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Council Meeting Notes August 10, 2021

Community council meeting for single agenda issue of comnunity mining equipment purchase held @ 10AM UTC in grincoin#general channel on Keybase. Meeting lasted 60 min.

Notes are truncated, and conversations sorted based on topic and not always chronological. Quotes are edited for brevity and clarity, and not always exact.

Community attendence:

  • anynomous
  • cekickafa
  • defistaker
  • future3000
  • dtavarez
  • mo5itoo
  • Hendi



Agenda Points & Actions


1) Community mining equipment purchase


  • anynomous : As we can see there are only two agenda point for today, discuss the mining and vote on the purchase of mining equipment @mcmmike contacted NHash and got the following response. You can read it all to know what we are voting on in the second agenda point.

    I got a reply from nHash:

      Hi Mike,

  Glad to know we can cooperate with the Grin community.
  As you required 12 units G1 mini and 1 unit G1, here we quote below:
  G1 mini 1.2Gps ±10%： $799/unit
  G1 36Gps±10%：$23,999/unit
  Shipping cost to Germany by UPS, 5~8 working days, $547.
  Total $34,134

  This is the best price we can offer for you and Grin community members.
  Please arrange the miners payment and shipping cost to separatly address:
  Paying $33587 to below:
  USDT-ERC20： 0xb3bc59491fc5212c4963df82e94df65482e70dc0
  USDT-TRC20：TFc1XLCyD6sRJvVPCuQkjP5uF3edXo9Y2P

  And $547 please pay to below:
  USDT(erc)：0x0ec79678d4c952fd0ed4e32f9ef542ac93027d3f
  USDT(trc)：TXbgM7R56SHRioziPpSv94RiVt5v68NvWF

  Await your reply.

  Regards,
  NHASH support

    So in summary we get a nice discount, THX to NHash sponsoring the Community council a bit, we are thank-full for that. For the time being we can discuss Agenda point

    1. Discussion of community feedback and formal plan for community mining.

  • defistaker : What is the regular price for G1 mini?

  • anynomous : Normal price of the previous batch (which is sold out), was $899, but they go online for prices up to $2000

    So I am not certain what the normal price is for the latest batch but I think it save to assume the price is 1000$ at least for a single unit, so without batch discount. If any one has more up to date information, please share.

    I am unfortunately short on time, so I will already provide my vote for agenda point 2) I would wholeheartedly like to vote in favour of buying the mining equipment for the price shown in the message above:hand:.

  • defistaker : I am voting in favour too

  • anynomous : Regarding making an official plan for the community mining, I think we do not have a full plan yet, here are some suggestions:

    • Pay electricity prices on a quarterly basis using a month average in Grin to the community miners.
    • Regarding the G1 location, I might be able to get a place in Belgium with electricity prices of 8-10 cents. They offer for 8 for larger scale, but they might be so kind to offer it for our single unit as a way of sponsoring, still need to contact them.

  • future3000 : That sounds good re elec cost. Imo we really need to bring the cost down close to 10 cents/kw to stay competitive in the future.

  • anynomous : I think I can offer to provide exposure to their sponsoring, so that maybe others might use their location for mining equipment in exchange for making an exception of accepting a single miner.

    Would that be acceptable for everyone, to make such an offer, a bit similar to how NHash supporst/sponsors the community?

    Please indicate with thumbs up or down.

    ( cekickafa, defistaker , anynomous, dtavarez, future3000, dtavarez responded with thumb up)

  • anynomous : Thx

  • anynomous : Of course, if there are alternative locations with good electricity price, we should consider those as well. But in case there are no good alternatives, I think it is a solid plan.

  • anynomous : I have to go now, I will read up later on any suggestions for setting up the mining, maybe @ future3000 can go over points discussed on the forum, so we can already discuss how to take the points given into account. Just a suggestion though, feel free to shape the discussion differently 😄

  • dtaverez :

    Pay electricity prices on a quarterly basis using a month average in Grin to the community miners

    what would it be the simplest way to do this? can we pay using grin?

