Updates

18th November 2018

 

 

For Xenium Updates, please visit our official Xenium website, https://www.xenium.store

 

VRTM FPGAs mined 312.73 ETC = 12.822 ETH 

VRTM FPGAs costs = 4.13 ETH

Net Profit from VRTM FPGAs = 8.692 ETH

 

VRTM GPUs mined 255.6 ETH

VRTM GPUs costs = 223.38 ETH

Net Profit from VRTM GPUs = 32.22 ETH

 

 

 

Total Net Profit = 40.912 ETH

 

60% for Dividends = 24.5472 ETH

24.5472/14.5m VRTM = 0.00000169ETH/VRTM

 

 

 

 

16th October 2018

 

 

Xenium Report for month ending 15th October 2018

 

ETC mined = 911.86 ETC

ETC cost = 221.77 (45.59 ETC to Veritium's books)

ETC net profit = 690.09 ETC

 

ETH mined = 3.58 ETH

ETH cost = 1.97 ETH (0.179 ETH to Veritium's books)

ETH net profit = 1.61 ETH

 

 

ETC to ETH conversation rate @ 1 ETC = 0.041 ETH

 

690.90 ETC = 28.29 ETH

 

Total net profit in ETH = 29.90 ETH

 

70% paid out as dividends = 20.93 ETH

 

15th October 2018

 

 

Xenium Dividends for October = 0.00000428 ETHs per Xenium Token.

Despite having an increase of 19.12% of Xenium due to Sales, Referrals and airdrops, Xenium's Dividends have posted a 37.62% increase from the month of September.

 

Do note that Xenium's price is now officially 7 cents each starting from 10th October.

A Simple accounting will be posted here over the next few days.

 

 

29th September 2018

 

 

Dear Investors,

 

Thank you for the support and faith in us.

 

It has been over a year since we began our ICO and we are thankful to be where we currently are in terms of deliverance and community.

 

My personal belief is that our price of Veritium isn’t the true reflection of what we are trying to achieve, under promising and over delivering.

 

I would like to take this opportunity to thank everyone in our community for their inputs no matter good or bad. I have learned very much from leading this company for this past year. Learning to be patient, listening to our community, managing expectations and delivering promises.

 

Veritium has paid out $0.0233 per VRTM so far, with our average ICO price being at $0.30 each, our ROI based on the average price of $0.30/VRTM thus far for 2 quarters is 7.77%

 

1st Dividends for Veritium = $0.0217 per VRTM

2nd Dividends for Veritium = $0.0016 per VRTM

 

Another update will be presented with regards to eGoldmining (EGM).

 

We would be presenting updates based on the following areas regarding Veritium & Xenium;

 

1. Mining Outlook

2. Exchange

3. Xenium’s Outlook

4. Veradium (VRDM)

5. Self-Sustaining Power

 

MINING OUTLOOK

 

Since Feb 2018, crypto-mining has taken a huge dip from the highs during the 4th quarter of 2017. Back then, it was a “gold rush” for mining hardware and a tremendous increase in mining difficulty due to an arms’ race for mining hardware, ASICs & GPUs.

However, in recent times, the difficulty for mining has stayed constantly high with some going even higher despite prices of cryptocurrencies falling.

 

We are more based on GPU mining and have (thankfully) sold off most of our ASIC miners and expanded into GPUs & FPGAs.

Contrary to people stating that GPU mining is no longer profitable, GPU mining has always been lower in power consumption and being able to mine all kinds of algorithms.

For Xenium, we are currently running 50 units of RX580 GPUs and 23 FPGAs. Looking to add another 21 FPGAs by the first week of October.

We are doing 100% Ethash (ETH, ETC, UBQ) at the moment. For further funds from Xenium, we would be expanding into VEGAs to mine Monero (XMR) as well as looking into A9s for Equihash (ZEC, ZEN).

 

Veritium is running 1600 GPUs (600 units of P106s, 640 units of RX570s and RX580s, 300 units of P104s, 60 units of Vega64s) Spread out across ETH, ETC, UBQ, XMR.

We also have 23 ASICs left. (10 x L3s & 13 x S9s) Running LTC & BTC.

