Maybe not this time... They learned a lot of hard lessons on the 65nm gear. Including not to be optimistic.

PS: Simple math states a theoretical efficiency of (28^2)/(65^2) = 784/4225 = 0.185 or ~1/5.4 the power consumption if they didn't optimize their power issues.  So it could easily do 600GH @ 511W without breaking a sweat. If they optimized their power consumption it could get down to something closer to 350W without it being too far of a stretch.

Maybe 20% at this point, but I'd like to point out:


I may be willing to sell the order to another individual and not for the fact that I don't trust BFL to ship them. (It will happen eventually) and probably sooner than people are giving BFL credit for as they've already made the chip, just have to shrink it.  I just know that individuals with LRM want more hashpower NOW, not in 3-4 months.

Dividend payout this week was just shy of 100 coins.  I'd like to see it go over 100 in the near future.

Just to point out.  LRM paid out ~0.002BTC per bond this week.  That comes out to be a 0.002/0.15 = 1.333% per week on an investment.  There isn't a single bank in the US that will give you that on a years interest, and LRM's payout will only keep climbing.

Hey everyone,

NEWS/INFORMATION
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My apologies for it being so long since the last update.  Yes, Dave is now mining for us.

With the news Dave gave me as to a time frame on receiving hardware, I realized I needed to hurry up on getting the second hosting location up and going.  I'm almost ready and by mid Oct it should have a virtual boatload of BitFury gear hashing away in it.

There were two minor hiccups in the last week.  One was a small networking issue that I fixed within 30 minutes, but the other was out of my control.  For the first time in the many months I've been mining in James' pool, it went down.  It wasn't that the pool went completely down, but James was doing upgrades/updates to the pool and it kept flashing off and back on at random when he restarted it.  This made it appear that the hashrate went down due to the moving average on the pool.  In a few occasions the pool went down for a split second too long and some miners switched to another pool.  It appears he is done with the updates/upgrades, but to be sure I split the hardware between BTCGuild (I didn't want to do that) and James' pool.

BTCGuild is far overpowered at almost 43% of the network and the 100TH mine is going up pointed at them which doesn't help.  I don't want to help throw them over the edge by pointing more TH at them, so this solution isn't permanent.

I have learned a lot about mining at scale in the last couple weeks and Dave (BitFury) and I have discussed our issues to make sure the other one doesn't run into the same issues.

PROPOSITION
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Dave has given me information that could gain LRM a far greater amount of hardware than originally intended as long as everything goes to plan.  There are a few individuals who hold a very large amount of LRM bonds who have all given me the same idea.  Although my contract gives no one voting rights, I'm not the type of individual to veto the masses vote. (This is me showing I'm not looking to screw over the public for a few bucks  )

This idea states that (and my contract allows for) LRM to mine for 2 full weeks with new hardware without paying dividends from it.  What I would do if the public will generally agree to this is use this hardware to mine and scoop up a large sum of BTC.  ~5% would be necessary for power consumption and ~5% would be requested as a management fee for setting up hundreds and hundreds of h-cards and getting everything mining in a very speedy manner.  The other 90% would go straight into the hardware that Dave can give me a killer deal on.

If you would consider this, it could mean wonders for the company in the long run getting a better head-start.

NEWS REGARDING OTHER MANUFACTURERS
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CoinTerra -- VP of sales with CoinTerra and I have been in contact and will remain in contact.  We will be trying to work out a deal to maybe get some Dec and Jan equipment.  Things looked good when I spoke to him.

If people want my opinion on which 28nm company will deliver on time (or even at all) it will likely be CoinTerra, which is why I'm interested in remaining in contact with them.

BFL -- Their recent announcement to host by the GH is exactly the opposite of my beliefs when it comes to PMBs.  If you purchase a defined hashrate, your payout will only continue to go down.  My intention is to keep up with the difficulty (to an extent) until it begins to level off.



I hope everyone can understand how much time and effort it takes to put together an operation of this size and can forgive me for not being as public as I used to be.

-Lab_Rat

The remainder will change over time as difficulty and hardware quantity increases.  We haven't seen the bulk of hardware yet so re-investment isn't really an issue.  Once the bulk of BF gear is in, I will be announcing how much has been reinvested.

