Bitcoin Forum

MergedMining is a Bitcoin mining company seeking to utilize the "merged" mining technique to increase investment returns by mining for bitcoins and namecoins at the same time. MergedMining has access to electricity at a variable $0.05-$0.16/kWh rate and free internet, making mining costs extremely manageable and giving MergedMining the potential to outperform it's peers.

https://talkimg.com/images/2024/01/11/3m0hw.png

You can purchase shares using the GLBSE (https://glbse.com/) under the ticker symbol MergedMining (https://glbse.com/asset/view/MERGEDMINING).

Mining Rig #1:

• Butterfly Labs Bitforce Single
• x2 ATI Radeon HD 5970 w/ Danger Den Waterblocks
• ATI Radeon HD 5870 w/ Danger Den Waterblock
• Watercooling Loop (Pump, Radiator, Reservoir)
• Gigabyte 870A-USB3 ATX Motherboard
• PC Power and Cooling Silencer Mk II 950W
• AMD Sempron 130 Sargas 2.6GHz & Heatsink/Fan
• Kingston 4GB (2 x 2GB) 240-Pin DDR3 SDRAM
• Western Digital 500GB HD
• Kill A Watt Electricity Meter

Dividend Payments:

• 1 BTC on 11/6/11 (https://bitcointalk.org/index.php?topic=47490.msg608784#msg608784)
• 1 BTC on 11/13/11 (https://bitcointalk.org/index.php?topic=47490.msg617377#msg617377)
• 1 BTC on 11/19/11 (https://bitcointalk.org/index.php?topic=47490.msg624257#msg624257)
• 1 BTC on *11/24/11 (https://bitcointalk.org/index.php?topic=47490.msg629620#msg629620)
• 1 BTC on 11/26/11 (https://bitcointalk.org/index.php?topic=47490.msg631431#msg631431)
• 3 BTC on 12/3/11 (https://bitcointalk.org/index.php?topic=47490.msg639434#msg639434)
• 4 BTC on 12/10/11 (https://bitcointalk.org/index.php?topic=47490.msg646208#msg646208)
• 4 BTC on 12/17/11 (https://bitcointalk.org/index.php?topic=47490.msg653139#msg653139)
• 4 BTC on 12/24/11 (https://bitcointalk.org/index.php?topic=47490.msg661303#msg661303)
• 1 BTC on *12/25/11 (https://bitcointalk.org/index.php?topic=47490.msg661933#msg661933)
• 4 BTC on 12/31/11 (https://bitcointalk.org/index.php?topic=47490.msg668764#msg668764)
• 5.457 BTC on 1/7/12 (https://bitcointalk.org/index.php?topic=47490.msg679309#msg679309)
• 5.490 BTC on 1/14/12 (https://bitcointalk.org/index.php?topic=47490.msg691679#msg691679)
• 5.466 BTC on 1/21/12 (https://bitcointalk.org/index.php?topic=47490.msg705030#msg705030)
• 5.463 BTC on 1/28/12 (https://bitcointalk.org/index.php?topic=47490.msg719448#msg719448)
• 5.435 BTC on 2/4/12 (https://bitcointalk.org/index.php?topic=47490.msg730565#msg730565)
• 5.5 BTC on 2/11/12 (https://bitcointalk.org/index.php?topic=47490.msg743689#msg743689)
• 5.66 BTC on 2/18/12 (https://bitcointalk.org/index.php?topic=47490.msg756474#msg756474)
• 5.901 BTC on 2/25/12 (https://bitcointalk.org/index.php?topic=47490.msg768325#msg768325)
• 5.879 BTC on 3/3/12 (https://bitcointalk.org/index.php?topic=47490.msg781570#msg781570)
• 6 BTC on 3/10/12 (https://bitcointalk.org/index.php?topic=47490.msg794236#msg794236)
• 6.223 BTC on 3/17/12 (https://bitcointalk.org/index.php?topic=47490.msg806746#msg806746)
• 6.22 BTC on 3/24/12 (https://bitcointalk.org/index.php?topic=47490.msg817388#msg817388)
• 6.233 BTC on 3/31/12 (https://bitcointalk.org/index.php?topic=47490.msg829136#msg829136)
• 6.202 BTC on 4/7/12 (https://bitcointalk.org/index.php?topic=47490.msg839786#msg839786)
• 6.329 BTC on 4/14/12 (https://bitcointalk.org/index.php?topic=47490.msg851040#msg851040)
• 6.438 BTC on 4/21/12 (https://bitcointalk.org/index.php?topic=47490.msg862357#msg862357)
• 6.601 BTC on 4/28/12 (https://bitcointalk.org/index.php?topic=47490.msg873332#msg873332)
• 6.61 BTC on 5/5/12 (https://bitcointalk.org/index.php?topic=47490.msg883984#msg883984)
• 6.66 BTC on 5/12/12 (https://bitcointalk.org/index.php?topic=47490.msg896763#msg896763)
• 6.696 BTC on 5/19/12 (https://bitcointalk.org/index.php?topic=47490.msg909255#msg909255)

Donate Hashing Power:

• Pool URL: http://api.bitcoin.cz:8332
• Username: OgNasty.Public
• Password: Donate

Updated: 5/19/12

What kind of dividends could we expect?  Why are you issuing 1000 BTC worth of shares (i.e. what is your plan with these funds)?

FREQUENTLY ASKED QUESTIONS:


We are currently paying a dividend of 0.001 BTC/share.  That is a annual dividend yield of 58% based on our IPO price.

With 1000 BTC I would love to build mining rigs with multiple 5970s or FPGAs. Any additional funds could be used for investments, having a website created, or any other ideas that may come from shareholders.

You can check the difficulty for namecoin and bitcoin here: http://dot-bit.org/tools/nextDifficulty.php
The namecoin difficulty will be adjusted down by the time our rig is operational.

Yes, but my personal rigs aren't built with costs in mind and wouldn't make the best investment for my shareholders.

My power is charged at 2 different rates.  $0.16/kWh from 9am-9pm & $0.05/kWh from 9pm-9am.  If the exchange rate continued to drop to where mining was no longer profitable at the average $0.11/kWh rate, I would likely begin running the miners only from 9pm-9am.  If the exchange rate dropped to where it was no longer profitable to mine using $0.05/kWh electricity, I would propose a shareholder motion to see if the equipment should be sold off to refund investors.

This will be based on market conditions.  Perhaps some ideas could be floated on this thread to give shareholders the opportunity to voice their opinion on this subject.

Weekly dividend payments will begin on November 6th, 2011.

Dividends will be split among the purchased shares.  For example, if 10,000 shares have been issued, but only 1,000 purchased, those 1,000 purchased shares would split the entire dividend payment equally on a per share basis.  The amount of the dividend will be at my discretion and based on the company's current financial situation.

I'm planning to pay dividends weekly.  This could change at any time, but would most likely never be longer than monthly.

Yes.  PM me with any trade offers.  

I am working to implement an automated accounting display.  I hope to have something better and more trustworthy than a spreadsheet in place on this thread by the time the miner goes live.

I am planning to use Win7 with cgminer.

There are 10,000 shares available.  You can figure out the amount that have been purchased by doing some math each week when dividends are paid.

New shares can only be issued following a shareholder vote.

Shares can be sold at any price, at any time.

I would definitely like to buy back shares at some point and will do so if I feel it is in our shareholder's best interests.

I will continue to aggressively pursue the expansion of profits for my investors.  Keep your eye on this thread for updates and information on future expansion plans.

Shares are held back for many reasons, including additional hardware purchases.  This number could increase or decrease depending on opportunities that may arise.