We have recently added 3 FPGAs to Veritum with another 7 more by the first week of October.

 

For Xenium, we believe that we have an edge in terms of FPGAs and our mining operation is pretty lean due to the fact that we have the infrastructure ready for instant integration and an experienced team that runs it.

 

We take great pride in our extremely low lead times for setting up our hardware. We have to use immersion cooling for our FPGAs due to the extreme heat. This saves us further costs in terms of long-term cooling. Liquid for immersion cooling costs more than a fan/vent in upfront costs but does not use any electricity.

 

We work with our motto to be clinically efficient. Time is money.


 

EXCHANGE

 

Our VeraExchange is in Alpha-heading-towards-Beta phase.

 

Our Head Developer, Egor who is also my co-founder is the lead on the exchange.

We have taken a lot of the feedback regarding the exchange seriously and have completed most of the changes suggested. Our next steps for the exchange would be to improve overall user-friendliness, smooth, clean interface, and great support.

 

Security is our top priority and we will be implementing all possible means of securities for our exchange.

 

We are currently considering to list a few tokens/coins. We make our consideration based on the following;

  1. The concept and purpose of the token/coin.

  2. The team behind the token/coin.

  3. The community behind the token/coin.

 

For now, we feel that we might not be able to charge anyone for listing fees just yet. However, we would do so once we are properly online.

 

Veritium’s mining income will be supporting our exchange as it is part of our ecosystem, We see that the exchange can bring in quite a good stream of income when eventually goes into the dividends for Veritium holders.

 

Marketing budget would also be set aside from Veritium’s funds. However, we would be doing a consensus for what forms of marketing we would like to do and the budget in terms of percentage from overall net mining profits.


 

XENIUM

 

We have been running Xenium for coming to 3 months and have successfully paid out 2 monthly dividends including airdrops to Veritium holders who have in turn got their dividends from those as well.

 

We as the core team have come up with our own personal funds to fund a marketing campaign.

We are aiming to do the following;

  1. Updated Website.

  2. Dashboard to integrate Xenium onboard to make purchasing Xenium easier.

  3. Infographics, flowcharts and schematics to showcase what Xenium can do for itself and Veritium.

  4. Marketing Xenium as a form of passive income from Mining.

  5. Banners and Articles on websites.

 

We are also open to our community who would like to contribute to the marketing campaign in exchange for discounted Xenium Purchase. For Example, If you contribute $100 to our marketing campaign. You can purchase $100 worth of Xenium for 50% discount.


However, we are also open to our community’s input in our marketing strategies.

 

As Xenium’s productivity increases we will increase the price of Xenium from $0.05 to $0.07 on the 10th of October 12:00 UTC+7.

 

This increase in price is corresponding to Xenium’s productivity expansion and as well as rewarding the early investors.

 

Xenium’s past 2 payouts were;

First payout = 0.00160 ETH per 1,000 XENM which is equivalent to $0.47 per 1,000 XENM (ETH @ $291) giving us an ROI for the first month of 0.94%.

Second payout = 0.00311 ETH per 1,000 XENM which is equivalent to $0.69 per 1,000 XENM

(ETH @ $220) thus giving us an ROI for the second month of 1.38%.

Do note that Xenium has not been fully built up with all the FPGAs orders yet.

 

Xenium moving forward would enrich Veritium’s ecosystem and Veritium itself. This has been explained in our whitepaper but we will make an infographic to explain this in as simple terms as possible.


 

VERADIUM (VRDM)

 

At the time of writing, Etherscan has not been able to give us the time stamps for our Veritium Holders. We have decided to give them till 20th October for them to respond. After which we would be moving on to plan B.

 

Plan B would be to get our community to send in the screenshots of their holdings during the 12 weeks from 15th May to 15th August into a Google data sheet. After which we would be verifying and sending out VRDM.

 

We understand that this might be quite tricky for most of our community but it is the most cost & time efficient way of settling this issue.

 

We apologize for the mishaps of our dear friend, Etherscan. We would be working harder to make sure it works out for everyone.

 

SELF-SUSTAINING POWER

 

As we know that mining is constantly increasing in terms of difficulty, we are exploring into building our own solar farm to power our mining operations and servers for our exchange.

