Hi everyone- I'm looking for your ideas about what would be nice to see in a new mining organization with features that get people excited to invest and be an investor - something interesting and lucrative. Here is the short of it: - In terms of credentials, I've been an active forum member for a long time and currently run a ~40Gh mining farm (mostly on maxbtc.com) - [note: this farm won't be part of the new mining company]
- I recently acquired 30 x 6990 GPUs in order to build a new ~18Gh farm
- I am looking to raise about 1000 btc in exchange for ownership in this new 18Gh farm
- The capital would be used to build rigs for the 6990's and upgrade power and ventilation in my data center
- Mining is quite profitable for me. I have facility and network fixed costs (which get lower as I add more rigs), but I only pay 5.2 cents/kwh in power
- Once I hit 50kVA in a month through expansion, or if I move to another county a bit further out, the power price will drop near 3 cents/kwh
I am looking for your suggestions on what you would want to see in a new mining operation. More dividends, more reinvestment, maximize profits, expansion into other uses for hashes (e.g. render farm, penetration testing, etc.)?? With your suggestions I hope to define the organization this weekend with an IPO next week. |
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So far, two loans. One from an anonymous source. the other from danieldaniel in the amount of 5 btc to be repaid by the end of august 2012 with 10% interest for a total of 5.5 btc.  |
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Wondering why someone would lend you the funds as opposed to use them to start mining themselves. This would remove the risk of getting scammed while keeping the upside.
Also, why just get a loan? Why not sell shares on glbse.com like all the other mining companies there. From a quick look, something like 10% of all bitcoins hashing power is a result of GLBSE mining companies.
Giga and ineedausername are right, mining is a huge hassle. When I first got involved with it last year I was told that uptime would become my biggest challenge. I didn't believe that. I thought the biggest challenge was going to be finding the maximum clock speed on my GPUs. But that advice was right. I'm always fighting to keep everything running. Every day there is something. Sometimes it's a dead fan or a flaky motherboard. Other times it's a software or pool issue. Recently I had an issue where my router couldn't handle all of the open connections, requiring me to set up a proxy and then upgrade hardware. Even regular maintenance can be an issue. On the hardware side it's putting lithium grease and graphite in the fans to keep them from dying (they are NOT designed to run as hard as miners use them). On the software side CGminer is updated constantly, which is awesome but means a lot of updates across a lot of machines. Beyond that it wasn't easy to find a facility for my equipment, have it wired for 208v, build out a cooling system, networking, etc. It's definitely a labor of love. I've considered GLBSE, but honestly have been advised against it. It's not an easy process to get set up, there are often site issues, and there may not be enough money available. That being said, I'll keep an open mind about it as an option. As far as risk goes, I think I'm pretty low risk. I have an existing 40GH farm with no loans on it plus these new 6990's, which I am offering up for collateral. I'm happy to be transparent about everything and write up contracts or whatever makes people feel comfortable. I take my rep very seriously. Mining earnings will cover the loan, or in worst case I sell some of the 6990's to repay the loan. For the lender it's a way to hold bitcoins while making additional money (interest) without the risk of something like bitcoinica margin trading or having to buy/sell shares. |
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15 btc funded so far. 1185 to go  |
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Looking to buy a few MSI 890FXA-GD70 motherboards. Let me know if you are looking to sell. |
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I might be able to help you out. I'll PM you with details of my setup and what upgrades are coming
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DeepBit: Where are you that you can get $0.03-$0.06 per KwH of electricity?
I pay .0202 a watt in WA state. Sure you do. i pay zero here in sweden we have lots of 'community' areas where you have a standard monthly fee regardless on heat/electricity use. pretty nice That's it. I'm moving to Sweden!!  |
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I really like these localized communities that work to spread what is a Global Phenomenon. This world is only getting smaller The beauty of bitcoin is that it is not fiat/not a product of any government. So you're right, to get the most of it we should have bitcoin communities in every country. The more the merrier! |
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Hi. I tried to register but I cannot type anything into the fields for name, email, etc. Is there a problem with registration?
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Still looking for more 5830s - probably another dozen or so. PM me if you're selling |
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Do I get a further discount if I buy out the rest of your remaining stock? Yes, I'll give you a discount if you buy what's left |
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Looking to buy several 5830's. Getting harder to find, so I'm offering up to $90 each depending on model, condition, etc. Shipping will be to Washington State (98052) |
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Still have a couple of CPUs for sale... |
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I'll take your 5850's. I'll PM you
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zhoutong-
Can you give us more info on the asterisk problem. I'm guessing that it is a liquidity problem as we see it when there are major changes in price and people are either accumulating or shorting on leverage. I also see that there are now caps on account sizes. Is there a plan and ETA for resolving the asterisk issue?
It's not possible to eliminate the asterisk without taking out loans every time people want to borrow more. I highly doubt that someone would provide such a deal to bitcoinica, and almost certainly borrowing BTC when the asterisk is on the sell side isn't likely to work out. Actually I don't think it's that unreasonable. Any trading system/firm that offers margin trading will need a certain amount of credit to fund its margins. The bitcoin market cap is very small and you'd only need a fraction of that to fund margin accounts, so you're not talking very much money in the grand scheme of things. Given that bitcoins and btc trading is unregulated and that bitcoin is still big experiment at this point, traditional lenders/banks may be unwilling to provide the necessary float. |
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zhoutong-
Can you give us more info on the asterisk problem. I'm guessing that it is a liquidity problem as we see it when there are major changes in price and people are either accumulating or shorting on leverage. I also see that there are now caps on account sizes. Is there a plan and ETA for resolving the asterisk issue?
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I can give you 50 BTC @ 3% interest.
I'm willing to do the remaining 150BTC on the same condition, for a total repayment of 154.5BTC due no later than January 31st. I'd send you the BTC via instantly-redeemable MtGox code (don't have BTC client where I am right now) and expect payment via BTC client or with similar MtGox code. 154.50 btc repayment sent to 1LgJfyNohgkyzogxksENpNTy1vafZP9T6 |
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