Xenium (XENM)

Summarising the Xenium Dividends for March 2020 is quite difficult as the data provided is all fabricated to such an extent that even some of the remaining investors would have to question them.

The Xenium (XENM) dividends have been announced for the period of the 15th of February to the 20th of March 2020.

The date has changed after Andrew Fornes claimed that expenses all come in on the 20th. The claim from Andrew Fornes and Jeremy Tan is that the;

  • Electricity bill
  • Diesel bill
  • Water bill
  • Internet bill
  • Staff costs
  • Miscellaneous bills

All come in on the 20th of the month. Yet for the past two years, dividends have been paid out without the bills being required. Any legitimate operation of this type does not require bills for power etc to arrive before they can work out costs, they have power meters to measure power and they know down to the watt how much each miner is using and this is just another attempt to justify delays in Jeremy Tan working out the fraudulent mining figures which he has failed at in the past with irrefutable proof the figures are made up.

The figures for March 2020

26th of March 2020 | Veritas Announcements Telegram Group

Jeremy Tan shows how low he will go whilst engaged in criminal activities stealing investors money by attacking the people that are doing the right thing.

26th of March 2020 | Veritas Announcements Telegram Group

BRAM Upgrade

Mining stopped around the start of March for a BRAM upgrade, last time this occurred it took over four weeks and required the existing staff to work a 15-16 hours each day over the regular 12 hour day and this was for 410 FPGAs. they have over 800 currently taking the time to upgrade out to 2 months or more.

To top it off Jeremy Tan claims that they have to remove the 22GB of BRAM from two FPGAs and put this onto one FPGA. Giving each FPGA 66GB of BRAM! This is beyond all levels of ridiculousness and is utterly impossible on a FPGA due to limitations on BRAM sizes and no FPGA design is going to allow you increase the memory in the field by a factor of six like this. Not only is removing RAM from one PCB and installing onto another at least twice the work, you are also running the risk of damaging the PCB and RAM and there is no way that Jeremy has the staff to handle this type of specialised work.

Just for time reasons alone this BRAM upgrade was impossible let along the other reasons like the reduction in staffing to only 1/3rd of regular claimed numbers.

First Anomaly – The BRAM upgrade would have been impossible to perform even if it was possible to do in the first place.

Mining Wallet

The mining address provided by Andrew Fornes has no relation to the amount of ETC mined.

Veritas Mining ETC Mining Address

Looking at the wallet around 180 ETC were mined a month (this won’t be worked out exactly as there is little point, this wallet clearly is provided by Andrew Fornes to mislead investors into believing there is FPGA mining equipment). Where has the other 5893.86 ETC mined to and why hasn’t this been provided?

Second Anomaly – The amount mined does not match the hardware running

ETC Mined

Assuming they are still running 20% (This figure changes constantly but this is the most common figure they supplied) this is 147 plus the 30 that Jeremy Tan is running in his bedroom. A total of 177 FPGA’s running 24/7.

This doesn’t even factor in the two month outage to upgrade the BRAM claimed earlier. This outage would be eight months if the staff are working limited hours as claimed by Jeremy Tan.

Looking at the specification provided by Jeremy Tan and Andrews Fornes for the FPGA cards they run at 700 Mh/s per card. According to What to Mine [2] with a hash rate of 700 Mh/s each card is capable of producing .96 ETC per day and even taking into account the claimed 65% uptime this is .624 ETC per day per card.
(this is the figure from the last two month but the figure from this month is almost identical and will make no difference with the figures manufactured by Jeremy Tan)

177 FPGA’s x .624 is 110.448 ETC per day.

110.448 ETC x 30 is 3313.44 ETC against their claimed 5193.156 ETC

Maybe someone performed the calculation and forgot to allow for the claimed 65% uptime?