 

Gross mining income - (Electricity costs + Operating costs) = Net income.

 

The constant expansion increases gross mining income. We are essentially turning electricity into cryptocurrencies. Therefore, by generating power through our own proposed solar farm,

it would be as good as producing cryptocurrencies.

 

As we have quite a lot of land (16,000 Sqm) which is unused. If we do use half of the amount of land at our current site, we would be able to produce roughly four to five megawatts of power from solar alone.

 

However, as this is only a proposed idea which we would like to share with our community, we would be presenting the numbers if only an approval for us to explore into this idea further. After which the numbers have been presented, a further consensus would be held to see if we are to go ahead with the said plans.

 

 

 

Thank you for your time and faith in us!

 

 

Yours Sincerely,

Jeremy Tan

CEO Veritas Mining

 

 

 

 

 

18th September 2018

 

 

 

For the month from 15th August to 15th September, We have mined a total of 21.79 Ethers.  (13.8ethers from ETH mining and 7.99Ethers from ETC mining)

 

Our costs of operations for the month is 3.7598 Ethers.

 

5% of mining revenues goes into Veritium's book = 1.0895 Ethers.

 

Net profit is therefore 16.9407 Ethers.

 

70% of net profits being shared as dividends = 11.85849 Ethers.

 

Therefore, we get:

       

 

Xenium's 2nd dividends for the month of September = 0.00000311 Ethers/Xenium.

 

August's airdrop dividends (0.4132Ethers) were used for furthering our mining operations for the month of September. 

 

 

 

5th September 2018

 

Dear Investors,

 

Cryptomining has been tough since the major dumps in prices and hikes in difficulty since March this year.

 

Constant change and development into mining are always needed.  

 

For Veritium, we have sold off all but 30 ASICs and 1600 GPUs. With current expansion into FPGAs. Our Exchange, VeraExchange, recently launched its alpha. Thank you to our community for sharing ideas and tips with regards to improving it. Trust us that we will be doing our best to make it as user-friendly and secure as possible. 

 

As for Xenium, we paid out the very first dividends on the 15th of August with the payouts below, We are currently looking at 23 FPGAs and 50 RX580s. With more FPGAs to come each week. We expect Xenium to lead us into a more efficient form of mining and provide us the edge to continued expansions as well as fatter dividends.

 

Veradium, As of now we are still awaiting etherscan to rectify the time stamps and will be updating this as soon as possible. Though if it takes more than 3 months we might come up with a new plan for distribution and put it in a consensus. 

 

 

We are also open to hosting and will make ready a website by Early November if the demand is high enough. (at current market conditions it is quite bad.)

 

With regards to our dashboard, we are looking to try and complete that early November as well. The hosting features will also be integrated into the dashboard. 

 

 

Most recently, we will also be creating more awareness about Veritium & Xenium through a marketing program. We would share with our community about how to create awareness and make Vertium & Xenium well known and reflect its true value in its prices.

 

Xenium's increase of its sale price would be depending on how much expansion we intend to go into. With current difficulty rates, we stand at 70/30 dividends/expansion policy. However, we feel that a slight change is needed to keep the cogs of our mining machinery in the forefront. We would be changing our ratio to 60/40 for dividends/expansion starting from October. September would stay the same at 70/30. Do note that if prices are keeping up with difficulty, we would be switching back to 70/30.

 

*UPDATED 7th September* After calculations and basis on FPGAs we decided that we would be sticking to 70/30 for October as well. If we do decide to make a change in terms of ratio. We would hold a consensus prior to changing it.

 

Thank you all for your time and support!

 

Let's keep the faith and keep grinding out more profits.

 

 

 

Yours Sincerely,

Jeremy Tan

CEO Veritas Mining

 

 

 

 

 

 

Dear Investors,

 

Due to this quarter's tough mining situation, we have been expanding as best we could.

 

We have begun going into FPGAs for our mining operations for both Xenium & Veritium. 

 

VERAexchange will be up and running by end of August with alpha being launched by the 22nd of August.

 

 

Dividends for August 15th

 

Veritium = 0.00551 Ethers per 1,000 VRTM.

