2 in 1LQFqj – Havelock deposit
-   xxxx mining profits of april (about 20-30 btc).

Conclusion: sell now should provide about 380 btc now, while mining will provide about 50 btc in 3 months.

Division over 14420 shares (825 unclaimed) is 0.026 per share if we sell, opposed to 0.0034 x 50% in the coming 3 months if we continue mining with these high hosting costs.
This is almost a nobrainer. The best Garrett can do to save his reputation is to get the most out of the negotiations with Cointerra and get it delivered asap. We should embrace the decreasing exchange rates to sell some HW for usd.

[superresistant]

I've got the same calculations as Tafelpoot.

Considering that Garrett cannot keep most of the hardware running, we can say that we are already mining at a loss and it is getting worse with time.

Moreover, the price of BTC is crashing which mean that it is much better to sell the hardware for USD and buy BTC at the bottom of the crash.

[Tafelpoot]

A small comparison between a theoretical and an actual mining bond:

B.Mine on havelock is 5GH/s/share at 0.046 btc/share, which is 0.0092 btc/GH.

Cognitive is 20000/14460 = 1.4GH/s/share [minus hosting costs].
If we could get 380 btc by selling now, that is 0.026/share, which is 0.0186 btc/GH.

If you want Cognitive to keep mining hoping for profits, you should buy B.mine instead.
If you want Cognitive to keep mining to fortify the bitcoin network, you should look for a more competent/trustworthy operator.

[El Cabron]

Hello everyone,

Just to clarify electricity prices for the new data center in Canada:

They are charging $270/kWh/month
So total cost = $270/kWh/month * 30kW (set amount)  =  $8100
+ $1150 setup/provisioning fee = $9250

It is Garrett's believe that even with these costs, Cognitive Mining will gain back the money it has lost. We are currently at 17 TH/s, and Garrett is planning to  get one more unit up and running at the shop here in Montana which will hopefully bring it up to 18TH/s.

- Samuel

It does not matter what "Garrett believes" we voted in large numbers to liquidate.

Please do so now!

[El Cabron]

Conclusion: sell now should provide about 380 btc now, while mining will provide about 50 btc in 3 months.


This is almost a nobrainer.

Yup

[robitnik]

Hello everyone,

Just to clarify electricity prices for the new data center in Canada:

They are charging $270/kWh/month
So total cost = $270/kWh/month * 30kW (set amount)  =  $8100
+ $1150 setup/provisioning fee = $9250

It is Garrett's believe that even with these costs, Cognitive Mining will gain back the money it has lost. We are currently at 17 TH/s, and Garrett is planning to  get one more unit up and running at the shop here in Montana which will hopefully bring it up to 18TH/s.

- Samuel

I made some calculations before the weekend, but with the exchange rates going down it looks a bit worse.
On the other hand, I'm pretty sure that Garrett had to pay this month's mining in advance, so he might have been lucky there...

If cognitive chooses to go for mining (and paying hosting bills):
At 500 usd/btc, mining at 20 TH/s using 30kW electricity at 0.37 usd/kWh will produce
-   103 btc before we start running at a loss in 180 days, assuming 10% difficulty jumps.
-   69 btc before we start running at a loss in 125 days, assuming 15% difficulty jumps.
-   52 btc before we start running at a loss in 100 days, assuming 20% difficulty jumps.

At 450 usd/btc, mining at 20 TH/s using 30kW electricity at 0.37 usd/kWh will produce
-   93 btc before we start running at a loss in 175 days, assuming 10% difficulty jumps.
-   62 btc before we start running at a loss in 115 days, assuming 15% difficulty jumps.
-   46 btc before we start running at a loss in 90 days, assuming 20% difficulty jumps.

This assumes that Garrett is able to maintain 20 TH/s on average without too much variations.

If cognitive chooses to sell everything:
22 units at 8000usd a piece, we are in for 176k usd = 352 btc (500 usd/btc).
Add the 30 btc (29. of the whole Cog Fund:
-   7.67 in 1cogxX – mining eligius
-   1.08 in 1cogHC – mining altcoins
-   1.89 in 1cogtX – mining eligius B
-   15.95 in 1coggh – reserve wallet
-   3.2 in 1LQFqj – Havelock deposit
-   xxxx mining profits of april (about 20-30 btc).

Conclusion: sell now should provide about 380 btc now, while mining will provide about 50 btc in 3 months.

Division over 14420 shares (825 unclaimed) is 0.026 per share if we sell, opposed to 0.0034 x 50% in the coming 3 months if we continue mining with these high hosting costs.
This is almost a nobrainer. The best Garrett can do to save his reputation is to get the most out of the negotiations with Cointerra and get it delivered asap. We should embrace the decreasing exchange rates to sell some HW for usd.

I'm inclined to agree. The two biggest problems are the exchange rate and Active Mining finally going into production.

The low exchange rate means we can get more BTC for our hardware. We pay more in BTC terms for our hosting ($0.37/kWh is pretty steep too). After hosting, the reserve fund won't be able to buy us a significant amount of new hardware and definitely not enough to stay ahead of the diff growth.

The Active Mining situation will bump difficulty growth to the high side of the 15-20% range. We were looking at growth in the top of the 10-15% range until Friedcat's gen 3 hit the market but Active Mining's ~4 PH/s will bump it up in the mean time.

Unless Garr can magically double our hashrate in a few weeks for no money or the exchange rate rises enough to make our dollar costs negligible, Cog is pretty much dead in the water.

