September Update - 2
Thank you for the support and faith in us.
I would like to take this opportunity to thank everyone in our community for their inputs no matter good or bad. I have learned very much from leading this company for this past year. Learning to be patient, listening to our community, managing expectations and delivering promises.
Since Feb 2018, crypto-mining has taken a huge dip from the highs during the 4th quarter of 2017. Back then, it was a “gold rush” for mining hardware and a tremendous increase in mining difficulty due to an arms’ race for mining hardware, ASICs & GPUs.
However, in recent times, the difficulty for mining has stayed constantly high with some going even higher despite prices of cryptocurrencies falling.
We are more based on GPU mining and have (thankfully) sold off most of our ASIC miners and expanded into GPUs & FPGAs.
Contrary to people stating that GPU mining is no longer profitable, GPU mining has always been lower in power consumption and being able to mine all kinds of algorithms.
For Xenium, we are currently running 50 units of RX580 GPUs and 23 FPGAs. Looking to add another 21 FPGAs by the first week of October.
We are doing 100% Ethash (ETH, ETC, UBQ) at the moment. For further funds from Xenium, we would be expanding into VEGAs to mine Monero (XMR) as well as looking into A9s for Equihash (ZEC, ZEN).
For Xenium, we believe that we have an edge in terms of FPGAs and our mining operation is pretty lean due to the fact that we have the infrastructure ready for instant integration and an experienced team that runs it.
We take great pride in our extremely low lead times for setting up our hardware. We have to use immersion cooling for our FPGAs due to the extreme heat. This saves us further costs in terms of long-term cooling. Liquid for immersion cooling costs more than a fan/vent in upfront costs but does not use any electricity.
We work with our motto to be clinically efficient. Time is money.
We have been running Xenium for coming to 3 months and have successfully paid out 2 monthly dividends including airdrops to Veritium holders who have in turn got their dividends from those as well.
We as the core team have come up with our own personal funds to fund a marketing campaign.
We are aiming to do the following;
Dashboard to integrate Xenium onboard to make purchasing Xenium easier.
Infographics, flowcharts and schematics to showcase what Xenium can do for itself and Veritium.
Marketing Xenium as a form of passive income from Mining.
Banners and Articles on websites.
We are also open to our community who would like to contribute to the marketing campaign in exchange for discounted Xenium Purchase. For Example, If you contribute $100 to our marketing campaign. You can purchase $100 worth of Xenium for 50% discount.
However, we are also open to our community’s input in our marketing strategies.
As Xenium’s productivity increases we will increase the price of Xenium from $0.05 to $0.07 on the 10th of October 12:00 UTC+7.
This increase in price is corresponding to Xenium’s productivity expansion and as well as rewarding the early investors.
Xenium’s past 2 payouts were;
First payout = 0.00160 ETH per 1,000 XENM which is equivalent to $0.47 per 1,000 XENM (ETH @ $291) giving us an ROI for the first month of 0.94%.
Second payout = 0.00311 ETH per 1,000 XENM which is equivalent to $0.69 per 1,000 XENM
(ETH @ $220) thus giving us an ROI for the second month of 1.38%.
Do note that Xenium has not been fully built up with all the FPGAs orders yet.
As we know that mining is constantly increasing in terms of difficulty, we are exploring into building our own solar farm to power our mining operations and servers for our exchange.
Gross mining income - (Electricity costs + Operating costs) = Net income.
The constant expansion increases gross mining income. We are essentially turning electricity into cryptocurrencies. Therefore, by generating power through our own proposed solar farm,
it would be as good as producing cryptocurrencies.
As we have quite a lot of land (16,000 Sqm) which is unused. If we do use half of the amount of land at our current site, we would be able to produce roughly four to five megawatts of power from solar alone.
However, as this is only a proposed idea which we would like to share with our community, we would be presenting the numbers if only an approval for us to explore into this idea further. After which the numbers have been presented, a further consensus would be held to see if we are to go ahead with the said plans.
Thank you for your time and faith in us!
CEO Veritas Mining