You buy shares of the company using the GLBSE.  You then get to vote on company motions as well as receive profits from the company in the form of dividends.  Dividends are credited to your account, and you can do whatever you'd like with them (withdraw, reinvest, spend, etc.).  There are two ways you can profit from owning shares on the GLBSE.  A) Dividends B) Buy low and sell high.
For more information on how public companies work, I'll refer you to wikipedia.
http://en.wikipedia.org/wiki/Public_company

NMC has been sold off in the past and more could be sold off if I feel it would benefit the company.  There are currently no plans to pay dividends in NMC.

Wow...


Just wow...

Congrats on the extreme growth sir...

Thank you.

Since you're clearly getting funds now, how do you plan to start using this capital to build miners?  When do you expect to start sending out dividends?

The difficulty will drop within a few days, but then it will very sharply increase next time around to even higher than it is now (I'm guessing merged mining has really caught on).

ASAP. As soon as enough capital is raised to purchase the bare necessities, a rig will be brought online to begin paying out dividends.



You can check the difficulty for namecoin and bitcoin here: http://dot-bit.org/tools/nextDifficulty.php
The namecoin difficulty will be adjusted down by the time our rig is operational.

Have you considered selling your personal rigs to your business, but buying the rigs from yourself using stock?

Yes, but my personal rigs aren't built with costs in mind and wouldn't make the best investment for my shareholders.

I have reached an agreement with bou707 to purchase 2x5970s for MergedMining:
https://bitcointalk.org/index.php?topic=45233.0

I just bought some shares. I will buy more once I have higher confidence in this business.

Can you make some predictions (or calculations) as to what dividends we can expect. How often will you pay the dividends, how exactly will you go about calculating the amount?

I'm really interested in this, since my own little miner will likely have to be shut down due to energy prices being too high where I live. I'd still like to mine and support bitcoin, however, and this seems a good way to do this.

EDIT: more questions (integrating questions from above):

• In the top post, it says "2x5970 (sale pending)". Do you mean "purchase pending" or did you buy them and are selling them again?
• What will you do if exchange rate drops below a price that would cover our power cost?
• What policy will you use to sell the namecoins? Sell right away?
• When will you start paying dividends?
• How will dividends be calculated?
• How often will you pay dividends?

My power is actually charged at 2 different rates.  $0.16/kWh from 9am-9pm & $0.05/kWh from 9pm-9am.  If the exchange rate continued to drop to where mining was no longer profitable at the average $0.10/kWh rate, I would most likely begin running the miners only from 9pm-9am.  If the exchange rate dropped to where it was no longer profitable to mine using $0.05/kWh electricity, I would propose a shareholder motion to see if the equipment should be sold off to refund investors.



Good question.  This will most likely be based on market conditions.  With the namecoin difficulty so low right now, I'm expecting a large price drop coming for namecoins.  I do like the idea of namecoins being like the company's "savings" while bitcoins were sold to pay costs and paid to investors as dividends.  Perhaps some ideas could be floated on this thread to give shareholders the opportunity to voice their opinion on this subject.



As soon as possible.  This will depend on our ability to raise funds for building a rig.  Being conservative, I'd say by November 5th we should have a rig in place and enough bitcoins generated to make a good dividend distribution.



Dividends will be split among the purchased shares.  For example, if 10,000 shares have been issued, but only 1,000 purchased, those 1,000 purchased shares would split the entire dividend payment equally on a per share basis.  The amount of the dividend will be at my discretion and based on the company's current financial situation.



I'm planning to pay dividends weekly.  This could change at any time, but would most likely never be longer than monthly.

Thanks, OgNasty, for your answers to my questions. These satisfy me quite a bit and I will buy some more shares now ;)

On another note: I might be selling my 5970 (I pay $0.30 per kWh). Should you have use for one, I might be willing to sell them for shares in the company. Would that be possible at all?

a suggestion: could you maybe make this into a spreadsheet, with the info above contained in one row? That way, we could see changes more easily. You could use google docs or editgrid or a similar service and make the sheet publicly viewable.

Thanks for the suggestion.  I'm brainstorming on how to implement an automated accounting display of some kind.  I hope to have something better and more trustworthy in place by the time the miner goes live.

Hi, it's been a while, what's the status on these issues:

• current asset list? can you update in main post?
• timeline for starting mining
• question: which pool will you use? I opt for eligius, that way we can confirm mining operations/profit without needing a login (just the pool address necessary), easy namecoin merged mining support (I tried it, very simple)
• question: what OS do you use for mining?

I updated this information last night.  I sold off all the BTC and deducted the amount of funds needed to pay bou707.  The NMC are in the process of being sold off and are not accounted for in the current totals.  I will have something better in place once the miner is operational. 

Yesterday we received a majority of the parts needed to get the first miner running.  The remaining parts should arrive Friday/Saturday.  I'm hoping to be mining away by Saturday morning.

I plan to use multiple pools due to all the DDOS attacks happening lately.  I think using 1 pool would invite problems.

I'm planning to use Win7 to begin with.  I may switch to Ubuntu at some point if I feel that the operation would benefit from it.

thanks for the information.

another question: up until about 3 days ago there where still around 800 shares available on GLBSE at the starting price of 0.10 BTC/share.
These seem to have disappeared without leaving a trace on bitcoincharts (http://charts.glbse.com/charts/MergedMining#rg30zigHourlyzvztgSzm1g10zm2g25). If someone had bought them, one should see a volume bar there. I think they disappeared around Oct 19th. Any info on this for us?

[/list][/list][/list]

No problem.  Once the parts for a mining rig were ordered, the company was then tied to the value of something.  When the BTC price dropped, it would have allowed new investors to buy shares of the company at a much lower cost (in dollar terms) than the company was actually worth.  For that reason, I decided that it was no longer in my shareholder's best interests to be selling shares for 0.1BTC/share.  The sell orders you see on the GLBSE now are not being sold by the company.

Thanks for being open about everything so far. Keep it up and I'm looking forward to the miner running. Should you need help with anything, you can always ask me, also on irc, I'm molecular there.

EDIT: you shouldn't have said that about the price being too low, now some offers disappeared and best price is 0.14 ;)

EDIT2: 3 questions about GLBSE: 1.) there's 10000 shares in all, do we see somewhere how many are on the market and how many are held by you? 2.) can you issue new shares at any time, how does that work exactly? 3.) the shares you have in your account, can you only offer them for the initial price of 0.1 or can you also just sell them on the market?

All companies offer guidance.  I'll try to be more reserved with my opinions in the future.  



1) Not that I know of.  Perhaps I'll make this public information.

2) I believe so.  I would NEVER issue new shares without a shareholder vote.  Dilution is not a friend to the shareholder.

3) Shares can be sold at any price, at any time.

how is miner coming along? I hope you have some fun building/configuring ;)

allright, thanks for letting us know.

I would like to purchase a dual FPGA board for the company in order to ensure profitability by lowering power consumption per megahash.  In order to purchase this board, the company is listing 1,100 shares at 0.136/share. 

I'm actually opposed to adding an FPGA miner to your mining equipment at this point in time, personally.

Why don't you ask your shareholders first via a motion on glbse and present some math here on the thread?

I doubt it's profitable if prices rise more in the coming months. I agree it's a sort of insurance against falling prices, but too expensive in my mind.

Can you compare adding the FPGA miner to adding another 5970 for different bitcoin price levels (say $2, $3, $5, $10)?

You bring up a good point.



Don't doubt that it would be profitable if prices rise.  A price rise would only make the addition more profitable.  A price drop would make it more valuable and essential to the company.  



It's not so much about direct comparisons (although I have done the math).  I think we all know that 5970s are more profitable at $10/BTC.  However, an FPGA miner would be profitable at a $0.25/BTC.  Since we already have 2-5970s, I think the added ability to maintain profitability at a $0.25/BTC rate is the bigger advantage.

We have 2-5970s already. Perhaps I should put it up for a vote before making the purchase.

Nice! This is good to hear.

