Colorado Mining Companies LLP, Partner Update
March 10, 2022
This report will be provided to you by the 10th of each month to keep you informed of Procurement Gap Exceptions (PGE) to monthly distributions. Of course, initially as we get electrical infrastructure ordered and put in place, we anticipate PGE to monthly distributions until about May or June. As a rule though when we start mining and the 25% reinvestment of monthly revenues kicks in, this will create a permanent PGE; so, this monthly partner update will become a permanent communication device for our partners and will be posted to the private partner login section of our website (not yet configured).
Electricity
As requested by the electric company, our surveyor completed the easement survey diagram, and this was signed off (and notarized) by the property owner of our mining location. The notarized document was sent to the electric company and has been recorded with Douglas County. With the easement survey in hand, the electric company completed the next step within a couple of days, providing us with the installation contract.
The installation contract detailed all the previously completed steps as requirements for the main transformer installation. It also addressed the need for a pre-construction meeting at the site so we can point and talk about the main transformer install.
Our site has been declared as Small Industrial which gives us an electrical rate of $0.05458/kWH. We will have a one year obligation at that rate. However, after one year, and with a metered demand of 2000kW or greater (ours will be ~3000kW), we will then qualify for a reduced rate of $0.0351/kWH. There are other costs (basic service charge, demand charges, etc.), but overall, we have a great rate that will aid in our profitability.
Generally, our main transformer should be installed in six to ten weeks. Next month we should get a better idea of the install schedule.
Timelines
We are still on track to begin mining in late May to Early June.
First Annual Partnership Meeting
As detailed in the Partnership Agreement, we are obligated to hold an Annual Meeting within the first three months of each calendar year. This year’s meeting will be held virtually on Google Meet on Saturday the 26th of March at 2:00PM Mountain Time. The meeting invite link is included in the email that sent this Partner Update PDF.
The agenda is as follows.
Leland will provide Bitcoin chart mid to long term Technical Analysis and talk about our Mining Implementation Strategy.
Maria will provide a walk through of creating your partner account for accessing private partner only information like this Partner Update and then later detailed mining stats.
Mark will provide info on our site layout, updates on miners, power, and initial mining plans and future growth.
Regards,
Mark, Maria, and Leland
Managing Partners
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