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Published on 24.11.2014, 19:49:31 by Leszek Rychlewski
Due to low power efficiency of the 55nm hardware we have decided to install the mine in a low power cost location in Venezuela. Due to political turbulence in the country the hardware has been seized by local gangs. We have no ways to recover the hardware. Even if recovered, operating the hardware in other safe locations at current difficulty levels does not make economical sense. Since launch the network hash rate has increased 100 000 times.
We regard the project as closed.
For every invested 5 BTC the project paid back 8 BTC to the investor.
Published on 16.05.2018, 17:09:33 by David Lang
Moving to pool mining
Solo mining generated very unreliable results and we have the feeling that the mine has underperformed in the long run compared to the results that would be obtained if using a pool. Thus we have decide to switch to pool mining. We are user 522067 on btcguild. The payout schedule will change. Dividends will be more frequent but smaller.
We will also sell more shares to improve liquidity of the asset. We will sell small amounts of shares at market price.
Published on 19.03.2014, 00:27:36 by Leszek Rychlewski
Until today the (renamed) 500th mine returned a total of 20903 BTC in dividends. This is higher than the market capitalization at IPO (518271[shares]*0.04[price]=20730[market cap]). We expected this date to come sooner than almost 11 months after IPO. Nevertheless we see this as a very positive outcome given the difficulties we have faced and the extremely competitive market.
Published on 27.12.2013, 19:33:42 by Leszek Rychlewski
1GH/s per share
We are now operating above 500TH/s and this is roughly equivalent to 1GH/s per share. We will keep this average hashrate from now on.
The mine has generated 18622 BTC in revenues so far. We expect to break even end of this year and reach the total revenues of 20730 BTC (0.04BTC IPO price * 518271
Published on 17.12.2013, 12:08:08 by Leszek Rychlewski
We have reached 500TH/s. We will try to keep this hashrate as long as the hardware lasts. We will not deduct running costs as long as these remain marginal (below 10% of revenues).
Published on 15.12.2013, 23:25:42 by Leszek Rychlewski
We are currently running at ca. 300TH/s. We will not decrease this hash rate. We are still expecting higher hashrate this year.
Published on 26.11.2013, 14:25:01 by Leszek Rychlewski
We have reached the hashrate of 200TH/s. We will expand the mine and add hashing power, but it is not yet predictable when and how much. We expect to close the expansion this year and after that we will focus on maintaining the mine. The mine will work closely with the megabigpower.com shop. Hardware scheduled for sales will be tested in the mine. This means that the mine will experience hashrate fluctuations that depend on shop hardware supply and stock.
Published on 20.11.2013, 20:28:53 by Leszek Rychlewski
Our first block
We are mining now with ca. 75TH/s. The installed hardware needs a lot of adjustment before we get full capacity from it. We expect to have more hash-rate in 1 week as a result of optimization of the local installation. In 2-3 weeks we will have the remaining hash-rate when new hardware arrives.
We have solved our first block: 000000000000001405e4fe173fa30f8b71ad395ca1312556e43113c746d869c5
Most of the hash-rate is still directed to a pool. We will convert to solo mining after we finalize our setup.
Published on 22.09.2013, 19:27:08 by Leszek Rychlewski
Failed production and change of investment parameters
After reviewing the H-board received from the production facility (http://bioinfo.pl/pub/pico/hcard-production.jpg) we have discovered that the PCB boards used for assembly contain a serious flaw. The boards were designed as 4-layer PCBs (http://bioinfo.pl/pub/pico/hcard-traces.png, http://bioinfo.pl/pub/pico/hcard-design.jpg) while only 2 layers were produced (http://bioinfo.pl/pub/pico/hcard_front.jpg, http://bioinfo.pl/pub/pico/hcard_back.jpg). The hashing boards are of course not functional without the 2 internal layers (green and yellow traces) that contain the SPI communication paths to the ASIC chips.
This production failure was caused by a wrong conversion of eagle files to gerber files by the contractor (PCB production and assembly facility). This error could not have been anticipated by us and was a shock to us.
We need to produce new PCBs and populate them with chips. This delays the deployment by an additional month and causes substantial losses for the 100th-mine investors. As a response we will increase the hashing power of the mine to 200TH/s in the next 2 months.
