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This is our 42th post in the Infinity Hash Weekly Update series for May 20, 2024.
This week we added some new miners, finished some important upcoming dashboard updates, launched our 1-year anniversary game, and updated fiat payment methods. Mining profits for Infinity Hash went down a bit with some downtime and share price for IHS going down even though Bitcoin went up.
You can always get a full overview of past charts and numbers on the Weekly Updates page.
Project Updates
Infinity Hash in Numbers
These are the numbers for week 20, 2024, from 2024-05-13 to 2024-05-19.
| Metric | Current data | Change |
|---|---|---|
| Total Miners | 485 Miners | + 12 Miners |
| Total Hashrate | 62.23 PH/s | + 0.58 PH/s |
| Total Shares | 597,367 Shares | + 9027 Shares |
| Share Price | $ 5.23 | – 7.10 % |
| Rewards generated | 0.26527827 BTC | – 16.28 % |
| Reinvested | 3115 USDT | – 225 USDT |
| Electricity paid | 10877 USDT | – 2194 USDT |
Quick note: We added a new chart with more details on individual shares to the list! We hope you like the information on the actual hashrate and yearly returns in USD per share. The project’s overall APR was added too and nicely shows the temporary dip in returns due to the halving. Over the next weeks we should see it go up again and stabilize around 30% to 40% APR.
Dashboard and Feature Updates
We got through some major updates for the whole dashboard (design improvements and info-pop-ups), added the statistics page for a better overview to our test system, and are currently finishing testing of the new main page of the dashboard. Our main focus here was making the dashboard more beautiful, easier to understand, more transparent and more informative.
One of the biggest updates will be the better display of rewards, including the actual pool reward, electricity cost, reinvest amount and mining reward for each community member, as well as a SATs mode that enables everyone to display their rewards in BTC (or rather Satoshi, to be precise). The wallet section has also been updated with a SATs mode, as well as removing unnecessary buttons and adding more useful information instead.
Another update that will drop really soon is the reward pools update, which replaces the current reward split feature with more options. We will be sharing more detailed info as soon as it is online, but here is a quick teaser screenshot (yes, the first supported coins will be ETH, SOL and DOGE, with BTC still being the default and USDT support pulled over from the reward split feature):
All three updates are currently in our test system and will be shipped as soon as we confirmed everything works. The statistics page will go live next to make sure everyone has an easy time doing potential tax reports before the different deadlines in different countries hit.
Miner and Farm Updates
This week, we added 12 new miners, increasing the community pool hash rate by 1720 TH.
| Model | Hashrate | Source | Workder ID |
|---|---|---|---|
| Whatsminer M50 | 120 TH | Share sale | IH473 |
| Whatsminer M50 | 120 TH | Share sale | IH474 |
| Whatsminer M50 | 120 TH | Share sale | IH475 |
| Whatsminer M50 | 120 TH | Share sale | IH476 |
| Whatsminer M50 | 120 TH | Share sale | IH477 |
| Whatsminer M50 | 120 TH | Share sale | IH478 |
| Whatsminer M50 | 120 TH | Share sale | IH479 |
| Whatsminer M60 | 176 TH | Reinvest | IH480 |
| Whatsminer M60 | 176 TH | Reinvest | IH481 |
| Whatsminer M60 | 176 TH | Reinvest | IH482 |
| Whatsminer M60 | 176 TH | Reinvest | IH483 |
| Whatsminer M60 | 176 TH | Reinvest | IH484 |
Preparing for the construction of a new power line
A new 5MW power line is planned for the farm. This line allows us to accommodate even more containers with new miners. We have already received a cable reel, a complete transformer substation, a transformer and all the necessary equipment for the construction.
Installation of fans in complex transformer substations
Without proper ventilation, the entire system can fail due to overheating in complete transformer substations. Natural ventilation in the form of vents is not sufficient in the summer. That’s why fans are installed on every CTS (complex transformer substation).
Preparing the site for new containers
We have started to prepare the empty site, levelled with gravel, for the placement of the new containers. Concrete supports have been poured to protect the containers from flooding and humidity.
Installing a new batch of miners
At the beginning of the week, we received a batch of 5 Whatsminer M50s from the Infinity Hash share sale. And at the end of the week, we installed another 7 new Whatsminer M60s due to the reinvestment feature.
Maintenance and Downtime
On May 12th, a power line from our electricity provider was severed due to a storm. As a result, most of the equipment was offline for about one day. This also led to some blown power distribution equipment at the farm, which took a while to fix. Here are some pictures.
On May 13th, the first day of this week, we had most of the miners online again, but we did have a bit of downtime because of the time needed to bring everything online again and do some testing to make sure no other equipment was affected before switching electricity. We got 100% of all miners online on May 14th.
The total uptime for this week was 92.27%.
Announcements
1-Year Anniversary Game
To celebrate its first anniversary on June 15th, 2024, we are organizing a giveaway among the Infinity Hash Community. The prizes are:
- 1 time $500 in shares as the main prize
- 10 times 10% bonus shares on all shares purchased during the game period (max. $100)
- 10 times an Infinity Hash surprise box (T-shirts, vouchers, merchandise, etc.)
Both existing community members and newcomers can take part. Anyone who buys Infinity Hash Shares (IHS) worth at least $100 in the period from May 15 to June 15 is participating automatically. Both new shares and shares from the Community Marketplace are eligible.
FIAT-Payment Updates
Bank transfer update
After some more due diligence and paperwork with our payment processor and bank, we can now offer the following minimum deposit amounts for bank transfers:
- 🇪🇺 EUR at 100 € minimum
- 🇺🇸 USD at 100 $ minimum
- 🇬🇧 GBP at 100 £ minimum
- 🇹🇷 TRY at 3500 ₺ minimum
PS: EUR is now an EU-internal transfer and not a foreign wire transfer! This means fewer fees and faster transfers without problems or any special transfer options needed.
Card payments update
With the help of our payments partner, FinchPay, we reduced the card payment fee when buying new Infinity Hash shares to 0%. This will be active at least till our first anniversary on June 15th, 2024. After that, we will re-check volume and reduce the long-term fees as far as possible.
Links and Outlook
Outlook and Mining Forecast
Based on a lot of new Whatsminer M60 models with higher efficiency added to the pool and more coming next week, we predict significantly higher profits if the Bitcoin price stays stable or goes up more.
Weather conditions
The current weather conditions at the mining farm are: Clear. Chilly. Current temperatures at 1.4°C / 34.52°F provide good cooling conditions, with the weather forecast showing a downward trend in temperatures. This should result in increased profits.
Transparency
Here are our current transparency links:
- ViaBTC Pool: Get a complete and transparent overview of the Infinity Hash mining pool.
- ViaBTC Workers: A detailed live list of all miners in the Infinity Hash pool, including their current status
- Reinvest Wallet: The reinvest wallet where 50% of all profits are sent to buy new miners for the community. You can see incoming reinvest transactions under “Transfers” in the form of incoming USDT transactions. The wallet address is:
TMaymjtdjGkS7n2uHbGQX2emznyD6pZVx4 - Electricity Wallet: The electricity wallet is used to pay all electricity costs for the Infinity Hash Pool. As with the Reinvest wallet, you will find all incoming USDT transactions under “Transfers”. The wallet address is:
TBy6NqQRUUQetSA8yeNgDBs6mh43hmcSm5
As always, it has been a pleasure to provide you with the latest information on the Infinity Hash project. We wish our community a great week and happy mining together!