To anyone who noticed the dip in hashrate this morning, there was a failover of 500-600GH to EMC... Unsure why, but they're back on the pool they should be.  Didn't lose out on any coins though.  I think were almost to 70BTC to be paid out already this week.

25% is operational expenses and the remainder of that 25% goes towards reinvestment and management fees.

What that means is that there will be subsequent orders.

Not downgraded. I just have a better guess now as things are getting closer and it's better not to over-promise under-deliver correct?  The 400-700 range is for the first order or so from BitFury... There will be a lot more almost immediately after that.

PS Live dynamically updated stats from the pool found here: http://www.labratmining.com/currentHashrate.php

I spoke with Dave Monday and everything was better than expected.  Should have some more solidified dates that I will be able to pass on to you guys (and gals) soon.

Should have some good news tomorrow and some even better news within 2 weeks (Not a BFL pun)

The only issue is that it looks like were going to go from ~75MH/s per share straight up to at least 300+... I hope everyone is ok with that?

I have a lot of news on the way, hopefully some today, but some news is going to have to wait a little while to release.

Paid out dividends a little early this week everyone, got some hardware to set up again this Saturday and wanted to make sure they went out on time.

This is the last week the dividends will be cut due to the double payout.  Next week we go back to normal dividends and we'll have a nice spike in hashrate to boot.

Actual dividend payout today was BTC57.61383896 or 49496 @ BTC0.00116401 a piece.  Things will only get better from here on out.

Got a lot of good news on the way, some of it I just can't release yet.  I probably should take a day off every couple weeks though shouldn't I? 

Quick updates while I have ~3 seconds.

This weekend will be the last weekend there is a deduction from divs due to the double payout.

A few updates, a lucky day at the pool netted ~18 BTC.  Currently at ~62.7 BTC for the week, where it goes from here is based on luck.

Now that 54000 BTUs of fresh AC was installed in the hosting location (finished earlier today) I moved the hardware back in and it should be nice and cool.

Been pushing 2.65-2.7TH the past couple days, but ~600GH had to be shut off for ~8 hours while the work was being done to avoid getting dust in the units.

There is a large deal in the works that could land a very sizable amount of hardware for the company, we'll see how it works out.

Dave should be pointing some gear at LRM by the 15th as per our deal.  It currently looks to be at least 800GH/s.

BFL Single issues: there were problems with 2 singles, got one to work and the other has a replacement on it's way.

More hardware on it's way in the TH range, should be here by the end of this week or beginning of next.

And to all of those people out there who are concerned, I will not be placing any further orders with BFL as has been my intention.

Put another 1k bonds up for sale split between 0.2 and 0.225.

Those bondholders happened to purchase bonds and receive some from hardware, so those bonds were not "given away."

Most individuals who are looking to sell hardware for bonds have some money on the side and are looking to further their investment in the company.  There will be a very nice hike in hashrate again this week and nothing is paid for until received.

Were currently at ~2.7TH with some issues on Singles (being RMA'ed) so with the newly acquired singles and expected hardware 4TH should be very easily a possibility and might I add that Dave is going to be pointing some additional hashrate at LRM very soon!!!

Yes I am trading bonds for hardware, but nothing close to the ridiculous prices you find on eBay or BCT.org  There have been a few private sales, but nothing under market yet as I'm, for the time being, offering a deal to large purchasers.  No one has taken me up on that offer yet, but I have a feeling there are a few people out there that are interested.

I can assure you I have left enough cushion to keep the company running for a long time.  I left this cushion to ensure the stability of the company while it is getting going, and once stable the cushion will be used to purchase further hardware.

I have showed my honesty by securing hardware and paying out dividends at a rate faster than the growth of difficulty, so if you choose not to believe my words still, just wait and see as the company grows.  I have secured multiple TH with more on the way and a large deal in the works to launch LRM far past the 10TH guaranteed minimum.  I'm excited to see where this goes and hope other people are as excited as I am.

http://www.labratmining.com/ << update

Update on the site: http://www.labratmining.com/index.html

As per the cut in dividends, it will be 3 weeks ~5 a week to recover half of the ~30 double paid.

To avoid a large cut in this weeks dividends, I've decided to spread out the recovering of last weeks double payout over a couple weeks. 

Dividends were just paid: 41,414 @ ฿0.00066604 for a total of ฿27.58338056.