Bad news. The motherboard has a dead PCI-E slot. It is being returned to newegg. Unfortunately, that means a loss of $10.73 to ship it back and nearly a $15 restocking fee. Since it is out of stock, a replacement is not an option. I will order a new motherboard and get it running as soon as possible.

They don't pay the return shipping and waive the restocking fee for sending you a defective part?

I plan to use multiple pools due to all the DDOS attacks happening lately.  I think using 1 pool would invite problems.

I'm planning to use Win7 to begin with.  I may switch to Ubuntu at some point if I feel that the operation would benefit from it.
[/quote]

I would suggest using BAMT. It will be much easier on you in the long run and will lower your overall power consumption

what's the new timeline for getting the 5970s online?

It's nice of you to use your own money. I'm assuming why we see -15$ in the asset list?

A motion has been submitted on the FPGA issue and will run for a couple days.  Please vote.  If a majority 'Yes' vote is received, I will move forward in purchasing an FPGA miner.

Voting ends on Friday, November 4th at 7:30PM EST has ended.

The results of the motion show that investors are interested in pursuing an FPGA miner for the company (4:3 in favor of FPGA mining).  However, significant opposition has been noted and I've decided to hold off on the FPGA miner at this time.  That isn't to say an FPGA miner won't be added, but I feel that any effort to raise funds now would be met with opposition and could have a negative effect on share prices in the short term.  This topic will be brought up again if profitability is threatened by a falling bitcoin exchange rate.

The new motherboard was received today and the miner is now 100% operational.  

http://www.pitch.com/binary/7571/rsz_tarah_rogers_champagne_lead.jpg

Whoohooooo!

Nice, when will it start mining? Where can we see mining stats?

The miner has been mining away all night and day.  I'm still trying to figure out the best way to show stats.  I'll have SOMETHING soon.

Simple tables with date, shares submitted, stale shares, paid credit, unpaid credit and electricity usage on a 24hr basis are nice

Typically all this information, besides electricity use, can be grabed by the api to save you on data entry

You could just mine on eligius. No account required, so anyone can see the stats without any login.

They have nice graphs and stats.

You could just mine on eligius. No account required, so anyone can see the stats without any login.

They have nice graphs and stats, example:

http://eligius.st/~artefact2/19WCZBTrpSbUWVrJDzAPekodKbiTHvLwnx

I'll look into that.  I decided to go with slush's pool.  Mostly because it is the original bitcoin mining pool and also happens to be the largest merged mining pool.  I've also been quite impressed with how slush has handled the attacks on his pool.

I added this to the first post showing our miner status:
http://btcstats.net/sig/GTLPtA2

You should be PPS mining with 0% fee for profitability purposes. Slush's pool is good but has gone down hill since he went down for I think 3 days and it has greatly effected the amount of blocks found there which will lower your profits

This. But as far as smaller pools are in the game and you're running long-term operation, higher variance (in contrast with deepbit, for example) isn't probably an issue. Just my two cents ;-).

Edit: Btw number of found blocks should be roughly the same as before an outage, because during the outage dropped the bitcoin difficulty. So it even didn't affect block variance.

The first dividend of 1 BTC has been paid.  

http://1.bp.blogspot.com/_KhME61PqqDg/TJr9fuESoTI/AAAAAAAAABw/2MUFgeaR7qM/s320/2.jpg

Hmm, seems to me a dividend of BTC ~0.00027624 was payed per share. GLBSE says there are 10,000 shares. That'd be BTC 2.76240034 in sum, no? Can someone explain why this doesn't add up to 1 BTC?

^ currently shows 1.26 GH/s. What's the miner-reported speed?

I'm getting 799 MH/s from my 5970... do you have plans for overclocking and/or overvolting or are we playing safe?

The second dividend of 1 BTC has been paid.

http://www.wheremercyfails.com/wp-content/uploads/2011/09/Make-Money.jpg

11/17/11 UPDATE:

After just under 2 weeks of mining we've mined >14BTC & >275NMC. During this period we had one outage due to a network failure that appeared to be an isolated incident. Things are going well.

can we see some caculations of the last dividend of 1 BTC? why 1 BTC?

I decided on a 1BTC weekly dividend for the following reasons:
1) A 1BTC dividend would be easily sustainable with the current operation.
2) A 1BTC dividend leaves room for future dividend increases.
3) The company is still raising funds for future operations/expansion.
4) A 1BTC dividend makes it very simple for investors to gauge their ownership share in the company.

My goal in running this company is to provide a reliable dividend and build value for my investors over the long term. I don't feel paying out 100% of profits is the best way to achieve this goal.

Maybe you can make a publicy viewabe spreadsheet with some info. Doesn't need to be fancy, neither does it necessarily need to be complete (date, current hashrate, BTC holdings, USD holdings, dividend payed, power payed, hardware payed...), one row each day or week or even irregularly

I like the one JLP-BMD does for their mining efforts: https://docs.google.com/spreadsheet/ccc?key=0AsC42HRQbtMHdDdwendjYm1QZHlLbEtQOVZwa1hCbFE&hl=en_US

If you dont like google, maybe use editgrid.com

It's really hard to evaluate stuff when you have to extract the info from a bitcointalk thread.

I for one thoroughly enjoy browsing JLP-BMD's spreadsheet.  Daily output of how the operation is going.  Not to mention it has all the information you could want :D

It's definitely a great base for tracking I'd say.

I'll be honest...  I'm not going to update a spreadsheet daily and I think that is in your best interests.  Who is to say the manually entered information isn't manipulated, incorrect, or outright fradulent?  I'm all for automated solutions that can't be manually altered and I have been looking into what is possible.  I'll be adding more statistics as soon as I can, although electricty usage will be a tough one (maybe a webcam showing the kill-a-watt meter?).  I can add hardware costs and will do so if you'd like.  The current hash rate, dividends paid, current hardware, and BTC holdings are all shown on the first page of this thread.  Current BTC holdings shows the amount of NMC that have been converted to BTC (none have been converted yet) and are being held in "savings."  I think having all of the information available on one thread and updated in real time is actually more beneficial than a spreadsheet located on a different site that has to be manually updated.  Perhaps eventually we will have our own website with all of this information available in a sexy format.  First, we need to generate more profits, which takes time.

It doesn't need to be daily.

The drawback of updating the info in thread is: you dont see the history, which is important.

The third dividend of 1 BTC has been paid.

http://www.thebloggingcourse.com/computer_money.jpg

Sounds like a good plan.

Happy Thanksgiving!

A 1 BTC Thanksgiving Dividend has been paid.

http://www.5alo.com/file.php/1/Clip_Art_Library/Art_Explosion_jpg/Holidays/Thanksgiving/Files/Turkey%20Running%20with%20Money.jpg

yay!

The fifth dividend of 1 BTC has been paid.

http://www.computerclipart.com/computer_clipart_images/money_tree_0515-1005-1302-1357_SMU.jpg

subscribed, I would be interested in investing, could you send me more info???

PM sent.

UPDATE: Prepaid electricity for December.

A dividend of 3 BTC has been paid.

http://www.cyber-security-tips.com/wp-content/uploads/2011/07/iStock_000006070106XSmall_computer_fraud.jpg

It's also worth mentioning that we currently have 369.43073107 NMC.

thanks for the message I will get back to you next week, would it be possible to organise a quick skype conference?

I've started converting our NMC to BTC. You can see the amount of NMC that have been converted to BTC in the current holdings at the beginning of this thread. These BTC will be held as our long term savings.

I decided to try GLBSE and learn how that stuff works. Congratulation for your mining operation, I'm now proud owner of 34 shares :-).

Excellent. One more reason why I'm glad to be mining with your pool.

A dividend of 4 BTC has been paid.

http://images.mylot.com/userImages/images/postphotos/2127124.jpg

You're welcome.

