Post
Topic
Board Securities
Re: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock]
by
robitnik
on 25/03/2014, 17:18:14 UTC
We are about to put 30+ TH/s at 1.2 kW/TH/s = 36 kW of hardware in a data center at $0.375/kWh ... we suddenly have to pay 9k usd = 15 btc monthly while earning less than 1 btc a day... the 1cogxX mined only 24.8 btc over the last 4 months.

The difficulty is now almost 5B. At a difficulty of 25B, we are running at a loss. This will happen most likely in about 5 to 7 months.
We need to have the coming 16 difficulty jumps to be below 11% on average in order to achieve a positive ROI in terms of USD ... while chances are quite non-existing that we break-even in terms of btc.

I was under the impression that the current ($0.375/kWh) place was temporary (renewed on a monthly basis) just to get our current hardware running in the short term. When a permanent and, hopefully, cheaper data center is organized, we move the hardware there. Am I wrong?


...
Some external person could produce new 1cog adresses for you to put the miners to and take care of issuing the dividends.
While it doesn't protect cognitive from you pointing the miners to personal addresses, it does safeguard the reinvestment fund from you using it for personal loans (FIMB) and other projects (HF bailout).
I'd be willing to do this and even put some of my own btc with a reputable escrow to show that I wouldn't just run away with the funds.
...

A multisig 2-of-3 could be useful here. Funds are mined to the address and it takes 2 of 3 "directors" to agree on where to send it. Of course, we're still left with the problem of finding people who won't collaborate to run off with the funds.