The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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2018 Review: 4 BitCoin Part 2
About three weeks after we were informed about our new business adventure to “mine” Bitcoins we are informed that the first computers were acquired and that negotiations with an electricity supplier are at an advanced stage. Unfortunately the price of Bitcoin is beginning to fall-back from its recent highs.
In early March 2018 we are informed that the “Miners” (computers) have completed their testing and the Mining Mobile Unit (MIU) is operational and is ready to be shipped to Serbia as soon as the other “Miners” arrive.
“The Company can further confirm that the first fractions of Bitcoins have already been extracted in ‘mining pool mode’, where the available Miner One computing power has been pooled with other crypto currency miners and taken a portion of the mining results. This approach assures a continuous daily stream of fractions of Bitcoin mined, instead of waiting for the full 12.5 Bitcoin reward of a block, if and when mined”.
“The results to date would indicate that the joint venture will likely produce more Bitcoins and at a lower average cost than originally envisaged. A DCF valuation over a period of five years, assuming, as at 8 March, mining profitability, mining difficulty, Bitcoin price, projected hash power and miners typology, estimated cost of energy and an 8% discount rate, generates a current valuation of €389,000, as compared to the Company’s initial investment of €200,001”.
We are also informed that the Company has ordered more mining computers, “Miner One has now placed an order for a number of Baikal Giant X10 units, currently one of the best performing and most profitable multi-crypto currencies miner machines available, as well as an additional order for a number of Antminer S9 and L3+ high-performing mining machines. The use of Giant X10 and L3+ units allows for the mining of different types of cryptocurrencies, which from time to time can be easier to extract and can be easily converted into Bitcoins, increasing the potential productivity of the MMU”.
“Negotiations with the low-cost energy provider, located in Serbia, are now nearing completion and, when the next batch of miner machines has been delivered (expected within the next 10 days) and installed, the MMU will be shipped to the Serbian site”.
So in just over two months this on paper is looking promising but again as stated above Bitcoin price is falling as at 9th March 2018 $8,858
RKB