Bitcoin Forum

As of https://bitcointalk.org/index.php?topic=342121.0 I will now again try to get this funded its for 1 and eventually 4 of these miners https://forum.litecoin.net/index.php/topic,6900.0.html

#1 25/25 Available
#2 TBA
#3 TBA
#4 TBA

Altcoin that will be mined will be determined by #1 shareholders, if another miner is funded it will mine the same coin as #1

What I am offering!

• As of today Nov 22, 2013 shares are 128 USD or ≈ 0.2 BTC, as USD/BTC as exhange rate changes I will adjust this.
• 1 share makes you eligible for 1/25 of the total coins mined from the miner until no longer profitable, broken or sold (less expenses and management fees).
• Management fees are 1.5% of the total coins mined before expenses (electricity, repairs)
• Weekly payouts of coins
• Hosting will be in a ventilated storage unit with 24/7 surveillance

How to buy shares!

• Payment for the miner will be taken care by https://forum.litecoin.net/index.php?action=profile;u=87 (https://forum.litecoin.net/index.php?action=profile;u=87) as escrow
• Payments be made in USD or BTC to escrower (Contact me before so I can tell him)
• PM me with transaction ID (txid)
• This group buy will be sold in lots of 25 to qualify for another (MAX 4) miner, 1 week delivery.
• Cost for shipping and escrow fee are all included in the price.

Misc

• In case of non-delivery, all shareholders will be refunded
• In case of paying past available shares, there will be a refund.
• If the miner isnt delivered within 3 weeks of funding shareholders will be given the choice to wait further or be refunded.
• Shares can be sold to other group members or to people outside of the group
• Shares that are sold to other people will be passed to the new user at time of weekly payout.
• Any excess USD or BTC left after funding of miner will be refunded to shareholders
• Any negative balances will be deducted from total mining income.
• Will support a skype chat and will be using Bit Message for shareholders for information and to chat on.

Why you should trust me?
- 100% Ebay standing since 2011 http://www.ebay.com/usr/jilixy
- For Personal verification feel free to PM or mail me and I will provide whatever you feel necessary
- kevin.krajewski@hotmail.com

--- Use only addresses that you fully control, payout address to be sent through mail or PM ---

Question you say this:

How much is the expenses, you don't seem to detail that.

So if i calculate this out:

3.5 is fees (pool and managment) then there is electricity repairs etc

If you were to mine 100% of the time, which you won't but i will assume you can.

Weekly you are going to get 18 coins lets assume you are lucky and you are going to get 25 coins (makes it easier on the math too!)
that is 1 LTC a person a week.

Which is at current rates roughly $10 a week (which if i am mistaken this is the highest it has been)

so that would mean 12 weeks (3 months) we would get roi of LTC, that is assuming it doens't go down in price.

If you convert that to BTC it is even worse.  Also this isn't including anything about Electricity costs and how much that is because you don't say anything about that.

All that being said you are going to store this in a storage unit!  I am sorry, but I think you are underestimating how much heat this puts out and how finicky mining scrypt is.  And those calculations are just if you are 100% perfect, you miss a day or a hour or have a card go bad, it just goes down hill. 

If you say you are going to get free electircity from a storage unit, guess what it won't happen they will pull your storage unit and just shut down power on it.

Mining will be done 100% of them time, power is not a problem and its very cheap where I live, I own the storage unit myself and its well ventilated and cold since its underground. I am also thinking of putting waterblocks and watercool all of the GPU's to prolong the their lives, would fund it myself but its still just a thought.

I made this more of getting into mining altcoins because I believe that they will be valued higher in the future, The whole thing was to make it a long term investment and not make that big of money right now.

If you put in the calculations in a calculator as this one http://www.coinwarz.com/calculators/litecoin-mining-calculator and use power cost 0.08 USD you get a breakeven at about 100 days if LTC stays the same as it is today (It more then doubled in two weeks). I belive its will be a lot higher in the future when more people get into it (merchants etc)

So its all in for the long haul.

This is definitely a long haul investment. I'd be willing to take a chance at 15 shares if others come on board.

FYI - Crypto Industries out of the UK is developing a 10MH/s rig. No release date. http://www.cryptoindustries.com/?product=horus-10mh

I've got no interest/affiliation with aforementioned company but either way, if the machines in Paris are secured, and someone/others take the additional 10 shares for the 1st rig, I'm willing to get started.