davepander wrote:As a company that is actively mining bitcoin, how will the reward halving in 2016 impact your strategy this year?
shmilda wrote:First, thank you for publicly taking questions.
I have a few questions about cash flow: mining generates some cash, but only in the range of hundreds of thousands of dollars. How else does the company generate cash flow? How does it intend to raise the funds necessary to repay the $1.5m recently borrowed?
Also, when do you think the Spondoolies merger will be completed? Selling their products would generate good cash flow.
Also, do you still see the company as a private equity fund? Have any investments been sold?
shmilda wrote:Wow! That is all very informative - thank you.
What stands in the way of ramping up mining to the full 3mw capacity? Is the constraint lack of mining rigs?
I have come to think it's a very relevant question and you can better weight people's opinions having an idea of how many Bitcoins they hold (or do not hold.) So Instead of asking their opinion on bitcoin, I'm now asking every participants the same question:"Never ask anyone for their opinion [...] Just ask them what they have -or don't have- in their portfolio"
Skin_in_the_game wrote:Hello Charles, happy new year
my usual question:
I was re-reading Antifragile by iconoclast thinker Nassim Taleb recently. He writesI have come to think it's a very relevant question and you can better weight people's opinions having an idea of how many Bitcoins they hold (or do not hold.) So Instead of asking their opinion on bitcoin, I'm now asking every participants the same question:"Never ask anyone for their opinion [...] Just ask them what they have -or don't have- in their portfolio"
- Do you mind to tell us which percentage of your personal net worth and/or liquid assets you hold in Bitcoins ?
It's well know the pace for Bitcoin tech greatly varies depending upon the part of the market being covered. But when it comes to mining it's break neck or you're left behind with many expensive paperweights.
Spondoolies announced their SP50 rig back in September and began taking emails for bulk purchases. The video posted above dated October 7th shows the NC facility preparing for SP50 equipment. With this in mind...
What has held back delivery?
Is everything still on track for the NC facility to have around ten or more SP50's rolled out by the end of January? (Per the additional hash power expected to be added in January. --12/22/15 IR email.)
If so, what is the estimated lead time and schedule for additional mining equipment to be added provided capital increases as needed?
I appreciate the time you've taken to do this AMA and look forward to additional information and videos as they become available.
Thanks for doing this AMA. I am currently a shareholder in your company. I was curious as to what percentage (if any) of the bitcoins you mine are you NOT converting to fiat currency and just keeping on balance sheet as an Asset. I am trying to get a handle on potential market value of company, if bitcoins increase in value over the next 5 years.
kingscrown wrote:Nice to have you here!
Does spoondlies tech plans on going for other algos ie the infamous X11 chips ?
What are plans for GoCoin to monetize or take the spot Blockchain has?
Can you describe a bit how the referal program fo GoCoi nworks?
ronnieb wrote:@Charles, Thanks for all you are doing in the space!!
I would like to see the US Government heavily subsidize mining here in the USA. I mean HEAVILY!!! Tax exemptions, free land, grants, university funding etc!!! How do you feel about that?
Many things become centralized over time (straight from James D'angelo's mouth (https://youtu.be/_RC8wEL2r9s). Is it possible that with Bitcoin we see never ending swings from decentralization to less decentralization, never developing a status quo?
PM me and I'll get you a ride in the Pilatus PC12. Fun little plane. Also would you like to do a "Hangout" for a few minutes at our February Bitcoin Meetup? We are a small group... usually about 30 to 50 people show up to the meetups but we are growing fast and we are seeing adoption in our area with recent media attention. Let me know.c.allen wrote:ronnieb wrote:As a side note and in the essence of keeping things informal I'm a pilot as well (single engine land and glider).
ronnieb wrote:PM me and I'll get you a ride in the Pilatus PC12. Fun little plane. Also would you like to do a "Hangout" for a few minutes at our February Bitcoin Meetup? We are a small group... usually about 30 to 50 people show up to the meetups but we are growing fast and we are seeing adoption in our area with recent media attention. Let me know.c.allen wrote:ronnieb wrote:As a side note and in the essence of keeping things informal I'm a pilot as well (single engine land and glider).
c.allen wrote:Through our pending merger with Sponoolies we plan to vertically integrated our mining operations. As a combined company we would design, build and deploy mining hardware. As a public company its our responsibility to create value for our shareholders so yes we plan to profit from the mining. We also plan to sell mining equipment to the public to ensure that the blockchain remains decentralized.
More information on our strategy can be found in our corporate presentation here: http://www.btcs.com/deck-new.pdf
You can also see a tour of our mining facility below:
I see you are expanding your mining operations.
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$0.06/Kwh* (taking at least ½ DC’s Capacity)
$0.07/Kwh* (taking less than ½ capacity but more than 20%)
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*Actual Power is at ~$0.023/Kwh; Power Pathway & Distribution makes up balance of Total Power Cost.
Rentable Space: $1.25/sq.ft. per month (must include proportionate share of common area)
We have installed a 3000 AMP Main with 7 APC Power Management Modules (PMMs) configured by Schneider Elect.
These PMMs can manage each 30 AMP circuit remotely via web portal.
28 Exhaust Fans with over 400,000 cfm capacity for maintaining stated server temperatures
Over 200 Industrial Air Filters Opposite Exhaust Fans
24/7/365 Video Surveillance with remote viewing via web portal.
Fiber Optic ISP (for extremely fast data transmission)
Ladder Trays with mounted 30 AMP female twist-lock receptacles (maximum Rated Capacity of DC)
Truly Plug & Play Ready for your Racks, PUD & Servers. Brand New 6,000 ft. building
First to Qualify, First to be Served: Must be ready to occupy with Server installation and power up to full capacity within 45 days.
Serious Interested Parties please contact Bradley Glaves, Principle via email: email@example.com
I will then send you an info package and a Letter of Intent to Lease License MLDC-1.
Security deposit accompanying LOI will be escrowed at an Insured Tittle & Escrow Company while you are qualifying for our Data Center Lease License Agreement.
See Interior Build-Out Video 3/16/16 at: https://youtu.be/71lkTegoBgU
david313 wrote:Hi, good evening Charles,
when I get onto bitcoin.com, the first step asking is to select a wallet, then select an exchanger. The question is, are there differences between a wallet selected from what is provided on the bitcoin.com and the wallet of a exchanger in which I have a account?
Thank you in advance and have a good weekend!
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