Dec 3rd Announcements on the Proposal of Mars Project pBTC35A Observation Plan
The challenges that confront crypto miners seem insuperable in this crypto winter. Covid-19, the Fed raising interest rates, and consecutive crypto black swan incidents have sent Bitcoin to a multi-year low of $15,600 on November 9th, and the market presents little rebound potential to date. The war in Ukraine results in an energy crisis and expensive electricity, especially in the States. The steep increase in electricity prices has further raised the costs of crypto PoW mining globally. The overall devastating conditions have killed some big players and the survivors are not performing sustainable fighting profit margin pressures.
pBTC35A Status Quo
Likewise, pBTC35A has temporarily gone offline to prevent mining at losses, during which time Mars team has been conducting comprehensive inspection and repair works for the underpinning mining rigs of pBTC35A. Despite the pause in income, expenses continue as always, even worse is not knowing when the circumstance will end.
The latest breakeven price of pBTC35A stays at $27,727 according to the current network difficulty (36,950,494,067,222), electricity prices ($0.09/kWh), and the depreciation rate (19.67%).
Proposal for the Observation Plan of pBTC35A
Given the current circumstance, Mars team proposes to execute a 150-day observation plan for pBTC35A. The observation starts from the last date pBTC35A pausing outputs of rewards, which was on October 2, 2022. The 150-day period accordingly ends on March 1, 2023, during which time whether the pBTC35A is profitable or not determines the future operations and development of pBTC35A mining.
If pBTC35A resumes its profitability by March 1, 2023, Mars team will recommence pBTC35A mining with rewards being paid out as usual. If pBTC35A goes to unprofitable afterward, a new 150-day observation plan will begin.
If, unfortunately, pBTC35A remains in the condition of mining at loss till March 1, 2023, Mars team proposes to terminate the mining of pBTC35A. A buyback plan will be in place to repurchase all issued pBTC35A from the market and holders. A detailed proposal will be announced soon.
Mars team is responsible for all expenditures of maintenance, storage, and installation with respect to the pBTC35A underpinning mining rigs, with the hope that the market will turn up and pBTC35A will resume mining ASAP.
Mars team has no higher priority than protecting the interest of Mars community. We are actively working with and assisting Mars users with respect to the operations and development of Mars Project. Please do not hesitate to contact us if you have any ideas. Thanks!
Mars Team
December 3rd, 2022