 

Xenium = 0.00160 Ethers per 1,000 XENM.

 

We thank you once again for your support and faith in us!

 

We would continue to innovate and be as profitable as possible.

 

 

Yours Sincerely,

 

Jeremy Tan 

CEO Veritas Mining 

 

 

 

Dear Investor,

 

Thank you for your continued support and faith in us, Here is an update as well as an announcement;

 

1. We have added an additional 120 GPUs into our mining facility.

 

2. We have completed our backend work for our Exchange, VeraExchange.com. At this current time, we will be updating the front end part of the Exchange and we are pleased to say that we are on track for our Alpha Launch before 15th August.

 

3. Our Dashboard and CRM is currently in development and we hope to have it online by end of July 2018.

 

 

ANNOUNCEMENT

 

 

We have decided with much encouragement from our community to proceed with our SCO, Secondary Coin Offering. Details on the SCO will be released on our current website once we have finished the white paper for it as well as making sure our legal counsels have given it the go ahead.

 

 

Here are some brief details on it, however, they are subject to change.

 

1. Xenium [XENM] is our SCO token's name and ticker.

 

2. Xenium is a dividend paying token in which the dividends come solely from Cryptomining.

 

3. Xenium will pay MONTHLY DIVIDENDS.

 

4. Xenium and Veritium are two separate entities.

 

How will it benefit VRTM?

 

1. 5% of Net Revenues from XNM goes into VRTM's dividends.

 

2. VRTM can benefit greatly in terms of economies of scale.

 

3. With XENM, VRTM is able to create our own pool hence further reducing costs.

 

4. 10% of all sold Xenium will be airdropped to all VRTM holders.

 

Advantages of Xenium [XENM];

 

1. Infrastructure is already built and no lead time is required for it.  Funds received goes straight into equipment purchase orders and we build the rigs and begin mining right away. TIME IS MONEY.

 

2. Lower costs of running the mining rigs by a group of experienced miners.

 

3. Managed by a team who is dedicated and truly listens to its community.

 

 

 

 

Further details will be on our website once it is launched.

 

 

Thank you for your time, we look forward to a very fruitful and profitable era together.

 

 

 

 

Yours Sincerely,

Jeremy Tan 

CEO Veritas Mining

 

 

 

 

 

 

Dear Investor,

 

Thank you for investing in us during our ICO, It has been a turbulent quarter for cryptocurrencies all across the board. However, our ship is still upright and steady going through the storm.

 

Our team is still very hard at work. Ensuring that we keep up with our road map and hence have achieved the following from 24th Jan 2018 till now;

 

1. We have completed electrical infrastructures to support up to 6.75 MegaWatts of electricity for mining. This is equivalent to about 5000 rigs of 6 to 8 GPUs each.

 

2. We have completed the first phase of infrastructure to house our mining equipment.

 

3. We have began and are in development phase for our own exchange. License is pending approval from Japan, due to strict regulations.

Outlook & Further Developments

 

These are the things we aim to achieve in the following quarter from 15th May 2018 onwards;

 

1. Increase our mining capacity by 15% to 20%.

 

2. Develop and market our own crypto exchange, VeraExchange. Profits from this exchange will also be shared in the following quarter’s dividends.

 

3. Develop a CRM for our Veritium holders to better facilitate dividend payouts.

 

4. Due to popular demand, we would begin hosting services.

 

TOKEN ISSUANCE & STRUCTURE

 

This portion is to clarify why and how many tokens are created.

 

ICO

 

During our total ICO, we have sold slightly over 10,496,000 VRTM.

However, this does not include bounties and team distribution.

 

Yobit’s Listing & Investbox

 

a further 1,000,000 tokens were created to be placed in Yobit’s investbox as a means of promotion as well as “Proof-of-Stake”.
Our Investbox is for one year and we have an obligation to keep it running for at least 3 months.

 

However, the Invest box has been closed permanently as the tokens have been fully redeemed.

 

Another 1,000,000 for liquidity was created to be placed in Yobit.

 

This brings our total to 12.5million VRTM.

 

Team & Bounty Distribution

 

3.125 million VRTM will be created for team distribution, bounties and promotional services.

