CryptX Offers New PetaMine IPO, Claiming 2% of BTC Mining Network
CryptX, a company that builds and designs hosted virtual currency mining platforms, announced new updates to its PetaMine project. Based in Brussels, Belgium, CryptX plans to deploy an extra 1,000 TH/s for a hosted Bitcoin mine called PetaMine, which currently has a hash rate of 500 TH/s.
The latest development will allow PetaMine to have the hash rate of 1,500 TH/s and claim 2% of the Bitcoin mining market. Bert Valkenborgs, CryptX CEO and CFO commented,
“We have entered a new phase of Bitcoin mining. Professional hosted mining operations are the future of this market. PetaMine operates in the hosted mining space and is making the leap to become a major player.”
According to their released statement, CryptX will be using 286 Bitfury BF3500 which are able to hash at 3.5 TH/s per miner.
CryptX New PetaMine IPO
The first Petamine IPO was offered back in August 2013 where 66,206 units out of the 100,000 were trading on Havelock Investments. In the latest IPO, Cryptex will be issuing the left over units and giving an extra 1,000 TH/s for the units. These will be sold in three batches of 10,000 where the last will carry only 3,794 units. The first batch will be the cheapest price; one unit will be worth 0.095 BTC. The sale for the machines will start from May 19-31 in Havelock Investments.
CryptX CTO Joeri Cornelissens has said,
“The new IPO will create even more value for our investors. As PetaMine grows, each unit represents more hashing power. The contribution from our investors has been crucial to PetaMine’s success, and we couldn’t be more pleased about the expansion we’re pursuing.”
CryptX will withhold the weekly dividend that the company pays to unit holders until the end of the IPO in order for the mining operation to be sustainable. Instead, the dividends will be stored in other hardware so that the holders will benefit from them. With all these measures, CryptX plans on mining around 25,000 bitcoins in a year.
The CryptX datacenter is powered only by solar and wind energy ensuring that the company uses ecologically measures for the Bitcoin mining.
Image via PetaMine
I’ve been a PetaMine unit holder since last fall, and I gotta say it’s been great. Not only have early investors already made back almost 50% of the original IPO price in dividends, but CryptX has displayed excellent flexibility in keeping the mine competitive. It was originally supposed to be all CoinTerra machines, then while we were waiting they diversified into Bitfury gen 1 machines — then sold those when BTC was at ~$1k and bought into Bitmine, THEN started designing their own boards using the A1 chip. The new move to triple our hashrate by adding Bitfury’s new machines is great, and I have never heard of another mine being so adaptable. Normally what you get with mining investments is frustration, excuses and disappointment — not here, though.
I have been an investor since mid-2013, and I have been impressed with the management’s decisions thus far. I’m excited to see what this latest development will bring.