The mine is on vacation! Some rest for our fantastic machines....

We will resume production as soon we will see un decent uptrend and/or interesting difficulty changes...

Keep providing your inputs!

Thank you

Current Blocks: 145591
Current Difficulty: 1755425.3203287
Next Difficulty At Block: 147167
Next Difficulty In: 1576 blocks
Next Difficulty In About: 1 week, 4 days, 7 hours, 51 minutes, and 36 seconds
Next Difficulty Estimate: 1699983.37975904
-3.15831952108 % estimated difficulty

Difficulty is going down a little bit obviously, and I have already seen a better production for the rock in the last 24 hours.

Maybe we should stop the miners, at least until next difficulty change.

Paci Barbarossa

Difficulty to produce bitcoins is going down (slightly), due to the fact that more and more people are stopping mining (probably the smallest one), but yes - I do think too that bitcoin is way down and will probably not recover soon; I'm in favour of stopping for a while.

Personally, I will try to buy more and more bitcoins at this level.

Paci Barbarossa

Stop mining, but don't trade bitcoins.

Most likely scenario seems still down (through 3$), i wouldn't try to catch a falling knife under this enviroment.

Let's just sit and do nothing while speculators kill themself and miners give up.

Stop mining!!! And while bitcoins value is low use funds to trade bitcoins. The Rock Mining Co. should produce bitcoins in a way or another ...

and I wouldn't mind dividends in bitcoins too ...

At the time I’m writing we do have aproximately 64 bitcoins.

We already discussed about the opportunity to keep the mine open but, at this level of value, is it still a good decision to produce?

Isn’t maybe better to suspend production and buy bitcoins on the open market if they reach a value below 4?

Please, give me your ideas!

Thank you

I am in favour of keep mining, until we don't produce debits for at least a week long.

I have seen yesterday drop price and I believe it is panic selling from someone who got bitcoins for free (by stealing them or whatever). I am confident it will go up, especially starting from september.

And I agree with Andy that The Rock Mining should give its dividends in Bitcoins rather then Lindens, which I trust more.

(And yes, I know that's my fault, I'm going to correct the software to allow distribute dividends in whichever currency a CEO wants).

ciao

Yes, I personally agree with you Andy.

Till we can produce without making debts it should be ok. I prefer to be ready with some bitcoins in our wallet and take any opportunities the market could provide rather to miss them because we have to turn on the system.

As far as Rock 7 it is not in the immediate plans. We just ordered Rock 6 and, between the vacations we have here in Italy and logistical factors, we are aiming to have it operative by the end of the month.

Anyway, let’s wait for other opinions. In the meantime production keeps going!

Keep mining, but don't plan for a rock7 purchase until the longterm trend turns around and/or enough miners pull out (regardless of how much cash you have laying around).

Dear Shareholders,

I’m looking for your opinions.

As you may have noticed Bitcoin Value is under great pressure and we are at a point were we just consuming energy and machineries.

Cash wise, even though today we spent Euro 840 to buy Rock 6, we still have enough resources from what is left from the IPO and cash revenues, to keep up production till at least the end of August being able to pay all the bills.

So, my questions are:

Shall we keep production on for the rest of the month accumulating Bitcoins waiting to sell them when they’ll gain again?

Or

Shall we put the rigs in a sleepy mode until we are not back to a more profitable level?

Your inputs or any other idea is more than welcome!

Thank you!

When is our mine at a break even and is not worth it to keep it on?

Just to be on the safe side, and in the unfortunate case the Value of the Bitcoin will reach 10$ or less, we may consider to suspend production saving electricity costs and use of the equipment.

I’m still waiting to receive accurate costs from the electricity company here in Italy but, from preliminary estimates to be confirmed, our present production cost should be around 9$ per Bitcoin.

We are making some changes in order to lower this cost but, it is going to take a couple of months or so.

Of course, we will provide you more accurate estimates as soon as we will start to receive precise information and bills (which I intend to scan it and publish it for you).

Taking this safety approach, in the unfortunate case of a drop of value of the Bitcoin, will make us able to avoid losses and preserve equipment.