I may be newb, but I’m not an idiot. 12% network hashrate increase was what I meant by 12% increase/week.

 If all divs are stopped 262BTC next week (-75BTC hosting and no network increase by then).
177BTC the week after (25% network increase)
177BTC the week after that (network increase will happen that day (11th July))
= Loan paid off by 11th July and then there would be BTC collected for re-investment again.  I’ll have to trust you on the producers 1/10th price to self, but cryptx has managed good prices / produced their own boards in the past, but it does look like an uphill struggle. It’s also looking very worrying for a de-centalised network to be cornered by a handfull of chip producers do you not think?

I understand cryptx is maintaining radio silence and I understand why, but it would be very useful to hear their plans for the next few weeks.

Okay, puppet thankyou for giving me very reasonable answers, although the insults really aren’t necessary.

I ran the numbers, assuming 12% increase per week, if divs stopped this week then the loan would be paid back in 3 weeks and five weeks after that we would have 400BTC to buy new gear with right?  I grant you it would be pretty hard to double PETA’s hash rate in that time to keep up with the network…with only 400BTC, unless CryptX can get their hands on cheap rigs from somewhere, finance another loan, or the next price bubble hits us. 

So, a few questions for you, is the cost/GH at cex.io or anywhere else cheaper than here at PETA?  Because from what you have said, mining/hosted mining/cloud mining/ being a part of the bitcoin network are not financially viable unless you are producing chips?  And it’s not PETA you have an issue with, but ALL mining. Are you saying that only the manufactures of chips are now able to afford to keep up with the bitcoin network?

If so, is it possible to buy shares in said manufactures? 

So if you have no shares in peta, and think all mining is doomed to fail, are you very busy pointing this out to all of the other bitcointalk mining threads? Why does PETA warrant your time?

@theMiracle, just want to check, that was mockery right? (Hope your grandma can cope sans chair)

 I’m not even sure if any of those posts were in response to my first, or even that anyone read it,  but I’m going to carry on regardless.

I get that PETA isn’t looking too bright right now, especially with the ever increasing hash rate. But rather than kicking cryptX, who seems to have a pretty good track record so far and has gone out of their way to keep the mine afloat, why not have a discussion on what to do about the situation rather than sounding the dive alarm and posting titanic gif’s ? (funny as it is)

Rather than start a selling panic where we all lose out by selling below IPO, why not find a way to fix the mine so we all win?

PETA has  ~1.2 petahash right? The network is now ~130 petahash  so we are at about 0.9% or 313BTC or 185,100 USD per WEEK! Now maybe I’m just dirt poor, but that sounds like a lot of mulla to me. I’m no mining expert (clearly), but that HAS to be more than enough to buy new mining gear and dig ourselves out of this hole right? 
If it’s not possible (and please tell me if it’s not) then why is ANYONE still mining? We have to keep up with the network, probably at the cost of divs, else we’re all down and out.

Does this make sense to anyone here? Am I nuts, why would stopping divs to pay back the mine not be a good idea?  Is there anyone posting here who is NOT trying troll the price down lower?

Hi, small time holder with PETA, just registered to give my thoughts.

As much as puppet is trolling the point, his numbers (sadly) do add up, the loan is being re-paid too slowly. It is clearly having an effect on share price and probably putting off new investors who have shown an interest from the soon to come p2pool switch (which is a great idea and I fully support).

I'm in this for the long run and want to maintain a (very) small part of the bitcoin network through PETA, as I think most of the unit holders here also are.

As I see it, the hash rate is going up at a comical rate and has no sign of easing up. Small time/home miners are simply not able to compete against the likes of bitfury/CEX.IO's massive hubs. The only reasonable hope people like me have are in companies like PETA who pool our resources; if they cannot run a profitable mining rig then none of us can.

Looking into the next ~6 weeks I assume that once the loan is or nearly is paid off cryptx will give another loan to the shareholders and we will ride the ups and downs in divs as the network hash rate keeps rising ect.ect. However, it is clearly going to cost >50% of the revenue to keep the mine anywhere near 1% of the network in the long term.

I'm sure cryptX and the >5% unit holders have a plan, as clearly they are not going to let their large investment fall so easily, but unless cryptX has an ace up their sleeve may I suggest one of the following:

- stopping divs for 4 weeks to pay off the loan.

- upping the re-investment to 80/90% (I was happy with 0.0007 per share per week a few months ago, weren't you?) allowing the mine to continue loooong into the future (with profit each week)

- making some sort of sliding scale re-investment / divs percentage where the amount of BTC required to keep up with difficulty (and peta at 1% of the network) comes out of weekly profit first and anything left over is given out as divs.


In any circumstance, I want PETA to keep going as long as possible and for my little investment to keep giving a small amount over years rather than crash and burn in a few months.  Thoughts?