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https://btct.co/security/MININGCO.ETF

https://bitfunder.com/asset/MININGCO


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MININGCO.ETF

Summary:
The purpose of this MiningCo.ETF (the fund) is to allow investors to instantly diversify among higher quality mining assets.
MININGCO.ETF is an Exchange Traded Fund that holds assets that are invested in mining Bitcoins where mining equipment is owned by the shareholders. Only assets with a proven track record of steady dividends and upholding their shareholder contracts will be considered. There is equal weight to all assets in the fund, no trading will occur outside of rebalancing the fund.
The Fund's portfolio will be public (where available) to show proof of ownership of underlying assets.

Transparency
The fund seeks maximum transparency by fully disclosing all assets held in the fund at any time. All dividends accrued and paid will be disclosed. All management fees will be disclosed.

Assets to be included
Only mining assets where equipment is owned by the shareholders will be included in the fund. Only assets with a proven track record of steady dividends and upholding their contracts will be considered. Assets on Bitcoin Trading Corp. with a total score of 6 or higher will be included in the fund.
When a new asset meets these criteria, it will be included in the fund, following balancing rules (see Balancing). When an asset no longer meet these criteria, it will be removed from the fund, following balancing rules.
A motion to add or remove assets from the fund can be requested by the shareholders.


Bitcoin Reserve
A portion of the fund will be held in Bitcoins. Not more than 20% of the entire fund’s value may be held in Bitcoins. The Bitcoin Reserve will be used to balance the fund and to offer share buybacks.

Balancing
All assets in the fund, except the Bitcoin Reserve, will be weighted equally based on Bitcoin value. Assets in the fund will be kept in equal weight less the Bitcoin Reserve by periodically rebalancing the fund. This occurs through the manager utilizing the Bitcoin Reserve, when necessary, to trade underlying assets. This can not be maintained all the times with 100% accuracy. Rebalancing will occur not less than once per month, and not more than once per week. Acceptable tolerance for balancing is a 10% margin of error of entire fund’s value for each asset. Balancing to a higher degree will incur unnecessary exchange fees and might depress low volume underlying assets. Exchange fees will be kept to a minimum by trying to perform direct transfers between asset issuers and the fund.

Dividends
Dividends will be paid only from dividends accrued from the underlying assets. Dividends will be paid weekly at most, no less than bi-weekly.

Share buybacks
Share buybacks will be offered on a very limited basis at 90% of the current Net Asset Value per share buy placing bids on the market.

Net Asset Value
The Net Asset Value (NAV) is the value of all assets in the fund plus the Bitcoin reserve.
The Net Asset Value per share is the value divided by number of shares outstanding. This is also known as NAV/U

Management Fees
Management will be compensated in with 6.9% of all dividends paid. 6.9% will be paid to management from all accrued dividends before being paid to shareholders.

Underlying Asset Motions
Underlying assets held by the fund may periodically raise motions to vote. This fund will vote on motions on underlying assets favoring the best interest of the fund. Shareholder may request a motion for proxy voting the fund’s shares of an underlying asset.


Risk to shareholders
Although research has been put into each underlying asset, Mining assets in the past have been unpredictable. The fund’s value relies on the the value of the underlying assets. If the underlying asset value decreases, the entire fund’s value will also decrease. Additional risks to Mining assets include the price of Bitcoin, the price of mining equipment, the difficulty mining Bitcoins the Bitcoin reward per block, mining equipment upgrades, as well as many other risks. This fund does not hedge against any of these risks. Each shareholder must understand these risks before investing.



Fund Closure
Management reserves the right to close this fund for any reason giving 30 days notice. All assets in the fund including unpaid dividends will be liquidated on the respective markets and paid to shareholders.

Asset spreadsheet: https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHdhandXeDQwTU13N2ZmbWxMMHNzeGc

Public Portfolio: https://btct.co/portfolio/gr83

Nasty Fans "seats" list. Username: MININGCO https://nastyfans.org/list.csv

Bitcoin wallet address: 1Mining6y9NFU1cWxBgExYykwgCCoqoW8X (https://blockchain.info/address/1Mining6y9NFU1cWxBgExYykwgCCoqoW8X)

I'm trying to find a good share price.

BTC1 used to be the going rate, but that was awhile ago. I would like to stick with 1 some how. BTC0.1 seems to little, but may be more practical for smaller investors.
BTC.25 sounds about right to start, but I would still rather have tenths.


I also thought about including non BTCT.CO mining companies, but I don't want to evaluate these companies. With BTCT.CO assets, the moderators usually get it right, but other assets don't have this moderation. I want to stick with a formula for including assets that anyone can follow, not using my own arbitrary judgement.

Any thoughts? I would love to discuss.

Are there 5 or more such companies on BTC.CO?

From BTC.CO Assets Issuers Terms of Service:

"Long-term investment securities are not to invest more than 20% of their portfolio into any other single security on BTC-TC. "

One other request for clarification.  Contract says:

"A portion of the fund will be held in Bitcoins. Not more than 10% of the entire
fund?s value may be held in Bitcoins. Bitcoins will be used to balance the fund
and to offer share buybacks."

What's the fund's policy on liquidity/buying back shares?  Sounds like you have a policy (which is a big step up from many 'funds') - but at what % of current fund value do you do it?  Is it done via bids place by you, by filling asks placed by investors or on request?

Linked to this, contract says:

"Management Fees
Management will be compensated in with 5 shares of the fund being issued to the
manager?s personal account for every 100 shares sold. Shares issued as
compensation will be non voting shares (shares will abstain from all motions)."

If you buy back shares are a proportionate amount of management shares returned to the fund?  Sure you can see the problem if not - agressive rebuying and reselling could end up with management shares being a large chunk of equity.

Also on management shares, if the fund closes does management get to take a percentage of the proceeds?  If so, isn't that a little bit dubious given that management can close at any time for any reason - and could get 5% of fund value even if they'd never made a profit (or even got around to ever buying any investments).

On the other hand, if management can't vote with the shares and does NOT get assets on fund closing then why have management shares at all?  Why not just pay 5% of received dividends as a management fee - which manager can then use to buy shares that DO vote and own assets if he so chooses?

This giving shares that aren't actually shares thing seems to have got widespread without any real justification or purpose - and just opens up avenues of abuse and problems that don't need to be made possible.

Probably have to get some from off the exchange to start.  We don't have 5 yet and as Deprived pointed out, over 20% of any single one would not be allowed.

Are there any other good ones on BitFunder or CryptoStocks?  Or maybe you could mix in some Asicminer or something else not being traded?  Honestly, I think pulling in some off-exchange companies actually brings more value to the table for your fund investors.

Cheers.

None on Bitfunder that meet his criteria - if there's any on Crypto they aren't traded at all.  GMP is nearest thing there - but not seeing a whole ton of transparency from it and the dividends don't look particularly appealing.

Problem with investing in less than a half dozen or so is that there's simply no diversity, so investors aren't really getting anything out of it.

Which isn't to say the fund can't be approved now then start selling shares once there's more offerings around.  Now would be a terrible time to start it anyway - ASICMINER's ASIC chips passed their tests yesterday, shuld be packaged today and they'll be hitting the network within the week hopefully.  At which stage expect a lot of tanking of prices of BTC mining securities in general - especially those with no ASIC upgrade path who were gambling ASICs wouldn't arrive (it shouldn't hit others TOO hard - but it will mean no early-starter bonus for any of them for being in first batch of ASICs plus depressed dividends until they get their own ASICS, which should mean lowered prices).

This is what we call a snafu.

I admit, I got caught up and I wanted to start a new asset with the New Year. I may have jumped the gun getting this asset created, but there is more than one solution to this problem.

To keep things simple (as I originally planned) we can simply wait for additional companies to meet the criteria.
COGNITIVE and BASIC-MINING already meet the criteria. BTC-MINING, if and when namworld gets it going again would qualify after a few more YES votes. I urge any other mining company from GLBSE to move to btct.co and take advantage of the waived asset creation fee.

Deprived posted this while I was composing my response:




And this is the other option. Changing the contract to allow for companies off of btct.co to be included in the fund. I originally did not want to do this. It makes things much more complicated. I also wanted to be able to prove ownership of underlying securities by making the fund's portfolio public. I wouldn't be able to do that as easily with assets from other exchanges (or proprietary platforms).

If we were to go the off-btct.co route:
NASTY (https://bitcointalk.org/index.php?topic=86854.0) looks like a good candidate. And I have also been offered a way to publicly display shares owned by the fund using their proprietary platform.
There may be a few others.

The share buybacks will be offered on a very limited basis at 90% of the current Net Asset Value per share buy placing bids on the market.
Only a very limited portion of the Bitcoin Reserve will be available for buybacks. The Bitcoin Reserve's priority will be for balancing first, and then buybacks. I would rather have the fund's shares be traded on the open market, but I know that's not always possible. So, I hope a buyback policy will help in a very limited way with some investor's liquidity.
("Very limited" 3 times in one paragraph.)


Sounds good. It's a pay cut, but does keep things simpler.


The asset contract will be modified with the buyback policy and the management fee change when we can determine how to add underlying assets whilst keeping below 20% for each asset.

Cash + 3 or more mining assets and you'll be fine. BTC balance is obviously an asset that belongs to investors and is just as obviously not limited to 20%. It's a balancing act for any long term transparent fund, but with a properly designed spreadsheet it's a breeze.

I have thought about that. Holding 20% of a few assets + the rest in BTC would follow the btct.co terms. But I can't pay dividends on the BTC. I don't know how many people would be willing to buy into a fund that holds that much BTC. That's why I put a limit on how much BTC could be held in the fund.

But it certainly would allow me to start the fund much faster.

I would like to hear the thoughts of others. What about allowing the fund to hold up to 40% in BTC (cash)?
I would also like more opinions on adding "foreign" assets into the fund (Assets from other exchanges).

As mentioned Glari Mining Project on crypto is the best there. I believe he's got some FPGA to Avalon upgrades coming. Tempted to delve a little deeper and potentially invest a few BTC myself, though liquidity on cryptostocks is frequently a problem.

Edit: Another interesting aspect of adding GMP to your ETF is that you would then have a stake in all three shipping ASIC vendors. Truly a representation of the market.

Not sure if it would meet your criteria actually.  Although its contract says it's a mining company in fact its only asset (other than a few BTC) is a loan to BitBond.  So it doesn't own mining hardware - just passes through to an actual mining company.  If contract is being followed other than that (no idea if it is) then namworld will be taking a 10% cut for electricty/maintenance despite there not being any hardware needing electricity/maintenance.

Then go look at Bitbond and see that it stopped paying dividends against its contract and the issuer is now totally unresponsive and shortly to be reported for a scammer tag.

Pretty sure the BTC-Mining loan to it is part of the 85% that DID get old dividends (normal investors have had zero for the period since GLBSE went down).

But with the operator of the asset to which BTC-MINING is effectively a pass-through breaking his contract and BTC-MINING not being a mining company I don't think it fits the criteria of what you intend to invest in at all.

A 10% fee just to loan your money to someone else isn't exactly great value for money anyway.

Oh and Bitbond is a fixed-rate bond - so a pass-through to a fixed-rate bond (with a 10% haiir-cut on the way) is 100% not what you want to be investing in.

Well, this is unsettling news.

It's looking more and more like "outside" assets will need to be used.

I think having outside assets makes a lot of sense.  Otherwise, people using BTCT.CO could easily invest in the same companies as the fund and cut out the middleman.  Having exposure to outside assets brings something new to the exchange, that users otherwise wouldn't have exposure to.

I know it's more of a PITA, but I agree that the fund will have more value to investors on BTC-TC if it includes assets from other exchanges/sources.  Applying the moderation score requirement gets a lot harder, but maybe you can come up with an alternate list of requirements?  (must have been mining for X months? must release personal contact info? etc, etc.)

Cheers.

Thanks for this valuable input. I will change the asset contract to include assets from outside of the btct.co exchange.
Although this introduces extra risk, I think it's the only way we can move forward with the fund.

I want this fund to be transparent, that is why I originally wanted to use only btct.co assets. Burnside made it easy for the fund's portfolio to be examined by the public.

After looking at how Bitfunder works, it's easy to show what assets the fund owns by publishing the public BTC address tied to the fund.
After speaking with OgNasty, the proprietary platform for NASTY "Fanclub" now also supports publishing shares held by a BTC address to the public.
As for other platforms, I don't know if publishing assets held will be possible.

Another change to get moving forward will be to increase the maximum amount of BTC that can be held in the fund to 20%. I don't plan on ever keeping this much BTC in the fund, but this will be required in order to balance assets across multiple exchanges/platforms.

The management fee will be increased to a total of 7.5% of dividends paid because of the added complexity of accessing multiple exchanges and proprietary platforms to keep the underlying assets in balance.

Motions will be allowed to be requested by shareholders to include new assets or remove existing assets from the fund.


I want this fund to be successful and fair for everyone involved. Let know what you think about the proposed contract changes.

Asset contract updated in first post (https://bitcointalk.org/index.php?topic=134389.msg1431358#msg1431358). Let me know what you think.

The limited number of possible assets will make things difficult at first.  Holding coin in reserve means it's not working for your investors - which will reduce dividends early on which in turn might negatively effect your asset price.

I'm not sure about your stance on "Underlying Asset Motions" and abstaining. As an investment manager and holding assets - your role is to ensure any assets you hold maximise their potential - which you influence through your vote.  While it may be politic to withhold/abstain - with your responsibility to your fund - positive action would be better in my mind.

All in all I think it looks good though.  You've a solid head and you look before you leap - so I've no doubt about your ability to manage the fund well.

I have made a couple of more changes to the asset contract. I am still trying to address all concerns while still keeping it fair for everybody.

First, the fund received an Abstain vote stating:

This is great feedback. I would love to discuss it further in this topic.
To immediately address this concern, I have reduced the management to a total of 6.9% of dividends.

The management fee was originally lower because the fund was going to only accept underlying assets on btct.co. Keeping everything on a single exchange would obviously make things easier to manage.
Now that the fund is going to spread across different exchanges and use proprietary trading formats, managing the fund becomes more difficult. I don't mind more work, but I want to be compensated fairly for it. I am open to anyone's thoughts on this issue.



I have thought about this point and voting in the best interest of the fund seems a better course of action than abstaining. I have changed the contract to reflect this, as well as offering a Proxy vote if shareholders request it.



These two changes have been implemented in the contract (as seen in the first post and on btct.co (https://btct.co/security/MININGCO.ETF))

---

The fund would have started trading very soon, but the entire ASIC drama has been a huge ? for just about everyone involved with mining.

With BFL at CES showing off an.. um.. incomplete product, and now with bASIC showing more signs of uncertainty, it would be irresponsible to start a fund with such a huge potential to almost immediately lose value.
There is even an ask for a short (https://bitcointalk.org/index.php?topic=130982.msg1451484#msg1451484) on creativex's BASIC-MINING asset.

I could start the fund now, but speculation is not something that I want to bring to this fund. Good solid results, with steady paying dividends is my intended main feature.

I am also interested on anyone's thoughts on the ASIC drama.

I found that amusing. :) We have enough uncommitted funds on hand to order 3.75 more units and someone thinks shorting us is a good idea. I'd certainly think a mining company that put all of their eggs in one basket and has no reserves would be a far better target if the basket was found to have a hole in it, but I'm just a dumb miner. :D   

I also found that amusing.

---

I have also received some PMs about waiting to release shares until after ASICs come out. I would like to know what everyone thinks.

Would you be willing to buy in this fund if it started trading now? Investing in underlying assets that have pre-orders for various ASIC companies but no guarantees? Would you feel like the fund would be missing out on buying underlying assets at a discount if we waited; and prices would soar after the ASICs come?

Here is a summary of the thread so far for the tl;dr people:

Portions of the contract include:
A fund that includes Bitcoin Mining Companies. The companies included can be from any exchange, and in some cases, not on any exchange.
All companies included will be weighted equally. Dividends will be paid every week, or so.


Current issues:

• Is the management fee of 6.9% of dividends fair?
• Should the fund go live before ASICs hit the scene (potential to get good pricing, but much more risk). Or should the fund wait until after ASICs (less risk, pricing should stabilize).

I would like to get feed back on these issues.

If you're going percentage based, a fair management fee (for me) depends on a ratio of (a) how much time you're spending on it, to (b) how much in dividends the fund processes.  With the goal being whatever percentage you choose should feel to you like a fair wage for your time spent.  I know that setting it too high will turn some people off, but anyone buying into the fund will want to make sure that you're taken care of so that you remain motivated to do a good job managing the fund.

With regard to releasing before or after ASIC's, you might just make sure that each company you invest in has a decent ASIC plan in place.  Then in theory everything else balances out because you are spreading the risk across multiple companies.

Those are my thoughts anyway.

Cheers.

The fee is reasonable IMO, given the additional homework management will be required to do on mining companies outside of BTC-TC.

As a small investor I'd be more interested in your fund prior to ASICs being released to potentially give me some exposure to mining companies and vendors I'm unwilling to commit relatively large sums to. I'd hope anyone investing in a mining ETF would have some inkling of the technological precipice we're currently resting on and understand the associated risks. After ASICs are released I'd be more likely to simply determine which mining companies will enjoy the greatest benefit and invest with them directly.

I plan to release shares for sale "soon."

Starting up, the fund would invest in Nasty Mining, Cognitive, bASIC-MINING and GMP.

With these companies, all three major ASICs vendors will be represented.


In keeping with the Asset Issuer terms, Cognitive and bASIC-MINING would have to be capped at 20% of the value of the entire fund, each.
Nasty and GMP are allowed to have more than 20% of the value of the fund since they are not on btct.co, but my asset contract states that all underlying assets will be balanced with all other assets within 10% margin of error of the entire fund's worth. The rest will be held in BTC for buybacks and keeping in compliance with the Issuer Terms and Asset Contract.

Honesty: Buying into this fund at the start is probably the most risk you will see in this fund. It will be a very rocky start, especially being on the cusp of ASICs being released.   

I prefer a % based management fee - it's one of the best encouragements to ensure the fund is managed.
It's good to see somebody being upfront with the risk reward - it inspires confidence.