A dividend of 4 BTC has been paid.

http://simatov.com/wp-content/uploads/2011/06/money.jpg

We aren't profitable enough to go that high yet, but I am looking into adding more capacity.

Hm, I read a post about issuing some new shares for buying new card here few days ago, right? Or it was another thread? Anyway, all shares are sold already, are you going to add second card?

More hardware is on the way.  Hopefully by this weekend you see our rig hashing away at around 1.7gh/s.

Unfortunately, it looks like I cashed out our BTC a little early but it was still a great offering. We currently have over $200, around 10BTC & a 5830 on the way. About 1/2 of the issued shares are still remaining to be sold and we haven't run into any major problems.

How are the issued shares being sold? Are they just sitting on the order book at GLBSE? At what price?

Issued shares are being sold on the GLBSE or held by the company. The company is currently not listing any shares for sale as the previous listing of 500 shares at 0.14BTC has been sold.

OgNasty,

First I'd like to thank you for the opportunity to participate in this mining enterprise. I do think qxzn has a good question as clarity about how you might issue future shares will give investors more confidence in the endeavor.

Other questions: When the 10000 shares run out will you issue more? Do you have plans to buy back shares at some point? How do you price the shares you are selling? Are there any stock issuance policies beyond what is listed in the asset contract?

Thanks,

weex

You're welcome.

Probably not.  I want to keep this operation fairly small.  I think that's probably the best way to reduce shareholder risk.  

I would definitely like to buy back shares at some point and will do so if I feel it is in our shareholder's best interests.

I try to value the company's assets/earnings and price the shares at a level I feel is fair.  I'm hoping that someone will eventually create a system to list the market cap and dividend % of listings on the GLBSE to help shareholders make independent decisions regarding their investments.

No.

A dividend of 4 BTC has been paid.

http://biz61.inmotionhosting.com/~myazgl5/wp-content/uploads/2011/04/young-woman-holding-cash.jpg

It looks like the GLBSE went down right after the dividend was paid.  Whenever the site comes back online I'll make sure all dividends are paid.

A dividend of 1 BTC has been paid.  Merry Christmas!

http://wac.450f.edgecastcdn.net/80450F/newstalk1290.com/files/2011/11/SantaCash.jpg

Fixed.  Enjoy the holidays!

I have read  this thread with much interest.

MergedMining by every indication seems to be a successful start-up enterprise. Every step of the way, this company seems to have had transparent disclosure, with regular and healthy BTC dividends.  What are the future prospects for your company? Do you anticipate more growth and expanding your mining rigs?

Can shares of MergedMining be purchased via GLBSE today? And is this the only way to purchase shares at this time or do you plan on issuing more shares in the future?

I have never used the GLBSE before, how hard is it to purchase and sell shares with this exchange? I have heard they do experience some downtime.

Thanks for your feedback, and congratulations on your company's success.

Best,
SJ

Quick question, how do GLBSE shareholders of Merged Mining receive dividends from you? Is it done directly thru GLSBE?

Thanks, SJ

Thanks for the info. I did register with GLBSE and purchased some shares of MergedMining.  Will be happy to receive the SLV and SIN shares, let me know what you need from me for that transfer?

So far so good with GLBSE... keep up the good work. SJ

Hi Sen,

PM'ed you the ID number. Thanks for the shares, fun to play with.

I had read the SLV Offering thread, now defunct I take it. Sounded promising. I still think there could be a lot more done with Silver and Bitcoins in some sort of exchange mechanism. Noticed CoinAbul is doing something.

I purchased MergedMining shares and soon to get TyGrr as well. This is just too cool. Hoping GLBSE will grow and grow as more start-ups come online.

SJ

sent enjoy :)

Got them thanks !

These are good questions.  I am not 100% sure about future expansion plans.  I have received quite a bit of interest and offers for expansion, I just want to be careful and try to limit my mistakes.  I have had people pitch ideas at me like adding a solar panel or wind turbine to provide free electricity as well as FPGA mining to increase efficiency and even water cooling to increase our clock speeds.  I can say I am somewhat satisfied with how things are running at the moment, but will continue to look for opportunities to increase shareholder value.

i bought ten shares, the hot chick with money sold me.

The solar and water cooling are obviously bad suggestions.

Your power is already cheap, that's why I bought into this company. FPGAs are still too expensive to make sense at this point and I'm assuming bitcoin exchange rate will rise at least as much as FPGA prices will fall. As long as this is the case, FPGA don't make sense in my mind.

I think it would be best to talk any expansions throught with your investors, that way you are much less likely to make mistakes, right?

Could someone break down what the latest dividend BTC amount came to for a single share of MergedMining?

Haven not received any yet as I am a new shareholder. Just trying to gauge for future dividends.

Thanks!

SJ

I divided my holdings by the latest 1 BTC dividend and it came out to 0.0002 BTC per share. Inverting that gives 5000 shares that have been sold at this time.

Thanks, did not realize it was so small. But these are weekly payouts, and have noticed they come in the 4/5 btc payout range. So not bad overall?

A quick estimate shows an annual rate of return from dividends of about 30%. It will be interesting to see how this investment holds up under difficulty and exchange rate fluctuations.

The 5830 arrived and kept crashing our rig.  I've contacted the seller (https://bitcointalk.org/index.php?action=profile;u=35852) and am sending it back for a refund.  In order to make up for this, I purchased a 5870 off of craigslist and it is currently hashing away in our rig.  Everything seems stable at the moment and we're getting over 1.7gh/s.  

+1 !

A dividend of 4 BTC has been paid.  Happy New Year!

http://sourceblogger.com/wp-content/uploads/2011/04/Big-tits-girl-with-a-lot-of-money.jpg

hashrate is generated from last 10 rounds, so it has some delay. Also btcstats.net have it's own cache, which can provide additional latency...

General question @ OgNasty: do you keep 5000 shares back for additional hardware?
It looks like the dividend was 0.0008 BTC per share and the total number of shares is 10000 → so that'd be 8 BTC to pay for 10000 shares or 4 BTC for 5000 shares.

Nope. If he decides to release the shares, the value and dividends of our current shares are permanently down. I don't want 50% of my dividends  ::)

Unless you mean: release them to buy more hardware!

The 5000 shares are being held for many reasons, including additional hardware purchases.  This number could increase or decrease depending on opportunities that may arise.



+1

It seems that right now with the BTC price being so high the current share price is highly overvalued. (current .14 /.0008 = 152 week payback) This would be an excellent opportunity to release new shares sell more of the existing shares for hardware, imho.

1500 more shares sold at .12 = 180BTC or ~$846.
Would this be enough to get 2 more 5970 going?
It would more than double the divi payments...

At first look I would agree with you.  However, you are underestimating the value of cheap electricity as well as being able to generate BTC without the hassle of running a mining operation.  Those are two rather large benefits that allow this company to trade at a premium to a "do it yourself" BTC mining operation.  Also, the .0008 you referenced is the current dividend rate which may be increased and not the actual earnings per share, which inflates the real payback length.  



Hash speed was just increased by >20% yesterday.  Patience young Skywalker.

http://i6.photobucket.com/albums/y227/ironphoenix7/yoda.jpg

Your welcome to use uberbills.com.  :)

With our new capacity online and running stable, I think now is a good time to announce a 25% dividend increase.  The increase will go into effect beginning with a 5BTC 0.001BTC/share January 7th, 2012 dividend payment.

http://dailydividendinvestor.files.wordpress.com/2010/11/upwardarrow.jpg?w=300

I'm pretty sure that's what was just said...

I would also request that MergedMining not loan out any funds.

If there is extra capital available, perhaps we can make suggestions on other ways it could be used to increase profits for MergedMining.

To start and I'm just brainstorming:

* more hardware
* increase electrical efficiency
* start a pool
* solo mine and sell virgin blocks for a premium
* colocation

Thanks again OgNasty for running this thing.