[silverfuture]

Thanks for the math work guys.  It's pretty obvious what needs to happen. Unfortunate and costly to us all. Let's bury this and be on to better things.  I actually voted for the continuation of cognitive but can now see that it is a losing proposition. Blah   

[robitnik]

Thanks for the math work guys.  It's pretty obvious what needs to happen. Unfortunate and costly to us all. Let's bury this and be on to better things.  I actually voted for the continuation of cognitive but can now see that it is a losing proposition. Blah   

Same here. Last week it was on the line. Some careful work could have turned it around. Now, events are working against us.

Hash rate is 22 TH/s now. Shame it wasn't a month ago.

The average price of the last 10 TerraMiners sold on ebay is $7,900. At the current exchange rate, that's 16.81 BTC per unit.

[NotLambchop]

...
The Active Mining situation will bump difficulty growth to the high side of the 15-20% range. We were looking at growth in the top of the 10-15% range until Friedcat's gen 3 hit the market but Active Mining's ~4 PH/s will bump it up in the mean time.
...

Active Mining will do no such thing.  Active Mining is currently reselling HashFast boards, if Ken is to be taken at his word (which has always proved to be a mistake).  Active Mining's contribution to the hashrate, again if we take Ken at his word, is going to be negligibly small.

[El Cabron]

I highly suspect Garr will either resist or just steal the BTC and/or equipment. Is there someone willing to take over just the selling of our hardware?

We need to get this sorted ASAP and as we all know how Garr just ignores issues for months I think it is better for someone else to do it.

And no, that personal can not be me.

Thanks

[zero3112]

The only people who want to liquidate are the ones who bought all their shares at ฿0.002

[Surf Capital Management]

Thanks for the math work guys.  It's pretty obvious what needs to happen. Unfortunate and costly to us all. Let's bury this and be on to better things.  I actually voted for the continuation of cognitive but can now see that it is a losing proposition. Blah  

Same here. Last week it was on the line. Some careful work could have turned it around. Now, events are working against us.

Hash rate is 22 TH/s now. Shame it wasn't a month ago.

The average price of the last 10 TerraMiners sold on ebay is $7,900. At the current exchange rate, that's 16.81 BTC per unit.

The "liquidation camp" is forgetting a few important things:

1. Taxes on units sold for USD

2. Ebay's substantial fees.  $7900 per CT unit will actually be more like $7200

[El Cabron]

The only people who want to liquidate are the ones who bought all their shares at ฿0.002

I am the only one who sold at .002 BTC and i bought most of my shares in the .6 to 1 BTC range.

We do not like taking this loss but clearly with Garret running this show it is best to get back what we can from the units. The math does not lie. There are also other options that some of us are taking to get some of the funds back as well, and really you don't want Garr having control over your BTC when that stuff hits.

And anyway like it or not, Garr had a vote and the vast majority have voted for liquidation. It needs to happen now.

[robitnik]

The only people who want to liquidate are the ones who bought all their shares at ฿0.002

I am the only one who sold at .002 BTC and i bought most of my shares in the .6 to 1 BTC range.

We do not like taking this loss but clearly with Garret running this show it is best to get back what we can from the units. The math does not lie. There are also other options that some of us are taking to get some of the funds back as well, and really you don't want Garr having control over your BTC when that stuff hits.

And anyway like it or not, Garr had a vote and the vast majority have voted for liquidation. It needs to happen now.

That's probably what triggered Havelock's alarm and caused them to freeze trading.
I think they implemented it to catch hacked accounts dumping shares like guybrush01's situation a few weeks ago.

[robitnik]

The only people who want to liquidate are the ones who bought all their shares at ฿0.002

I am the only one who sold at .002 BTC and i bought most of my shares in the .6 to 1 BTC range.

We do not like taking this loss but clearly with Garret running this show it is best to get back what we can from the units. The math does not lie. There are also other options that some of us are taking to get some of the funds back as well, and really you don't want Garr having control over your BTC when that stuff hits.

And anyway like it or not, Garr had a vote and the vast majority have voted for liquidation. It needs to happen now.

That's probably what triggered Havelock's alarm and caused them to freeze trading.
I think they implemented it to catch hacked accounts dumping shares like guybrush01's situation a few weeks ago.

But the fact they kept it locked down until Garr can get hashing power up and running is pretty much illegal. Havelock and Garr knows that this is not a "hacking" and they are manipulating the trading in a highly illegal way.

It's an unregulated exchange though. I don't know what (if any) laws would apply here.
But, yes. It shouldn't have happened. This whole situation is a mess.

[silverfuture]

I have to say that it is very irresponsible for Havelock to stay silent for this long. I haven't received an email (although I have gotten about 5 emails plugging the same offering), no mention of it here, none on Havelock.  What gives?

[robitnik]

I have to say that it is very irresponsible for Havelock to stay silent for this long. I haven't received an email (although I have gotten about 5 emails plugging the same offering), no mention of it here, none on Havelock.  What gives?

Yeah, there really should be more communication.
What happened with the attempt to buy btct.co from burnside? That was a much better exchange. Particularly the motion system.

[silverfuture]

I have to say that it is very irresponsible for Havelock to stay silent for this long. I haven't received an email (although I have gotten about 5 emails plugging the same offering), no mention of it here, none on Havelock.  What gives?

Yeah, there really should be more communication.
What happened with the attempt to buy btct.co from burnside? That was a much better exchange. Particularly the motion system.

Agreed. btct.co was excellent in many respects. I wonder who bought it, if anyone?


Why did you sell @0.002 Goat?
I paid between 0.25-0.6 for the majority of my shares of cognitive, 0.002 is pretty much dust. I understand the desire to get something, anything but sheesh.