Agreed. Carnth has been very professional about this startup, very encouraging.

First batch of shares are on sale for BTC0.5

Added a "Dividends" tab to the spreadsheet:
https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHdhandXeDQwTU13N2ZmbWxMMHNzeGc

This will track dividends received and paid by the fund.

Added additional "proof of ownership" details on the second post (https://bitcointalk.org/index.php?topic=134389.msg1431361#msg1431361) to enhance transparency. (Added Nasty Fans list and the Fund's Bitcoin wallet address)

---

First dividend will be paid on Wednesday Jan 23 (USA time).
All dividends accrued up until Tuesday will be included in the Wednesday dividend. You can see all the dividends accrued (and where they came from) by opening the spreadsheet (also found on the second post) and clicking on the "Dividends" sheet (at the bottom).
Management fees will also be shown on the Dividends sheet.

Dividend to be paid tomorrow will be a total of BTC0.11955969
I have waived the management fee as a thank you to everyone who has taken the first step with me to get this fund going.

---

Future outlook-my guess as to what's to come:
ASICs still are a huge concern for everyone involved with Bitcoin mining. Expect increased market volatility.

Avalon has announced that they have shipped a couple of units. At this time, there is no way for sure to know if this is true as no one has come forward to say that they have one in their possession.

One thing is certain, the mining company that can get their ASIC equipment first will have a huge advantage and not to mention an equally huge jump in price.

The first dividend payment was successful!
The Value of GLARI Mining Project (GMP) jumped significantly. Because of this, the NAV per share has risen to .54 BTC.

---

Future outlook-my guess as to what's to come:
Since Avalon has announced its release of their ASIC mining devices, GMP is in position to receive Avalon ASIC devices in Batch 2.

In other news, it looks like bASIC is calling it quits.  bASIC has promised to refund all pre-orders, so a move to a different ASIC producer shouldn't be difficult. But, mining companies who chose to go with bASIC will now be in the back of the queue for other ASIC devices.

Be very cautious when investing. Watch for continued volatility as the ASIC drama continues.

This week, our position in COGNITIVE took a hit; the weekly average price is down to .33 from .42.
This has caused the NAV per share to fall to .52

This week's dividends of 0.33851856 will be paid tomorrow night on Jan 30, USA time.
The Management Fee has once again been waived. Thank you to all who have invested.

---

I would like your thoughts on setting up this fund on BitFunder.
If you only have an account on Bitfunder, would you want to buy shares in this fund?
Because of the fees Bitfunder charges, would you buy shares at a 1% premium over the price sold on BTC-TC?

Will it be 1 combined fund listed on 2 exchanges, or 2 separate funds that follow the same contract/goals?

I don't have an account on BitFunder because of the weird 3rd party BTC transfer requirement, but it does seem like BitFunder could benefit from this listing.

I don't think a 1% premium makes much of a difference if it is due to the exchange charging higher fees, so long as it is a combined fund across 2 exchanges.

Good luck.  This fund keeps getting more exciting.

This is exactly the reason. Bitfunder charges 1% fees only to the seller, which the fund would have to bare. The fee follows a sliding scale which can be found here: https://bitfunder.com/help



Yes, it would be a combined fund across 2 exchanges. A first in the crypto-currency world if I'm not mistaken.



Thank you very much for your interest.

---

There could also be extra benefits as well such as the ability to transfer shares from one exchange to the other.
I am curious about any other interest. I would be willing to do this if I can justify the Asset Creation fee.

I think it's a good thing for everyone involved.  It'd bring a bunch of the btct.co mining companies more exposure, it'd bring more investment options to BitFunder users, and it'd bring more cash into the fund with which to diversify and extend the investments.

Seems like a win-win-win.  :)

So is this a good fund to invest in ?

If you 're going to list it on two sites I'd suggest making one the main and the other a pass-through to it.

If there's ever any votes, somewhere needs to have the official result - and they can't both vote in one another's motions.  The pass-through's vote would end before the main vote - then you'd reflect their votes in the main one by using 2 proxy accounts (one to vote yes, other to vote no) - you couldnt vote the pass-through as a block if it could be of similar or greater magnitude to the main one.

Hey Deprived do you have any securities in BTC TC ?

Just sum the votes manually.

But then neither site shows the official result - one may show pass, the other fail and noone looking at either knows what actually happened.

If one was the "main" then those looking at it would see actual results and those looking at the other would see it was a pass-through and know to look at the main to see how any vote actually ended.

There's other problems with making two sites both the main as well - that was just the simplest one to point out.

Consider the situation if one site is hacked and funds stolen, or operator runs away or whatever.  Should current BTC.CO investors have to soak up losses caused by a listing on Bitfunder that went bad?  Or vice-versa?

Now consider it specifically from the perspective of current investors on BTC.CO.  Adding bitfunder as an equal investor exposes them to additional counter-party risk for no real benefit to themselves (with a limited number of investments there's no benefit to investors from increased capital).  Sure - the risk of Bitfunder disappearing is low - but ANY risk which delivers no benefit is bad.

With one main and the other a pass-through that sort of liability is already defined - the main is totally unaffected by anything which happens on the pass-through, the pass-through can be screwed by both platforms.

I honestly think not defining a main is pretty bad for a few reasons - not necessarily very obvious ones but valid ones nonetheless.  Either have one main and one pass-through - or run two seperate but otherwise identical funds.

I agree with this point. Not defining a main is in effect enacting a merger in the market. Not having that merger recognized structurally creates tensions which aren't either useful or productive.

No, it isn't. In the real world companies list on two or more exchanges all the time and they just sum the votes. I could probably give you six examples without even thinking, such as coeur d'alenne and first majestic for starters.

You're comparing apples and oranges.

What we refer to as exchanges (BTC.CO, Bitfunder) actually fill a whole bunch of different functions (exchange, broker, registrar, company bulletin board etc).

In RL an exchange has basically nothing to do with voting - voting would be handled by the company directly.  One body needs to track and record the results of votes.  If Carnth wants to do that off-site and record/publicise results somewhere else then that's fine - but remind me of the benefits of NOT having total votes recorded on either exchange?.

But that doesn't address the issue of investors on one site taking on part of the risk of default on the other exchange which they neither use nor, in the case of current BTC.CO investors, were even aware before they invested was a risk they were expected to take on in return for no benefit to them.  Obviously if current investors vote to accept that risk (and any dissenting are bought out at full value) then that's fine.

I would say no not because of the person running it but because mining companies and mining bonds are a bad investment to begin with. Add further management fees for the ETF and it gets even worse. Ive yet to see any mining company make any real profit and the bitcoin difficulty will only grow in future. There are also very few quality investments in bitcoinland because investing in an asset thats based in USD is a short on bitcoin.

I would keep the result on the Asset spreadsheet. That would act as the definitive count for all votes across the exchanges.

Our position in GMP continues to rally as it will have Avalon ASICs devices mining "soon."
The price of Cognitive has slipped a bit but shows signs of improving.
Even with the Cognitive dip, GMP's rally has increased the fund's NAV per share to BTC0.57.

Once again, I have chosen to waive Management Fees this week. Thank you to all who have invested.
Total Dividends of 0.16649484 will be paid tomorrow night (USA time).

---

Future Outlook - My guess as to what's to come.

Just about all companies are holding off on purchasing new equipment, except for ASIC devices. Until ASIC devices are in the hands of mining companies, dividends from them will continue to wane.

Avalon ASIC devices have proven to meet their specs, so any mining company that can get their hands on one will have a tremendous advantage (hence GMP's rally). It looks like bASIC-MINING might be going with Avalon as well.

Also, the Price of BTC vs USD continues to be a huge factor. Order an ASIC device to early and you end up paying more BTC, but wait to long, and then you won't have an ASIC device when you need it.

Our strategy would be best described as hedging. One Avalon unit has been ordered as they've proven they can ship a working ASIC product. bASIC-MINING continues to hold 395BTC in reserve and will continue to benefit from BTC's price appreciation vs fiat currency while lead times between ordering and receiving ASIC products shrinks.

Total dividends of 0.16211835 (management fee included) will be paid this week.

COGNITIVE has rebounded from it's earlier low and all the other underlying assets have also improved slightly. GMP is still at 0.6 BTC.
This has increased the NAV per share to BTC0.59

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I am still interested in comments on bringing the fund to BitFunder.
Should it be a pass-through? Or should I just sell shares there and include them as part of the total assets? All assets are kept on the spreadsheet (https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHdhandXeDQwTU13N2ZmbWxMMHNzeGc).

I think it will be much easier to distribute dividends if the Bitfunder asset were a pass through.

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Future Outlook - My guess as to what's to come.

GMP's high price is due to Avalon delivering first. But when other ASIC companies release, I fear that the price of GMP will "re-normalize."
Expect high volatility until every company has all their ASIC devices happily hashing away.

Setting up the ETF as a pass through is the most appropriate way IMO.

As much as I like BitFunder, setting it as a passthrough seems like the best solution.

I am setting up a pass-through on BitFunder.

Here is what the pass-through asset summary looks like:

***
Pass-through to MININGCO.ETF on btct.co

Each share of this pass-through = 1 share of MININGCO.ETF on the Bitcoin Trading Corp ( https://btct.co/security/MININGCO.ETF )

Forum for this pass-through and MININGCO.ETF: https://bitcointalk.org/index.php?topic=134389.0
Assets held by MININGCO.ETF: https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHdhandXeDQwTU13N2ZmbWxMMHNzeGc

FEES:
A pass-through share is priced at about 1% higher than the MININGCO.ETF share it represents. This fee covers the exchange fees associated with operating this pass-through. There are no other fees for the pass-through. 100% of dividends paid from the MININGCO.ETF less Bitcoin network transaction fees, will be paid to the pass-through.
The MININGCO.ETF fund has other fees. See the MININGCO.ETF asset details on Bitcoin Trading Corp for details.

Proof of shares owned:
After pass-through shares are sold, and equal number of MININGCO.ETF shares will be deposited. MININGCO.ETF shares for this pass-through are held in this account: https://btct.co/portfolio/frc9CQ==
***


Does this look good? Do I need to add or remove anything? Please let me know.

The pass-through shares will go up for sale "soon."

Total dividends of 0.15498476 (management fee included) will be paid this week.

There was basically no price movement this week in the underlying assets. Dividends have continued to wane as the companies are investing in ASIC units that will arrive "soon."

---

Future Outlook - My guess as to what's to come.

With ASICMINER running tests and a few other ASIC devices popping up, everyone is waiting for the ASIC explosion to occur.

Fun fact: I wrote the word "ASIC" (including this one) 4 times in this post. (I don't count ASICMINER as that is the name of an asset.)

---

As mentioined earlier, I will start selling pass-through shares on BitFunder after the dividend is paid.

Pass-through shares are now live on BitFunder.

Total dividends of 0.12766327 (management fee included) will be paid this week.

This week, Cognitive had a noticeable dip in price as Garrett is restructuring the asset. A motion passed (https://bitcointalk.org/index.php?topic=67547.msg1550290#msg1550290) to retain 50% of Cognitive's dividends for future growth. This, however, reduces the dividends by 50% as well.
This has caused the NAV per share to lower to BTC0.57.

---

Future Outlook - My guess as to what's to come.

Cognitive's new growth fund is a good move. It will allow Cognitive to stay competitive and we should expect to see larger dividends in the long term.



ASICs, ASICs, ASICs, ASICs!

When, When, When, When?!?!

Sit tight everyone, the roller coaster is approaching the peak of the first hill.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

I was looking to invest in some mining stuff and I think that doing it through this fund could be a nice option. I will give it a try.

BTW, I'm already a bitfunder user, I have some assets there and feel confident with the site. While opening an account in btctc should not be a big problem for me I would prefer using bitfunder right now. If I understood well, this have a penalty of 1% because of the bitfunder commisions. Am I right or it has any other penaltys among of that ?

One thing that scares me:

http://i51.tinypic.com/23kyyo5.jpg

The dividends are getting lower in each pay out. At the current level of dividends it represents a 7% yearly which seems very low. I know that in the future this will depend of the rentability of the underlying assets, which relys in serveral things like new mining hardware, difficulty, BTC/$ parity etc...

Do you have any prediction about the rentability of the fund in the next 12 months or so ?

Congnative lowered their dividend by 50%, and ~20% of the fund in made up of that 1 asset, so it is reflective.

This is the problem with investing in mining companies for the *current* dividends when ASICs are here.

Your are correct.

BitFunder has a pass-through, which I also operate. https://bitfunder.com/asset/MININGCO

The pass-through shares will be sold about 1% higher than MiningCo.ETF because BitFunder charges 1% fees to the seller of a share.
100% of MiningCo.ETF dividends will be paid to the pass-through shares less Bitcoin network transaction fees.

You are correct. Dividends have continued to decrease. Let me explain...

All the mining companies in the fund have ASIC devices on order. Since ASCIMINER and a few other lucky individuals already have ASIC devices in their hands, dividends from the underlying companies will continue to decrease. Once the ASIC devices are in the hand of the mining companies, our dividends will increase.


No.
But we can look at it this way:
Mining dividends are always based on how much of the total hashing power of the entire network the company has.
There are about 144 blocks mined per day... about 3600 BTC per day (at 25 per block). That's it. Even if there were a billion TH on the network, all that would be mined in a day is still about 3600 BTC.
If company X has 0.5% of the total hashing power, they make 18 BTC per day.. on average.
Since ASICMINER and a few other ASIC devices have increased the overall network hashing power while the mining companies' hash rate have stayed the same, the dividends are getting smaller. Because their hashing power--compared to the entire network is getting smaller.
Just as an example (not based on any calculations) now company X would have 0.15% of the total network hashing power and make only 5.4 BTC per day. Again this is just an example. I made no calculations.

Once the mining companies have their ASIC devices mining, their hashing power will once again increase and "take back" some of the overall hashing power that they lost.


This has decreased the overall dividend that the fund pays. But at the same time, this will allow Cognitive to purchase new hashing power in the future. Making sure that they will not continue to lose overall hashing power and the entire network grows.

While true, it is not clear to me how the new non-voting shares help current holders with this reduction.  I see it as a double dip.  I see now as a time to liquidate Congnative while it has some value, as the non-voting shares will further dillute the float when ASIC units come online.  Add in the 50% reduction to be used for the same purpose as the non-voting shares which become voting shares when ASIC units are purchased.

Total dividends of 0.11987888 (management fee included) will be paid this week.

This week, All underlying assets remained relatively stable, accept for Nasty Fans which has jumped to an average of .32 this week (from .29).
This has caused the NAV per share to increase to BTC0.58.

---

Future Outlook - My guess as to what's to come.

The recent difficulty increase has been caused by the lucky few who are already mining with their ASIC devices. This has continued to hurt our dividend income.
It all comes down to when the ASICs arrive.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

The fund is performing nicely so far.

Total dividends of 0.10828914 (management fee included) will be paid this week.
Dividends may be paid an hour off due to Daylight Saving/Summer Time.



This week, all underlying assets except GMP have taken a hit. Nasty Fans has dipped to .30; bASIC-MINING has lowered to .34; and COGNITIVE has dropped to .21 for the last 7 day averages.

This has caused the NAV per share to lower to BTC0.55.

---

Future Outlook - My guess as to what's to come.

The recent jump in price of BTC vs USD has weighed on the share prices.

The continual arrival of ASIC devices is slowly chewing away at the current mining companies' profits--this is causing the lower dividends.
As such, investors have started to move elsewhere (such as ASCIMINER and its pass-throughs)--this causes the lower price.


I can't give advice about buying or selling shares; but all of the underlying assets in MiningCo.ETF have ASIC devices on order. It's only a matter of time.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Would it be possible to add ASICMINER shares to the underlying assets ?

I think that the current ASICMINER market price is a bit high at 0.7-0.8 but may be it is possible to buy a bulk at a better price (may be 0.5)

ASCIMINER (https://bitcointalk.org/index.php?topic=99497.0) is not a mining company.
Actually, Bitfountain is a ASIC equipment manufacturer that just happens to be mining using the equipment they make.*

It would be like if Whirlpool (who makes kitchen appliances) made bread makers and used them to sell bread.


As such, they are not a mining company and don't conform to the asset contract.


*Anyone, please correct me if I'm wrong.

They are in the mining sector through.

I totally disagree, as far as I kwow ASICMINER es THE mining company right now. There is not any other mining company with a haspower greater than ASICMINER at this moment (soon they will reach the 50 Thash/s) Also they are paying mining dividends higher than any other. They build their own hardware to mine but that can only be a positive thing in my opinion.

This help at all? :)

ie - they are both a manufacturing company AND a mining company.

If this is too "vague". I'd like to propose a motion to amend the contract to allow for this type of entity.

OK. I hear you loud and clear!


This is a great idea.

How does this look for the motion:

---

---

Motion to change the asset contract.

Motion summary:
Removal of the clauses that requires mining equipment to be owned by the shareholders.
This will allow the inclusion of additional mining companies (such as ASICMINER) into the fund.
Enhanced HTML formatting will allow for easier readability by adding bold, italics, and proper word-wrapping.

---

Motion Changes:

Change this sentence from the paragraph "Summary"
From: "MININGCO.ETF is an Exchange Traded Fund that holds assets that are invested in mining Bitcoins where mining equipment is owned by the shareholders."

To: "MININGCO.ETF is an Exchange Traded Fund that holds assets that are invested in mining Bitcoins."

--

Remove from the paragraph "Assets to be included," the following clause: "Only mining assets where equipment is owned by the shareholders will be included in the fund."

--

Change this sentence from the "Executive Summary" on the asset details page
From: "Only mining companies where the shareholders own the equipment are included."

To: "Only mining companies are included."

--

Remove from the the "Business Description" on the asset details page, the following clause: "Only mining assets where equipment is owned by the shareholders will be included in the fund."

--

Allow the asset contract to be updated with enhanced html formatting, a feature of BTC-TC that was implemented after this asset was created.

