Bitcoin Forum

I'm searching for co-investors for a mining cluster. Instead of investing in your own rigs which are noisy and needs a stable internet connection, invest in a cooperative project!

The cluster will be based on 2xHD6990 per rig and this can be expanded to as many rigs as possible. Income of the rigs will be divided between buying more mining rigs and paying out dividend for each of your shares.

Current spec for a rig, may be subject to changes:
FD R3 Chassi
Corsair HX950W
2*HD6990
Asus P8P67 Revo 4*PCI-E x16 (2 in x16 mode and 2 in x8)
Intel i3 CPU

Internet connection: 100Mbit with unlimited contract

This will give 1,5GHash per rig at a cost of ~4000BTC. At current difficulty it will mine 18.3 BTC per rig per day or 6679 per rig per year. This means that ROI (Return of investment) after fees will be as high as 75%/year.

I will also investigate in the possibility of adding two 6950 or 6970 to each rig, giving about 700 MHash/s more. (This will need a larger PSU)

I will take 10 BTC per day in fees for power and internet connection.

Minimum investment is 100BTC.

Contact me via pm if interested.

We will be launching a bitcoin stock exchange in less than 2 weeks, you can use this to get your capital if you can wait. It will seriously cut down on administration with investors and remove the need for a minimum investment.

I may be interested but this is your first post it would be foolish to send a non revocable payment.  What assurances could you provide?

Do you remember about difficulty adjustments ?

Hmm, may be I should offer such mining contracts too... :)))

i stopped reading there.

Maybe I can migrate to the SE when it launches? Will there be any fees for getting the capital there?

I see that, I am a Swedish M.Sc. student and are not here to fool someone. It would be foolish of me to fool you, since the big money isn't the money you invest but the money the rigs will mine. I'll invest 500BTC in the project to get a share myself of this money.

Of course I do, that's why i wrote "at current difficulty". Either me nor anyone else knows what the difficulty in the future will be.

very good idea! especially when every cost will be in BTC  ;)

my rig proposal (in general):
1200 w psu (a simple one with a big warranty)
3x6990 or 3x5970 (hard to find)
more gpu per rig = more rig efficiency  ;)
cheapest dual core cpu and mobo with 3-4 pcix (x8,x4 or x1 don't make any difference)

does seem a mite high
can anyone spell SCAM

indeed. $10 a month sounds reasonable, but $10 a day is super expensive.

electricity costs (where i live) $0.10 /KW/h. so * 24 = $2.4 per day.
it's not necessary to have high speed internet, so a cheap DSL line (@$30 a month, $1 per day) will do. you can probably have multiple machines running on the same line, because bitcoin mining isn't bandwidth intensive, so it's probably less than $1 a day. that leaves ~$6 per day for managing the servers, which is pretty expensive considering setting up mining rigs isn't very hard.

this fee thing is not very clear and it caused misunderstandings!
i understand that it is 10btc from the total btcs from all the rigs/per day
but this should be changed every time a new rig is added or electricity goes up!

Sorry for hijacking but if I'm offering free electricity cost for co-miner Liquidminer in case youre interested ^^

@zoro : how many btc per day you get at the pool mate ?

travex: 12-14 (current difficulty)

each hd69900   is 375W thats 750 for 2
how can you add TWO 6950 or 6970 (aprox 140W each) to a Corsair HX950W power supply

more sales hype

If you're really serious about a cluster, you should use a PCIe expansion chassis designed for GPUs, which can hold 16 cards rather than a bunch of separate computers.  For example, the Dell PowerEdge C410x (http://www.dell.com/us/business/p/poweredge-c410x/pd).  It works with ATI/AMD cards as well as NVIDIA cards, and can plug right into any computer to add 16 PCIe slots.  In a 42U rack you can easily fit three computers, nine of those, and a power distribution unit and you'll find yourself with 144 6990's--which is somewhere around 100 billion hashes per second.  All for a cost of under 140 000 BTC.

You guys calculate right, electricity costs are about 2.5$/rig and internet are about 1$ (Yep, 100Mbit is cheap in sweden). With 2 rigs this becomes 6$ which is obviously less than 10$. Why then charge 10BTC?

