First of we would like to send out our greetings and happy holidays to all ours customers.
We understand there has been some time since our last update, and want to be totally honest with our customers. When we started this project, we had a proof of concept which we publicly released, this design was proven by engineers and was a new advancement in 'Scrypt hashing'.
Upon positive feedback of our design concept, we received a lot of attention and demand from our customers to complete our chip design and produce it into a working and 'mining' product. We had a clear plan and strategy which was based on feedback from our designers and manufacturers. And we stated to all our customers we would constantly provide news updates on our progress and shipping time.
As you know we have had many unexpected delays which have been out of our control. Such delays are expected when developing a new technology, as an example there is a considerable risks in the chip design being a fail when we reach the tape-out stage at the foundry (a high cost NRE). As you know that our chips passed all stages at the foundry and we have had a large stock piles of chips waiting to be assembled into units.
We believe it is better to take time in delivering this product, than giving up/failing and leaving our customers empty handed as a lot of other companies have done.
We will be repaying our customers patience with our loyalty scheme, and the obvious hash-rate increase which we had already previously given. And we request all customers to be patient and trust us that any delays have been out of our control and we are fully committed and well funded to assemble these chips into a durable efficient device. We also understand there is little or no competition with our product in this area, where a lot of projects and companies have failed trying to produce scrypt-hashing devices. However, we have persevered through any adversities and have not given up in getting our product out to our customers. We have rectified our issues and done our utmost to not disappoint our customers. We hope this patience pays of to our customers, whether it's through this product or with our loyalty scheme. We have many plans for the future where we believe our customers will benefit hugely from.
Our only recently delays have been in the system-side of things, which is more of a time issue rather than a cost issue. This issue is to do with the power regulation, where we are still trying our utmost to reduce the power required by our overall system.
We have been working on the stability of our dc dc regulators. Our UK design team have been closely working with Altera to make sure our Enpirion updated design met all the design rules. It seems something about the load characteristics means is unstable. We seem to have exhausted what we can do with these devices and are working on an alternative method where we would not need any regulators at all. This is something highly technological and requires skilled engineers to pull-of, which we believe we have now with our UK design team.
We will be providing technical updates on a regular basis now regarding this issue.
Alpha Technology Team