Not sure why you need a contract change at all.  ASICMINER shareholders own the company.  Therefore they own any mining gear owned by the company.  Only reason why ASICMINER wouldn't be valid under contract contract is if the contract were interpreted as meaning you'd invest only in companies that only mined.  But that's not what contract says - so as far as I can see you can invest in ANY company that has mining as part of its activities AND where the company is owned by shareholders (i.e. no bonds).

+1

It could be that the "30MH/s per share" estimates made some people think it was a PMB?

Total dividends of 0.12953689 (management fee included) will be paid this week.


This week, Cognitive has been hit hard by the release of COG.F.

This has caused the NAV per share to lower to BTC0.54.

---

Future Outlook - My guess as to what's to come and my opinions.

The high price of price of BTC vs USD  still weighs on the share prices. This will probably be the new norm.

Nasty Fans and bASIC-MINING are doing a great job with dividends despite the increasing difficulty. The downward trend of dividends was stopped thanks to them.

I will be looking to add ASCIMINER to the fund. But I fear that buying in now will be buying in at the highest price. (Would love to hear your thoughts on this.)

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

I think that the current price of ASICMINER is overvalued at this moment. But I'm not an expert, should check the different topics about it in this forum.

Cost averaging ASICMINER shares is the only way in what this market is to insure exposure.  With as little liquidity as there is as a whole, I would not suggest anything more than several investments over a drawn out period.  The fund cannot really afford a large investment anyway without an influx of additional capitol.

I agree. I would still like more opinions on the current cost of ASCIMINER.
I am very curious to see what the price of ASCIMINER we be when other companies get their ASIC devices mining.


This is true. Cost averaging is sound strategy.
It's also true that I don't keep a lot of BTC in the fund. I usually only keep enough in the fund to manage day-to-day stuff. The rest is used for underlying assets.

---

News Update:

GLARI Mining Project has gone into "Shareholder Protection Mode (https://bitcointalk.org/index.php?topic=90880.msg1652603#msg1652603)" in anticipation of starting to mine on Avalon ASIC devices.
As such, the share price of GMP is now 1.00 btc.

This has jumped the MiningCo.ETF NAV per share to BTC0.65

I would like to suggest that when you make an update, write in another post instead of editing the last one. I follow the new posts in this topic and is impossible to follow editions of previous posts. I saw the increased price in btct and then came to this topic to see if something has changed but would be nicer to see it here before.

I completely understand where you are coming from.

However, I did post my responses to previous posts and the "News Update" all in one big post.
I think I may have gone back and increased the font size and bolded "News Update," but that would be the only edit.
Edit: As a matter of fact, I did not edit that post. You can tell when a post is edited by hovering the mouse pointer over the underlined date and time of the post, a tool-tip will show the last edit time. No underline... no edit.


Looking back. I should have made two separate posts (one for the responses, one for the news). I'll do this from now on.

ASCIMINER seems to be going crazy since it paid out it's promised .10 BTC per share.
Will huge dividends continue or will the rest of Bitfountian now begin to collect?

Even though the price has dropped, I still think ASICMINER is a tad overpriced. What do you think?


With GMP priced so high, the fund is off balance. In the past, the sale of new MiningCo.ETF shares has brought in enough cash to purchase enough underlying assets to bring the fund back in balance.
According to the contract, we still have time before a balance must occur, but I really don't want to sell some of our GMP shares when it is so close to getting their batch 2 Avalons.

Total dividends of 0.10619087 (management fee included) will be paid this week.

This week, Cognitive has continued to be pressured lower due to COG.F. It has reach its lowest 7day average ever at .138 per share.
GLARI Mining Project (GMP) has jumped in price to 1.00 per share in anticipation of Avalon batch 2 being shipped.

This has caused the NAV per share to increase to BTC0.64

---

Future Outlook - My guess as to what's to come.

Spotlight on Cognitive. What's up with them anyway?


Cognitive is suffering unintended consequences from COG.F
COG.F is meant to raise BTC for Cognitive to purchase new hardware; so it can stay competitive with other companies. If you buy a COG.F share (currently priced at 2.5 BTC), you will eventually get 20 Cognitive shares. The way that a COG.F owner receives new shares is by the original Cognitive issuing new shares. This leads most people to believe that the original Cognitive stock will be diluted and is valued at .125
However, COG.F doesn't get access to any dividends until after new mining hardware is purchased and hashing--whereas original Cognitive shares receive dividends all the while. In theory, original Cognitive shares shouldn't be diluted (all that much) as new shares will only be issued after additional mining power has been added.

In the long run, all mining companies are as strong as their hash rate. Cognitive has taken some unique steps to ensure it remains strong.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Total dividends of 0.09027343 (management fee included) will be paid this week.

Despite the increasing value of BTC vs USD, the price of just about all underlying assets has remained the same. 

This has caused the NAV per share to remain at BTC0.64

---

Future Outlook - My guess as to what's to come.

ASICS? BFL? Avalon? Anyone?

ASICMINER is still on the table. Now that the dividends have dropped significantly, is it still a value at the price it sells at?

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Dividends on ASICMiner have been down the last few weeks because they've repaid their initial IPO and because they're re-investing in hardware, I suspect you knew all this. It sounds like it should be back to normal the week after next. I project APY to be a respectable 38% nominally @ the current btct.co ask price(.7554).

I don't believe it's suitable for inclusion in your fund as it's not a pure mining play, but from a yield stand point it remains attractive IMO.

Quick Update:

Everyone on btct.co has been paid their dividends.
Usually, I pay dividends for the BitFunder pass-through shares on the next day.
But it seems that BitFunder and Weexchange are having problems right now (I get CloudFlare "website offline" error).

I will keep trying....

I finally got through, dividends on the pass-through have been paid.

Total dividends of 0.0775801 (management fee waived) will be paid this week.
I waived the management fee this week to try to help our dividends as much as possible.

This week, the increasing value of BTC vs USD, has taken a small toll on our underlying assets. 

This has caused the NAV per share to decrease to BTC0.63

---

Future Outlook - My guess as to what's to come.

The value of BTC vs USD has never been more volatile. I just checked the price, and it's at $165. It was at $250 less than 12 hours ago.
Swings this big and this fast are not good. They may help traders on the exchanges, but it hurts the Bitcoin economy as a whole.
Price stability helps an economy become stronger.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Total dividends of 0.09104909 (management fee waived) will be paid this week.
I waived the management fee this week to try to help our dividends as much as possible.

This week, the action at Avalon is pushing two of our underlying assets to new highs.  GMP is now over 1 BTC and bASIC-MINING is at an all time high.
Of course the dramatic fall of BTC vs USD has something to do with it as well.

This has caused the NAV per share to increase to BTC0.65

---

Future Outlook - My guess as to what's to come.

ASCIMINER has started to auction their 10Gh/s devices and the action at Avalon is heating up for shipping batch 2.
Hopefully dividends are not far behind.
BFL?  Hello? Anyone there?

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Woot!  Thanks for the good news Carnth.   :)

This is a highly undervalued security IMO, given its exposure to bASIC and Glari Mining.

It wouldn't hurt if BFL ships (I mean really actually ship, not that BS alpha test) sometime before the heat death of the universe either.   ::)

We just need some good old-fashioned BTCtalk drama to hype it up.  Can you start a flame war with TradeFortress or MPOE-PR, or maybe leave the country and disappear for a while?   ;D

That tends to only happen with crap assets / issuers :D

This was the first bitcoin denominated dividend I've ever received. Thanks Carnth! On a side note, would you mind sharing your thoughts on the new business cloudhashing.com? Looks like some good returns are possible with it, but I'm still not 100% sure it is legit.

Not really (I don't expect BFL to ship anytime soon), but I'm pretty confident they are legit - otherwise I won't be advertising it.

Congrats!  :D
Hopefully, once the mining companies get their ASCI hardware we can get bigger dividends!



No one can seem to figure out if they are legit. Plus, they are going to be using BFL rigs. And no one can seem to figure when BFL will ship.
And, they are very expensive.

My advice: If you were going to play a big chunk on SatoshiDice and are interested in CloudHashing, just use your gambling money to buy contracts.

Thank you for your input. Looking forward to more dividends.

Total dividends of 0.08685662 (management fee waived) will be paid this week.
I waived the management fee this week to try to help our dividends as much as possible.

This week, with the news of BFL finally shipping.... something, all of our underlying assets are recovering, especially COGNITIVE.

This has caused the NAV per share to increase to BTC0.68

---

Future Outlook - My guess as to what's to come.

With BFL starting to ship, confidence in them and mining companies heavily invested with them are up all around. However, I am still disappointed that they have only released their "smallest" ASIC devices.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Total dividends of 0.09411221 will be paid this week.

This week, COGNITIVE has continued its recovery. All other underlying assets have remained stable.

This has caused the NAV per share to increase to BTC0.69

---

Future Outlook - My guess as to what's to come.

Last week I mentioned that BFL has started shipping their smallest ASIC devices.
Congrats to Nasty Fans for being the first of MiningCo's underlying assets to get an ASIC device mining. OgNasty is mining with his personal Jalapeno for Nasty Fans. Thank you!
Now, it looks like it's only a matter of time before BFL and Avalon will deliver their 60GH devices so all of our underlying assets can really get going.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Total dividends of 0.08429394 (management fee waived) will be paid this week.
I waived the management fee this week to try to help our dividends as much as possible.

This week, all of our underlying assets have increased in price despite that there are no major ASIC devices mining. This is mostly due to the lower BTC/USD value.

This has caused the NAV per share to increase to BTC0.75

---

Future Outlook - My guess as to what's to come.

Our dividends continue to diminish, but it is now only a matter of time before our underlying companies get going with ASICs. The question is: when BFL?

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Fantastic advice Sherlock!!

Just so you know, we will also be using Avalon for our expansion amongst others. Our 2 TerraHash Avalon miner should hopefully be operational by June end. We did this via Terrahash.com.

Existing contract holders will benefit with some contracts starting earlier than the July published date.

Kind regards

Total dividends of 0.04877388 (management fee waived) will be paid this week.
I waived the management fee this week to try to help our dividends as much as possible.

This week, our dividends took a big hit. With the Difficulty increasing and only 1 5GH ASIC device mining, all of our underlying assets are trying their best to keep up.
Nasty Fans also implemented a 25% growth fund this week, which will help in the long run but hurt our dividends even more.

There has been a small sell off all underlying assets except GMP.

This has caused the NAV per share to decrease to BTC0.73

---

Future Outlook - My guess as to what's to come.

Cognitive currently has motions open to readjust its ASIC device purchases, including ordering a ASICMINER Blade 10GH device. At ~50 Bitcoins, it's expensive.
Avalon looks to be shipping batch 2. This will help GMP and later bASIC-MINING.
BFL says that they will ship "soon." So nothing new there.  ::)

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Cognitive is a dog with fleas of our assets, I've said it before, saying it again, all the motions they've presented have only destroyed shareholder value. Avalon batch 2 is confirmed shipped, are GMP and bASIC-MINING in that batch?

bASIC-MINING's batch 2 order was placed on Feb 3, the 2nd day batch 2 was open.

I agree that Cognitive should stick with what they got (BFL pre orders). That's why MININGCO.ETF has voted "no" on the motions. And the 10GH Asicminer Blade for BTC50 is just extortion. Freidcat knows this and can get away with it because no one else on the planet is currently selling a competing product.

MININGCO,ETF has companies that are heavy in BFL (Cognitive, Nasty) and Avalon (bASIC-MINING, GMP). As long as someone somewhere gets an ASIC device, we will be in a much better position. All the latest news indicates that this will be happening soon.

wisard recently put a group-buy of 4 Avalons (batch 3) up on Bitfunder

https://bitfunder.com/asset/Win.Avalon



This might fall under the category of a Mining Company.


But this does not.


I would like to get opinions from everyone. Would MiningCo.ETF benefit from including Win.Avalon?

Original topic.
https://bitcointalk.org/index.php?topic=194793.0

Seems the initial offering is going to be priced much higher than the cost of equipment, maybe not terrible, but I don't get a warm fuzzy feeling reading the posts. My biggest concern is someone else being paid 10% of income to maintain the equipment.  People should be paid for their time, but something like creativex has setup for bASIC-MINING retaining a share for every 4 sold allows him to participate with the shareholders just seems fair, and would rather participate with those doing the work, not someone contracting the work out like Win.Avalon

What about ASICMINER-PT? Or maybe the fractional pass-throughs are better vehicles for the fund. I know you felt it was overpriced back at 0.75, and has since doubled, and then some and has maintained a higher than others dividend. The income has increased noticeably each week while all other issues decline.  The NAV has surged over time in anticipation of ASICs to arrive, and 50% of our issues will have Avalons next week it seems. BFL will ship right after the cows come home, and I am waiting along with them for a single as well.

I understand the desire to seek new issues that fit the objective of the fund, I just feel without some exposure to ASICMINER it will be a never ending battle against difficulty.

Unfortunately, mining is a never ending battle against difficulty. That's why most of our underlying assets have "growth funds."

Regarding ASCIMINER, I would like to hear other opinions about including it in our fund.

Maybe I am mistaken, but I thought we had this discussion a month or so ago, you had suggested putting a motion forward, which ultimately wasn't needed, and the end result was you felt ASICMINER was simply over valued and I had pointed out lack of funds anyway to open a position.  With the micro pass throughs opening a position is not a difficult task any longer.

Maybe ASICMINER is over valued, but as it has risen 200-300% since your declaration, exposure might not have been terrible even in the smallest exposure.

My goal is not to rock this boat, if it was I'd add in a long dribble again about Cognitive, but maybe instead of new funds being used to maintain the allocations we currently hold, it go to opening a position in some ASICMINER security, my hope would be either direct ownership or the Burnside passthrough, but the TAT micro passthrough would be acceptable as well.

Hey all,

According to the current vote tallies, it looks like the Cognitive motions are going to result like:
Sale of two SC Singes - yes
Purchase of Avalon chips - yes
Purchase of 50BTC "Blade" - no

With the recent addition of Cognitive's growth fund, the asset is set up to do just that: grow. Dividends and share value alike.

COG.F contracts have been selling like hot cakes these last few days, due to the purchases of hardware being soon.

With the proceeds from the SC Single auctions added to the current Cognitive reserve, we should have over 400 coins to invest in new hardware with.

If you ever see anything you disagree with in how I'm operating Cognitive, please bring it to my attention as I only want to keep improving, and external input just expedites that process :)

Cheers,
Garrett

Total dividends of 0.05672046 (management fee waived) will be paid this week.
I waived the management fee this week to try to help our dividends as much as possible.

This week all underlying assets have improved on the news of ASICs being delivered. GMP has had a recent sell-off.
We now own a share of ASICMINER-PT.

This has caused the NAV per share to decrease to BTC0.72

---

Future Outlook - My guess as to what's to come.

With ASICMINER I hope we can increase our dividends for next week. And let's get those Avalon's shipped for even more dividends.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

I think the sale of two SC singles is a big mistake. I think the only reason these should sell is if you think BFL will not deliver sometime this year (which is possible with their current track record). Having such a low order number (which we can only assume means to be shipped before higher orders) is a huge benefit.
I don't understand the how selling your best advantage to raise BTC to buy very expensive equipment that will be shipped after everyone else get's there's first can benefit to Cognitive.

I can understand the purchase of Avanlon chips. This is exactly what the growth fund in Cognitive should be used for... if Garret can get them on a board and hashing.

Very slick buying prior to the dividend payout today ;)

You caught that didn't you.  :D

The Bitcoin wallet address for the fund has been changed to 1Mining6y9NFU1cWxBgExYykwgCCoqoW8X (https://blockchain.info/address/1Mining6y9NFU1cWxBgExYykwgCCoqoW8X).
Because, who doesn't like vanity addresses.

This change has been reflected in the second post (https://bitcointalk.org/index.php?topic=134389.msg1431361#msg1431361) and on the asset spreadsheet (https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHdhandXeDQwTU13N2ZmbWxMMHNzeGc).

Total dividends of 0.0650103 (management fee waived) will be paid this week.
I waived the management fee this week to try to help our dividends as much as possible.

While GMP continues to falter this week, bASIC-MINING, Cognitive, and ASICMINER-PT have taken off. Nasty Fans holds steady.

This has caused the NAV per share to increasse to BTC0.78

---

Future Outlook - My guess as to what's to come.

Currently, bASIC-MINING has a motion to purchase ASICMINER-PT. This would once again help our dividends. But getting ASIC devices in any of our underlying assets would help even more. Frustration levels are rising.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

I just stumbled upon this thread and am really excited but what you are doing here. Keep up the good work!

Total dividends of 0.14994327 will be paid this week.


bASIC-MINING has passed on purchasing ASICMINER-PT shares itself. This puts us in the unusual position of owing ASICMIER-PT shares ourselves and additional shares via bASIC-MINING.
This should dramatically increase our dividends.
GMP has recovered from last week's falter. All other assets are holding steady pending the arrival of ASIC mining equipment.

This has caused the NAV per share to increasse to BTC0.83

---

Future Outlook - My guess as to what's to come.

There are so many companies out there that are now trying to sell ASIC devices. With our underlying assets having "reserve funds," there is money available to purchase equipment. But is this the right time? It is very difficult to tell the legit ones from the scammers. All of our underlying asset managers have tough choices to make in the days to come.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Just my 2 cents but it might be worthwhile to start posting dividend yield as a percentage in addition to the actual dividend amount. You could do it as simply as dividing the dividend by the current share price. Since your fund is a closed end fund you could also divide by NAV, which would probably be more accurate. You could also calculate an annual dividend % based on dividends issued so far and a weighted average price/NAV but that would require more financial/excel knowledge and time to implement accurately.

Obviously anyone who holds your shares could do this calcualtion themself, I do it for all my BTC securities, but I feel if you included it in your weekly update it will just be one more think that makes your index fund more reputable/more like most funds traded on traditional securities markets.

All and all keep up the great work! Innovative products like yours are only helping BTC

I haven't posted dividend yields because btct.co does it for you:
On the MiningCo.ETF asset page (https://btct.co/security/MININGCO.ETF), click on the history tab. Is what you are looking for on the top-right?



Thanks for the kind words.

