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Community Meeting Notes August 15, 2023

Community Council (CC) meeting held @ 15:00 UTC in grincoin#general channel on Keybase. Meeting lasted 30 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 attendance:

  • aglkm
  • ardocrat
  • anonymous
  • defistaker
  • cekickafa

Short Summary

  • CC mining farm project latest situation has been discussed.
  • Progress of funding request has been mentioned by @cekickafa.

Agenda Points & Actions

anonymous :

TO DO's

To Do List.

  1. Action in electing new CC members, finalizing the method of election.
  2. Community farm hardware situation. For 1) we have guidelines with 4 approvals, however also some critical feedback from David T. For that reason I also want to have MCM-Mike's input before merging it and making it final.
  3. @future3000 knows more about it. We need to either distribute miners or renegotiate a new deal.

cekickafa : i see 5 review. That is enough i suppose and majority. yes he sent a response.

From @future3000;

''I won’t be in todays meeting because hopefully I’ll be asleep at 3am.

Still no good update re miners. I’m still trying to setup a time with this contact of David’s so that I can atleast connect up to them and confirm we still have access. This guy is holding the miners, he did all the tech stuff at the facility but he’s not the owner of it. It’s been hard to coordinate a time, initially because I required help to access the server and wasn’t something I could setup myself and then following that the times this guy has suggested are times when I’m not available and vis versa. You could jump to conclusions and say he’s busy mining on them, but I think it’s more like he can’t be bothered dealing with them anymore. I might add another CC member into a group chat with him. You okay with that @AnynomousOne

I’m going to ask the owner of the facility if he’s willing to renegotiate a 50/50 split. But I’m doubtful, since he hasn’t replied to my last message.''

👍 anonymous

i personally lean on distributing miners to developers if possible. We better think about this seriously, becuz those hardware can be unreachable in the future.

aglkm : Why we don't have an option to sell the miners and return back money to dev fund? 50/50 split is bad deal

cekickafa : That is an option, selling miners to community can be option also.

anynomous : We could, but basically any action has a costs. For example, shipping miners is a significant cost, meaning that redistributing or selling lowers the value even more. so 50/50 deal would be best IMO

👍 ardocrat

Also maybe good to know, the location is rather remote. So shipping to other parts of the world is not cheap.

aglkm : Do we know already what's shipping costs would be?

anynomous : Depends where to and whether bundled or to different locations. In any case, it adds complexity, work, risk and costs. Hence any reasonable deal like 50/50 would be better also, 50/50 deal is good, if you consider the mining reward, it is not so high right now although price is bouncing back a bit. I think if the price stays a bit high, a deal would be favourable for both the facility and for the community.

👍 defistaker

aglkm : I see 50/50 as a temporary solution while we find a better hosting place or sell the miners (if it makes sense with shipping cost)

cekickafa : Sure 50/50 is good if accepted, if we can reach the custodian.

aglkm : It would be good to be skeptical about grin price, considering all the price history of grin coin

anynomous : There is certainly no certainty, pun intended

👍 cekickafa

In any case, we can estimate a bit shipping costs, but basically miners sell for nearly nothing right now.

cekickafa : yes, ROI is too small. Hard to find buyers.

aglkm : I posted the following calculations on tg group: 0.12 kWh × $0.05 × 24 × 30 = $4.32 per month for electricity

300 grin * $0.03 = $9 brutto, 9 - 4.32 = $4.68 netto

G1 mini costs $300

300 / 4.68 = 64 month to return the invested money

For example bitcoin miners currently can return the investment in 1.5 years. With 50/50 profit split it will be 128 months to return the invested money

ardocrat : there is no target to return investment money, idea of miners is to keep fund in grins instead of buying at TradeOgre

👍 cekickafa, anonymous, jdavies

anynomous : The purpose of the miners was to provide CC with a income/fund of Grin to spend. We had some income, but getting them to facility and starting took time, meaning it is no matter how you look at it a losing case financially.

👍 cekickafa, ardocrat, defistaker

cekickafa : The plan was getting enough grin for using it for funded projects, expenses. ROI wasnt the issue. We wanted to use Grin as MOE.

❤️ ardocrat

aglkm : It's impossible to revert the decisions already made, but imo holding Bitcoin or mining Bitcoin would bring us more grin coins than directly mining grin. At least for now and years ahead

anynomous : I think the main thing we have to avoid is extra work and complexity. We underestimated the logistics of setting up Grin mining, so for now I think we accept that the decision was not perfect, but we will not take on any more projects that add significant workload to CC.

👍 aglkm

So, not more mining projects for now please.

aglkm : That make sense and honest, let's accept this as a lost and move forward. And try to bring the miners online at least.

👍 anonymous

anynomous : Back to the agenda for today.

1) Update Tracking of funded requests.

Cekickafa May-AUG 2023
Dtavarez Jan-APR 2023

cekickafa : i almost done the tasks i have mentioned in my request. I will post my progress report on forum page. Some missing points i wll finish in a week. Agenda& Meeting Notes Task follow ups
Spending, Financial logs, Transparency reports
Newsletter
Progress Tracking
Miner payout Report (This is off i think ) Payment Tracking.

👍 anonymous

These are all done almost, except a few meeting notes missing from satoshocrat term.

anynomous : Good. I think from @dtavarez no update, but I have not checked github to be honest. A bit busy myself I have to go now unfortunately, family duties. Thanks all for being here, feel free to continue the discussion.

TO DO List

Meeting adjourned.