It has been a juggling act, but here is a detailed operational update on progress…
Dear MNL Token Holders & Community,
We are excited to take this opportunity to bring everybody up-to-date on the progress of our project, and provide updates on the numerous aspects of our planning and deployment.
Since the end of April we have been dealing with countless technical “items” surrounding the following areas of our business and deployment. We have had to treat our “game plan” like a game of checkers. As we progress on one front, we subsequently “move our chips forward” without advancing any one aspect of our planning too far forward. The areas of focus when building are:
1. Energy PPA’s & Transmission 2. Mining Floor Design 3. Electrical Specification and Plan 4. Mining and Deployment Plan 5. Custom Product Designs 6. Property Purchase
Due to the high number of varying technical points, we have tabulated this update into the above 6 categories. We have attempted to create structure by assigning each line item its own reference, with the idea of providing updates to all of these “fixed categories” in each monthly operational update. We have provided as much detail as we can on these matters, and feel that we have truly provided a comprehensive update on 100% of the matters at hand.
Areas where we have experienced challenges and time delays:
1. Engineering our electrical specification to conform to local codes
2. The re-negotiation of property purchase terms, for the same property.
3. Certain structural issues needed to be resolved, before they were effectively inherited
4. The largest and most time consuming challenge of all was securing the energy. We originally negotiated for the full 18MW (due to a change in machines today, it is now 21MW) which posed some challenges. We resolved this by negotiating and restructuring our deployment on a ‘per phase’ basis instead.
Without going into too much granular detail, the area In which our facility Is situated has only 1 set of high tension lines supplying it with its energy, and the capacity of these lines is essentially full already. Due to the fact that we are planning to consume over 10MW in the first 3 years, we are considered intensive energy users, and are required to have an agreement in place with the company responsible for transmission of energy (the grid) as well as whichever energy producers we choose. Although we have made the necessary arrangements for the energy PPA’s, we are waiting for the chance to secure capacity on the lines. In the interim, we have made alternative arrangements to secure energy for our first phase, which only became available in September.
Once online, we do not foresee any issues with energizing phase 2.
5. We chose to revise our agreement with a local energy utility (for phase 2 onwards) in order to save around USD1.6m in bank guarantees or long term deposits for step-down services of our entire 18MW (read, 21MW) energy requirement. We have instead elected to do this ‘service’ for ourselves, using our own engineering team, and will be able to deploy our step-down transformers and other necessary equipment for phase 2.
6. We identified a need to custom design some of the equipment that is used in the construction of our clusters. We realized that if we can create perfectly modular clusters, we would be able to increase our rate of rollout and building five-fold. by doing this, we also reduce time and risk in carrying out routine maintenance, or repairs where necessary.
We significantly up-scaled our PDU’s to cater for all equipment on 1 shelf, per PDU, in a plug-and-play fashion, and in turn custom designed our racks to the specific height of the roof, and to what is possible for a technician to work on without stretching or working too far overhead.
This process involved a great deal of work for something that may seem abstract, but it has allowed us to know exact quantities for each cluster and to order effectively and accurately, as well as keeping our mining floor dynamic in that we can plug-and-play a variety of equipment without jeopardizing the electrical circuits or data network. It will also allow us the ability to expand at a rate unseen by other miners, who have just used freely available equipment to build.
Here is our progress so far….
1. Energy PPA’s & Transmission
2. Mining Floor Design
3. Electrical Specification and Plan
4. Mining and Deployment Plan
5. Custom Product Designs
6. Property Purchase
* A Video has been commissioned, and a professional videographer will be giving a full graphic run-through of the property, and will be producing a Time-Lapse at the end of the build too. Additionally, we are exploring the possibility of creating a live stream during certain times of our build, so that our community can feel part of the project. At this time, this is subject to certain security concerns, but it is a concept we are working with.
As we progress, we will be providing updates to these same sections on a monthly basis, and progress can be tracked.
It has been a fairly long process, with a lot of planning and challenges going on behind the scenes, but we have finalized everything that is required as of this time. It Is almost time to bring phase 1 online!
I hope that you have enjoyed this update, and that it has been informative. This has been written to be as informative and detailed as possible, and to provide full transparency as to where we are with all matters.