Neither my internet provider nor my electricity provider allows me to pay in BTC. Therefore I need to exchange those BTC to $ which with current rate will be 7$ - paypal fees = 6$. With one rig there will be some extra $, but the 10BTC was more like a guideline of the costs and not what I am taking as profit. I hope some of you one day see this good enough to donate to my personal bitcoin account instead.

It's 2 GPUs per rig. Adding 2 more GPUs would be adding one more rig, which would include a new PSU.

That's not how I read it
And WHY would you add lower capability gpu's ???

Sorry, no, you're right. I'd missed the part about the non-6990s. However, both you and I missed the part about the larger PSU for the 6950/6970s.

ok I missed the note wil require a bigger ps  SORRY

That is one very good option, but it would be hard to raise 140,000BTC from investors. This can serve more as a long-term goal for the project, and would certainly be sustainable even when the fees will be the main way of financing nodes.

I worry that the difficulty level will increase to such a point BEFORE this project even gets started that it will make the whole venture uneconomical. Remember that you're chasing a MOVING target - the difficulty level. At some point the amount of money the investor will be making from his share of the rigs won't be enough to cover the cost of the administrative fees or whatever he will be charging.

This is the same scenario with minim on our own (non cluster) except if we do this on our own eventually down the road when the difficulty level is too high to keep our rigs mining we can just SELL our rigs and get some cash back. I don't know how we'd have that option in a mining cluster. I suppose we can sell our shares on the newly proposed stock market, but umm what if nobody wants to buy your shares - and you can bet they will not if they know that it will cost them more in electricity/administrative fees then they get back in BTC.

Please don't misunderstand me as trying to throw a "money wrench" in this venture. It's just that there are a few unanswered questions that need to be addressed.

What if there are 5 rigs... that would be 12$ per day

I'm doing this exact thing right now but from 1 or 2 large investors. Having a lot of tiny investors will be a logistical nightmare. Also Im structuring a bit different. Im taking the money as a loan with 20% interest. $10,000 loan form investor= $12000 to be paid back within the year. Then I completely own the machines and all the bitcoins they make.

Hello,
It's an interesting idea but how would you create your ownership structure?
Questions:
Would you form a private corporation to own the hardware, do GAAP accounting and provide that to shareholders?

Would an investment in the project result in a purchase of shares in said corporation? If not or if the rights are nonvoting, how do you propose to protect investors against fraud.

When the hardware is sold for whatever reason, would that capital be returned to investors. This is not an issue if your investors have voting rights in a corporation because they could force it at that point.

I ask about all this as your post said it was seeking investors rather than purchasers of mining contracts. So, if I invest, I want a slice of the hardware, say over management, fees etc, and how the system is run in proportion to the BTC I invest.

I'll answer you both because your questions are kind of alike.

I'm seeking investors, that mean I dont own the hardware more than any other investor (who has invested the same amount) and if bitcoin mining will become too poorly paid, the servers will be sold and the money goes to the owning investors. And for GAAP, every single penny which goes from the investor account will of course be written down and shown to all participating investors. You can this of this as buying shares in a company, where you get the right to vote for strategic decisions and right to get dividends based on your invested amount.

What I'm asking is more on the lines of what's stopping you from taking the bitcoins and just going away? I understand that buying a rig would be expensive but there are no guarantees you would buy the rig at all.  It would be hard to do clearcoin in a situation like this since you seem to need the BTC to just get setup.  It's just too risky unless there is someway you can prove what you say.  No idea how you would do that but if you figure it out I'll probably be interested.

Any Heatware or any other feedback?

at the time of posting, my interpretation was $10 per person, per day, liquidminer later clarified that it was the TOTAL cost.

Unless I am mistaken, ATI drivers only support up to 8 GPUs on linux (and up to 4 on Windows), so that's 4 6990s max.  I don't think a special expansion chassis would get around that limitation.

Even if the ATI drivers could, I'm betting the miners couldn't.

AFAIK you are completely right

Mining software would be fine with any number of GPUs (assuming we're counting OpenCL as part of the drivers)

guys, check this http://blog.zorinaq.com/?e=44
above 3 cards(6 gpus), things get a little tricky with currents and mobo specs!

I will think of this as buying shares in a company if I am buying shares in a company. Will that be the case?