  • anynomous : Each miner can withdraw it himsel, but we do need to account this publicly.

  • future3000 : Yeah should definitely be paid in Grin.

  • dtavarez : I think we said that we will withdraw everything to the CC public Grin wallet, right?

  • future3000 : Could be based on a 30day moving average of Grin/usd

    (cekickafa, defistaker, dtavarez thumb up)

  • dtavarez : makes sense to me

  • future3000 :

    • CC miners must confirm their avg electric $ per kw- Which they will be paid a USD equivalent of Grin in each month

    • CC miners must send all their Grin rewards to a public Grin wallet.

    • At end of each month CC miners are paid their total electric cost for the month from the public Grin wallet, based on a 30-day moving average of GRIN/USD.

    (defistaker, dtavarez, cekickafa thumb up)

  • cekickafa : yes,there wont be much friction imo. nice plan:+1:

  • future3000 : we also need to confirm who from CC will be allocated the G1s and how many units they will be allocated( 12x G1 mini & 1 x G1). We also need to factor in additional shipping costs( since the price quoted from Nhash is only to Germany).

    Further more; for the G1, we really need to find somewhere to host it with reasonable elec costs( circa 10c/kw). As pointed out on the forums: "Most of the CC are based in Europe where electricity can be upwards of 0.35 $/kWh, where in the US 0.12 can be fairly common.

    • 2800w @ 0.35 $/kWh is going to cost $8590 per year
    • 2800w @ 0.12 $/kWh is going to cost $2945 per year

  • dtavarez : now I think, the identities should remain private, we don't know the future repercussions. because all the madness around crypto lately

  • future3000 : That is a good point. We still need to confirm this internally though.

  • dtavarez : yes.

  • future3000 : Then we can explain the allocation publicly- eg 12x G1 mini's are being allocated to 4x CC members.

  • defistaker : anynomous mentioned, he is looking into a place in belgium with 0.10 cents power cost

  • future3000 : Yes, this sounds ideal. I can currently get good electric rates, $0.10/kw. But I don’t want to put my hand up for it, because I can’t guarantee how long I can get those rates for.

  • defistaker :

    • CC miners must confirm their avg electric $ per kw- Which they will be paid a USD equivalent of Grin in each month

    • CC miners must send all their Grin rewards to a public Grin wallet.

    • At end of each month CC miners are paid their total electric cost for the month from the public Grin wallet, based on a 30-day moving average of GRIN/USD.

    • anynomous will get in contact in a datacenter with 8-10 cents power cost for G1 in exchange for exposure for them so that other miners can use their facilities.

    • Identities that running mining equipment will not be disclosed in public for privacy concerns ( this will be discussed internally in council)

  • defistaker : This is the summary of today's meeting notes/decisions.

  • dtavarez : the energy cost for G1 mini miners will be paid in grin based on a 30day moving average of Grin/usd

Meeting summary

NHash proposal for 12 x G1 Mini and 1 x G1

G1 mini 1.2Gps ±10%： $799/unit

G1 36Gps±10%：$23,999/unit

Shipping cost to Germany by UPS, 5~8 working days, $547.

Total $34,134

  • CC miners must confirm their avg electric $ per kw, which they will be paid a USD equivalent of Grin in each month.

  • CC miners must send all their Grin rewards to a public Grin wallet.

  • At end of each month CC miners are paid their total electric cost for the month from the public Grin wallet, based on a 30-day moving average of GRIN/USD.

  • anynomous will get in contact in a datacenter with 8-10 cents power cost for G1 in exchange for exposure for them so that other miners can use their facilities.

  • Identities that running mining equipment will not be disclosed in public for privacy concerns ( this will be discussed internally in council)

  • The energy cost for G1 mini miners will be paid in grin based on a 30-day moving average of Grin/$


Meeting adjourned.