Complete Overview of MinePro

Governance
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42

No, we’ve sent KOL’s on site as well. Brando is a Twitter influencer that happened to live in Edmonton. We did a space with him and he volunteered to go in person. He’s not affiliated with the project at all, feel free to reach to him independently to confirm. We also have a ton of content of the operation in motion.

Here’s Brando’s visit:

He can’t get out of the car because there is safety regulations within the utility commission of Alberta. It’s considered a hardhat zone so you need to be certified in following safety courses to visit inside:

  1. H2S Alive - completed at Energy Safety Canada

  2. Common safety- completed at Energy safety Canada.
    3 TDG (transportation of dangerous goods) - this can be completed at Danatec (TDG Online Training | Danatec.com) that is the link as well

  3. WHMIS - this can be completed at ACSA and it’s free and you don’t have to pay for this course.

  4. First Aid Level 2 CPR & AED ( 2 days course)

  5. Tamarack Orientation - Online within Tamaracks portal.

To be fully certified takes about 20 hours of online work. Anyone from this DAO is more than welcome to become certified and visit in person.

Hope this helps.

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43

Thanks for this, I think you guys should do an AMA with Kyle Langham from Dfinity. Can someone put them in contact with Kyle? I think that will help the most, this project is really cool and love to see many more BTC mining projects on ICP.

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44

Should we trust an entity that uses fake Twitter interactions? Or can you explain why you do this?

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45

They actually aren’t fake at all. We ran a social fi campaign on Twitter that had millions of posts and impressions. The social fi campaign was for an airdrop on the EVM launch.

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I’ve been with Minepro from the start (from the BASE days) and they’ve been nothing but professional and communicative, everyone in the community knows what is written in that “Investigation” document, lol.

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We’re not really shocked tbh. This is a pattern we’ve seen from almost every SNS proposed project this past year. We’re fully prepared to be scrutinized, but this whole “campaign” is bordering on madness. Not once has either of these parties reached out to us to personally to investigate these claims. We’ve opened ourselves up for 1on1 calls and have answered every question presented to us. We can provide contracts, energy bills, statements, partner contacts, ect. Nothing has been requested. Rather, a poorly researched, half assed, “investigative” site was launched with conspiracy theories, hearsay, and conjecture.

This is gatekeeping 101 and it isn’t good for the ICP ecosystem. Healthy discourse is more than welcomed, but this conduct directly violates the guidelines stipulated here: Community Statement on Constructive Dialogue

We also believe that something needs to change in this system.

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48

The MinePro project sounds interesting conceptually - it aims to provide a tokenized way for retail investors to participate in and profit from industrial-scale Bitcoin mining operations through the $MINE token on the Internet Computer. The extremely low 2 cent/kWh power cost that MinePro has secured through its partnership with Logic Mining is very attractive from a mining profitability standpoint.However, there are some potential concerns and red flags that would make me want to do further due diligence before investing:

  1. The tokenomics and fundraising plans seem to have changed and are not fully clear. The white paper outlines one set of tokenomics and treasury management plans for the SNS launch on ICP, but comments indicate they also did a presale and are launching an EVM version on the Bitfinity chain with different tokenomics. The lack of clear communication around the pivot is concerning.
  2. Transferring 80% of the treasury funds raised to purchase mining hardware all at once seems risky, even if the intent is to scale quickly. ICP SNS treasuries have limits on funds that can be transferred at a time to mitigate risk. A more gradual deployment of funds seems prudent.
  3. The claims made by ForumTheGuy about MinePro being a scam and providing evidence of misrepresentation of partnerships is very concerning and needs to be thoroughly investigated and refuted with clear proof if untrue. The integrity of the team is paramount.
  4. More clarity is needed on how the dual SNS and EVM launches will work in practice, how they relate to each other, and the status of the various claimed partnerships.

While the fundamental Bitcoin mining concept is attractive, the apparent change in plans, lack of clear communication, and the serious fraud accusations made give me major pause as an investor. I would not feel comfortable investing until those issues are clarified with transparent evidence. The team should address the red flags head-on. If the project is legitimate, more transparency and clarity in communication with the community is needed. But the fraud concerns need to be thoroughly dispelled first and foremost. Tread very carefully here as an investor.

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Ok let’s tackle this 1 at a time.

  1. It was never a pivot. We’ve planned on being multichain since inception it was just a matter of when. Bitfinity made a huge amount of sense because 1) They’re an EVM compatible Bitcoin layer2. And 2) They’re in the ICP ecosystem which is what we wanted. We’ve been in contact them since June.

