Bolt Miner Newsletter
Sat 01.08.2022
Bolt Miners -
Despite it being more than a week since our last update, the Bolt Mining Team has been hard at work gearing up for a big 2022! I’m particularly stoked on this week's newsletter, which includes exciting updates about the Phase 1 launch and some great content to help you get prepared for the year of mining ahead. As always, I hope you enjoy the newsletter and take time to let us know what topics you’d like to see covered in future dispatches.
Site Progress
This week, our primary meter was installed by the power company 2 days ahead of schedule, keeping us on track to meet our early February 2022 target online date.
In other exciting news, we’ve completed the perimeter fencing, security system installation & executed a power purchase agreement that includes participation in ERCOT’s load response program, ensuring we do our part contributing to stabilization of the Texas grid. We’ve also received and inventoried nearly 400 miners that are eagerly awaiting some yummy 240V power…
A quick recap of where we stand on the Phase 1 launch is below, along with photos of recent progress:
Warehouse renovation – in progress, ongoing
Mobile data center (Smartbox 3000) delivery3000 kVA transformer delivery4000A fuse disconnect deliveryDedicated transmission line & conduit installationPrimary meter installation— scheduled for the week of 1/3Smartbox 3000 power up & testing -- expected for the weeks of 1/10 & 1/17
Rack & bring customer rigs online -- expected for the week of 1/24
Onboarding
All existing Bolt Miners should have received an email from our Client Services Team with instructions for getting set up with our preferred mining pools, along with a request for account details that we’ll need in order to bring your rigs online. I’ve copied those details below again. Want to use a different mining pool or happen to be the proud owner of an L7 gearing up for merge mining? Make sure you fill out the form and let us know who you plan to pool with and we’ll get you setup — we want you to be in total control of mining pool selection.
To set up an account with Luxor, use this link.
To set up an account with Slushpool, use this link.
Once you set up your account, you’ll need to have the username for your account, and fill out this short form.
Member topics
We’ve recently gotten a ton of requests for recommendations on wallet security and crypto mining taxes. Both are critically important topics that we thought the broader community would benefit from us sharing. Whether you’re a new or experienced miner, we hope the following contributes to a solid foundation of knowledge to keep you safe and profitable.
Wallet security
There’s a wide range of wallet solutions that range from easy-to-use web based “hot wallets” on exchanges, to offline “cold storage” solutions for the more technically inclined HODLER. While we prefer cold storage using a hardware wallet, we believe that the most secure wallet is one that you feel most confident managing. Managing your own private keys isn’t for everyone — there’s real merit in simple, third party solutions like Gemini Custody.
Below is our recommendation for those of you interested to self-custody your coins using a hardware wallet:
Ledger Nano X setup with a 25th word passphrase for extra security.
2x Seedplate stainless steel backup -- store one securely in your home, preferably in a fireproof safe, and the second at another location, such as a safety deposit box.
Keep a small amount of BTC like a "checking account" on the partition of the Ledger wallet that isn't backed up with the passphrase. Send your mining proceeds to the partition that is backed up with the 25th word. This is a best practice to avoid easily succumbing to a $5 wrench attack.
Crypto mining taxes
There’s been a lot of development in this arena over the past year thanks to increased guidance from the IRS, making it much clearer for those of you located in the U.S. Andrew Perlin over at TokenTax put out a great Intro to Crypto Mining Taxes article this week that’s rooted in the most recent guidance – we recommend you use it as a starting point.
Hardware update
BTC is on sale. As always, we recommend you check out the Rig Index brought to you by our partners at Luxor.
Member incentives
Below is a snapshot of our current available inventory and pricing.
I’m excited to announce our very first member incentives, available exclusively to Bolt Miners that have signed a hosting agreement and completed payment.
Rig discount: $500 off rigs purchased from now through February 1, 2022 (see below).
Miner referral program: 1 month hosting credit for 1 rig when you refer a miner that completes a buy/host order with Bolt Mining. (Expires 12/31/2022 based upon rack space availability.)