That's exactly what I meant :) I was also referring to adding to your weekly update posts on this forum (ie this weeks dividend was 10.0% unannualized) but like I said its simple math and anyone can do that given that you already post the NAV.

It's one of the reasons I manage the fund openly (https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHdhandXeDQwTU13N2ZmbWxMMHNzeGc). The spreadsheet has all the numbers anyone needs to make any calculation regarding performance.

I'll see about adding some more numbers on next week's update. And if I forget, just remind me.  ;)

It certainly might be an interesting data point for some, I tend to like watching the yield against initial investment, or cost averaged investment.  The NAV might rise or fall over time, but what I've invested is rather constant, and that is the return I am interested in.

I agree 100% I do the same thing, it makes more sense on an individual level.

My point was more for trying to get more "mainstream"/reputable. Most (and by that I mean all that I have seen) securities on major exchanges report dividends in $ and in % obviously BTC is different its a community that is at this stage all early adapters and people who are more than happy to do these kinds of calculations themselves. Which is a good thing, I'm just trying to give my 2cents on how to move towards the mainstream.

Total dividends of 0.2009091 will be paid this week.

This is about 0.00144539 per share with an instant annual dividend yield of 9.28%


Nasty Fans took a hit this week despite this week being it's birthday (https://bitcointalk.org/index.php?topic=86854.msg2428073#msg2428073).
All other underlying assets are holding steady

This has caused the NAV per share to decrease to BTC0.81

---

Future Outlook - My guess as to what's to come.

For Nasty Fan's birthday, OgNasty added an ASICMINER USB Block Erupter, and participated in some group-buys of KNC Miner and Metabank Bitfury. Let's hope this pans-out to more dividends.

This week I started to post a little more info about our dividends (thanks bitzox (https://bitcointalk.org/index.php?topic=134389.msg2383736#msg2383736)).
The div per share and yield should be more useful to everyone who holds shares.
The "instant annual dividend yield" is calculated this way:
(This week's Dividend per share) / (This week's share price) * (52 weeks in a year) = Instant annual dividend yield

If you are interested in more dividend yield information (such as 30, and 90 day averages) please go to the asset page (https://btct.co/security/MININGCO.ETF) on btct.co and click on the History tab.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Total dividends of 0.20912003 will be paid this week.

This is about 0.00150446 per share with an instant annual dividend yield of 10.160%


GMP dove this week due to some heavy profit taking. Nasty Fans is holding steady, while ASCIMINER-PT and bASIC-MINING are steadily increasing.

This has caused the NAV per share to decrease to BTC0.77

---

Future Outlook - My guess as to what's to come.

Glari Mining Project announced (https://bitcointalk.org/index.php?topic=90880.msg2512575#msg2512575) that it has purchased 3 KnCMiner Jupiters. The Jupiters report to be at about 350GH/s each. This good news should help the price recover, but getting the Avalon to start mining would help more.

BFL announced "Chip Credits" that will add capital to Nasty and Cognitive. Again, it would help more it BFL would actually deliver the ASIC devices.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Good news everyone!

Yes, I saw (https://bitcointalk.org/index.php?topic=130982.msg2524846#msg2524846)!

Next we need GMP.
Then BFL needs to deliver to Cognitive and Nasty and the our divs will soar..

The spreadsheet shows you have bASIC-MINNING at 0.75, the 7 day average is 0.7112 and then you have the NAV at 0.78, I know it will get there over the next week, but can't front run :)

It has been a very unique series of events that occurred one right after the other.

Here's what happened:
Before I made my weekly dividend post, I removed the fund's sell wall from the market. I don't normally do that, but I did this week. I did this because the NAV went down I wanted to give a chance for the other shareholders who are selling to lower their price first.
Next, I made my weekly dividend post.
Then bASIC announced that they received their Avalon.
I knew this would have a drastic effect on the price, so I checked the latest price and updated the spreadsheet with "last price" instead of the usual 7 day average.
All the while, I still did not restore the buy wall on btct.co or Bitfunder.
There was no intent for MiningCo.ETF to front run as MiningCo.ETF never had any shares up for sale.

Ironically, between your post and now--there has been so much volume on bASIC-MINING that the 7 day average price is actually higher then my spreadsheet.

The usual sell wall will be restored in the next couple of hours on both btct.co and Bitfunder. And they will be priced as usual using the NAV calculated with 7 day averages from the underlying assets.

I haven't been a buyer recently either, and while not long term holder, in bitcoinland probably one of the longer holders around, I was just poking some fun at you.  I am very shocked just how much the IPO shares were holding bASIC-MINNING back as we see them run now that all 5000 shares have been issued, 1000 held by creativex I do not worry flooding the market, so the 4000 in the float are hopefully in strong hands seeing how strong the rise is.

Carnth, have you considered Havelock's HIM fund lately?  While it is referred to as a "fund", it operates more or less like Cognitive and bASIC-mining, although I suppose technically based on the prospectus the equipment is owned by Havelock Investments and not the fund's unitholders, so perhaps it does not meet MiningCo's selection criteria. (I will say though, that in bitcoinland it seems that proven trustworthiness and transparency are more valuable than apparent legal "rights".)

HIM has 1.8TH in BFL Singles on pre-order (plus 5 ASICminer blades operating currently), with the first pre-orders dating to the first week they were available, so with Singles starting to ship the dividends should start rising significantly, potentially quite soon.  The manager, James Grant (lightbox here on bitcointalk), puts out monthly income statements and quarterly financials, and generally seems to run a pretty tight ship.  There has been a downward price correction in the last few days, which may make this a good opportunity for MiningCo to buy in. 

(Disclosure: I own units of HIM... that said, I have a larger position in MiningCo).

You are correct that MiningCo.ETF's asset contract specifies where ownership of equipment lies with the shareholders.
I'm not opposed to new assets to include in the fund but HIM would require MiningCo.ETF's asset contract to be changed. And that would mean a Motion.

Any other MiningCo.ETF shareholders interested? Would you vote "yes" to allowing underlying mining assets where shareholders do not own the equipment?

I originally put "shareholders own equipment" in the contract because it gives some inherent value to the underlying asset. The asset is valued for the equipment and the dividends it generates.
Other mining assets can only be valued for the dividends they generate. Which is not a bad thing. But that's the difference between a mining stock and a PMB (perpetual mining bond).

Total dividends of 0.20818809 will be paid this week.

This is about 0.00120340 per share with an instant annual dividend yield of 7.11%


GMP is slowly recovering, but all other underlying assets have skyrocketed on news that Avalon and BFL continue to ship. Especially bASIC-MINING since it has received TWO ASIC devices in one week.

This has caused the NAV per share to increase to BTC0.88

---

It certainly has been busy.
MiningCo.ETF has never seen so much action in a week.

With good news on Avalon and BFL delivering, underlying assets are doing well dividend wise. bASIC-MINING almost doubled in value after they received their first Avalon, and then it almost doubled again after getting their second.

We have all been waiting for the ASICs to be delivered "soon," and it looks like it is finally here.

I have updated the historical values on the spreadsheet (https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHdhandXeDQwTU13N2ZmbWxMMHNzeGc#gid=0) and included historical entire NAV and outstanding shares. I hope the extra performance data gives a little more transparency. Plus I think the graphs are cool too.

In case anyone overlooked, the spreadsheet also contains a Dividend Ledger sheet (https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHdhandXeDQwTU13N2ZmbWxMMHNzeGc#gid=1).
There you can keep track of all the dividends accrued, payouts, and fees collected.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).
[/quote]

Basic-mining vote passed and it will be doing a 1/10 split not sure what effect this is gonna have.  I'm naive to what happens next in a 1/10 split but i'm interested to see since it represents a big part of the fund.

I think as long as you can assure potential/shareholders that MININGCO will stay away from the likes of Virtualmine, until you can buy in at a pre defined dividend %, i see no problem.

EDIT: Nicely managed and presented, BTW.  :)

I think some kind of motion is certainly called for, because unless I'm missing something (and I may well be), does Nastyfans even fit into MiningCo's contract at present?  My understanding of Nastyfans was that in a (utterly transparent) attempt to avoid contravening securities regulation, we only hold "seats" in a "fanclub" to which OgNasty "donates" bitcoin on a regular basis.  So there isn't even technically a contractual obligation on OgNasty's part, let alone any kind of property interest in his mining equipment.


I absolutely support some kind of contractual amendment that continues to keep PMBs and the like out of the fund.  However, I think the current language restricts us from investing in some very promising mining company-like entities - including possibly one we are already invested in(!) - without necessarily providing much substantial in the way of "security".  Bitcoinland still operates primarily on trust and track-record -- what do we really think the prospects would be of a lawsuit against friedcat and co if they decided to up and run with gazillions of shareholders money?

Anyway, like I said, I think we should keep some kind of language keeping the fund focused on mining companies and company-like entities, and I don't know exactly how to express that, but I think the most important thing is to make it clear that hash-based bonds are excluded.

By the way, apparently I am mistaken and HIM actually has 3TH on order, 1.8 very early in the queue, and 1.2 more recently.

*edit: forgot a quote script in there

By the way, Carnth, I'd like to add that I think you're doing a fabulous job with this fund and I am very excited for its future.
(Just to put my current criticism of one aspect of the fund in its proper, positive context :) )

Bought few shares :)

This is pretty common in the securities world.
Here is an example of a 10 for 1 split:

Before split
You have 25 shares. Each share is worth 1.00
Total value: 25.00

After split:
You have 250 shares. Each share is worth 0.10
Total value: 25.00


You don't gain or lose any value during a split. But the result is that shares are now "more affordable."
<Speculation>Usually after shares become more "affordable" more people generally tend to buy.</speculation>




I will be taking a deeper look into this. It certainly would diversify our portfolio.



Thanks for the kind words.



This is all true. The original Nasty Mining asset (from GLBSE) was a mining company where the shareholders owned the equipment.
Today, it is a "fan club" exactly as you say. It is structured this way to avoid any potential regulation issues.


Thank you very much.

I have been watching the HIM fund and tend to agree that it seems well run and should be competitive to our other issues. 

The fundamentals are there, but I do have 2 small concerns due to the way it is structured.
1. I don't really like the way it does the management fee, 15% of mining revenue instead of issuing himself shares during the IPO.  (It really just means that you need to look at 85% of hashing when doing per share calculations.)
2. The lack of shareholder quorum on issues.  (There are no obvious bad decisions that were made, but I would like it more if stock splits and equipment choices were at least discussed)

Looks like all issued shares on BTC-TC are sold.   ;D

Imagine that. :D

Great job on the fund Carnth. Very nice spreadsheet layout...complete with graph pr0n!

Yeah.... imagine.  :D


MiningCo.ETF actually has an excess of cash right now. This is why no new shares are currently up for sale (BitFunder has 10 left).
New shares will be put up for sale after more shares underlying assets are added to the fund.

Also, I have a little hesitancy using all our cash to purchase share of funds that we already have. If we pass a motion that would allow new underlying assets (like HIM), I would want to use the cash for that. See more about what I think of the motion below.

;D

And good job on bASIC-MINING. 2 Avalons in less than 7 days. Wow.


<Self congratulation>MiningCo.ETF now has over 200 shares outstanding. We broke BTC1 NAV per share which means we got our two bagger (http://wiki.fool.com/Two-bagger).</congratulations>

---

I've been considering the motion to include more high quality mining assets. Of course we will stay away from PMBs. But the language of the motion will need to be correct to make sure of this.

I think the number one thing that helps mining assets maintain there value is the inclusion of some kind of reinvestment or growth.

Give me your thoughts on a motion to remove the clause "where the equipment is owned by shareholders" and instead use "where the asset includes a growth/reinvestment fund for the purchase of new equipment on an ongoing basis."

I want to get the wording correct. Let me know what you think.

While we are talking about motions. What about our own stock split. MiningCo.ETF has always been a "higher" priced fund. But is 1+ BTC too high? Would you vote for a split? What ratio? 2:1?  4:1?  10:1?

I don't see anything wrong with the change.  We are a small group overall, and tend to discuss ideas and if this change gives the ability to further diversify the holdings....


I think asking burnside if anything is easier, should help make the choice.  I think the lower entry price will only help attract new funds and make a well balanced basket for others without the need to put too much into something.  When I bought into the fund, USD/BTC was around $20 and the fund under BTC0.60 still, now the BTC value to the dollar has risen 5 fold and the fund also doubled in BTC value, so 10:1 would keep it in reach for more, but also maybe set the NAV to a more extended fraction, say 4 places to the right, which is about 1 cent in USD

I'm sure I might have ideas as others also contribute.

<acknowledgment of congratulations> Thank you for your hard work on this! I have a few of the IPO level shares as well a number more I purchased over the recent weeks.</acknowledgement of congratulations>

With the recent inflows of BTC, I agree that we have reached a point where MININGCO.ETF should expand the definition of its asset class.  

I would like to make sure that this amendment would still exclude an issue that only has preorders and is paying dividends from shareholder equity.  
Or one that only uses credit (secondary IPOs) to purchase new equipment.

maybe "Only actively mining assets that allocate mining revenues to pay dividends and reinvest in new equipment on an ongoing basis."

Note: I do like HIM as a choice (discloser I own some HIM)

Cheers

There's nothing wrong with being heavy in cash.  It's good to have BTC ready when an opportunity emerges.  Wait for the crash coming Soon^TM in about two weeks.

I suggest we re-balance by taking some profit on BASIC and getting more GMP.  Sell this blow-off top and go where the growth is!

I think this is pretty good!  Gets the job done without too much superfluity.


I'm not sure if a split is necessary just yet, but if it got to 2-2.5btc/share, maybe reconsider then?

First off, I wanna say great job on this fund  ;D

My question is if I wanted to move a PT share on bitfunder to be with my shares on BTC-TC is there anyway to move my pt share to BTC-TC?  

On another topic, I wanted to bring up something to discuss.  The 7 day moving average to find the NAV USED to work great.  Why I say USED to work great is because market moves used to be very small and the 7 day average helped to keep NAV high while the underlying assists were dropping or rising a few points here and there.  As you can see this week with assists like Basic-Mining the NAV correction has been very slow, even though the price point of the underlying assists has skyrocketed.  The end result has been a very slow NAV correction.  During this time shares are being listed while NAV is low and new shares are being acquired for MININGCO.ETF with this newly aquired BTC.  Now the problem as we acquire new investors with this low NAV is it is not enough BTC to fund the same % of each share originally owned by the entire fund.  This is because the 7 day NAV isn't enough funds to acquire current priced shares. A good example would be the more than .15 BTC per share price difference compared to 7 day average price of NASTY on our spreadsheet of 0.44 as of now. Thats more then a 30% difference. The missing .15 btc has to be coming outta the funds portion maybe not directly but indirectly correct?  Hopefully this make sense because this is going to happen with Cog next week too imo and with DIV of MININGCO.ETF being on pace to be double what it was last week we should be working on fixing this ASAP.

Some solutions maybe to add a premium over the NAV like they do in the bullion market or we could take a shorter moving day average.  Thanks for reading and hopefully we can find a solution together!

Thanks for all the feedback.

It has been decided: I will be raising a motion to change the contract to allow funds that have a growth/reinvestment plan.

I will be working on the wording of the motion to change the contract and put it up as soon as possible.

There may be a little snafu involved with the Bitfunder pass-through when voting. Let me explain:
Btct.co is the "main" exchange where all MiningCo.ETF shares are held. The Bitfunder shares are held in "escrow" in a separate btct.co account.
This allows a correct "Shares outstanding" count on the MiningCo.ETF asset of btct.co.
When the motion is raised all shares held for Bitfunder in the "escrow" account on btct.co will vote either all yes or all no.
I think I'm going to have to get the majority of votes from Bitfunder and then what ever the results are, have the "escrow" account vote 100% either yes or no.

---

GMP is still on the table. It hasn't had a purchase for our fund in a long while, but the plan is to add more.




You might be right. Plus, Bitfunder adds just one more layer of complexity for a split. (Does Bitfunder support splits?)




Thanks for the kind words.




This is all correct. People who buy into the fund before the share price is corrected don't really "get a deal" because the purchasing power of the fund is diminished--just as you said.
The end result is that the entire fund has an overall lower NAV than if the shares were sold at "real time" prices. Maybe a by 1 or 2 percent.




Yes. You can move your shares either way between btct.co or Bitfunder. Send me a PM and we can set it up.

Motion 1:  Yes!  Mining hardware becomes obsolete with increasing frequency, but growth funds remain forever green.  ADDICTION may be adding such a fund to their offering.  AMC could be the next AM, or at least play AMD to their Intel.  Also, 100TH shows great promise.   (Yes it's a bond, but still.  Because Bitfury.)

Motion 2:  Yes!  10:1 split is fine.  Lower the barrier to entry and we'll have more volume.  Being able to cash out as/when necessary is a great feature.  Helping our DRIPs get traction with more granularity adds value as well.

Motion 3:  Yes!  We should buy Carnth several beers of high quality as a token of our gratitude for a job well done.

Feature request:  make another version of the spreadsheet that auto-updates in real time.  Our NAV is through the roof ATM but can I be arsed to math it myself?  No.  Ain't nobody got time for that.   :D

Everyone please comment on proposed Motion text (below).

Bitfunder shareholders: After asking in #bitfunder IRC, I found out that Bitfunder does not have the capability for me to submit a Motion. However, if you would like to send a Bitcoin Signed message (signed with your public BTC address used in the public Bitfunder Asset list (https://bitfunder.com/assetlist)) with your vote and PM it to me, that will have to do.
The majority of the Bitfunder votes will determine how the "escrow" account votes.

The motion will be up for vote on btct.co when I do my weekly dividend update.




Split will be on hold for now.





:D Thanks for the kind words.
And if anyone really wants to buy me a beer, send BTC to my personal btct.co account: Carnth
I'll take "high quality" beer suggestions too. Most votes=the beer I get.



I'll get my crack team of developers on that. But first, I'll need a crack team of developers.

---

---

Motion to change the asset contract.

