Throughout the spring, we have been steadily cleaning rigs and rebuilding cards and other equipment as necessary. We are accelerating this activity through the hotter months when it makes the most sense – due to heavier utility draw and hotter temperatures. Therefore, having multiple rigs offline while we maintain them only helps in terms of the amount of heat we are generating and the subsequent utilities we are drawing.
We are also looking into cost-effective solutions in order to reduce the heat buildup within the cave. For example, we are currently testing a ventilated box casing over the rigs which has been used at other mines and will update on the results of these tests.
We have been experimenting with new and very powerful AMD Radian VII cards. Two of these cards can produce the hash power of our present 7-card rigs while using lower draw and producing less heat.
Along these lines, we are considering selectively refurbishing our existing cards rack-by-rack and selling them on the market. With the proceeds, we would purchase Radian cards and steadily reduce the footprint of the cave, while also reducing utilities and heat while maintaining hash rate. This may also extend the life of the fund due to having newer equipment.
Given current cash reserves and current monthly expenses, we have approximately 8 months left of Fund life before our cash reserves will be depleted.
If we are able to effectively and successfully upgrade the rigs as referenced above, the life of the equipment will then likely extend beyond this timeframe. Therefore, as we continue to fund operations throughout the summer based on cash reserves while upgrading rigs, we will then consider the current market environment (price of ETH, etc.) and determine how best to utilize the profitability we are generating.
Please visit the link here for an archive of financials covering 2018 & YTD May 2019.
We have been updating our blog with interesting ETH news. Please take a look when you have a chance!
Here are a few other interesting newsworthy items:
-Ensource Capital Team