 

Thus far, only 2.625 Million tokens have been minted. With a further 525,000 to be created later on in the quarter.

 

In light of recent of recent events regarding our price on the exchange,
we have decided to create a form of reserves which would belong to the company itself.

This reserves will allow the company as a whole(which includes every single investor and our team) to ensure that our token price is not manipulated by certain groups of investors that hold a high percentage of VRTM or any current/future exchanges that might have to hold a certain amount of VRTM for liquidity.

Thus far, 2 million VRTM are set for the reserve fund so far, this number might or might not change correlates to any future requirements by exchanges or further needs for funding or manipulation suppression.

 

This brings us to the amount at 17.625 Million tokens.

 

Market Capitalization & Valuation

 

Team’s issuance and the reserves WILL NOT BE eligible for dividends. Therefore, it would not matter in terms of diluting dividends.

 

We all seek the increase of market capitalization. For without it, the future of the company would be bleak.

We have plans at various stages to build our ecosystem, all in which would provide better profitability and thus higher dividends, at the same time diversify our risk. However, imagine this, if you can purchase VRTM at 2 cents, then receive 2 cents for dividends. It would be almost risk free! But the company and the initial ICO investors will suffer as the company’s fair value is not reflected. Thus we are unable to further expand nor grow in terms of valuation.

 

Veritium is a security token which means we might in the future have a stock split or token consolidation. This won’t be done anytime soon. However, it is good to note that this is a possibility as we move forward.

Ultimately this is for he interest of all the company and our investors.

 

Plans for our Exchange & Marketplace

 

Following our first dividend pay-out,

We would be developing our own exchange, VERAEXCHANGE, which would feature;

 

1. Crypto to Fiat Exchange (JPY, THB, SGD)

2. Leveraging. We would be offering futures contracts on Bitcoin and Ethereum. To enable this, we would be working closely with certain financial institutions and hedge funds in Japan & Singapore.

3. Crypto to Crypto Exchanges (but of course!)

Our Marketplace would be developed throughout the 2nd and 3rd quarter.

 

Our marketplace would feature for starters, travel industry. In which Cryptocurrencies can be accepted as payments for flights, hotels and car rentals.

 

All of these portions of our ecosystem will bring forth greater dividends for our Veritium Token Holders throughout the fiscal year.

 

Veradium [VRDM]

 

With regards to Veradium [VRDM] our proposed stable coin, we are in the midst of finishing the smart contract to perform the airdrop.

 

As some of you wishes to deposit some in the investbox on yobit or even trade VRTM itself, as long as you keep Veritium in your wallets for the first 3 days in a row starting from each Wednesday each week, you would qualify for the airdrop.

 

As we started from 16th May, so to qualify for the week. leave it in your wallets from 16th May to 19th May to qualify. Every week from Wednesday, 1200hrs UTC+7 to Saturday, 1200hrs UTC +7, (72 Hours in total).

 

To better facilitate the airdrop, we would be doing the airdrop in one go on the 15th of August, 2018. This is more flexible for both Veritium holders and us as we are creating a CRM for Veritium holders to collect dividends and this airdrop.

 

How is Veradium [VRDM] pegged to what reserves?

 

We are currently in talks with a few financial institutions in Singapore to work out our reserves and most importantly recognize Veradium’s value. This will take time but will not affect the timeline for the airdrop.

We can’t promise that Veradium will be recognized in the near future but we believe it can be done within the year.

 

Closing Note

 

We believe in growing the company one step at a time and to thread wisely through the choppy markets of crypto. We are looking forward to achieving what we have laid out in our plans and will be continuing to strive to achieve even more.

 

Based on the amount we raised during our ICO and our road map, we are slightly further ahead based on our achievements thus far.

 

We deleted the team photos due to security reasons in which we have heard much of being robbed or even kidnapped.

 

Moving forward we would like to thank everyone for their faith in us and we will continue to work towards becoming one of the pioneers in terms of being a security token.

 

If you have any questions, do feel free to join our telegram group

https://t.me/VeritiumVRTM

 

Thank you for your time.

 

Yours Sincerely,

Jeremy Tan
Veritas Mining CEO

A mockup of our exchange in which we are in development currently.