Based on our September investor meeting and additional conversation with investors, we are staying the course with mining. The vast majority of investors desired this. What this means is that our plan is to mine as much ETH as possible for distribution to investors and use our cash reserves to pay expenses.
In the subsequent weeks since the meeting, we had only been mining at a minimal level as we have been working with our landlord and Consumers Energy to make sure that we locked in the best possible electricity rate. This proved to be a bit cumbersome given that we were not allowed direct access to the property owner and it took a number of swings at the bat to get the attention of the correct decision maker at Consumers.
Fortunately, we have been able to lock in $.076/KwH for electricity and, after weeks of honing and optimizing the cave, we are mining at an efficient ~55,000 Mhs. That electricity rate is very good and what we projected we would be able to achieve only with a $4MM fund.
Based on current difficulty, we are mining at a rate of accumulation of approximately 130 ETH per month. Presently, we have nearly 52 ETH in our account and plan to make the first of regular bi-weekly distributions next weekend.
The September financials will be available shortly and will be distributed to all.
We are continuing to sell the antminers, while also evaluating potential remote hosting as the pricing for that service has declined at a number of hosting sites.
We thank you for your patience and understanding.