You're welcome.  I've listed 500 shares for sale at the lowest ask price to raise funds for future hardware purchases.  I will leave these shares for sale until A) they're sold B) the BTC price falls to where this is no longer beneficial for current shareholders.

This might be a longshot, but I thought I would make the option available in the event shareholders wanted to unite their hashing power to increase company profits...

If you would like to donate hashing power to MergedMining, you can now point your miner to our Public worker. 

Pool URL: http://api.bitcoin.cz:8332
Login: OgNasty.Public
Password: Donate

If you wanted hash rate donations, you shouldn't have picked a score pool.  People are basically just wasting their shares there, unless they stay in for full blocks.

Just a thought.

This is, of course, not true. I thought that the fame "score based pools are penalizing intermittent miners" is already gone.

By the way, when all people use this public miner, it then acts as one "strong" miner from the side of the pool, which even eliminate this imaginary penalization.

OgNasty: What about "selling" hashrate for the MM company? It would be the easiest way how to rise hashrate, without risking investment to the hardware.

So if I submitted 15 shares....30 minutes into a 2 hours long block and stop.  What would me reward be for those 15 shares ?  No other shares submitted on that same worker during the same block.

That would be like a hash rate "donation" right ?

Nobody said that score based methods have the same (=zero) variance as PPS, so your question is misleading. I'll put contra question: What happen when you submitted 15 shares one minute before end of the round?

You picked extreme case. Why should anybody donated exactly 15 shares at one time? Of course that this may lead into huge variance. But if you donate 1-5% of your hashrate steadily, you're drastically eliminating the variance.

Btw I joined few GPUs into the public account few minutes ago, because I want to see hashrate far over 2Ghash :-)

Correct, no one said that about zero variance...I said that intermittent mining on a score-based pool for "donation" of hashrate is basically not effective and would be a waste.

I picked an extreme case, because it's plausible.  Why would anyone donate $15 to the UnitedWay once, when they could do it all day long...right ?  Mining intermittently, in the middle of a round, to donate some shares, then leave...will penalize you on score-based pools.  So the below that you wrapped in quotes and I highlighted, is true.

You still didn't answer how much my reward would be for those 15 shares, that I donated, in that "extreme case" of one-time donating...you know, like a charity ?  Still curious on it.

I'm just wanting to ensure that all "donated" shares are profitable to the company and investors, has nothing to do with slush or score as a whole, please keep that in mind.

One-time donation of 15 shares submitted one hour before round ending will very likely lead to 0.00000000BTC reward, that's without discussion. But I believe this isn't the real use case.

Score based pool isn't penalizing intermittent miners. Period. It's just adding more weight to the shares submitted to the end of the round, for some good reason. Don't forget that "intermittent" does not mean "unlucky".

But this has been written many time and I don't want to open this topic again, especially when it's offtopic here.

GPUMax.com seems like it might be a good way to do this.  What do you think?

This is what I had in mind.  The hope was that shareholders would each put a little bit of their hashing power toward the public worker.  I take no payment for running this company, and don't want to ask for *cough* donations to the address in my signature *cough*, but thought this could be a good way for us all to benefit in the form of increasing the value of our shares and dividends.  Basically, if shareholders think this is a good company and think I'm doing a good job running it, send a few mh/s to the public worker and let us all benefit from each other's generosity.

Nice.  I wondered who was throwing a gh/s at the public worker.   ;)

Don't forget we're mining NMC too.  Also, if multiple users are donating a little power, one user dropping out shouldn't have a huge impact.

I purchased the shares I own on the open market, just like everyone else.  It's nice to have some "skin in the game."

In case anyone missed it.  Yes, that is a big "if" but as I type this our Public Worker is getting 1,175mh/s.  Thanks slush!

A dividend of 5.457 BTC has been paid.

http://cageradio.com/wp-content/uploads/2011/08/money-girl.png

wow, 3.07 Ghash :-)

Thanks again for the contribution slush!  It was great seeing our hash speed double over the last few days because of donated hashes to our public worker.  A great way to help raise funds for more equipment purchases without having to sell more company shares!

Can you explain to me how all this works? I am totally new. Never used GLBSE(nor now how trading in that sphere works). So I would like a couple of pointers of how one can profit from this.

Speaking as simply as possible, it works like this.  You buy shares of the company using the GLBSE.  That makes you a part owner of the company.  You then get to vote on company motions as well as receive profits from the company in the form of dividends.  Dividends are credited to your account, and you can do whatever you'd like with them (withdraw, reinvest, spend, etc.).  There are two ways you can profit from owning shares on the GLBSE.  A) Dividends B) Buy low and sell high.

For more information on how public companies work, I'll refer you to wikipedia.
http://en.wikipedia.org/wiki/Public_company

Is there a minimum limit of how many shares one can buy in order to receive anything? Also, at what price are the shares?

I
I believe you can only by whole shares so 1 share is the minimum and you will receive dividends if you own the share at the the time the dividends are distributed.

The price varies as per the market. Consider the market depth here: http://charts.glbse.com/markets/MergedMining/depth.html

Currently you can buy up to 114 shares at 0.138 BTC per share. If you want to sell you could sell up to 168 shares at 0.1151 BTC per share. The gap between those two prices is what's called the spread. If you need to buy or sell more shares than that, you'll get worse prices for the subsequent shares.

Hope that helps.

Did any of those shares sell? How many?
If not, would it not make sense to lower the price to move them?
If so, have any new hardware purchases been made? What? When will it arrive?

cheers

Judging by recent volume, it doesn't appear that anywhere near 500 shares have been sold. This seems to be sort of IPO though not initial obviously. Would it then not make sense to publicize it and have the shares sold at market price at some set time?

490 of those shares have been sold.  Funds have been raised and I have been stalking eBay and these forms for good hardware deals.  I think our current rig could handle another 5970 if we sold off our 5870.


There is no hurry to divest the company owned shares at the moment.

A dividend of 5.49 BTC has been paid.

http://www.mysteryautoincome.com/Images/girl_money.jpg

Would anyone be so kind as to help me understand how to use GLBSE?

I would love to get in on this wonderful company.

I wrote a little howto a while back: https://bitcointalk.org/index.php?topic=51133.msg611782#msg611782

hope that helps, it's really not that hard. be sure to backup your keys!

Thanks a ton!

Thank you!  I have added your guide to the original post.

I feel honored :).

A dividend of 5.466 BTC has been paid.

http://www.jonathanhoodshow.com/wp-content/uploads/make-it-rain.jpg

Yes, this is great news!

The 5870 has now been sold.  I'll be removing it from the rig tomorrow night so there will be a drop is hash speed until our 5970 arrives.

We are now selling our donated mining power through GPUMAX.com to more effectively raise funds.  I have updated the main post with the new pool and login information.  Edit:  Decided to go back to exclusively using slush's pool for accounting and visibility reasons.

Donate Hashing Power:

• Pool URL: http://api.bitcoin.cz:8332
• Username: OgNasty.Public
• Password: Donate

this is 0.0005466 btc/share, correct?

No.  The current weekly dividend is 0.001BTC/share.  Shares owned by the company do not receive dividends.

I'd like to see new motions on MergedMining and other mining companies (FPGA.contract, TyGrr, etc.) to find out if shareholders want to support P2SH

chmod7: My pool is going to support p2sh in few next days. And MergedMining is using my pool.

If OgNasty don't want to support p2sh, he can change the pool, but I hope it isn't the issue :-).

