After months of being shut down due to higher power prices and lower Bitcoin (BTC) price the Miner One (MIO) community started to push with alternatives to keep the operation viable, by far the best one of these was from an investor going by the pseudonym Vegan Hero who proposed a viable fully managed operation in Kazakhstan with maintenance and power costs under half the costs in Vilnius. This was met with silence from Miner One Management who even after pushing did not follow up despite promises to do so.
At this stage in late January the author attempted to procure photos of the mining equipment that had been promised for months and was met with a story about weather conditions and not opening the containers due to humidity. There was further discussion about an alternative site that was being negotiated from Miner One Management but no details were forthcoming. Further requests for information about the containers and miners were ignored and met with threats of banning.
January 28 saw an email from Miner One announcing a new location in the Ukraine with a special electricity price of €0.06 cents per kWh compared to €0.065 cents per kWh currently. A photo was attached to this of the miners and that they were planning to move the containers almost immediately. Shortly after this was sent a robust debate was underway regarding the suitability of the Ukraine, the minor cost difference between the two rates and even questions regarding investors from the Ukraine, demands for copies of the calculations to show the calculations that showed it was viable were ignored and community members were left to post their own calculations showing it to be unprofitable. The author at this point was concerned at the photo that had been sent out and studied it in more detail.
On the 29th the author contacted Miner One and asked if they had any further photos as the one they had supplied “was not clear” along with some specific questions that went unanswered. Miner One however did come out and say that they will move the containers first and and share their calculations on profitability after the relocation. At this stage the concerns had spread and questions in the Telegram group where ignored as were emails so the author started a survey to gauge the response from community members on the move to the Ukraine along with other options. Background information on the options was provided via links.
The response was swift with 47% outright refusing the move, another 13% wanting to look at alternative options, 20% wanting profitability figures before the move (which was not possible as the power prices they were spruiking required BTC to jump over USD $1000 from USD $3400) and 20% supporting the move. A total of 80% opposed the move in one way or another. Investors were wanting to to discuss this with Pranas whom they were told was not available. Miner One responded to the survey saying it wasn’t representation of the community and that members had no rights to a say in Miner One decisions. A reminder that Pranas was a busy man was posted. The author posted a marked up photo at this time showing that the newsletter photo had been altered and there appeared to be only the original two containers that were replicated five more times.
Within 20 minutes of posting this photo Artsiom Khudoba the Senior Assistant Manager of Community Support posted to say they were going to send a survey out to all holders and shortly after confirmation that Pranas Slusnys will be online in 30 minutes.
40 minutes later Pranas Slusnys the CEO of Miner One (MIO) came online.
Immediately the question was asked that prompted this impromptu Q&A discussion.
The author responded again and offered them an opportunity again to back down from their claim the photo was real.
“Thanks and I would have taken you up on this offer a few months ago when I was in the area but this photo is not of the containers and the miners so do you have some other photos? I don’t care if they containers are all spread out or anything like that.”
Meanwhile the argument against the move to the Ukraine was growing with the rates that Pranas was claiming being disputed by people with knowledge of the area.
The pressure was kept on Pranas over the photos, the author knew that the photo was faked.
The discussion continued, more demands for a full financial statement of Miner One were made, requests for the calculations were made and now Pranas confirmed that they can start mining in the Ukraine when BTC reaches USD$4500 as opposed to USD$5000 in Lithuania. BTC was trading at USD$3400 this day. The author requested that a proxy visit in his place, this was repeated multiple times during the short discussion.
Pranas Slusnya towards the end of the discussion started lashing out at those he perceived to be threats, discussions about Ukraine from those with direct experience with Mining in the country and those posting links to credible articles where dismissed as spreading FUD and Conspiracy Theories. Further investors asked regarding photos.
Pranas Slusnys stopped responding to most requests at this point, this included requests for the full financial statements and my further requests to have someone attend as my proxy. The tone of the discussion changed as well with investors becoming more vocal in their requests and more challenging the logic of an immediate relocation of the containers to a country like the Ukraine when it was not economical to mine there especially as a proposal had been put forward to relocate to Kazakhstan where it was viable to mine at the current price of BTC.
Pranas ignored the post from Black Mamba and continued to ignore the authors request to send a proxy in his place that was made multiple times, a simple Yes or No answer was all that was needed. Black Mamba posted the question again which was finally answered but with a response that made no sense to move the containers and miners to Ukraine and hope that the BTC price increases and if it doesn’t relocate them elsewhere.
Throughout the discussion a number of investors raised the question if the miners were really ordered. The response from Pranas instead of providing proof was simply “I have a simple and sincere answer: My personal and professional reputation costs more than all those miners and containers.”
Finally Pranas Slusnys addressed the author sending a proxy in their place and the answer was as expected, both having a go about conspiracy theories, extended the offer once again and a warning not to ask the question again.
Another investor at this stage suggested that whilst his personal and professional reputation costs more in his opinion others disagreed.
The author made one last attempt to get Pranas to provide an answer and address the assertions raised by Pranas Slusnys but his response was to shutdown the discussion and leave the group.
This is part of the discussion that took place on the 29th @ 15:09 GMT until 16:03 that covers the most relevant discussion.