CryptX PetaMine IPO Accounts for 2% of Network Hashrate

Journalist:
Drew Cordell (@DrewjCordell) @DrewjCordell
May 23, 2014

The CryptX PetaMine IPO is set to add 1,000 Th/S to CryptX’s existing 500 Th/S hashrate. After completion of the IPO, which lasts until May 31st, CryptX PetaMine will control a whopping 2% of the entire Bitcoin network in terms of hashrate. The CryptX PetaMine data-center is located in Belgium and is completely powered by wind and solar energy, thus making it both energy efficient and environmentally friendly. PetaMine is a very large start-up and the event marks a new frontier in mining. I got a chance to Interview CEO of CryptX Bert ValkenBorgs about the company and the mining hardware expansion.  CryptX assembles its own hardware to avoid issues from ASIC companies, such as KnCMiner’s recent shipment.

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What is your name and position with CryptX PetaMine?

My name is Bert Valkenborgs and I’m the CEO of CryptX.

I direct our business strategy, forge strategic partnerships, and handle financial administration. Before CryptX, I founded multiple companies in the renewable energy, electric vehicle, and real estate sectors. I bring fifteen years of financial industry experience to CryptX, much of which was spent in management.

Bitcoin mining has been a very exciting venture and we are excited to contribute to the future of this community-based financial system.

I’d like to thank all the unit holders supporting our projects.

Tell me a little bit about CryptX PetaMine.

Founded in April, 2013, CryptX is a limited company located in Brussels, Belgium. CryptX operates in the cryptocurrency space, where it manufactures, purchases and hosts mining hardware. We were also the first seed investors in CoinTerra.

In August 2013, CryptX launched the hosted bitcoin mining project, PetaMine, which is currently operational at 500 TH/s and is listed on Havelock Investments.

In light of this project, the company successfully developed Bitfury-based systems in September 2013. These miners were sold so the funds could be used to deploy PetaMine as we see it today.

Now we are taking the project to a new level by tripling the mine’s hashrate to 1,500 TH/s or 2% of the Bitcoin mining network. Each of our units will represent 15 GH of hashing power.

Custom Designed Miners In CryptX data-center

What sets CryptX PetaMine aside from other mining companies?

The concept of PetaMine comes with a number of advantages:

  • PetaMine customers have no contractual obligation. You can buy and sell units at any time you please.  This is very useful in the fast changing environment of Bitcoin mining.
  • There is no minimum number of units you have to purchase. You decide how many GH/s you want to mine with. Each unit represents 15 GH of hash power.
  • Our unit holders are also entitled to the revenue of possible hardware sales.
  • We are very transparent about our costs. We do not charge any management fees, pool fees, shipping fees or import tax. We only charge a hosting fee of 0.25$/kWh. Considering our miners are the most power efficient on the market today, this makes for a very low overall cost.
  • CryptX has developed multiple strategic contacts and partnerships through past and present ventures. Combined with the advantages of a whole sale buyer, we can offer a very competitive price per GH.
  • CryptX will reinvest a percentage of the mine’s net revenue in additional hashing power. Therefore, as the PetaMine continues to grow, each unit will, in turn, represent more hashing power.
  • PetaMine will pay weekly dividends to unit holders.

PetaMine eliminates the cost-prohibitive barriers to Bitcoin investing. Now everyone can join the cryptocurrency community, starting with just a single unit.

Cold aisle where cool air is coming in from the roof (as cold air is heavier than warm air). Systems take in cool air and exhaust warm air into the warm aisle.

In terms of value, what does the CryptX PetaMine IPO offer for early investors?

PetaMine has already paid its unit holders up to 46% of revenue in dividends. At the same time, the unit price is trading at well above our original IPO price.

With this new IPO, we take the value of each unit to the next level. Our current unit holders will be entitled to 15 GH per unit compared to 7.55 GH prior to this IPO.

New investors can buy the IPO units at 0.095 BTC per unit. This is a large discount considering the value of our units when hashing at 7.55 GH.

What kind of Hardware will you be using to mine?

We use hardware based on the latest generation of Bitfury chips. Our miners have a hash rate of 3.5 TH and a maximum power consumption of 2,750 watts at the wall. This means our hardware has the bestperformance in terms of hash power and power ratio on the market today. Considering the importance of power in the Bitcoin mining space, this gives us an important competitive advantage.

We are continuously searching the market for mining equipment with the best power and price ratios because we strongly believe that standing still is going backwards.

What are the future plans of CryptX Petamine?

We believe the three most important factors for success in the Bitcoin mining space are hardware prices, power consumption and hosting costs. We will excel in all of them.

We have established partnerships with all leading Bitcoin hardware manufacturers on the market today. We have access to preferential hardware prices due to the scale of our operation.

Our hosting costs are already some of the lowest in the market and we are continuously looking to improve on this.

PetaMine is on the verge to become one of the largest Bitcoin mining operations in existence. You can be part of this exciting venture. More information can be found here

Conclusion

CryptX PetaMine is acquiring a very large amount of Mining hardware and will control a very impressive Hashrate. The company offers some unique features that might give an edge over other mining companies. PetaMine is a very significant expansion in terms of Bitcoin mining. As more large companies begin to expand Bitcoin business, the potential for Bitcoin to go mainstream increases. CryptX PetaMine is in a very good place to offer a Bitcoin investment opportunity to a very large amount of people. The PetaMine IPO continues until may 31st; you can read more about the company here.

Last modified (UTC): May 23, 2014 00:29

Drew Cordell (@DrewjCordell) @DrewjCordell

Drew is an undergraduate student at the University of Texas at Dallas, majoring in Business. He is an active member of the Cryptocurrency community, and enjoys collecting, trading, and writing about various coins. Outside of the digital currency world, Drew tends to spend his time with friends, playing video games, or studying.