Motion summary:
Removal of the clauses that requires mining equipment to be owned by the shareholders, but require that underlying assets have and maintian a growth/reinvestment fund.
This will allow the inclusion of additional mining assets into the fund.
Enhanced HTML formatting will allow for easier readability by adding bold, italics, and proper word-wrapping.

---

Motion Changes:

Change this sentence from the paragraph "Summary"
From: "MININGCO.ETF is an Exchange Traded Fund that holds assets that are invested in mining Bitcoins where mining equipment is owned by the shareholders."

To: "MININGCO.ETF is an Exchange Traded Fund that holds assets that are invested in mining Bitcoins."

--

Change this sentence from "Assets to be included,"
From: "Only mining assets where equipment is owned by the shareholders will be included in the fund."

To: "Only mining assets where a growth or reinvestment clause will be included in the fund."
--

Change this sentence from the "Executive Summary" on the asset details page
From: "Only mining companies where the shareholders own the equipment are included."

To: "Only mining assets where a growth or reinvestment clause will be included."

--

Change this sentence from the the "Business Description"
From: "Only mining assets where equipment is owned by the shareholders will be included in the fund."

To: "Only mining assets where a growth or reinvestment clause will be included in the fund."

--

Allow the asset contract to be updated with enhanced html formatting, a feature of BTC-TC that was implemented after this asset was created.

Great news I hope this go through!  

Great buy chance for someone 2 Shares left below NAV on btct.co

You have my yes even before voting starts  ;D

Total dividends of 0.3916489 will be paid this week.

This is about 0.00170282 per share with an instant annual dividend yield of 7.32%


All assets have risen dramatically (except GMP) since the ASIC devices have shown up in our underlying stocks (except GMP and Cognitive).

This has caused the NAV per share to increase to BTC1.21


A Motion has opened for MiningCo.ETF. Please read carefully and vote.

---

Future Outlook - My guess as to what's to come.

Nasty Fans just got a major shipment of BFL ASIC devices. This should help our dividends for next week.
GMP and Cognitive are still waiting for ASIC deliveries. "Soon," I guess.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

You fat fingered sheet two cell A7 ;)

 Whoops!  :-[

I got the day and month backwards. Fixed.  Thanks.

Well, not counting fairly negligible income from FPGAs, "people who only have risky preorders" accounted for all of our underlying assets until ASICminer shares were purchased a little while ago (the FPGA income may not have been so negligible when the shares were originally purchased, but I think we all know those dividends weren't what was propping up any of their share values in the last couple of months - rather the possibility of "risky preorders" panning out). 

Whether this motion would technically make AMC a possibility or not would require a more technical look at the AMC/VMC situation than I'm willing to do right now, though I personally don't think it passes the sniff test, and I think Carnth has shown that it will take more than a single person singing a possible investment's praises for him to invest fund monies in it.

The discussion preceding this motion was primarily about investing in Havelock Investments Mining Fund, though I will point out again that the present structuring of one of our existing assets, Nastyfans, does not meet MiningCo's prospectus as it is currently written (with the requirement of shareholder "ownership" of the mining equipment), and I do think it's important that we get ourselves on one side or the other of this 'policy' surrounding equipment ownership, to preserve the integrity of the fund's prospectus and operation.

Are any of the fund's unitholders who are currently voting against the motion willing to come forward and explain why?  I was surprised to see nearly half the currently cast votes cast against.

It's true, all of our underlying assets had ASIC pre-orders since MiningCo.ETF's inception. But that is not entirely the reason of why those assets were included in the fund. It is because they were shown to have stability, and a proven track record of timely dividends.
This will continue to be the number one selection criteria for this fund. As such, most (if not all) brand new mining assets will automatically be excluded until they produce dividends, and show that they can continue to produce dividends. This conservative nature of MiningCo.ETF helps it avoid most of the drama surrounding new assets.


You don't get why the motion was brought up? Or what the changes of the motion are?
If the language of the motion is confusing, then please refer to the motion summary. The motion summary explains all the changes proposed.



As explained in one of my previous posts (https://bitcointalk.org/index.php?topic=134389.msg2587250#msg2587250), Nasty Fans (originally Nasty MINING) restructured how it operates and no longer states that "mining equipment is owned by the shareholders."

Wow... with about 24 hours left in the current motion vote, only 64 out of 230 votes have been counted.

Obviously I have let down the shareholders in communication somewhere.

I need your help. How can I reach more shareholder so that they know they can vote? I am not particularly fond of the "news" feature that btct.co has. Some asset managers like to spam with it. Besides, the motion itself sent an email to all shareholders (or it should have). Did you receive it the motion email?

What else could I have done to get more share holders to vote?

You could have communicated it on Bitfunder, maybe. Or present a dummys guide on how to vote, possibly.

Hmm looking through my email it looks like I didn't get an email when the motion was created.  I have in the past for other issues and I get them for dividends.
For me that is not a problem since I login often enough anyway. 
Personally I have just been holding off on my vote, I wanted to see how the vote was going first.

I will go vote for the motion shortly here. 

Thanks

I'll have to look into this next time.



This is unusual.

Well, in the future, I'll be sure to post "News" items about motions on both exchanges. The "news" item on btct.co makes a new email. This is why I have never used that feature (because I feel like I would be spamming).



Well, aside from this most recent voting snafu. Thanks for the kind words.

Total dividends of 0.55283631 will be paid this week.

This is about 0.00240364 per share with an instant annual dividend yield of 10.23%

Most of our underlying assets are remaining steady while bASIC-MINING has continued to rise on news of adding a third Avalon device.

This has caused the NAV per share to increase to BTC1.22

---

Future Outlook - My guess as to what's to come.

bASIC-MINING has added yet another Avalon to their ASIC Armada. This brings them up to three and will also bring up our dividends.
Cognitive announced a plan to acquire 2 Avalons in exchange for offering shares (https://bitcointalk.org/index.php?topic=67547.msg2700583#msg2700583). Garret knows that Cognitive desperately needs help, since they are still waiting on BFL.
GMP, we are waiting for your ASIC.

I added the "instant annual dividend yield" to the Dividends section on the spreadsheet. You can check back from time-to-time and watch it start from 0% and go up as dividends are collected during the week.

It looks like our own motion to change the asset contract to allow additional asset classes will fail. I take responsibility for not fully conveying the ideas covered in the motion and not spreading the word enough.
Perhaps we can bring up the idea again at a later date. And I hope that more shareholders will vote. This is your BTC, you have a say in how well we can diversify it.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Quick, get moar GMP while its cheap because Avalon upgrades ship Soon!

 

Just been fiddling with the googlesheet.....BASIC MINING @ 0.7 performs magic on the NAV!

Total dividends of 0.69758089 will be paid this week.

This is about 0.00279032 per share with an instant annual dividend yield of 7.45%

The price of bASIC-MINING has exploded with the addition of 4 BFL 60GH/s ASIC devices (https://bitcointalk.org/index.php?topic=130982.msg2715278#msg2715278). More mining devices are one the way.


The price of Cognitive has exploded with the addition of 2 Avalon ASIC devices (https://bitcointalk.org/index.php?topic=67547.msg2743048#msg2743048). More devices are on the way

Nasty is dipped slightly, but still expecting additional BFL devices.

GMP is still waiting on their trade-in Avalon.

This has caused the NAV per share to increase to BTC1.95

---

Future Outlook - My guess as to what's to come.

Creativex is doing a fantastic job with bASIC-MINING. Right now he is traveling to pick up a BFL mini-rig which will effectively double the hash power of bASIC-MINING. This is a stock only transaction. So there will be some dilution of dividends but the hash power more then makes up for it. Plus, bASIC-MINING still hash tons of BTC to purchase additional equipment.

Garret is doing what he can to get ASIC devices in.
Also using stock only transaction, he acquired 2 Avalons with a third on the way. And we are still waiting on BFL to deliver the original 60GH/s devices.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Carnth, congrats once again on picking such outstanding investments and thanks for taking us along for the ride up to the moon.   ;D

We have a bunch of cash, and BASIC is now almost over half the fund.

Any plans to re-balance?  Maybe take some profit on BASIC and buy more GMP?

ActiveMining appears to have met the $1million NRE for their .28nm chip today.  Shares are still available at BF for under the .0025 IPO price...

CipherMine also looks promising, having completed their third IPO and being fully funded.  They plan to make LTC ASICs...

I've already sold AMC shares at much more than .0025 and bought back in at a lower price.  So you're just plain flat out wrong there.   ;D

If you read the relevant thread, you'll find that AMC has

-secure underground facilities (ZOMG empty rooms!)
-~$600k in pre-orders (ZOMG stock images OH NOES!)
-7 Avalons hashing and paying dividends (you may verify this on Bitfunder)
-20k Avalon chips on order
-boards being designed and produced
-most of the funding for a state of the art .28 ASIC
-an existing business relationship with the most advanced ASIC design firm (outside of certain government agencies) in the world
-RTL code successfully verified by the above firm (eASIC)

Also, using a stock photo of a Chenbro chassis is not stealing 'from other websites.'  At worst, it's piracy... but they're actually using that kind of case. 

https://i.imgur.com/LXZUHS6.jpg

If you want to persuade anyone AMC is a scam by straining at such gnats, you're going to have to do much, much better.   ;)

When the best you can do is purposely confuse theft and piracy, that's your first clue you're playing with a very weak hand!

Now you're claiming that AMC's Avalons aren't really there?  
How then are they paying dividends?  You can see AMC's Avalons mining in real time at BTCGuild (under Team AMC).  

First you claimed (falsely) that "you're likely to never sell it at a higher price."  Then you dropped the "never" qualifier and substituted "now" in it's place.   ::)  
Of course that entirely changes the meaning of your original statement, but that's too much for you to comprehend, isn't it?  

Is it really so hard for you to pick a position and defend it, instead of dancing around and playing word games to avoid responding on point?

I guess so, since you've pressed the 'I'm a coward and can't engage in an honest discussion without running away when shown to be wrong' button.   ;D

Have fun with your absurd conspiracy theories about AMC's "fake images of Avalon units."   :D

*PLONK*

Dont think AMC is a scam Ken may not be perfect at what he does but ...... this is really off topic  !

About the assets included in MiningCo.ETF:
They have shown to have stability, and a proven track record of timely dividends.
This will continue to be the number one selection criteria for this fund. As such, most (if not all) brand new mining assets will automatically be excluded until they produce dividends, and show that they can continue to produce dividends for a while. This conservative nature of MiningCo.ETF helps it avoid most of the drama surrounding new assets.

Total dividends of 0.89080949 will be paid this week.

This is about 0.00356324 per share with an instant annual dividend yield of 8.66%

Increases to Cognitive have been a boon to our NAV.

This has caused the NAV per share to increase to BTC2.14

---

Future Outlook - My guess as to what's to come.

This thread (https://bitcointalk.org/index.php?topic=261235.0) has recently shaken the entire Bitcoin asset exchange world. It's definetily something to worry about as the US Government has become much more active in the "virtual currency" world.
Burnside is seeking legal counsel and consulting with Ukyo on this matter.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

MININGCO shares are selling for less than NAV on btct.co.   :-[
Shares are being offered for 0.2 less than NAV on Bitfunder, and still not selling.   :-\

How about doing a 1:10 split so shareholders are not stuck in this fund, and may more easily liquidate/reinvest dividends?

At the moment, it's kind of a roach motel for BTC despite having amazing assets, unlimited potential, and superb management.   :P

I support some type of split, there is no liquidity at all currently with the increase in NAV and the rise in BTC value

My sentiments also. Its really time to split.

Checking with bursinde and Ukyo for what's involved with splitting.

Total dividends of 1.14657697 will be paid this week.

This is about 0.00462329 per share with an instant annual dividend yield of 14.05%

This week, all of our underlying assets have taken a major hit due to fears of SEC (https://bitcointalk.org/index.php?topic=261235.0).

This has caused the NAV per share to decrease to BTC1.71

---

Future Outlook - My guess as to what's to come.

We broke 1 BTC of dividends paid for the fund this week!

This thread (https://bitcointalk.org/index.php?topic=261235.0) has recently shaken the entire Bitcoin asset exchange world. It definitely hit our fund very hard in the NAV. Usually people overreact and over sell. Then things slowly regain most of their value back.

I will be starting a motion to split the asset's share 10 for 1. Since the last motion was a disaster, I would like input from you. I want to make sure I word it correctly so everyone can understand. Give me you best ideas of how motion should be written. I'll also post a "News Item" as well.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Hi Carnth. I think many issuers needlessly over-complicate their motions or news releases. Many(most?) give these only a passing glance and a wall of text will tend to get ignored. My split motion was worded very simply:


This way you get your point across and leave an information trail for those that want to spend the time investigating. Just my take.

Cheers. 

 

I like it. Do I have your permission to copy your motion text nearly verbatim?  :)


Does everyone else think creativex's motion text is the way to go?

Yes this text is very clear.

+1

You do indeed. :)

Motion to split share 10 for 1 has started on BTCT.co.

Management recommends you vote for the motion to pass.

Please log on to btct.co and vote!

---

For Bitfunder shares only:
I don't think there is any precedent for this so please bare with me.
Currently there are 87 pass-through shares.
If you have Bitfunder shares, sign your vote (for or against) with your public Bitcoin address. PM your signed vote to me.

Votes must be received by 09-Aug-2013 00:00 UTC.

Default vote:
If I don't get more than a 50% vote "against" of all the Bitfunder shares, then all Bitfunder pass-through shares will vote "for" this motion to pass on btct.co

Summary:
If you want to vote "for," then do nothing.
If you want to vote "against," then I need a PM from you with your signed vote.

---

I know the Bitfunder part got a little confusing, but I hope the summary helped.
Remember: Vote!

Has everyone remembered to vote? Let's be the first asset to get 100% unanimous on a motion!
Log in and vote.

Total dividends of 1.09939794 will be paid this week.

This is about 0.004451 per share with an instant annual dividend yield of 15.38%

This week, all of our underlying assets have continued to decrease. This is mainly due to so many IPO's of ASIC manufacturing companies in one week.

This has caused the NAV per share to decrease to BTC1.50

---

Future Outlook - My guess as to what's to come.

The number of IPOs on BitFunder and btct.co is mind boggling. Many people have sold off their interests in order to "jump into" new assets. This has caused our underlying assets to decrease.
Our underlying assets continue to look to the future and head off increased mining difficulty by looking for new hardware.

Remember to vote: 10 for 1 split

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

So what is the update with stock split ?

The motion passed. I have contacted burnside and Ukyo about splitting the asset 10 for 1.

Total dividends of 1.06029801 will be paid this week.

This is about 0.0042927 per share with an instant annual dividend yield of 17.62%

This week, all of our underlying assets have continued to decrease. This is still due to so many IPO's of every kind.

This has caused the NAV per share to decrease to BTC1.27

---

Future Outlook - My guess as to what's to come.

The IPO's continue on the exchanges. Although this brings down the NAV, our dividends still continue strong. Both bASIC-MINING and Nasty Fans have added additional mining power this week.

The motion to split the share has passed. I have contacted both Burnside and Ukyo to implement the split.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Split complete on BTCT.CO.

Please be careful when placing new bids and asks.

Cheers.

This is great.  The spreadsheet has been updated to reflect the split shares. I have increased the decimal to 4 places in a number of different cells.


BitFunder shares have still not split.Trading will continue on Bitfunder shares, but I would advise everyone to clear your market orders until after the split completes.
I have sent Ukyo another message to split the shares but have not heard from him.

MiningCo.ETF has successfully completed the 10 for 1 stock split on btct.co and on BitFunder.

Please make sure to clear any open orders and adjust your price accordingly.

We had our shares split 10 for 1. All values have been adjusted.

Total dividends of 1.07261277 will be paid this week.

This is about 0.00043426  per share with an instant annual dividend yield of 19.00%

This week, all of our underlying assets have continued to decrease. This is still due to so many IPO's of every kind.

This has caused the NAV per share to decrease to BTC0.1189

---

Future Outlook - My guess as to what's to come.

This week, bASIC-MINING and Cognitive have increased their power with additional ASIC devices.
Nasty Fans has taken a huge step to up its mining power by placing a large order for BFL's new Monarch 28nm ASIC devices. We can only hope BFL actually behaves like a company that cares about its customers and ships them as promised.
Cognitive has also promised 28nm technology.
With the next generation of ASICs being released, this of course means that we are all playing the waiting game... again.
"28nm .... coming soon.™"

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

Total dividends of 0.90961993 will be paid this week.

This is about 0.00036827  per share with an instant annual dividend yield of 18.23%

This week, all of our underlying assets have continued to decrease despite announcements of additional equipment orders..

This has caused the NAV per share to decrease to BTC0.105

---

Future Outlook - My guess as to what's to come.

With more and more companies releasing ASIC products, our underlying funds have some extremely tough choices to make, and sometimes only minutes to make them. Its an extremely tough job.
We can only hope that new and existing manufacturers treat their customers with respect and deliver what they promise.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).

How do you have BTC17.75 in the "Bitcoin Reserve"? I was only able to account for ~BTC15.36 by adding the balance in your BTCT.co account and Blockchain account. Is there another account where you keep additional BTC?

Also, what are you plans with the reserve funds? Any new IPO's or share purchases on the horizon?

PS - your security distribution is out of compliance with the prospectus, bASIC-mining is overweight by greater than the allowed +/- 10%. I motion you add a sixth security to the portfolio....

Back during the bASIC/Cog spike I requested the prospectus be honored and the portfolio rebalanced.   We could have turned the excess overvalued portion into many more undervalued shares, but didn't.    :-\

The remaining BTC after adding up the balances of btct.co and the 1Mining6 address is on BitFunder
I moved the funds there to cover dividends payouts so I can avoid individual Bitcoin transaction fees. This allows me to pay the same dividends on both exchanges.

Due to the recent decline in most mining assets, I have been slowly acquiring more shares in our underlying assets.

As far as new IPOs are concerned, this funds takes a more conservative approach when introducing new assets. Only assets with a proven track record of steady dividends and upholding their contracts will be considered. This excludes IPOs as they have no track record.
After these new IPO have been proven as a successful asset, their inclusion will be considered.
My focus has always been on steady dividends with less risk (although mining is still very risky).

