100th : Reports

Delay in chip design phase 

We have not completed the design yet. We expect a delay of 2 weeks. The delay is caused by spending more time than expected on elements of the chip that are not related to its main function i.e. calculation of hashes. We have to finish the control logic and power regulation. These elements could be simplified if we would assume a standard powering of chips with buck converters. In an effort to reduce the costs of the hardware we plan a daisy chain like power supply. This requires additional dedicated analog logic.
We are still planing the deployment of the mine at the end of June 2013. 
Created on 2013-03-01 19:03:00 by Leszek Rychlewski; Published on 2013-03-01 19:11:29 by koji;

IPO* closed 

The IPO* has been closed on Friday 2013-02-15 on 23:00 CET, one hour before the promised time. We have received complains because of the to early closure. This was clearly a mistake, but of course not taking part in the IPO* does not mean that anybody is restricted from ordering shares. Trading of the stock started almost immediately after the IPO* closure. Shares cane be bought now based on the market price. The liquidity will probably improve once more data is released about the progress of the project.
518271 shares have been released during IPO*. This means that the mine will have a hashing power of > 103TH/s. We will equip the mine with enough boards to provide this power. 
Created on 2013-02-16 22:10:00 by Leszek Rychlewski; Published on 2013-02-16 22:18:25 by koji;

IPO* will close on Friday 

IPO* will close on Friday 2013-02-15 at 24:00 CET. We will most likely accept the price of 0.04 BTC due to appreciated valuation of the BTC since the beginning of the IPO. 
Created on 2013-02-14 00:58:00 by Leszek Rychlewski; Published on 2013-02-14 01:01:18 by koji;

IPO* of the 100TH-mine 

The proposed project describes the deployment of a 100 terahash/s Bitcoin mine. The hashing hardware will consist of mining boards developed in collaboration with BitFury. Today’s network hashing power is 4 times lower than 100TH/s but this situation will change dramatically in the next 4 months before the deployment of the hardware. The hardware will be located in the datacenter operated by MegaBigPower.com. The monthly maintenance and management costs will be kept at the 5k USD level. Hardware will be produced and assembled in June 2013. Mining will start at the data center on 2012-07-01. Estimations based on a predicted realistic continuous monthly network hashrate increase of 100TH/s (starting from 0TH/s on 2013-01-01) and BTC exchange rate of 17 USD point to a return of investment of 500k USD in 3 months after mining starts, i.e. in September 2013. Total income over the next 4 years after subtraction of the initial investment costs of 500k USD amounts to 2.7M USD. The suggested valuation of the venture is 500k USD (5 USD per 1GH/s, 1 USD per share), which is currently much below the retail purchase price of the hardware from competing suppliers. The venture will be legally operated as a PicoStocks project. No separate legal entity will be created.

The main risk of the project is the delay of the installation of the mining equipment. PicoStocks, legally responsible for the project, will reimburse investors if an income of 1M USD (10 USD per 1GH/s, 2 USD per share) will not be achieved by the mine until end of 2016 due to delayed installation.

The venture has 750 000 shares. If more than 500 000 shares will be ordered the hashing power will be increases proportionally above the expected 100TH/s. Each share corresponds to 0.2 GH/s. Shares that will not be ordered will be erased and a smaller mine will be deployed. The management costs will be decreased proportionally. The minimum price is 0.04 BTC which is below the expected price of 1 USD per share so the minimum valuation of the project is 400k USD for 100TH/s at an USD/BTC exchange rate of ca. 20 (today). The suggested price per share is 0.05 BTC, which corresponds to 1 USD per share and a valuation of the asset at 500k USD for 100TH/s. We offer a minimum price of 0.04BTC only because we worry that the exchange rate can rise in the coming 2 weeks before the IPO will be closed.
Created on 2013-01-31 02:01:00 by Leszek Rychlewski; Published on 2013-01-31 02:22:20 by koji;
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