We did start a presale on the EVM side because it’s 100% necessary. Each launch needs its own rewards pool. Why would the ICP side fund machinery to contribute rewards for the EVM stakers? Doesn’t make sense right? The community is responsible for roughly 125k raised. The other 650k was raised by us privately. Both sides do in fact, have different tokenomics. The reason for this is they have completely different mechanics and valuations. As I mentioned in an earlier post, there was a social fi campaign with an airdrop allocation that must be considered. There’s also private equity investment which also makes a huge difference.

  1. We’re open to whatever the DAO proposes. It may cost more, but if it gives the DAO peace mind then we’re all for it. We’re also open to a DAO representative acting as intermediately, which I dont think has ever been done before.

We understand the 80% coming off chain can be tough for some to accept, but theres no way to gain any RWA exposure otherwise. There can’t be a mining operation without actual miners. The operation you can see both on our site and Brando’s video aren’t MinePro’s equipment. Those are miners from clients already mining with Logic Mining. NO actual legitimate BTC mining operation is going to fully fund potentially millions in containers, generators, and miners just to simply give away all of that hashrate to free. It has to be funded. Im VERY skeptical of operations claiming to have Depin, or Data Centers, sharing already establish GPU hashing. If you don’t know where it is, cant see it, or track the pools. It probably doesn’t exist.

  1. What evidence of misrepresenting partnerships did he provide exactly? Theres no need for evidence when you can just contact them yourselves here:

Sam Jenkins from Bitfinity here: x.com
Andy from Loka Mining Here: x.com

As I mentioned before. If a Dfinity team member would like to act as an intermediary, we can provide contracts, power bills, equipment PO’s, and numerous other pieces of data any time.

  1. These launches are totally separate. Their own sites, rewards, raises, LP’s, tokens, and equipment owned. For MinePro as a BTC liquidity provider our number 1 goal was to be aligned with ecosystems that are growing and encourage growth. We have 10,000 megawatts across 1000’s of acres of land to potentially scale the hosting arm, and that growth would directly help the DAO to scale rewards, even if its from other chains. Initially we were heavily exploring Base, however after meeting several times, we found the support and nurturing for growth to be lacking, at which point we began to explore a multichain future. After meeting with the Bitfinity team, we felt it was a terrific fit considering that they were Bitcoin centric, EVM compatible, and in ICP ecosystem which was great considering the entire protocol’s EVM smart contracts were done. However, we were clear from the start that we also planning an SNS. Let me drill into the differences a little closer.

ICP SNS: As a team we’ve been heavily invested in ICP for years. We see the potential and we believe MinePro solves a few critical issues that ICP has. That is 1) Creating chain volume. 2) Finding a viable way to inject Bitcoin liquidity thats fully scalable. 3) Implement and adopt ckBTC. Because we believe ICP pioneering the new age of the internet, we want to be where that revolution occurs.

Bitfinity EVM: As mentioned before, we feel that accessibility of EVM compatible chains is also very important for growth. Bitfinity checks a ton of boxes for us as far as tapping in the Bitcoin, EVM, and ICP community. This launch is not a DAO. Though it will be on the same site location, it will be autonomous from the SNS.

I feel we’ve confronted all of these unfounded allegations with clear communications, in a professional manner. We’re still here answering every question, while our detractors (whom ever they may be) have seemed to disappear. We cant be anymore transparent than offering video calls, providing tons of data, offering our partner contacts for corroboration, and allowing the Dfinity team to act as intermediaries. Pointing and sputtering belligerent, conspiracy theory nonsense doesn’t help this ecosystem nor does promote civil discourse.

I hope this helps answer your questions.

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50

I hope this is not a scam, because it sounds awesome.

@MinePro could you clarify how the multiplier’s you referred to work? What exactly do they multiply?

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Andy here from Loka Mining.

As a permissionless platform, we certainly welcome anyone to use our protocol. We also have partnerships with several hosting companies that operate in different countries.

And yes, it’s true that MinePro is partnering with Loka Mining by using our mining pool, which runs on ICP. Our pool converts mining rewards immediately from native BTC to ckBTC within the IC ecosystem, where our partners can manage them as they see fit, according to their policies. Like other miners using our pool, MinePro will also eligible for the distribution of extra reward tokens that we allocate to our miners.

However, to maintain full transparency, our responsibility in this partnership (as with other mining company partners) is limited to delivering mining rewards based on MinePro’s hashrate contribution to the Bitcoin network once they start up and running. We have no involvement in our partner’s internal business model, fundraising strategy, or how they operate or manage investors’ funds.

I hope this clarifies any confusion. Thanks!