Carnth,

How many Miningco.ETF shares do you personally own?

Will you ever sell the  remaining 9.9mm shelf shares to increase the float? If so, how will you issue them? At NAV I suppose...

I do own shares of MiningCo.ETF in my personal portfolio. But please understand that I won't disclose the number of shares anyone owns as a matter of privacy.

When needed, additional shares are released to the market at NAV. On occasion, the fund will do very limited share buy-backs at 90% NAV.

QFT, emphasis added:


Let's not miss the next opportunity to profitably accomplish compliance with this provision.   ;)

Total dividends of 0.81179940 will be paid this week.

This is about 0.00032866 per share with an instant annual dividend yield of 19.11%

This week, all of our underlying assets have continued to decrease despite announcements of additional equipment orders and other large deals.

This has caused the NAV per share to decrease to BTC0.0895

---

Future Outlook - My guess as to what's to come.

All of our underlying assets either have orders placed or are negotiating large deals for Gen 2 ASIC devices.
Among all our assets, we have orders/negotiations in KnC Miner, BFL Monarchs, Bitfury, and CoinTerra.
As difficulty continues to skyrocket, our dividends will slowly wane until delivery of equipment is made.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).
Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.

Glari Mining Project has KnC pre orders.
http://glari.ch/node/17



Transferring shares between the exchanges has been around for a while, but I never advertised it until now.

Is there any charge to the transfer?

There is no fee for the transfer as long as it is over 10 shares. I reserve the right to start charging a transfer fee at any time.
This is a completely manual process and it takes my time to complete the transfer.

I'll charge a fee if you feel the need to go back and forth between the exchanges.

Here is the process:
To get started, send a PM to me.
Explain how many shares you want to transfer and from which exchange. Make sure to include your usernames for your account on both exchanges. For example:

"I want to transfer 10 shares from btct.co -> Bitfunder. My account name on btct.co is Carnth. My BitFunder account name is Carnth."

After I get your PM, I'll reply where to transfer your shares. Do not transfer shares until you get this PM from me. Any shares you transfer to my personal account, "Carnth," will be considered a donation.
When you send the shares, I'll credit the shares to your account on the other exchange. Done.

Please remember, this is a manual process and I'm not online 24 hours a day. After you send your PMs, please give me some time to respond.

Total dividends of 0.67381118 will be paid this week.

This is about 0.00027280 per share with an instant annual dividend yield of 18.03%

This week, our underlying assets continue to feel selling pressure.

This has caused the NAV per share to decrease to BTC0.0787

---

Future Outlook - My guess as to what's to come.

While we continue to wait for next gen ASIC gear, our dividends continue to wane.
There has been a lot of controversy over at LABCOIN. They claim to be hashing, but no proof can be found.
This is the problem with new mining companies, its difficult to tell who is doing what they promised and who is blowing hot air.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).
Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.

Total dividends of 0.66172686 will be paid this week.

This is about 0.00026791 per share with an instant annual dividend yield of 20.07%

This week, our underlying assets continue to feel selling pressure.

This has caused the NAV per share to decrease to BTC0.0694

---

Future Outlook - My guess as to what's to come.

As the difficulty continues to rise, more and more miners are feeling the pressure of dwindling returns. If you don’t have a plan to increase your hash rate then you will be left behind.
This has been brought up in the bASIC-MINING thread (https://bitcointalk.org/index.php?topic=130982.msg3169169#msg3169169). Smaller (recreational) miners are being pushed off the network because they can no longer afford to mine due to aging and in-efficient mining gear. New and more efficient mining equipment costs are astronomical; leaving only large mining companies (or the rich) available to purchase.

This is concerning because the economics of mining is forcing a certain "centralization," where only large groups with enormous hashing power are mining. This is discouraging because Bitcoin is supposed to be about decentralization.

ASICMINER had a good idea with releasing USB ASIC devices--smaller units for the recreational miner. However, its initial price didn't reflect a "recreational" value.

I ask that ASIC mining fabricating companies consider the small miner and produce mining equipment that is affordable and at a price point that makes sense.

Let’s keep Bitcoin decentralized.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).
Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.

Would be great if we could get some shares for sale at the NAV on the exchanges so this fund could grow.

BTCT Shutdown , what to do next for share holders stuck on btct because of Panic sell , how to transfer shares to Bitfunder ????

MiningCo.ETF is in a position to easily shift operations to Bitfunder. This will happen in an orderly fashion. But not at this exact moment.

The only thing that causes me concern is the panic sellers. There is no reason to panic. Burnside has always made it easy for asset issuers to maintain complete lists of all shareholders on btct.co.
These lists can easily be imported in to another exchange where the asset can continue on. MiningCo.ETF will be doing that.

I will also be in touch with our underlying assets that are also on btct.co (bASIC-MINIG, Cognitive, ASICMINER-PT). After I hear from them I will provide our options for moving forward.

Did you score any cheap shares for us during the Great Panic of 0' 13?   :D

Last: ▼5@0.01  Dang, wish I'd had some skunk bids in place.

If there ever was a time for a share buyback, this would be it!

Short answer: yes.

Total dividends of 0.54973158 will be paid this week.

This is about 0.00021823 per share with an instant annual dividend yield of 19.54%

This week, our underlying assets succumbed to intense panic selling due to btct.co announcing its shutdown.

This has caused the NAV per share to decrease to BTC0.0581

---

Future Outlook - My guess as to what's to come.

Wow. btct.co.... gone.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).
Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.

I would buy more shares from the fund at current NAV if you think you could use the liquidity.

+1

There should always be more shares to buy at the NAV.   ;)

MiningCo.ETF to change Fund Managers.

After careful consideration, I have decided to cease managing MiningCo.ETF. I am involved with other projects in the crypto world that are taking my time and feel that I can not perform my duties to the fullest extent to make this the best fund possible.
However, I am open to a new manager stepping in to completely take over operations.
OgNasty has offered to take the helm of MiningCo.ETF and manage it with the openness that I had and with the fervor that he manages Nasty Mining.

At this point, I will start a shareholder motion. Your choices are:
-Assign a new manager to MiningCo.ETF
-Shutdown the fund.

I am officially giving 30 days notice that the fund will shut down if a new manager can not be chosen.

If anyone else is interested in managing the fund, this thread is the best place for a public debate. Please post that you want to take over managing the fund, why and what approach you will take. And be prepared to answer questions.
Do not post on behalf of someone else or say "I think X should do it." Instead, show them this post.

Thank you everyone who invested in MiningCo.ETF. I know this last week has been difficult. Changing the management of this fund will make it more so. But with careful planning and open discussion, we can get through this together.

IDC about BTCT shutting down, esp after their green-lighting ScamCoin but refusing Deadterra's IceDrill.

This ETF shutdown is another story.  I bought it as a safe, stable asset and now you announce it's the opposite.

Assuming no new operator, how does liquidation commence when BTCT is closed?

Will you dump our shares at low prices or wait for assets to find new homes?

May individual investors have their ETF shares' underlying assets transferred to them?

Why just not stay on Bitfunder, where all my shares are already?

Look at Gamma Fund's template for this sort of thing if you need guidance.

Thank you, that was my goal.




Actually I said:

I am taking responsibility for not doing my absolute best to manage this fund. To fix this, I am trying to find someone else who has the time to do a better job. This is what I'm really announcing.

MiningCo.ETF will only shutdown if the shareholders vote to do so.




Assuming that a new manager is voted against by shareholders, I won't dump all at once. Liquidation could take a while.




This is actually a interesting idea and will be considered... assuming that shareholders vote to shutdown MiningCo.ETF.



The plan is to stay on BitFunder and to move all existing shares from btct.co to BitFunder.
Under a new fund manager, BitFunder is to be MiningCo.ETF's new home.

iCEBREAKER, I ask: How would you vote? Find a new manager or close the fund?

Hi Carnth,

I prefer your light touch to riskier aggressive styles, despite my previous whining about not rebalancing.   :P

OgNasty means well, but his asset is in debt and AFAIK he's in the USSA.

Given a choice between gradual liquidation and transfer to an indebted American, I'm neutral and vote 'Meh.'

Need more info/candidates to get off the fence.

I think more candidates would be good too. If you know anyone who would be up to the challenge, please refer them to this thread.

Just wanted to say that this is true and I have offered to manage this fund as opposed to it closing.  I have been a fan of this fund since the beginning and do not want to see it close.  

First thing is first...  This fund holds shares of NastyFans, which I am a large part of.  This is an obvious conflict of interests, but one that I will manage well and remain open to criticism from those of you willing to remain onboard with this fund.

As far as my thoughts on how I would manage this fund...  I think Carnth did an excellent job selecting assets from trustworthy members.  I have no plans to change this fund into a yield chaser, or invest in assets offered by those who have not proven themselves to the community.  One thing I will change is that I believe there is plenty of demand for this fund, but rarely good entry points (Carnth touched on this by saying he does not have the time to manage this fund as it should be).  I think shares need to be listed for sale and adjusted regularly to account for the NAV.  I also plan to have the MININGCO.ETF thread show you all the info you need to know with automatically updating statistics showing our exact number of holdings and the fund's NAV.  This will be similar to the way I list holdings in the NASTY MINING thread.

I think there are currently lots of opportunities available for a fund like this to take advantage of, and I would look forward to the challenge of exploiting those opportunities for the profit of the fund.

If you have any comments, good or bad about me managing this fund, please feel free to share.



An indebted American is not an accurate description of me.  While NASTY MINING is in debt as you say, our 5.8TH/s will quickly erase that debt and continue to return profits to NastyFans as I have done for well over a year.  This fund would never take on any debts of any kind, so I think that observation is moot.  I have no problems at all with regards to more candidates and if you can find someone trustworthy with more experience managing assets than I have, I urge you to ask them to offer their services on this thread.

Thanks for addressing my FUD.

Sorry for the unkind characterization Og, I needed to Devil's advocate this for due diligence reasons.

Based on your informative and professional response, I'm changing my 1000+ 600+ votes to 'Go Nasty!'   8)

Carnth, will you still be a shareholder and available to offer us occasional guidance post-transfer?

Yes, I will still be a shareholder, but that's all I would be. I can offer guidance, but do not think that I would co-mange.
This would be a complete transfer of management.

---

This is not just iCEBREAKER's thread. I welcome any comments, questions or concerns for me or OgNasty.

Total dividends of 0.51421449 will be paid this week.

This is about 0.00020173 per share with an instant annual dividend yield of 22.67%

This week, our underlying assets continues to suffer becuase of btct.co closing.

This has caused the NAV per share to decrease to BTC0.0463

---

Future Outlook - My guess as to what's to come.

With btct.co closing, many of our underlying assets are wondering "where should we go now?"
All of our underlying assets have pledged to continue on. MiningCo.ETF will continue on as well, by moving to BitFunder.

One thing will change, I will be stepping down as the asset/fund manager. Please see this post (https://bitcointalk.org/index.php?topic=134389.msg3271331#msg3271331) for information about it.
However, I will not force a new manager on you. Every shareholder has the choice: change managers, or the fund will close.
The motion to vote is open NOW, so please vote.

---

MiningCo.ETF is available on BTCT.co (https://btct.co/security/MININGCO.ETF) and as a pass-through on BitFunder (https://bitfunder.com/asset/MININGCO).
Shares can be transferred between BTCT.co and BitFunder. 10 share minimum. PM Carnth for details.

Thanks Carnth for your management so far. I have voted for continuation of this ETF, especially during this period of time. One thing I hope the new manager can do is to include more mining companies as there are more competitors appearing. I think this is important for this ETF to continue its growth.

Since moving MININGCO.ETF from btct to bitfunder has to be done for every shareholder, is there any announcement of detail steps for all shareholders to follow?  e.g. matching the btct account name with that on bitfunder?

For now, there are still a few hours of market trading left. As I have said, I will let trading on btct.co continue until Burnside shuts it off.

After that, I ask that everyone wait on "standby."  I will work out a plan to transfer shares to BitFunder. Remember, I will have a list of shares and which email and Bitcoin address they belong to.
I am trying to come up with an easy way to transition to BitFunder for both shareholders and myself. The plan I have right now (based on my NASTY-PT transfer plan) is effective, but is very time consuming and laborious for me. If I can't find an easier way, then we'll just go with that.

Will BitFunder new policy on US citizens affecting our transfer? Or affecting the operation of this ETF?
I am not a US citizen, so it does not hurt me except the share price.
Our NAV will drop further, at least temporarily.

We getting hammered from every corner lolz , but that's life every storm shall pass & life shall continue :)

Yes.




Yes.


I have always managed this fund in an open and honest manner. And I will continue to be open and honest to the end of this fund.


BitFunder closing it's doors to US citizens affects MiningCo.ETF drastically. I am a US citizen. As such I will not be able to manage the fund.
This also excludes OgNasty taking over as a fund manager.

I have reached out to other people since the end of September, asking if they would be interested in managing the fund. They are either US citizens themselves or have declined.


This leaves only one choice: shutting down the fund.


There is a potential problem: Liquidation of some of the underlying assets.

We have 5 underlying assets in the fund. Here is the current information that I have on each:

ASICMINER
MiningCo.ETF will get direct shares. These can be sold on the forums.



bASIC-MINING
CreativeX manages bASIC-MINING and has not made a determination of where it will go. I can't do anything with our bASIC-MINING shares until creativex makes a move.
CreativeX is a US citizen


Cognitive
Garret mannages Cognitive and is in the same boat as creativex. No determination has been made where Cognitive will go. Garret is a US citizen.



Glari Mining Project
GMP is on cryptostocks and has avoided all of the exchange issues. These shares can be liquidated.


Nasty Fans
Nasty Fans is on its own proprietary platform. The shares can be liquidated; although the market there can be slow.


To help speed up liquidation, I will look to offer direct sales of underlying assets; however btct.co transfers are currently not working.
So, if you want to make an offer for assets, send a PM. (When sending a PM, please understand that this is an extremely busy time for me.) Be advised, I may post your offer publicly in this thread as part of my open and honest policy (for example: Got an offer for 5 shares @ 0.11 each).

If anyone has any suggestions to help make this process go smoother, please post I am willing to listen to any ideas.

Is it possible to turn BOTH this fund and all its underlying assets into direct shares and continue to run this fund by OgNasty?

I think people like me purchasing this ETF is targeting for more long time investment and do not mind to continue receiving dividend even this fund is running in the form of direct share.

I think it is a bad timing to sell at this moment. The valuation of the underlying asset will be very low.

I agree , I am facing 1.5 BTC loss right now , I am in for continuation of this asset as direct shares.

+1

Total dividends of 0.30730925 will be paid this week.

This is about 0.00012056 per share with an instant annual dividend yield of 14.96%

btct.co market trading is closed. BitFunder is excluding US customers.

This has caused the NAV per share to decrease to BTC0.0419

The NAV is based on the last price for btct.co assets.

---

Future Outlook - My guess as to what's to come.

Last week's vote to continue on with a new fund manager is now moot. BitFunder closing to US customers is devastating, especially to MiningCo.ETF. There is no one to continue managing the fund.
The question has been raised "Can we move to 'direct' shares." And the answer is: Yes. This looks like the only alternative we have at this point as liquidating will take longer than the time allotted to us.
Do not mistake that moving to direct shares means that the fund will continue. It simply gives us time to liquidate in a more orderly fashion (as opposed to selling off at fire sale prices).

If we go to a "direct" share system, dividends may be less frequent--such as biweekly or monthly, or even stop.
Dividends may stop altogether and be collected and disbursed when the fund is totally liquidated. I would like to discuss this.

Please make sure to set a Public Withdraw address in your btct.co account. You need to have this. DexX7 (who manages CipherminePT) has a great "how-to" post here:
https://bitcointalk.org/index.php?topic=283947.msg3233637#msg3233637

I will continue to listen to any other ideas brought up in this thread.

I would prefer to keep the fund under management some how some way.

But if that just isn't possible, I am assuming you will liquidate to my public btct.co bitcoin address?

I fully understand the heavy workload for frequent dividend distribution. And it seems not worthy to have such workload if the dividend is low. May be we can have a new mechanism for dividend distribution, something like automatic payout at mining pools

- Each week we still have REPORT of (cumulative) dividends on the googledoc (any online spreadsheet)

- The dividend will be accumulated but not be distributed, and also not for further investment
   Until one the condition being satisfied:
  a) the cumulative dividend reaches a threshold (e.g. 0.001 BTC per share or whatever appropriate)
  OR
  b) the day is the last dividend day of each month (i.e. at least we get dividend once per month). I am open to whether it is monthly or even bi-monthly

I hope with this new mechanism, we can save the time of the fund manager.

I would like to keep the fund going with a new manager too.
But as I have said...

There is no one else to manage the fund. If anyone knows someone who would like to take over, please ask them to post here in this thread.




This is the current plan. But Liquidating is a tricky situation. You don't want to sell to fast and take a huge loss, but you also don't want to wait around for a long time.



That is my plan.
I will continue to keep the spreadsheet updated. Dividends will be kept as cash and distributed in a lump sum with all other proceeds from liquidated assets.


I would like everyone's thoughts about this. I am trying to keep things fair for everyone involved.

No one has contacted me about managing the fund. At this point I am moving forward.

No one has made any other suggestions so, I am going to start the "direct" share plan.
Moving to a "direct" share plan is the only way that I can think of that will allow us time to liquidate our underlying assets post btct.co/Bitfunder.

Moving to "direct" shares will require everyone to "register" your shares with me and I will keep a record of which public address has how many shares.
Part of the registration process will involve signing a message with your public Bitcoin address. This proves that you own the address.
This also means that you need to use and address from a wallet where you have access to the private keys. Some examples of wallets that would work are: The standard Bitcoin wallet; Multibit; blockchain.info/wallet. If you need to change your public Bitcoin address in your exchange account (on btct.co or BitFunder) do it right now.
Remember, it doesn't have to be an address that you use for your coins, but it will be where your liquidated proceeds are sent.

Both btct.co and BitFunder MiningCo.ETF shares must be converted to direct shares in order to receive your liquidated proceeds. Any shares that are not registered by the deadline will be considered a donation to me.