Published on 13.08.2013, 20:18:08 by Leszek Rychlewski
We expect mining hardware to arrive at the data center next week. We are finalizing the preparation of the power supply, internet communication and device management. We are also validating the dividend distribution process. We have connected a very small demo device with only 4-hcards to a mining pool. The revenues from the mining pool will be sent to the asset's dividend account (19t7RxwXdfiwQMyQ3JVB16e9HgV7omijSs) and distributed automatically. We plan later to pay dividend immediately after mining a block (after default 100 confirmations).
Published on 27.07.2013, 15:11:01 by Leszek Rychlewski
We are having problems finding contractors able to produce and assemble PCBs for us. The best time we are getting for the completion of the process is 2013-07-25. We will try to get faster production schedule but current worse case scenario is deployment of the mine by the end of July.
Published on 30.06.2013, 18:07:58 by Leszek Rychlewski
Chip results successfull
Chip results are successful. This was the most important and risky milestone of the project. Preliminary test results were posted on Bitcointalk by Bitfury (https://bitcointalk.org/index.php?topic=228677.msg2515472#msg2515472).
Unfortunately the chip does not perform as planned. We optimistically assumed a hashrate of 3.5GH/s at 0.6V. The chip is 2 times slower and if overclocked can run at 2GH/s. Further overclocking would be to expensive in terms of hardware prices (power supply).
Because of the lower hash rate we will have problems to deliver the full 104TH/s performance in the next weeks. Only 35296 chips are expected to be available for the mine next week. This corresponds to only 70TH/s. We are still waiting for the other packaging company to provide us with the estimation of the date for the completion of packaging.
We expect a delay of 1-2 weeks in launching the mine. We assume the initial launch will include only 70TH/s and few days later additional 34TH/s will be installed.
First chip test inconclusive
So far we had only very short time to test the chips locally in Taiwan and we were not able to communicate with it. The provisional dead bug setup was sufficient to evaluate leakage currents but we were not able to create a functional level shifter to transmit messages between it and raspberry pi. We fly the chips to EU now. The test will continue on Sunday night.
Published on 15.06.2013, 10:54:56 by Leszek Rychlewski
217 chips received
217 chips have been received from the packaging factory in Taiwan few minutes ago. We will start testing the chips in 2-3 hours from now.
To improve liquidity and prevent huge price fluctuations Pico (https://picostocks.com/users/view/23) will set now an ask order at 0.4BTC, which is above the current trading price and above the all-time-high price.
Published on 14.06.2013, 13:05:22 by Leszek Rychlewski
More chip delay
The packaging company postponed the delivery to 13th. We will try to convinced them that this is not a nice move :-). We understand that each day is a very big loss. They are maybe not aware of this yet so we sent our Agent to Taiwan. We will consider changing the packaging contractor.
Published on 09.06.2013, 00:36:34 by Leszek Rychlewski
Chip packaging delay
The packaging facility will ship the chips on 2013-06-10. We have 2 weeks delay :-(
Published on 04.06.2013, 15:45:33 by Leszek Rychlewski
Wafer production completed
Wafers are finished and are on their way to the packaging facility. Few chips will be probably ready in 1 week. The rest will be ready in 3-4 weeks.
We have ordered components for the provisional board production. The provisional design will be finalized next week. The boards will be tested with the first few chips and modified according to the observed chip parameters. We hope to have all components for the remaining boards ready for assembly before the main batch of packaged chips arrives.
Published on 24.05.2013, 11:21:59 by Leszek Rychlewski
Wafer production and chip packaging
First wafers will be completed on 2013-05-25 (few days delay). We have succeeded to request expedited packaging of first chips from the first wafers. We expect receiving packaged chips after 2013-05-30. These will be used to verify the function of the chips and test provisional board design. We believe board assembly with all 100th mine chips before 2013-07-01 is feasible.
Published on 22.05.2013, 16:35:16 by Leszek Rychlewski
Chip production update
The wafers will be completed on 2013-05-19 (May 19th). We are negotiating the timing of packaging now.
Published on 04.04.2013, 11:52:06 by Leszek Rychlewski
Chip production started
Initial tapeout submitted. We will still modify the top metal layers while the production of the masks for the lower layers continues. We need to do final optimization of few logic elements that are currently left as unconnected NAND2 cells.
Tomorrow production of the firs mask will start (JDV, job deck view phase). We expect the production of the wafers to finish before end of May.
Published on 28.03.2013, 12:02:39 by Leszek Rychlewski
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.
Published on 01.03.2013, 19:11:29 by Leszek Rychlewski
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.
Published on 16.02.2013, 22:18:25 by Leszek Rychlewski
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.
Published on 14.02.2013, 01:01:18 by Leszek Rychlewski
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.