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The Multiplier represents the proportion of the BTC rewards each pool receives, as a proportion of the BTC rewards each block. For example, (hypothetical numbers) if there is 1 BTC to be distributed per block across all of the pools, the 5 year pool would be allocated 50x whatever the baseline (30 day pool) is allocated.

Its simply a reward distribution ratio, its not an actual increase of produced BTC (which is more misinformation we’ve seen spread.) Like ICP, the system is built to reward long term staking in the ecosystem. We’re also looking to add a compounding feature that will allow stakers to use their rewards to purchase $MINE and increase their stake.

The APY’s wont be able to be accurately displayed until pools are open since its impossible to quantify without knowing the pool weights (how many people are in each pool.)

Hope this helps.

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Did I read 10,000 Megawatt? LOL
How many nuclear power plants are you going to use?
Tell me its a scam without telling me is a scam.

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Thats POTENTIAL well access across the entire providence at SCALE over the next 5 years (which is what our contract is.)

It depends on a number of factors, mainly on the size of the well. The goal is to keep the gas off grid. Though 1 dry flare gas well can produce up to 200-400 megawatts alone (had you done any research, or even a simple google search BEFORE fudding, you’d know that) It may not be the best idea considering if too much gas is produced a pipeline can implemented and commoditized. It also depends how far away the nearest market for gas is. Aka how much pipe is needed.

And to address your nuclear comparison, nuclear power takes decades to build, thats why there aren’t that many. The benefit is you can produce potentially 10-20000 megawatts in 1 centralized location, safely, and with near 100% uptime. Problem is you need billions dollars to spend, and enough regulatory influence to actually complete it. Now in the energy community there has been talks about using SMR’s (small modular reactors) in the future for BTC mining, however as far as we know, those operations are only currently active in China. I don’t have enough information there.

Now when it comes to flare gas, an entire well infrastructure can be assembled in mere months, even weeks. The only disadvantages are 1) They will 100% be scattered across long distances of territory making management an issue. 2) They’re more corrosive, so you need daily maintenance on the operation. and 3) You have weather and security to keep in mind.

Hope this was educational.

P.S. Sorry for the deleted post. I was trying to reply to you directly, but realized I posted without hitting reply.

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Thanks for the clarification Andy!

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You guys were able to make one of the best deals in the entire globe to mine BTC, paying cents in return, but could not find investors among the Bitcoin and Ethereum OGs or degens?

BTC and ETH each have hundred times more volume, liquidity and investors than IC, don’t?

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60

I wouldn’t call raising 780k a failure by any means, especially in a non defi centric market. We had plenty of VC’s interested, but that meant giving away up to 70% of the Bitcoin rewards and tokens on top. It didn’t make sense. There’d be nothing left for the stakers.

And when it comes to the energy rate, it’s a standard off grid per gigajoule rate in Alberta. Go here:

Natural Gas Prices | Alberta Energy Regulator

Look at the providence per gigajoule average, then convert it to per kwh, it’s actually less than 2 cents but we add maintenance. We pay $2 per gigajoule under contract.

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61

I think you meant loser**

This advanced community that you haven’t posted in going on 15 months, yet here you come to fud? Have you not read through the forum or Twitter?

How about this smart guy. We’ll extend the same offer we did to the guy who made that horribly researched site above. We’ll buy you a first class plane ticket to Edmonton to verify the operation in person. It seems to be the exact same pattern with all of this fud. I ask any of you to put your money where your mouth is and you all disappear.

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If you can raise funds from the BTC community to develop on the ICP, you will undoubtedly earn great respect from the ICP community.
However, raising ICP to sell it and buy mining machines for BTC would be a significant drain on ICP, given its lower market cap.

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Respectfully, you’re wrong. It’s not even a matter of agree or not agree, it’s math. ICP’s volume is today was 174 million dollars (per Coingecko.) Selling 2-3 million worth of ICP wouldn’t even cause a mere blip on the radar. The LP’s are extremely deep (and a near 5 billion market cap is not small, at all.)

I propose you think about it like this. The miner purchase ROI will occur within 14 months (or significantly less if Bitcoin explodes.) Then the DAO is earning BTC profit free and clear for the remaining 4 years. I think 4 years of ckBTC liquidity flowing into the ecosystem FAR outweighs the negative of any initial sell. Not to mention the volume, price appreciation, and marketing from the native $MINE token.

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And as to your first statement, of course we want nothing more than the respect from the ICP community. In theory, we could raise from the Bitcoin community and launch on ICP, but it doesn’t make any sense. That would be like MinePro raising funds from the ICP community and launching on Solana. If an ecosystem community is committed and funding the project through investment its expected that it should stay within that community.