I will start the direct share plan and have more details within the next couple of days. For now, please ask questions, or post your comments about this plan. Two way communication is the best way to keep this open and fair for everyone.

No dividends will be paid this week. Instead, we are moving to direct shares.


We are moving to direct shares for liquidation.
All shareholders on both exchanges are required to participate in order to get your shares registered for liquidation proceeds.

Here is the process:

Make sure your account has a public withdraw address.
On BitFunder, this is most likely already done.
On btct.co, please follow the instructions in this post (https://bitcointalk.org/index.php?topic=283947.msg3233637#msg3233637).

Make sure you know how to sign a message using Bitcoin.
Instructions for signing a message can be found in the same post (https://bitcointalk.org/index.php?topic=283947.msg3233637#msg3233637), under the section "How can you be sure that you are able to proof the ownership of your withdrawal address?"

Using your client wallet, sign a message with your public Bitcoin address and save the signature. This will verify that you own the shares.
Sign this message: miningco.etf
Make sure there are no spaces before/after above or below.

Fill out the Direct Share Transfer Form.
https://docs.google.com/forms/d/19_46azDkyRbQaD8i2cnZNTPiOvrdP5trpMAiu5jdBeo/viewform
If you have shares on both exchanges, register twice--once for each exchange and the number of shares you have there.

Check that your shares are transferred.
After I verify the Bitcoin signature of each submission, shares will be tied with that public address and posted in the official share spreadsheet:
https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHNONWVCUFM3ekZFN3ZYd0FycTh3N0E

Shares in the exchanges will no longer hold any value.
Do not buy or sell any shares on the exchange. If you submit a transfer request that does not match the number of shares on the exchange, I will reject it.

Going through this transfer process is required to receive liquidation proceeds.
Any shares not transferred will not receive anything--these proceeds will be evenly distributed to those that have registered.

Start your share transfer process now.
If you have any questions, post them in the the BitcoinTalk forum, or send an email.
https://bitcointalk.org/index.php?topic=134389.240

---

Summary:

All shareholder fill out this online form: https://docs.google.com/forms/d/19_46azDkyRbQaD8i2cnZNTPiOvrdP5trpMAiu5jdBeo/viewform


Check for your shares here: https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHNONWVCUFM3ekZFN3ZYd0FycTh3N0E

---

The above has been posted as "News" items on both exchanges
Please reply with questions or comments.

I changed my address and filled out the form.

Where/when in this process do we transfer the shares to you?

edit: Did you buy back any CHEEP SHAERZ^tm when it crashed?

So far, the transfer to direct shares has been going fairly smoothly. Just a few bumps here and there.
After you submit your shares, I have to manually process your request, check your Bitcoin signatures, etc. So the process is a little slow on my end.

You can check your results on the Direct Share spreadsheet:
https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHNONWVCUFM3ekZFN3ZYd0FycTh3N0E

Remember, it takes a little while for me to process the transfers, so you will not see your results right away. It may take up to a couple of days, but usually less than 24 hours.

How to interrupt the results:
Search for your submitted Public Bitcoin address, if it's there and has a number of shares next to it. You are done! You now have direct shares.
If your Public Bitcoin address has no shares listed and is highlighted in red color, then there is a problem. Where possible, I have tried to leave notes/hints so that the problem can be corrected. After the problem(s) are fixed, please submit again.
If your Public Address is not there, then I haven't processed your request yet. Please wait a couple of days. If it's still not there, then feel free to send me a PM to check the status.

The most common problem I have seen is an invalid Bitcoin Signature. This is most likely due to putting a space before, after, above, or below text.
An invalid signature can also be caused by Capital letters... Signatures are very sensitive, one thing wrong will cause the signature to be invalid.
This is the only text that should be in the box when you sign:


For more help on how to sign, here is a Youtube video that I found:
http://youtu.be/3oxM9_OCQKM?t=35s

After you create your signature, make sure to check it! Go to this website:
http://brainwallet.org/#verify?vrMsg=miningco.etf
Paste in the signature that was generated, click "verify message" and make sure your Public Address appears. If any other Bitcoin address appears, then the signature is invalid.




Do not transfer any shares to the Fund's exchange account. Shares on btct.co will "go away" when the site shuts down.
Shares on BitFunder will be destroyed after a deadline we need to agree on.

There must be a deadline for transfers to direct shares. Everyone, how long should this be?
I can't pay any proceeds until all shares are transferred.
Any shares not transferred to direct shares simply lose out.
What is the best balance of being fair to everyone?

I suggest 1 month from my direct share announcement, which was made on this forum and on both exchanges on 16 Oct.



The fund has not traded since I announced that I would be stepping down in prep for a new manager. Someone got lucky.

But, if there are shares left over that do not transfer to direct, it would accomplish the same thing without having to actually buy back shares.

1 month from October 16 sounds good to me. Or if all shareholders get their shares transferred to direct before then, then we would be ready sooner.

It would be great if all shareholders converted to direct before the deadline. Based on my past experience, this won't happen. And I'm sure there will be some who never convert and will lose out.

Speaking of which:

We still have just under 600 shares still unaccounted for. Please make sure to register! You will not get paid your share of the liquidation proceeds unless you register.

---

Now on to liquidation.

All dividends will be accumulated and paid out with all proceeds after all underlying stocks have been liquidated. This will keep Bitcoin network fees to a minimum. Unfortunately, this means our coins are just sitting there for now.
All data on the spreadsheet will be kept up to date. As shares are sold, the proceeds will be moved to the fund's public Bitcoin address: 1Mining6y9NFU1cWxBgExYykwgCCoqoW8X (https://blockchain.info/address/1Mining6y9NFU1cWxBgExYykwgCCoqoW8X)
There is a small amount of coins in the Fund's cryptostocks account that are not in the public Bitcoin address. I haven't moved them yet because cryptostocks charges a huge 0.01 BTC withdraw fee.


I have already listed our GMP shares on crypto-stocks. Ironically, GMP just got their KNC ASICs going and dividends from them have increased dramatically. But this should help with the price as well.

I want to offer anyone reading this first chance at Nasty Fans and ASICMINER.

We have:
152 Nasty Fans seats
17 ASICMINER shares.

If anyone would like to make an offer for some shares, please send a PM to me. Minimum purchase is 5 ASICMINER and 10 Nasty Fans.


Cognitive shares are still on hold while Garret finds a new home.

bASIC-MINING is a different story. CreativeX has been on hiatus and no one can seem to get in contact with him.


This is the reason we had to move to direct shares. I knew it would take a while for some of our underlying assets to sort themselves out.

---

In summary:

• Register your shares
• Make an offer for Nasty Fans and ASICMINER

Checking in with an update:

Dividends (where still being paid) are being collected. I still keep the spreadsheet (https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHdhandXeDQwTU13N2ZmbWxMMHNzeGc) updated with all dividends collected.
Most dividends are paid directly to the MiningCo.ETF's public Bitcoin address (https://blockchain.info/address/1Mining6y9NFU1cWxBgExYykwgCCoqoW8X). All dividends are being collected and will be distributed along with all liquidated proceeds.

bASIC-MINING and Cognitive are the only two underlying assets that have stopped paying dividends. While Garrett (who runs Cognitive) has been vocal on the forum, creativex (who runs bASIC-MINING) is missing-in-action.
Garrett promises that all dividends will be caught up when Cognitive moves to a new exchange, which he also promises will be soon. The lack of any communication by creativex is disconcerting.

Liquidation is going much slower/worse than I thought. I know that times are tough right now for mining stocks, but I haven't had any buyers at what I feel is a fair price.

Again, if any of you would like to purchase Nasty Fan or ASICMINER directly from MiningCo.ETF, please send a PM.


The deadline for registering for direct shares (https://bitcointalk.org/index.php?topic=134389.msg3351025#msg3351025) is Nov 16. You must be registered as a direct share holder in order to receive liquidation proceeds. Anyone who does not register by Nov 16 will lose their shares.
There are a couple of people who are registering using a Bitcoin address that is different than the public Bitcoin address used on the exchange. You must use the same public Bitcoin address that you setup in the exchange. Your public Bitcoin address is the way I match your account with your shares. Your public Bitcoin can be different than your withdraw address... so make sure to use your Public Bitcoin address.
If you need help, please send me an email or a PM. My email address is the same username as my forum account @gmail.com

Checking in:

We sold 11 of our 48 shares of GMP for a total of 4.942575 including the sales fees. This is about 0.449325 per share.
I think we might have to sell future shares at a lower price.
The proceeds from these sales and previous dividends from GMP that were accumulating at CryptoStocks have been withdrawn to the public Bitcoin address (https://blockchain.info/address/1Mining6y9NFU1cWxBgExYykwgCCoqoW8X).
There is an additional 0.01 fee for each withdraw on CryptoStocks, so I will keep withdraws to a minimum.

Cognitive looks like it is closer to listing on an exchange. Usually when this happens, there is a huge sell off to start. I will be holding the shares until the price normalizes.

bASIC-MINING is still in limbo. bASIC-MINING has a lot of cash and some decent equipment. Even if it were to cease, the assets it holds are worth something. The longer that there is no word from creativex, the more grim the situation looks.

It looks like I might have to put our ASICMINER and Nasty Fans shares up for auction. I really don't want to do this, as I have no idea what the market would be willing to pay.
Another alternative is to deposit AM shares on Havelock and sell there.
Please let me know your opinion on these matters. Would you want to put AM and Nasty shares up for auction on the forum?


If you have not registered for direct shares, you need to do it now.
You also need to check the direct share list and make sure that you successfully submitted your shares. Some people are not signing the Bitcoin message properly or are using a different withdraw address used on the exchange.
If you have any problems, and need help, contact me via PM or email. Don't be afraid to contact me; I'm willing to help you.
If you do not have your shares properly registered, you will be excluded from any liquidation proceeds.

This post (https://bitcointalk.org/index.php?topic=134389.msg3351025#msg3351025) has all the instructions.
I also made an additional post (https://bitcointalk.org/index.php?topic=134389.msg3380849#msg3380849) that offers extra help.

Deadline is in 10 days: Nov 16

I think CryptoStocks has lowered its withdrawal fee to 0.005 now. (Still too high IMHO--I think 0.001 like Havelock does would be more reasonable.)

True. This must have changed within the last week.

Hi Carnth!

Over on the BASIC thread, there is a posse being formed to track down CX.

I'm sure you could contribute something to the effort.

LMK if you guys need beer/guns/money/lawyers...   8)

I have been keeping up with the thread. I have spoken up because I don't have anything new to contribute that hasn't been brought up by other people.

I honestly don't know what is up the creativex. He seemed like a smart guy and knew what he was talking about. It doesn't fit his character profile to just vanish like this.

---

In Cognitive news, they have re-listed on Havelock and I can confirm that all our shares have been transferred.

The share price is a tad low and the volume is not there yet. I'll begin liquidating when things pick up.

---

This is you last chance to register your shares. There are still 500+ shares unaccounted for.
There are also a number of shares that failed during the submission process (invalid Bitcoin signature, etc.)

Check to make sure you are on the list:
https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHNONWVCUFM3ekZFN3ZYd0FycTh3N0E

If you are not, you will not get any proceeds from the Liquidation.

CX was getting pretty rabid and unhinged in some of his last posts.

He got way too egotistical and cocky because his picky zero-risk Goldilocks approach worked so well for a brief period, but then couldn't handle being slapped down (in ego and share price) when the mining situation began to change dramatically.

My guess he assumed the good times would last forever and got in over his head while drunk on his own success.

Since I missed bitfunders closing: any last options for my shares to change in btc?

Yes, follow the instructions in this post:

https://bitcointalk.org/index.php?topic=134389.msg3351025#msg3351025

---

For everyone else. I'll allow a little extra time, you'll have until the end of the weekend.

If you need help, send me a PM, or email me: Carnth
at gmail

I am willing to work with you to get you your shares. But after this weekend it will be too late. I have to move forward.

Hi,

I don't want to make another account on direct shares I want to get out of bitcoin networks. somebody willing to buy my 100 bitfunder shares?

With BTC at new highs, and just being listed, our underlying assets are looking lower. Worse, creativex is still nowhere to be found.

As a group we need to make a decisions.

Do you want to drag this on and on, or should we cut our losses and payout.  The whole point of moving to direct shares was to give us a little extra time to sell off at a steady pace. But I don't want to keep this going forever. I need to shut down MiningCo.ETF permanently.

This begs the question: If we sell of everything quick cut our losses with bASIC-MINING, payout and end the fund... then a month later creativex suddenly makes a comeback and the bASIC-MINING shares are active again, who will get these proceeds?


Should we ask if there would be someone that would be willing to pay for the bASIC-MINING shares? What prices should we accept? Should we wait? For how long?



Someone please help this guy:

carnth the only guy who still cares about customers. my whole other asset just a real pain in the ass, same game for bitfunder. lost 35 btcs with diff assets and manipulating bitfunder bitchmove in blocking us citizens etc. but those who want to succeed need to be able to fail i guess

Hi Carnth,

I own 77 shares, and if you sell everything now, I will be left with 1 or 2% of my investment.

In the art of investment, cutting a loss is about letting it go when you lost 10, 20, maybe 50%, even though you have some hopes the asset will go up some day.
But when the loss is 99%, cutting your loss doesn't make much sense. Even if the chance of recovery (for example the chance of creativex coming back) is slim, say 5%, it makes more sense to wait a few months.

On the other hand, I understand that you wish to get it over with because this whole story has become painful.
But you could just forget about it and let your shareholders do your job, couldn't you? I mean, as soon as there is good news on any front (Nasty, Cog, BASIC, GMP or AM), one of us could let you know in this thread and in a PM that now is the time to sell. I'm willing to take the responsibility for Cognitive, which I follow closely. Any volunteers for the other ones?

What do you think?

I'm not trying to get it over with because just because it is "painful" (although it is). I am trying to "get it over with" because I don't have time to operate it. Now, I'm just trying to end it because I'm holding funds that don't belong to me.

I want to make that final payout. I want all shareholders to have their coins. Like I said, I don't have time to make small dust payments from the occasional asset sale or dividend. We're saving up to go out with a bang.  :)


Having you guys looking out for good prices can help move things along. Send a PM.

I also gave a choice to just cut our losses and sell now (and forget bASIC-MINING altogether). I'm conflicted because, I too, own shares.

As a long-term investor, I don't need divs paid very often.

After the Gamma experience, my capacity for patience has expanded a hundred-fold.

CipherTrade promises to automate those pesky dust-outs, BTW...

22 shares of Cognitive sold on Havelock over the weekend @ .12 each.


After fees, a total of BTC2.62844 has been added to the public address (https://blockchain.info/address/1Mining6y9NFU1cWxBgExYykwgCCoqoW8X).

This spreadsheet (https://docs.google.com/spreadsheet/ccc?key=0AqLxDN0JzEUNdHdhandXeDQwTU13N2ZmbWxMMHNzeGc#gid=0) does not look fresh. Do you have newer one, or are you planning to actualise at least list of underlying assets? Thanks!

PS as Findus wrote - waiting for the best time may be better. For example asicminer - there is plan to release 3rd generation on January 20th, so that can boost the price up; also now is auction opened with almost 1% of all AM shares, which drives price down. So maybe you should really wait a little more.

That spreadsheet is current and show exactly how many shares we own of each underlying asset; the BTC we have; and the dividends collected.
I keep this updated when there is a change in any of these numbers.

I will admit, the 7-Day Avg price per share has gotten stagnant. This is a result of the lack of time that I have mentioned previously; and I consider it a low priority.

That's reasonable, thank you.

I for one do not care about dust dividends, updated 7day Avg prices and detailed dividend list.
Just publish the dividend addresses, and the balances can be automatically updated by the following command
=ImportData("http://blockchain.info/q/addressbalance/"&A71)/100000000

where A71 contains the address.

Then you shouldn't have to spend much time on management.
And us shareholders will ring you when it's time to wake up (now is an ok time for Cog but you already know that).

I am for waiting a better moment to sell asset. Obviously now is a bad moment.
As Fundus said, we shareholders will wake you up when the time is coming.

Any news about this?

So far there is no news regarding our underlying assets. We have still been collecting dividends as usual.

I would like a consensus as to what prices I should sell for. What's a good price for Cognitive? Asicminer? NastyFans? GMP?



Speaking of dividends, I transferred 0.11928465 BTC of accrued Cognitive divs from Havelock AND 0.62623700 (minus 0.005 fee) from GMP to our public address.

Don't you have a red phone for the BASIC direct hotline?

No?  Damn!   :P

It looks like Nasty Fans is going to be at .05 BTC.  I say this because OgNasty has now offered "minted seats."

A "minted seat" is a silver coin with the info to obtain a Nasty Seat and it's dividends hidden under a hologram sticker; much in the same way a physical Bitcoin has the info to obtain the Bitcoin under a hologram sticker.

OgNasty sells these by either taking an existing seat you own plus a fee and sending you the coin
OR
Selling you a seat and sending you the coin.

The difference between using your own seat and buying a new seat and having both minted is 0.5 BTC.

For kicks and giggles, I'm placing a sell order for 0.0505



GMP is making some nice dividends, but I'm still going to put about 40% of our shares for 0.299999 BTC.

Cognitive is "in the middle of receiving new gear." It would probably be good to hold off selling until it is delivered. Their Cointerra order is expected in mid Jan.


Still waiting for any other PMs from you guys on when to sell other underlying assets like ASICMINER.

ASICMINER looks like will be dropping since Q1 2014, then batch of new hardware will be dispatched and start mining, so in that time price may rise. It's not good idea to sell now (price is about 0.25 and goes lower, but in the spring may be above 0.5).

It looks like the best thing to do is wait for now. I still welcome any other suggestions about ASICMINER or any of our underlying assets.

Over New Year's someone went on a GMP buying spree.

17 of our 37 shares of GMP sold at .299999 BTC.

After trade fees, this is  BTC 5.09233303

Along with accrued GMP dividends on cryptostocks I have transferred a total of BTC 5.26331 to the public address (https://blockchain.info/address/1Mining6y9NFU1cWxBgExYykwgCCoqoW8X).