A dividend of 5.463 BTC has been paid.

http://1.bp.blogspot.com/_Ot33kZGYpIw/TQLKxWY13eI/AAAAAAAAANw/Wj9LviVd0Ak/s1600/make_money.jpg

I have updated the original post (https://bitcointalk.org/index.php?topic=47490.msg565355#msg565355) to display our current NMC balance.  This balance is updated automatically using a script.  Go ahead and test it.   ;)

http://bit.ly/zo2wef
My6ZwP3kVVdaVZ8uNMfes82cq2qEzZNkrF

Perhaps you already answered that, but what do you plan on doing with the NMC ?
Sell it at some point (when ?) or sending them to shareholders if/when it will become possible with GLBSE ?

In any case, thanks for your work ;)

Some NMC has been sold off in the past (that is where our BTC balance came from) and more could be sold if I feel it would benefit the company.  However, I do like the idea of using them to build a company savings account.  There are no plans to pay dividends in NMC.

A dividend of 5.435 BTC has been paid.

http://www.fabulouslybroke.com/wp-content/uploads/2011/01/make-money-online-girl-money-cash-smell-smile.jpg

I did not find any info on the dividend per share.
If that's not a secret, would you mind to share, please?

Sure.

indeed hiding the post was on the bottom of previous page
TYVM, good luck mining

A dividend of 5.5 BTC has been paid.

http://s1.hubimg.com/u/90566_f520.jpg

A dividend of 5.66 BTC has been paid.

http://i.dailymail.co.uk/i/pix/2008/07/11/article-0-01E9633000000578-809_468x286.jpg

I've noticed small changes in the the total dividends paid, increase from 5.466 through 5.5 to 5.66
does that mean that the number of publicly traded shares has risen to 5660 or do you pay any fees
at glbse? thanks

I hesitate to say the number of publicly traded shares has increased because the issued shares count has not changed.  However, the number of shares owned by individual investors has risen due to the company selling off shares to raise funds.  If you take a look at the original post, you can see that MergedMining has raised 50 BTC over the last few weeks for future equipment purchases.  This trend may continue in the short term, but once more equipment is purchased and in place, I plan to start aggressively buying back shares.

Thanks, makes sense to me. I'm here mostly for the learning experience and thus ask a lot of questions.
Seems one can always guess the number of public shares by looking at last dividends paid. I've noticed the capital raised but I did not thought about where it came from.
I was not sure if a company can buy shares back. I can understand why the operator/management would buy shares but only as a private person (aka shareholder) and the concept of company buying back public shares is kind of new.

edit: i'm curious because there are almost 50% of the shares held by the company (read not issued) thus knowing when they are released to public might (not necessary) help raise capital

That news seems to have sent the share price rocketing...

I can confirm that. I've been buying (0.125 to 0.13) and selling (around 0.14) over at least the last 6 weeks.

MergedMining is undervalued compared some of the other mining contracts. It offers roughly 39% ROI per year (without reinvesting, with reinvesting it'd be 47%) at current ask price. FPGA.contract and JLP-BMD offer only 28% and 25% respectively (JLP-BMD still exhibits unstable dividend payment, so that value is not to be viewed as solid yet).

At current dividend levels, a ROI of 30% would still be reached with a price of 0.1733 BTC per share.

(disclaimer: I own MergedMining shares)

When I last did some calculations BMMO had better returns, although I can't remember the exact figures.

A dividend of 5.901 BTC has been paid.

http://www.freemakemoneyadvice.com/wp-content/uploads/2011/09/Girls-make-money.jpg

UPDATE:
After reading this post (https://bitcointalk.org/index.php?topic=53530.msg763375#msg763375) I decided to order a BFL Single for MergedMining.  Our order was placed on 2/22/12 to beat the perceived coming rush of orders.  Funds for this order were provided on a temporary credit basis in order to keep the outstanding share count down while we wait for delivery.

http://www.butterflylabs.com/wp-content/themes/cruz/scripts/timthumb.php?src=http://butterflylabs.com/wp-content/uploads/2011/12/btl_slideshow-single-slider-599.jpg&w=960&h=360&zc=1&q=100 (http://www.butterflylabs.com/products/)

The decision to purchase an FPGA miner was voted on by shareholders and passed per the below motion.

Watching thread.

OgNasty, would it be possible to get some dividend paid per share information for the report I'm compiling?

Or at least the number of shares dividends were paid to on the dates dividends were paid?

Possibly how many share have been released and sold thus far as well?

Thanks!

Sure.  ;D

I should expand...if possible it'd be nice to have a complete list of dividend per share...

I've only just bought some, but i think its been 0.001/share for a while, the rising total dividend paid is because of more people buying shares, the rest will be in the thread, i guess i would click 'all' and search the page for 'dividend' or 'paid' or some combination thereof



also on the OP

Ok, so that answers both questions I had in one shot...how many shares have been sold, and what the dividend are. Thank you

UPDATE:
Our website MergedMining.bit (http://mergedmining.bit) is now live!

HOW TO BROWSE .BIT DOMAINS (http://dot-bit.org/HowToBrowseBitDomains)

If you have any ideas for the site, or any graphic design skills you want to donate, let me know.


EDIT:
A MergedMining.bit Website Proxy (http://www.bitviewer.net/browse.php?u=http%3A%2F%2Fmergedmining.bit&b=4&f=norefer) is now available.
(DNS Server w/ .bit Support Not Required, NOTE: Not All Website Features Function Properly In Proxy Site)

wanted to let you know that i now own 1% of merged mining.

NEWS:
I wanted to mention a couple things.  This morning someone hacked slush's mining pool and stole 3,000+ BTC (https://bitcointalk.org/index.php?topic=66916.0).  Being that slush is a honorable legendary pool operator, he pledged to cover the stolen BTC with his own funds.  I would like to say THANK YOU to slush for his generous actions and would request that anyone willing to help slush recover some of these stolen funds donate to his collection efforts at the following BTC address: 18pmHDP5fx4A9Tpo69V1KEXWUQyK7EvT9C

Our password was immediately changed once this news broke, so this theft should have no effect on us whatsoever.

In other news, user JL421 has compiled a thread rating mining companies on the GLBSE (https://bitcointalk.org/index.php?topic=66610.0).
He had this to say about our company:


Also, a couple of you have PM'd me with ideas for our website, MergedMining.bit.  I have implemented some of these ideas (changed color scheme, included a link to GLBSE, etc.) but would love to have these suggestions made in this thread so other shareholders can voice their opinions on the subject as well.  This thread will continue to be the #1 place to stay up to date with MergedMining activities, so if you are intimidated by .bit websites, don't worry, you aren't missing out on much at the moment a website proxy (https://bitcointalk.org/index.php?topic=47490.msg774520#msg774520) is now available.

A dividend of 5.879 BTC has been paid.

http://money-ehow-com.blog.ehow.com/files/2011/02/74ddfa20-5a8a-46fb-b7b7-f17b55107f0d.Full.jpg

Hi,

just bought some shares. Seems like a very good investment.

Keep the good work up OgNasty! Thanks for letting us participate in your business!

The demo version of GLBSE2.0 has been updated.

Since this is going to be the system you guys will be using it very soon please go over to http://dev.glbse.com and give it a try.

Create a new share, sell them (create a fake account to test buying them), create some new motions, pay dividends and play around in general.

2.0 is a big step away from the current system, and it's important that you're ready for the change over.

Here's the release notes
https://bitcointalk.org/index.php?topic=60489.msg781561#msg781561

UPDATE:
I received the following email from Butterfly Labs yesterday:

The race is on...  The question is, should we order a 2nd unit?

I thought one of the advantages of this company was the extremely low power cost. Wouldn't is make sense to exploit that fact by buying cheap GPU instead of more expensive hardware noone knows the delivery date of?

Low power cost is one of our advantages.  This will still be an advantage using BFL Singles. 

