Post
Topic
Board Securities
Re: [BitFunder] IceDrill.ASIC IPO (235 Thash Mining Operation powered by HashFast)
by
29750f0e1c2fbb3bb
on 08/03/2015, 10:44:51 UTC
The current mining is still going on, albeit at a reduced rate:
http://eligius.st/~wizkid057/newstats/userstats.php/1J1WB4LxdKwR7Y3cSEYLDbYk16xiHa9ivp

The reduction of hashing power primarily comes from the failure rate of the cooling pumps, which the operator is currently trying to RMA.

The original operator agreement broke when bitcoin crashed below 300 USD, as the equipment couldn't produce a surplus anymore. For the duration of the flash crash below 200 USD the contract got suspended.  The new agreement is more in tune with a gentlemen's agreement of a guaranteed 10% yield. As such the operation had about a 3 BTC surplus in January, with a payment of 23 BTC in operating cost. The equipment is property of Digimex and will run as long as the operator can provide the operation under beneficial conditions (guarantee of surplus).

The last payment was settled directly from the mining address. Future payments will also be settled directly through the mining address.  Only the surplus will be transferred into the multi-sig account from time to time.

Cryptomex was a separate entity and was hosted by Icedrill. Based on available records no significant business transactions have taken place between cryptomex and Icedrill. Theoretically Icedrill could write a bill for hosting to cryptomex, but that would be nitpicking. If there was some wrongdoing by officers or employees of cryptomex, Icedrill was not affected more than a potential dispute arising out of failed payouts, which in total should be less than 30 BTC.

Icedrill will likely completely dissolve all tangible and intangible assets within the next few months. Given the unknown quality of the work and the lack of funding, this means that there will likely be a mix of sales/auctions and open sourcing.