Great news!

I wish I could suggest an other security for which it's time to sell, but... nope. I think we'd still better wait.

52 seats of Nasty Fans sold for 0.0505 each.

BTC2.626 has been added to the public address (https://blockchain.info/address/1Mining6y9NFU1cWxBgExYykwgCCoqoW8X).

Letting you know that I am still alive.

If you see any market movement/good price to sell, send a PM.


I am considering moving our Direct ASICMINER share to AM1 (https://www.havelockinvestments.com/fund.php?symbol=AM1). I think it would help make selling easier.

Hi Carnth,

I want to thank you for your frequent updates.

I'm still looking for a good timing for any of our asset, but I think we still have to wait until many newcomers join the bitcoin-denominated stock exchange to buy overpriced assets from our hands in 2014, like I and many noobs did on btct.co and bitfunder in 2013.

Right after I wrote the post above, there was a good news. ASICMiner's hashrate estimate increased 10-fold.
Personally I would wait for the share to increase to BTC 2.0 at least (which may take a few weeks for the confirmation of the good news, and first good dividends), but you may want to sell around 0.7 right now, your choice.

Thanks for the updates.

Keep 'em coming when the price is right.

We need to make a decision about basic-mining.

It looks like creativex has pulled a BAKEWELL on us. There has been no word from him or about him in months.

Are we going to write these off as worthless? Please discuss your thoughts.

The basic-mining situation is pretty clear: SCAM

I"m in the google group where  user hired a PI and tried to track down creativex, just to find out the kind of scumbag he is .

I've heard about the PI and a potential lawsuit. But I don't get a good feeling about either.

Should we discard them as worthless? Try to sell the lot of our shares for anything to a hopeful buyer?

Keep discussing.

If somebody offer us something I'll strongly suggest the sell. Heck, even if that someone wants to buy more I put my shares in the same basket.

are you passing through any divs? if so, from what address?

any plans on what to do with the 26 BTC (~$17k) in the reserve fund? Buy new shares? Fat dividend to shareholders?

updated NAV?

if you wouldn't mind calling me at 855-483-2776 ext. 0, i'd appreciate speaking to you for a few minutes about the future of MiningCO.ETF

Thanks,
Garrett

Hi Garret.


All divs are still being collected. They are either paid directly to the fund's public address or held in respective exchange accounts until it makes sense to withdraw without incurring a large number of fees. All withdraws from an exchange are deposited to the fund's public address.
All dividends are tracked and added to the public spreadsheet.


Public address and public spreadsheet can be found on the seconds post in this topic:
https://bitcointalk.org/index.php?topic=134389.msg1431361#msg1431361




Yes.



No.



If you mean a final payout, then yes.



No. I have stopped updating the NAV.



There is no future for MiningCo.ETF. The fund is shutting down (hence the "closing" title of this thread).


The plan is to liquidate assets at a reasonable price and make a final distribution.

You are waiting for “reasonable prices” to liquidate the remaining shares but this is vaguely, if at all, defined.
Could you be more specific on your plan to wind down the fund?

Are investors going to be locked up for another six months, year, two years?

Do you have a ledger of all the shareholders and their Bitcoin addresses? Could you publish it?

Thanks for all your work, Carnth.
-Garrett

Hi Garret.

You have questions for me a concerned shareholder would have. Please be assured that this fund is not selling any new shares. I do have a public ledger of all shareholders who have properly claimed their shares--with public Bitcoin addresses. I have taken great lengths to make sure the closing of MiningCo.ETF is/was as painless as possible. This included not liquidating assets during the time of BTCT.co and BitFunder shutting down.

To get the complete story, I would invite you to read through the pages of this thread. I have always managed this fund openly so that everyone knows what is going on. Every step I have taken with the fund and its closing has been documented. I'm sure this will answer every question you may have.

A great place to start will be here:
https://bitcointalk.org/index.php?topic=134389.msg3271331#msg3271331

Sent a total of 0.128998 to the public address.
0.133998 - 0.005 (fee)

These are GMP dividends proceeds. While I was there, I put a sell order for for our GMP: 20 @ 0.294999 each.

what's your current valuation of the NAV/share?

I just did something I have done in a long time. I updated the NAV on the spreadsheet.

It is currently: 0.0177 as of this post.

---

Keep your eyes open for selling opportunities. PM me!

Updates on NAV since the COG liquidation?

We owned 135 shares of COG at it's liquidation.
Liquidation was at 0.00762344 per share.

We received a total of BTC1.02916440 for COG shares.


This brings our NAV to 0.0166 per share.

---

Including previous accrued dividends, a total of BTC1.35928835  (1.36028835 - 0.0010 fee) has been deposited on the public address.

I think it's about time to liquidate the rest of our shares are distribute the proceeds to everyone.

The spreadsheet (link in second post) show all our assets.

Here's a summary (with rough BTC valuations):



Bitcoin                   23.9637
Accrued Dividends          5.2888
         
Nasty Fans                 3.3000
bASIC-MINING               0.0000
GMP                        2.5000
ASCIMINER                  4.7600



I apologize that this has taken way longer than it should have.

No need to apologize Canth, you've done a fine job.  It's a shame about BASIC and COG, but live and learn.

Though it did not turn out what I wish, I appreciate your work, Carnth.

In order to get this done, I feel we may have to dump.
I'm sure at this point everyone just wants to get this over with.

Any questions, comments? Let me know.

I'm not bothered by waiting longer for a better return.  But what the institutional/counterparty risk Havelock may shut down?

Do it Carnth :)

Imminent, i would say.

The good news is that we don't have anything on Havelock.
However we do have 17 ASICMINER direct shares. It might be easier to load them on Havelock and sell. Of course, the easiest would be if anyone here would be willing to purchase direct from MiningCo.ETF. If you or anyone you know would like to purchase ASICMINER shares at a fair price, please let me know.

I have been slowly lowering the price of our NASTY FANS and GMP shares over the last couple of days, but no bites as of yet.

Try crossposting this to the AM threads.  Once upon a time, there was an OTC trade thread.

Maybe Friedcat will buy them back!   :D

GMP shares have been liquidated.
We had 20 shares. They sold for 0.11 BTC each.

After exchange trade fees this net totals 2.1967 BTC.

This amount has been added to the "Bitcoin Reserve" in the spreadsheet.

Along with accrued GMP dividends, 2.2963051 BTC has been transferred to the public address.

Thanks for the info. Is there an ETA on the closure of the fund?

We still have Nasty Fans and ASICMINER shares to liquidate.

I was hoping the the price drop of BTC would help the BTC price of Nasty. Instead the price of Nasty has dropped over the last month.

I'm trying not to take a big hit (BTC) wise, but I may have to just sell at a large loss than I wanted to.


Again, if you or anyone you know is willing to pay a fair price for ASICMINER shares, please have them PM me.

Thanks for the answer.

Og screwed his fans by ignoring the advice of and calling those who warned him about BFL 'trolls.'  It will never recover from the debts owed.

AM is moving a lot of chips and mining a lot of coins.  It may break upwards soon, making it easier to sell our shares.

Update:

Good news: Og has found Fans to buy his debt.

Bad news: AM hardware is spontaneously combusting and much FUD exists about exactly WTF is going on with Friendcat & Co.

Very bad news:  Carnth is MIA and hasn't logged in for over a month.

Are we screwed?   ???  Is it time for And It's Gone guy?   :-\

After reading this, I felt compelled to respond.  Firstly, I did not screw my fans by ignoring advice.  At the time we had one of the first Monarch orders.  After making a killing on placing the first SingleSC order, it seemed like a no brainer.  Had I known Bitcoin was about to jump 10x in price, BFL was lying about their timeline, or that they had back alley deals to put their partners ahead of their customers on the Monarch batch, I would have acted differently.  In hindsight, was it a mistake?  Yes.  However, I made the best decision with the information available at the time.  That is all anyone can ever do.  Did I ignore the advice of a few people who were mad that they didn't have the luck with BFL that we had with the SC line?  Yes.  Were they the majority?  No.  We were making a ton of BTC off that purchase and most of the fans I talked to were quite excited about our Monarch orders pre-Novemeber of 2013.  Once it was realized that BFL was missing date after date, the BTC price had risen so much, asking for a refund would have been a sure loss at every moment from then until now.  While I did break down and ask for a 50% refund as BTC dropped below $400, the FTC threw a monkey wrench in the plan and we are now forced to sit and wait for the government to give us our money back.  Saying we will never recover is underestimating myself and nonnakip a great deal.  This Bitcoin adventure to us is not about maximizing profits today.  It is about building something great in the most turbulent environment that will stand up to the test of time.  Even if our mining operation went bankrupt, we would have NastyPool and our Minted Seats as potential BTC sources.  Not to mention we are always working on new secure services.  Thinking that NastyFans is only about mining is very short term thinking.



This is not the most accurate statement.  I reached an equity swap agreement with NastyMining debtholders to clear the debt.  This caused new seats to be created which then flooded the market due to debtholders using their newfound equity to recover some of their lost BTC.  That of course caused downward pressure on the seat price.  It is a shame that this fund is trying to liquidate during a time of downward pressure on the price, but I would be open to reaching a swap deal of some kind if shareholders of this ETF had a desire to become pure NastyFans seat owners.

Did you miss the example of how Avalon's first customers made out great while everyone after them got screwed?

Your optimistic BFL position was most certainly an opinion in the minority, and you deleted contrary posts that turned out to be correct.

Regardless, I'm glad you and the Fans are having a good time in all this turmoil.  And thanks for offering to work with the ETF, although it's clear Carnth won't do anything except a simple liquidation and final distribution.   8)

I did not order from Avalon so I guess I did miss out on that experience.

I have never deleted a single contrary post from my thread.  It isn't self-moderated, so it would be impossible for me to do so.  I'm not sure why you would falsely accuse me of that or claim that NastyFans opposed to BFL at the time we ordered were the majority, as both statements are incorrect.

I have made a private proposal to Carnth that I think would benefit current ETF holders more than a simple liquidation and includes a mixture of BTC and NastyFans seats.  I think having Carnth manually liquidate everything would be time consuming for him, open the door for manual errors, destructive to the underlying assets, and would force ETF holders to fire sale their remaining assets instead of continuing to be investors in the underlying assets.  Anyway, I just thought I'd offer to help get shareholders back in the game.  Liquidation is certainly an option and I am also willing to purchase the remaining assets of the fund to initiate that process.

That's great news!  Thanks.  Now if only Carnth would come back and read your message.

If anyone has a back channel to our dear leader, please drop him a line!

google.com/+EricMihalik (http://google.com/+EricMihalik)

Hello.
I'm back. I'm sorry I was away for so long. Consider it a sabbatical.


Yes, this is my Google Plus account. And if you didn't put it together, you can email me: [my forum username]@gmail.com

I apologize for dropping off the face of Bitcointalk for so long. I had a lot of personal things to take care of. One of which was getting a new job... at Coinbase.

I want to put any fears to rest: I'm not dead. I did not run off with any of the fund's assets.

The first thing I did on the forum was check this thread and make this response. I do have a number of PMs and I will check them after I finish this post.

Congrats on the new job.

You're a difficult person to get in touch with.

I will give you 2.44 BTC for the fund's remaining assets so you can pay out your shareholders and close this fund.  This offer is good for a few days, should you decide to accept it.

Thank you.




I will accept your offer. Please see the PM from me.

Thank you.

An agreement has been reached and a transfer of assets has been initiated.  I will provide payment to Carnth upon completion of the transfer of assets.

That's fantastic!  I hope it doesn't take forever to get FriendCat to move the AM shares.

Awesome news

OgNasty and I have the transfer information and "paperwork" for ASICMINER complete. We are just waiting of friedcat at this point.
The transfer of Nasty Seats will be complete very soon.

After these assets are transferred, payment will be made directly to the public address. I hope this will be complete by year's end.
That will complete the liquidation of all MiningCo's assets.
After that, I will post the final BTC amount of the fund and the expected payout per share.

We're nearly done!

Thanks for keep us in the loop.

nonnakip has requested a signed statement for the NastyFans seats transfer from Carnth.  As soon as that is done, I will be able to make the first payment.  Carnth has already provided a signed statement to friedcat for the ASICMINER shares, so I guess we wait for the next ASICMINER dividend in order to complete this transaction.

Any Updates?

what a fiasco

Any updates on the final payout?

patience, guys :)

The next update is going to be when ASICMINER pays out a dividend or when Carnth provides nonnakip with a signed statement to transfer the seats.

Despite selling out AMHASH 1-3, AM may never pay out another (non-dust) dividend.  Has Carnth provided the signed transfer?

The alts on my whitelist are very inexpensive ATM, so I'm eager to fuel up the truck and put it in reverse (*beep-beep-beep-nom-nom-nom*).   8)

Final payment will be made when all assets have been liquidated.



Unfortunately patience is needed at this time. I was really hoping to get this done before New Years.



I sent the Signed transfer for AM shares to firedcat back on Dec 8.
I haven't heard anything about AM since then.

During that time, we have collected a few more "donations" from our Nasty Fans seats.
Today I sent a Signed message to have the Nasty Fans seats transferred. I expect Nasty Fans transfer to go very smoothly and quickly as nonnakip runs a tight ship at Nasty Fans. Payment for Nasty Fans seats will be sent to the public MiningCo address.

I asked Friendcat to transfer my direct shares to a new (non-WeExchange) address many months ago.  Not a peep, nor a dividend.  I've written them off.   :-\ 

I fear he may have 'gone Hollywood' with his new-found wealth/fame and is too busy for the people who risked their BTC to make AM a success.

We should set a deadline and have a backup plan in case the AM shares are never transferred.

The obvious one seems to be a penultimate payout for everything but AM, and a possible final payout pending Friendcat getting around to fulfilling his obligations.

I have sent a payment for the NastyFans seats to the 1mining address.  We are only waiting on AM now.

I fear we may have to consider this option.
I want to get this done and over with, as I'm sure you all are. I want to payout everything in one final payment. Mostly because I want to close out MiningCo. Also because a second small payment would just end up as dust to many shareholders.

If we want to put a time limit-we can-but we also need to decide if we want to just chalk up AM as a loss at that time.
Even if we decide to have a second payout if AM ever gets transferred, we will need to set a date on that too.

I'm open to ideas and possible dates.

What if I send another 0.75 BTC now and we call it even so you can close the fund, leaving me the risk that the shares will be transferred and friedcat will distribute BTC again someday?

The fair market value for the Fund's 17 shares of AsicMiner, according to Havelock, would be BTC1.751. Your offer represents a 57% discount to the shares fair market value.

Do we, as shareholders, think that the administrator of the most successful Bitcoin stock of all time will renege on his contractual obligation? Or is he just a little busy ATM?

I, personally, would not let this position go for less than BTC1. That's still a 43% discount.

Hell, I'll buy the position for BTC1.

I already bought them for 1.5 BTC.  The question is how long everyone wants to wait for AM to acknowledge a share transfer.  I thought I'd offer an immediate solution, but don't want to pay more than 1 bird for 2 in the bush.  I have no problem waiting it out, it makes no difference to me.

If it hasn't happened after a month, it probably never will.  Unless we go and clog up the AM threads (esp. the Prisma sales) with reminders.

In that case, OgNasty has my vote to do whatever it takes to speed this process up.

I second the motion for Og to do whatever it takes to speed this process up.

Maybe this will halp!

XPOST:

OG Nasty, where you at?

I'm waiting patiently for confirmation that shares have been transferred so I can make the final payment.  I offered to send 0.75 BTC now to satisfy the agreement in exchange for assuming the risk of AM not paying out or confirming the share transfer.  I am still happy to do that, or we can stick to the original agreement and wait for confirmation from AM.

Friedcat is a scammer if he does not honor his promise to transfer shares upon request.

We risked our BTC to make him rich and famous.  And now he's too busy being successful to spend 5 minutes dealing with an early investor?

If Friedcat breaks his promise to confirm share transfers, I hope the Chinese Scam Police hunt him down and teach him a lesson.

Seems a bit harsh...  I'm sure he just feels too busy to deal with such things.  He'll distribute more BTC eventually, hopefully.

Hi Carnth,

Surf CM and I would like to accept Og's 0.75 BTC offer for our AM so we can get this over with.

Since the shares aren't paying dividends and can't be transferred within a reasonable (or unreasonable) amount of time, they are worthless anyway.

Cheers,

-iB

Much appreciated.

I will go for the offer as well.  Not sure if it is the case, but if you are the other 2 largest shareholders that would be a majority.

Carnth agreed to this offer.  BTC has been sent: https://blockchain.info/tx/407be8ff41d69175817d5901f66ff1aa4485a909036d7c7be19304628d7a9cf7

Good luck to everyone.  I hope I've been helpful.

With OgNasty's acceptance and payment for our AM shares, all assets have been liquidated.


Now we can start Liquidation payout.

---

Here is the spreadsheet with claimed shares. Search for your address to find your payout. If shares were not claimed, their payout has been forfeited and will be divided equally to the rest of the shareholders.
https://docs.google.com/spreadsheets/d/1O_lA8IFD5q6N-u7KTPcDGZdDAkPuEwXoKYAjfPoUuL0

Our total assets are now:  31.99066757 BTC
I am going to take 0.0005 BTC and use it for Bitcoin TX fees since this payout will have many inputs/outputs.

Total to be paid to shareholders is: 31.99016757 BTC

The total claimed shares are: 2107

Each share is entitled to a liquidation payout of: 0.0151828 BTC

---

Final payout will be made within 48 hours (but I expect to get this done within the next 2 hours).

FINAL PAYOUT COMPLETE

https://blockchain.info/tx/421fa96752b3ddfd16d57386afab6681d95baa38af105a78f7c35e3f301da955




Wow. What a ride. With the final payout, MiningCo.ETF is CLOSED.

Thank you all for your patience and support throughout the entire process. I have done my best to run MiningCo.ETF with openness, honesty and integrity. If you feel that I have done so, please add me to your trust ratings. I would appreciate it very much.

Thanks for all Carnth.

Amazing Job & commitment Carnth. Thank you.

Best wishes for future mate  :)