IceDrill

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IceDrill is a British Virgin Islands company (originally DigiMex) deploying a large-scale Bitcoin ASIC mininig. The company is hereby releasing an asset for shares in the profits of the IceDrill mine.

Description[edit]

The company cites a relationship with HashFast as the source of their significant mining capacity, specifically noting 400 GH/s ASIC chips that will be continually delivered. HashFast chips are produce in coordination with Uniquify Inc. Uniquify has been producing ASIC chips for 10 years and has completed over 100 designs. IPO shares were issued at 0.0014 BTC each, with each share representing 1/50,000,000 of IceDrill’s 500 TH/s in November. Although HastFast’s delivery and per-chip pricing has been cloaked behind an NDA, the November projection and $14/GH IPO pricing gives indications for their plans.

IceDrill says it has already raised an undisclosed amount of investment capital and will supplement that with the capital from a public profit sharing offering. The company is raising investments against 60% of future profits across 30M total shares offered. The shares will entitle holders to weekly distributions of 75% of profits, with the remaining 25% to be reinvested in the mine to continue growing total hashing power[1].

The new options announced offer an interesting glimpse into the wide spectrum of exposure possible in bitcoin mining investments, from individual chips running at industry leading speeds that can be distributed globally, to highly centralized mines holding the single key to hashing power multiple times the size of the current network. As the market has been reminded repeatedly, any true revolutions in mining capacity will be driven less by lofty promises and more by those who can actually deliver.

Development[edit]

Bitcoin Mine - IceDrill - 2014

To build the IceDrill mine, DigiMex has a special relationship with HashFast to acquire significant volumes of its new 400 Gh/s ASIC chips on a continual basis.

The IceDrill mine, at launch, will be running with 250-363 Terahashes (363,000 Gigahashes) of power. This asset comprises +60% of the mine’s ongoing profits (meaning roughly 100% of 150-217 TH power). However, this asset is NOT tied to a specific hashrate. Rather, it is tied to a specific percentage of IceDrill profits, meaning that as the mine grows in hash power, so too do the profits earned by the shares. While one share will be worth roughly 10 Mhash of mining power upon launch, it will be worth more hash power over time as the mine grows.

In order to grow, 75% of the profit from each shares share will be paid out to the investor, and the remaining 25% will be reinvested in additional mining capacity on a continual basis. Thus, the mine will grow substantially over time to maintain the most efficient market share.

The IceDrill mine will launch with its initial 250-363 Th/s capacity in the last quarter of 2013, likely in November.

Purpose of the asset[edit]

Money raised through this offering will be combined with privately-raised capital (already secured) for the purpose of purchasing specialized ASIC mining equipment and establishing a secure, climate-controlled mine facility in Europe (the exact location is already selected but is confidential for security reasons).

250kW IceDrill Mine[edit]

IceDrill mining farm construction

Another prominent example of a commercial operator is the IceDrill Bitcoin mine. The investment involved building "a secure and climate controlled mine-facility" including "build-out of compute- center/mine location" in Canada.20 The company has mining-devices from HashFast on back-order and additionally invested into further hardware from Cointerra, ultimately leading to the same data center requirements outlined in above data center example. IceDrill is effectively trying to host a large number of retail boxes that require two separate power inputs in a data center environment that is not prepared for Bitcoin densities. USD $285,000 was spent on the data center facility21 so far, with 120 mining devices22 deployed bringing the total capacity to 144kW at the time of writing, and the cost to $1,979 per kW[2].

External links[edit]

See also[edit]

References[edit]

  1. Cointerra 500 GH/s Chips, Alydian 10 TH/s Hosting, and IceDrill IPO Set Out To Change Bitcoin Mining Landscape
  2. White Paper - Analysis of Large-Scale Bitcoin Mining Operations


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