177 FPGA’s x .96 is 169.92 ETC per day.

169.92 ETC x 30 is 5097.6 ETC against their claimed 6073.86 ETC.

Third Anomaly – The amount mined does not match the hardware running


Jeremy Tan reduced the staff from 12 staff performing 12 hours shifts each day which is 144 hours of work to 12 staff performing 4 hour shifts each day which is 48 hours of work or a reduction to a 1/3rd of man hours available. Jeremy Tan claims that staff live on site as well so how does reducing their time out in the warehouse help? And why was the wage bill the same?

24th of March 2020 | Veritas Telegram Group

Fourth Anomaly – The staff numbers and claims from Jeremy Tan make no sense and don’t add up no matter how you work the numbers.

Diesel Cost

Diesel use is claimed to be 305,685.44 THB which on the 26th of March 2020 is USD $9,356.19.

26th of March 2020 | Veritas Telegram Group

In the following two graphs diesel prices in Thailand are shown for the last three months. In the Thai Baht one they show a larger reduction but the this is because of USD and THB differences. Using the USD and considering that the fuel was purchased mostly in the period of February and the first week of March the fuel drop is in fact insignificant. On the 16th of December 2019 the price was 26.59 and on the 2nd of March 2020 the price was 24.89. The claim from Jeremy Tan is like his other claims and can be dismissed.

This doesn’t factor in that Jeremy Tan claims they use BioDiesel which is mostly produced locally and is not linked to the general diesel price.

26th of March 2020 | Global Petrol Prices Thailand

26th of March 2020 | Global Petrol Prices Thailand

Using the calculations from The Veritas Mining Generators this is $9,356.19 which is 14619 litres of B100.

Assuming 12 hours of daylight each day based on Jeremy Tan’s claim that the power only operated during the day (clearly scared of the dark) this gives 456 hours of generator operation (based on 5 weeks however it’s actually less).

14619 / 456 = 32.05 Litres hour

19 litres to 26 litres an hour are required to run 20% of the mining facility (this includes Veritium) and if we remove Veritiums usage we end up with a fuel bill that is between 2 and 3 times what it should be and this doesn’t include the downtime for the FPGA BRAM upgrade.

Fifth Anomaly – Diesel bill is completely fabricated and based on fantasy

Power Cost

116,159.24 THB is quoted as the grid power cost.

This is $3559.89 or 56506 kWh (based on 6.3c per kWh)

A total of 147 FPGA’s using 260W for 65% of the day.

147*260 = 38220W

38220W * .65 = 24843W or 24.843kWh

Assuming 12 hours of grid power each day and these are running during this time this is 298.116kWh per day @ 6.3c which is $18.78 per day. $18.78 x 35 is $657.30 per month or 10,434.06 kWh.

This is a variance of $3559.89 minus $657.30 which is $2902.59!

In kWh terms this is 56,506 kWh minus 10,434 kWh which is 46,072 kWh!

And these are based on ZERO solar production. The Solar in Thailand is exported to the grid on a net metering basis so the power is consumed in the facility and only once there is excess is it exported so given that Jeremy Tan was going to bill Veritas mining 2 to 2.5c per kWh these figures make no sense at all as no power would be billed by the power company.

Sixth Anomaly – Power prices are fiction and not based on any reality

Loan Payment

No evidence has been given of any expenditure by the CEO in the months he claimed. Despite the staffing bill and Jeremy Tan claiming to have a full time CFO on board who is claimed to be a CPA, he is unable to produce consistent reports or even timely reports. Reports are now over six months overdue. As such the loan repayment which was never mentioned prior to January when the CEO announced he was essentially not going to work anymore is like the rest of these figures, a figment of his imagination.

Seventh Anomaly – The loan payment is not real

Team Wallets

The Veritas Mining white paper states that team wallets are not eligible to receive dividends in the twelve months following the end of the ICO when the team tokens are minted and after this time if the investors agree they may start receiving dividends which will dilute the dividends by 18%.

Eighth Anomaly – The payments to the Team Wallets are diluting the dividend paid


No Veritium (VRTM) financials was provided at the end of February despite assurances from Jeremy Tan it would be supplied.

Ninth Anomaly – Jeremy Tan is unable to delivery on anything except occasionally poor dividends in this Ponzi Scheme

Leave a comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.