Adding more GPUs at this point would mean building another mining rig.  I am not sure that is the right direction to be heading when FPGA mining is rapidly gaining popularity, difficulty is rising, and the block reward is set to be cut in 1/2 near the end of the year.  My vision is for MergedMining to grow to be the most diversified top quality mining company on the GLBSE and I do not think that solely "buying cheap GPU" is the way to fulfill that vision.  As for a delivery date, we should have our BFL Single before March 28th.

You can get another VGA on that board ;)

I wish we could.  We would need to upgrade our PSU and one of our 5970s is currently blocking the last open port to add another VGA.  The port it is plugged in to does not play well with risers.  I have tried several "tricks" to get it to be detected with a riser, but had no success.

Allright, thanks for the info.

I agree with OgNasty, it's better to go with FPGA than build "oldschool" mining rigs...

A dividend of 6 BTC has been paid.

http://us.cdn1.123rf.com/168nwm/zametalov/zametalov1105/zametalov110500040/9574231-female-legs-with-panties-and-money.jpg

does that mean more shares are traded in the wild? I don't know I swapped stock few weeks ago

Was thinking the same thing.  I really enjoy watching the weekly dividends go up :)

I liquidated my 5% share in MergedMining to hop on the syndicate IPO train.
thus i did not receive any dividends lately from this company.
I observe glbse since a month or so and noticed in the previous weeks that the MergedMining dividend was stable at .001 per share and rising payout means more and more shares reach circulation (public trading). not all of the 10.000 shares were sold initially. OgNasty sells them slowly to raise capital for new mining hardware and the only method to find out how many there are is to get the dividend payout data and do a little math.

let me speculate that there are 6000 shares now publicly trading.
the bitcoin held is constantly rising thus no purchase took place yet.
if I only bought 1 share yesterday to get the payout per share info ...

yesterday they were trading at ask 0.18, bid 0.16, now they are at

Max Bid   0.1430000 BTC
Min Ask   0.1620000 BTC
Last Price   0.1620000 BTC

My belief is that there is substantial trading after OgNasty pays divs each week on Saturday [15:30-17:30UTC], stabilising the following Thursday/Friday. These are immediately sold uying other assets to follow for divs, immediate selling, rinse-repeat for other assets. All assets have generally paid by Tuesday evening UTC.

MergedMining pays Saturday and is first in line, then

JLP-BMD can be anywhere over from 12:00UTC Sat through to Tuesday, so is too random.
FPGA.contract is usually Sunday 18:00UTC- Monday 12:00UTC
BTCSYN too early to tell after it's IPO has only "just" finished.
PureMining is a law unto itself at the moment, another couple of weeks to settle down particularly following dividend overpayment bugs.

I don't track the following, so don't know whether they fall into my speculation
RSM - no divs as IPO concludes
BMMO - (paid Sunday - according to JL421 analysis)
TyGrr - Tuesday? - GLBSE generally stable

All of this completely knocks informed trading out as there seems to be substantial swings out of the blue without anything to substantiate it. I don't have any trading history of this or other assets to confirm or refute this belief, beyond having watched over the last two to three weeks.

JL421's recent comparison may have done something to price correct every asset to a similar div/MH/W of 0.5-1% weekly ROI but maybe one or two weeks early to tell. There is the additional factor of the Butterfly Singles being bought online for some assets as well that should be considered in price movements.

Maybe though there could be a visible fund that always buys one of each asset so that performance can be evaluated with visibly published data?

marked

the dividend was 0.00100000 BTC/share if my records are straight.

Confirmed - (5 shares)

0.0050000 BTC   dividend   N/A   MergedMining   10/03/2012-17:50

marked

thanks for the update.
looks like the most predictable earning available : )
... and I will do my homework and fetch at least one peace from each asset I watch

for the BTCSYN there was a short lived rumor to pay out an early dividend to celebrate ipo but otherwise they seem to stick to the by laws and monthly frequency (they're reasonable and might change that in the future but since they plan to keep 80% of income for new hw purchases, weekly dividend might look to small in comparison to MergedMining and other stock that prefers higher payout than reinvesting and more pays dividends more frequently)

A dividend of 6.223 BTC has been paid.

http://api.ning.com/files/pAhfaUBA44NQpBuxI4m6PqLjkA-c7vK-oJzMS2rNMXoUxWrn4ihGbAvmNKc8w*nx04iTp9ftSvqzrFNASbECL7S3HrBoaM9a/girl_money.jpg

For those of you who have been following the GLBSE, you are aware that GLBSE 2.0 is set to launch on Monday.  In addition to many great improvements, there is also the potential introduction of a few new fees.

GLBSE 2.0 Proposed Fees:

• 1% Trade Fee (paid by seller)
• 8 BTC Asset Creation Fee
• 0.5% Dividend Fee

I understand the need for fees to keep the site alive and hopefully they will one day provide nefario with great wealth for what he has created.  However, implementing a dividend fee doesn't sit well with me.  I do not feel that my shareholders should have to pay what is effectively a brokerage, for allowing them to collect income from their investments.  No brokerage has a fee like this in place and it will directly effect the earnings of your investment in MergedMining.  Granted it is only 0.5%, but I feel like we still have time to influence nefario's decision to implement this type of fee.  I have posted my opinion here (https://bitcointalk.org/index.php?topic=60489.msg813275#msg813275), on the GLBSE 2.0 Development Thread.  Please take the time to make your opinion on the subject known, whether you support the proposed fees or not.

Feels like you're ganging up on me, anyway I'll drop the dividend fee for the time being, if at a later time I want to reintroduce it we'll have a discussion first.

On the trade fee, it was asked by someone (can't remember where) that 1% is pretty steep for one side to pay (i.e. the seller) and why not split the fee across seller and buyer.

This can be done with a currency exchange(where you can take some from both currencies) but doesn't work with shares.

Also of note regarding the trade fee will be that high volume traders will get lower fees.

Nefario.

I apologize.  I was merely acting to protect the income I have promised my shareholders.  Thank you Nefario, for your continued efforts.  We all appreciate it.

Coola boola, could you explain to this chap (https://bitcointalk.org/index.php?topic=60489.msg813413#msg813413) why split fees wont really work on a stock exchange (or explain to me why they will).

As mentioned in the other thread, the only withdrawal fee was a tiny 0.005btc(I think) to cover the network charge for processing the transaction (so I could keep my books balanced). I did have a minimum withdrawal amount of 1BTC.

As was also mentioned in the other thread I will be dropping the withdrawal fee and minimum amount.

Thanks Nefario for getting rid of the dividend fee.

I think a withdrawal fee is fine, if you're paying it there's no reason you should eat that.

As I said before, the main reason was simple to ensure my accounts were balanced, dealing with the network fee is actually an annoying thing about bitcoin, it's not that it's a lot it's just that I'd like my accounts to say exactly what should be in the wallet.

Actually in the very first version of GLBSE, running all the way up until July I think accounts would throw an error if what they said and what the bitcoin wallet said was supposed to be there was different. And every time this happened it locked a users account, so doing something like sending BTC to the same deposit address twice resulted in the books no balancing (because it's only meant to be one deposit per address) , it would throw an error and lock the account, wasted a terribly large amount of my time dealing with that :p

I don't want to get too far off the topic of MergedMining, but my personal opinion on this (I really don't care much either way) is that the fee should only be charged to 1 party, but not limited to 1 side of the trade.  The person providing the liquidity should be able to make their trade for free.  For example, if I put up a buy order at .15 and a sell order at .16, but the stock is actively trading at .155, I should not have to pay fees when my orders are filled.  The person who chooses to fill the order (buy at .16 or sell at .15) should pay the fee.  This would encourage more open orders and improve liquidity.  Just placing the fee on one side or the other seems to encourage holding or discourage trading, while free trades for providing liquidity would encourage more people to list orders, thereby encouraging more trading.  It would also allow companies to list their IPO without being victim to double dipping (charging to create the asset and then charging to sell the asset).

