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posted by janrinok on Thursday January 11 2018, @05:24PM   Printer-friendly
from the did-we-say-that? dept.

Last month we covered the story of the Long Island Iced Tea Company rebranding itself as Long Blockchain as part of a broader shift in corporate strategy. The company's stock price tripled over night.

On Friday, we got the first concrete details of the company's new blockchain strategy. Long Blockchain planned to raise up to $8.4 million with a stock offering and then use some of the money to buy 1,000 Antminer S9 bitcoin mining machines. The machines would be "installed in a world-class third-party data center experienced in cryptocurrency mining and located in a Nordic country."

But today Long Blockchain announced it was scrapping the stock offering. The company says that it's still planning to buy bitcoin-mining hardware. However, Long Blockchain says that it "can make no assurances that it will be able to finance the purchase of the mining equipment."

Source: https://arstechnica.com/tech-policy/2018/01/iced-tea-companys-bitcoin-plans-in-doubt-after-cancelled-fundraise/


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  • (Score: 3, Informative) by JoeMerchant on Friday January 12 2018, @12:15AM (1 child)

    by JoeMerchant (3937) on Friday January 12 2018, @12:15AM (#621193)

    Check the actual coin (fractions) expected per mega-hash, and compare that to mega-hashes per hour.

    For the noise, build it a soundproof box and pipe cooling air in through a muffler.

    Keep us posted on how the mining goes - if you're really yielding $10K per year, that's a full coin per year - you should be seeing a clear indicator of your actual yield within a week of operation. Whatever specs I was reading were estimating closer to 0.002 BTC per year on a ~$300 mining rig, as of late 2017.

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  • (Score: 2) by MichaelDavidCrawford on Saturday January 13 2018, @07:24AM

    by MichaelDavidCrawford (2339) Subscriber Badge <mdcrawford@gmail.com> on Saturday January 13 2018, @07:24AM (#621727) Homepage Journal

    thanks for the encouragement.

    I will post my experiences to my journal.

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