The next 3 dividend payments will be taken from the original ~5TH/s that has been running since early October. The new hardware is an additional 15-20TH/s.
We just had confirmation that the 14 days is starting and the official LRM shill just told us how much is mining roughly.
This is great news as BTC price has taken a large jump meaning that after this 14 days if prices stay the same for mining manufacturers as advertised we will be getting more than triple what we were expecting considering it was ~$200/BTC I believe when this plan was made.
For those that are impatient and don't want to wait then yes this is a bummer and you won't be able to sell your shares for a while at a decent price.
For those that bought LRM to hold for a year or so, this is very good news and only ensures us that we will likely get 100% return + still have our shares to sell in the future.
I for one am excited.
So what that we have 15-20 TH/s more, how much did it cost (in BTC/Gh/s)? What other hardware can we get with remaining funds?
Why does this ensure that we will likely get a 100% return? What is the investment plan that ensures this? What are the price points and difficulty projections? Will revenue exceed expenses? What is lab rat's fee and how will that affect long term profitability? He needs to get paid, is he being paid enough to keep the program running? Does he have investment/options/buy-in that is affected as well? Of the $1m we gave him, what did he do with his person $200k? What was the plan for the other $800k of hardware we bought for him? Can LR hire someone (or outsource) management of the business so he can concentrate on hardware?
These are questions investors (and lenders) ask. I don't share your enthusiasm because nothing has been presented to make us excited. I can be excited if those questions are answered.
But it doesn't matter, we're pretty much all strapped in for the ride due to the difficulty in exchanging shares and LRM doesn't have to (and won't) answer any basic questions on the fundamentals of their business.
EDIT: Another, possibly huge problem coming up in April, depending on how he set things up... He raised $1m from investors, but in exchange for no equity. On his annual IRS reporting, that just counts as income - not as raised capital since there is zero equity outlay. LR, as sole owner of his LLC, is personally responsible for taxes on that income at his personal tax rate. He will be forced to take a distribution just to cover that taxes. In the US, that's somewhere between ~15-35%, even if it is retained earnings. If he structured it as a loan, that could work - but we didn't sign a promissory note.
What's the plan for this? Have you talked to a tax accountant? Is there plans to buy lots of hardware fast to reduce tax liability?