mark shawICO team member replied on 21 Apr 2018
Three members of the Product Development Team have been historically involved in mining at senior levels, including setting up and running a large mine farm, actually designing mining rigs from base components and coding software to analyse mining efficiency. This gives AX1’s management function the necessary skillsets to fully understand and implement its business model. Of course, in terms of actually acquiring, setting up and running the miners – this was from day one something that we envisaged would be done by external contractors and the reason for this is simple enough and based on the Executive Team’s extensive experience in the Financial Services and IT Sectors: by using external contractors (and bearing in mind that we have three demarcated floors in the Data Centre) we can use different sets of contractors who will effectively be in competition with each other to produce the best results. In the same way that fund management companies have a number of managers that they can inter-compare the results of and IT companies have different coding teams, we wanted to be able to assign mandates and then hire and fire teams based on performance. One of the reasons we chose Manchester and not in China or backwoods of Canada where it would be difficult to get people to and which may be cut off for months of the year, is that we can get very high-quality teams to setup, run and adapt each floor’s miners very quickly. Our model may at first site seem a little ruthless but we have extensively analysed other operations over a two year period and what we see is that having the actual day to day people who run the miners embedded into the company’s board, C-Suite or as shareholders leads to huge inefficiencies as it is often awkward to get rid of such people if they don’t perform satisfactorily: with our model we simply do not renew the contract and get a new team in if we are not happy with mining output. So, sorry for a slightly long answer but this solution we think will deliver the best and most consistent results to our tokenholders.