I agree with this, it seems like a smarter and better solution to make the liquidity taker pay the fee instead of the liquidity provider. I also like the idea with reduced fees for larger volume traders. Btw really good job so far Nefario and I don't think anyone meant to gang up one you more give feedback and try to reach the best solution :)

//DeaDTerra

I can see that you can clearly not withhold x% of the shares from the buyer, but why withhold 0.5% from the money passed to the seller (as you plan to do now) and simply deduct the other 0.5% from the buyers balance? Of course this would mean having to check the buyers balance for sufficient funds for the fee and that might complicate things a lot.

On another note I think it really doesn't matter who pays the fee. Prices will just reflect that: as a seller, I know I pay 1% fee so I can make my price a little higher to adjust for that and "make the buyer pay the fee" (or half the fee or whatever, the market will do that for us). So my suggestion to nefario is: do it as planned, have the seller pay the full fee.

A dividend of 6.22 BTC has been paid.

http://achcomputers.com/images/money_girl.jpg

Whats the search term you use to find these pics in Google?

On a slightly related note, GLBSE 1.0 will be going down in about an hour, staying down for another hour and coming back up as 2.0 launches.

Nefario.

That information is strictly classified.

GLBSE2.0 is here.

Yes.

A dividend of 6.233 BTC has been paid.

http://data.whicdn.com/images/24178964/tumblr_lzrsfl38Cf1r25sn9o1_500_thumb.jpg

Could you post the gross income generated by the mining operation as well as the expenses before dividends were paid out?  Thanks in advance.

No.  More automated metrics will be coming soon along with some other great advances as I implement the MergedMining 2.0 plan.

Will the gross income and expenses will be part of the automated metrics?

I'm still having a lot of work done on the script I will be using, so it is difficult to say what will be possible at this point. Expenses (electricity) will be difficult to display, although if investors were dead set on having this information, a webcam and image recognition script could be implemented.  That goes beyond my abilities and would cost some money though.  Not really worth the expense for such a small operation in my opinion.

The image recognition and a webcam would be overboard.  I assume you already keep books on the expenses of MergedMining.  Also, since you have a Kill A Watt Electricity Meter that keeps track of the amount of electricity the mining rigs are using and you posted the electricity rate, it would be possible to see the electricity expense.

That would be an incorrect assumption.

Then how do you calculate expenses and know that the company is profitable?


How about a motion to keep books on the company?

I update the amounts in the OP each time BTC/NMC is sold or an expense is paid.  I know the company is profitable because I did the math.


As I have stated several times on this thread, I am not interested in being a bookkeeper.  Small investors + public books = a pain in the ass.  I prefer the "set it and forget it" approach, which is why I stay away from the manually updated info as much as possible.  If Nefario implemented a way for me to display our current BTC balance and dividend payments on this forum, I wouldn't even be updating the OP.  I think for a guy (or girl?) that runs this company FOR FREE, I am doing an ok job.

I also suggest you take any manually updated information on any of the available GLBSE investments with a grain of salt.

GLBSE has been updated to allow account recovery/password reset via email.

Please make sure you're GLBSE accounts have good passwords and your email accounts are secure. If your email is compromised then so will your GLBSE account.

Nefario.

Thank you for the heads up Nefario.  I created an alias email account for use with my GLBSE account that is used nowhere else on the net and have substantially increased the strength of the password due to your warning.

A dividend of 6.202 BTC has been paid.

http://28.media.tumblr.com/tumblr_l9zzbb5G941qzty2wo1_500.jpg

They have the white guy take the photo...scandalous.

A dividend of 6.329 BTC has been paid.

http://www.nanakasha.com/wp-content/uploads/2012/03/woman-business-money-computer1.jpg

You can check our verification status at any time using the GLBSE.  I figured someone with 4 listings on there would know that...

No more babes, just monkeys now?

You must be slow, according to GLBSE's listing he has verified.

It says only an email address has been verified.

Correct, that was all that was asked of him.

Due to various reasons, OgNasty doesn't want to be identified fully. I believe that the why was mentioned it is somewhere in this thread, but it is a very good reason.

And he has been very open and honest about all things surrounding this venture and his new one also (https://bitcointalk.org/index.php?topic=75843.0)

No, like explaining and making public exactly what he uses funds in his public offerings for. Explaining exactly why he doesn't want to submit certain information and not making drama out of it. Not complaining publicly and whining to others when something doesn't work out exactly as planned hoping that enough people will jump on your side that you can bully your way. Stating clearly his intentions and being forward about business.

A dividend of 6.438 BTC has been paid.

http://www.polyvore.com/cgi/img-thing?.out=jpg&size=l&tid=28049891

One of our 5970s appears to have overheated last week.  I have tried taking it apart and replacing the thermal paste, replacing drivers, reformatting, changing thermal pads, all to no avail.  I am having a friend who knows a lot more about repairing hardware take a look at it next week to see if he can get it working correctly.  In the meantime, I have installed a watercooling loop that I picked up for a great price to make sure we do not run into any further overheating issues.  Hopefully my friend is able to repair the 5970 and we have it up and running again before the next dividend payment.  Either way, we have plenty of reserves and a more efficient miner now so I do not see this having an effect on our dividends.  I have also received a message from Butterfly Labs saying that our Bitforce Single is scheduled to be shipped in the next batch and it will be the latest revision.

A dividend of 6.601 BTC has been paid.

No pic? I'm disappointed ;(

Consider it done!

UPDATE:
Our Butterfly Labs Bitforce Single has arrived and I took the rig down today to get it up and running.  It's doing great so far, getting about 825mh/s in cgminer.   ;D

Awesome news OgNasty! What does this mean for company/dividend growth?

Well, my friend has so far been unable to get our overheated 5970 working.  I've asked him to return it to me this week and I'm going to try again on my own to see if I can get it working.  If I cannot get it working, I will most likely put up a motion to see if shareholders want to replace the 5970 or sell the broken 5970 for parts and also sell the Danger Den waterblock to raise funds. The dividends will most likely stay the same until we've raised the funds to repay me for the loan I gave to purchase the Bitforce Single. 

A dividend of 6.61 BTC has been paid.

http://www.kineda.com/wp-content/uploads/2012/05/Kate-Upton-Cat-Daddy-GIF.gif

A dividend of 6.66 BTC has been paid.

https://talkimg.com/images/2024/01/11/3mOBZ.jpeg

A dividend of 6.696 BTC has been paid.

http://museforallseasons.com/wp-content/uploads/2010/09/stripper-money2.jpg

NEW MANAGEMENT:
Forum user likuidxd (https://bitcointalk.org/index.php?action=profile;u=43472) has presented an opportunity for MergedMining to join forces with a 10GH/s mining operation.  It is for that reason that he will be taking over my role as the operator of MergedMining going forward.  He will be creating a new thread to discuss this change in ownership in more detail.  I would like to thank all of my shareholders for their support and wish good luck to likuidxd with his expansion plans.

MergedMining 2.0 Thread (https://bitcointalk.org/index.php?topic=82893.0)

I too would like to know if I missed something.

No, you did not miss anything.  likuidxd is the majority shareholder for MergedMining (making a motion somewhat pointless) and presented a great opportunity for expansion that will benefit all shareholders, himself included.  I was not in a position to be able to provide the same expansion opportunities, so I acted in the shareholder's best interests.  I will not rule out running another mining company in the future, but for now the choice was obvious for many reasons.  Please feel free to PM me if you would like further details on my decision to turn over the company.

It's not so much for me. More for others to understand the motivation since someone seems to be selling a bit. I posted in the new thread and I'm excited to have likuidxd take it to the next level. Looks to me like a good move for growth and survival.

I agree.

UPDATE:
Now that MergedMining has been transitioned to a new owner, I am launching NastyMining (https://bitcointalk.org/index.php?topic=86854.0).