SGMC Update [2 Jan 2014]

USD Rate @ USD$820
Current Difficulty 1,418,481,395
Current SGD (In-hand) $993.87
Current USD (Exchange) $0.19
Current SGD (Exchange) $371.22
Current BTC (Wallet) 1.24386431
Current BTC (Pool) 0.09373763
Current NMC (Total) 1.44201607
Current IXC (Total) 1.10324233
Current DVC (Total) 38.96181725
BTC on Exchanges 0.6
Invested BTC on cex.io 2
Estimated Assets SGD$ $5,379.72
Updated : 2 Jan 14 @ 2.01pm

Happy New Year to everyone!  May 2014 and the vitality of the horse bring everyone great fortune, wealth and health this year!

Many things have happened these few weeks and finally a new update just a day after Bitcoin mining difficulty has re-targetted to 1.4 billion.

We are now consolidating 50% of BTC mined to be re-invested into cex.io cloud mining service.  As to the remaining 50% of mined BTC, it will follow the same lifecycle as per the past few months where it will be liquidated on the local exchange and proceeds will be used to fund operating costs as well as to build up for dividend payments to the groups’ members.

Please note that the value shown in the table below already excludes the SGD$18.6k payouts back to all members.  We are still progressing through the 2nd dividend payout as of this writing and everyone should receive their monies soon.

Kindly keep expectations in check as it might take a little while more for the 3rd dividend payout.  Realistically, out of the SGD$5.3k in assets we have now, only SGD$3k is easily liquid.

On a last note, power prices have fallen in Singapore and there is a little bit of savings regarding power costs.  Negligible in my opinion.  Moving the miner back to the original cost-free location is still a good option, unfortunately, tests have shown that Internet connectivity at the old site remains unstable.  I have had to run back to the old site a couple of times the past few weeks in order to reset the router.

Anyway, everything is still looking good.  Though there will be new processing power coming online soon and it will definitely spike difficulty, we are still making good money.  There still isn’t something out there that looks like a winner yet but everyone’s on a lookout should something appear over the horizon.

 

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2 responses

  1. Hi there, Im currently mining in Singapore, though Redbit hashing in Malaysia is all sold out. Any pointers where I can get some cloud hashing contracts in the region as well ? thanks, B

    1. Hi Benson,

      You can click on the link on the blog to buy some cloud hashing power at cex.io. We have about 40GH there at the moment and they are legit so far as we are able to cash out BTC/NMC/DVC/IXC as and when needed. The thing is though their price may be a bit high on a BTC/GH rate, the good thing is that you can always trade back the GH for BTC on the current market rate.

      Watch the prices for a while and determine a good entry point. 🙂

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