Shouldn't your weekly reports begin with -----BEGIN PGP SIGNED MESSAGE----- ? Besides that, you're still the most documented mining company that I have seen. |
|
|
|
On a note that may only matter if we get back to mining. I am really liking the documentation of ANN (another BTC mining company traded on GLBSE) https://bitcointalk.org/index.php?topic=46693.0. The reason that he may be able to have more documentation on current things is because the mining operation is legally a part of business he already has set up. In the event that the we resume mining, I believe that better/more documentation will help your image and the image of SIN as a whole. I have grown quite tired of the plummeting share price and the constant criticism of how you operate SIN. In the event of liquidation I want to know exactly what is being sold for what price. Not necessarily the price of each item sold, especially in the case that an entity, like Shades Minoco, were to buy the GPUs for a lump sum. Either way, I would like to know what hardware we actually have. Would mining at 15-20 cents higher than 8.4-8.6 USD per BTC (I believe that was the price when you posted) be marginally profitable or "more than marginally profitable"?
The price was actually around 3,90 USD when I made that post, and it has continued to fall. This of course will push down difficulty as more people drop out, but at the time it would have been marginally profitable, probably only being in the black by a few bitcents. I am anxious to see where the difficulty and price goes from here. I honestly don't know where I got 8.4-8.6 USD from, must have been a typo, or a delusion. |
|
|
|
The rigs in their current state can produce around 8-9 Ghps. There are three computers down right now, two that won't stay on for reasons I was unable to determine and one that has need for graphics card replacement. The two that won't stay on need a few days of playing with to figure out. The one that needs new graphics cards needs either about $600 put into it or XFX and Gigabyte to stop giving me the runaround on the RMA.
Do we have the 600 dollars to get the computer the new graphics cards? If and when we decide that the company should be liquidated, depending on what the Bitcoin climate is, an investor could see a decent return based on what the price of BTC was when they invested (those who invested at higher prices will see more BTC, etc.) If we pull out when prices are low like they are now, the liquidated funds will buy a lot more BTC than if the price jumps back up, and investors will get a lot more of their investment back.
I know the number of BTC returned will vary depending on the current market. I should receive my X shares of the 50% of the funds liquidated from the sold hardware if we choose to liquidate. The money that comes back to investors depends on how much value they invested, when you transferred the BTC to the currency used to buy hardware (probably USD), and the current value of the hardware. I just don't think comparing BTC invested vs. BTC returned is that practical, given the changes in price over this year. I see a lot of concern with the efficiency of the machines being run, and that we should still be able to operate profitably. I would like to make a very important point that many people who go into business mistakenly ignore: the cost of operation that I calculator for the machines is not limited to the energy costs, it also includes the cost of replacement for the parts as well. It is important to do this when your income depends on any machines, because yes, we could be operating "profitably", but what happens when the rigs start breaking from running 24/7 at max load for a year? All of a sudden we have a bunch of broken machines and no money to replace them with because we've been operating "profitably". So with the cost of electricity, I add the cost of replacement, and that does effect us to the point of not being able to operate in the current condition of the economy.
How much BTC have we saved up for part replacement? How much BTC do we have, period? With difficulty falling, all it will take is for the price of BTC to jump up 15-20 cents, and we will be able to mine profitably again. However, I would say that unless we are making more than marginal őprofits, we should keep the rigs down. There is no point in mining for the sake of mining, and putting more and more wear and tear on the rigs lowers their value. I am not sure what the best method of moving forward is right now, and how we should go about deciding the future of the company. I am open to suggestions.
Would mining at 15-20 cents higher than 8.4-8.6 USD per BTC (I believe that was the price when you posted) be marginally profitable or "more than marginally profitable"? Before I believe that a vote/motion on whether or not to liquidate should be done, I think you should show us your calculations used to determine what mining profitably entails. I would also like to know how much funds we currently have, as well what would be needed to bring us back to the 13 Ghps. (Is it really just 600$?) I would like to see your calculations used to determine how many of your shares that you have "paid" for. I think you should be given compensation for the time you put into working on the rigs, I just want to make sure that you are correctly compensated. Thank you for the comprehensive reply. What would it take to save this sinking ship? Facility? Hardware? Experience?
Given who you are, i'd say you have the Facility, Hardware, and Experience, and are hoping to sell some  . (selling exp is bad, that's boosting  ) |
|
|
|
I agree. Legal action should be taken. Question is, does anyone have any information about who Tawsix actually is?
Sounds like Ben Walsh knows. I believe I identified him earlier on, when he was inactive for some weeks. I am fairly confident that I could get the dox again if need-be. |
|
|
|
Well, difficulty certainly is approaching 1.5 mil, but i doubt that the drop in price helped any. Difficulty will always lag behind the price. They have invested some $15,000 into hardware, that at one time was generating nearly 13 ghps. When you "turned them off" they were generating a pathetic 8 ghps. I suspect you really still have the full 13 ghps turned on and mining somewhere else all for yourself.
Tawsix, you really need to give a full report on the status of the rigs; Yes, we were nearly at 13. I want to know how much Ghps the rigs in their current status could produce. I want to know how much funds and time it would take to bring them back up to 13, if they aren't capable yet. I want to know how much funds could be liquidated if we were to sell all hardware at their current status and when they are back to full hashing power. I would like you to have discussions with both shareholders (i may speak to Nefario to see if someone can provide proof that they own shares), and the public here on the forum. I would like you to put the time that you no longer are putting towards maintaining the rigs to some use. Even though the rigs aren't running your job isn't over. I hope that everyone else agrees with me. |
|
|
|
100's of man-hours have been provided for this business at absolutely no charge, in addition to the majority of the infrastructure (cables, routers, shelves, the building, etc.) That's money the business was saved, and that is money I counted towards my debt to the business, in addition to my reinvesting.
1. Can you show us your calculations? 2. When Difficulty and/or price is back towards a profitable margin, I would like to see our rigs running more efficiently. I believe that since you are currently not upkeeping the rigs, perhaps you could research more efficient use of said rigs. |
|
|
|
I apologize for the delay, but the truth of the matter is that at current prices of BTC, we will have operated in the past week at a slight deficit. I am waiting for BTC to go back up in price to at least cover the cost of operation. I do round up when I calculate energy costs, so we won't be going into the negative financially. I have confidence that Bitcoins will rebound from this slump. I will update further once the situation is resolved.
Tawsix... One of the reasons I chose to put my money towards mining, was that I didn't want my investment to be overly dependent on the price of bitcoins. If our mining operation is not profitable, make it profitable. I don't want to have a delay in divdends merely because you want to wait for a more profitable time to pay the bills. I am pretty certain you said early on that it would that it would take the collapse of bitcoins as a currency for mining to become unprofitable. (I still believe this to be true, if the rigs are managed right) If we need money, put the IPO back on the market. If you need to shut the rigs down so you can set them up to run more efficiently, do so. Please help get us profitable again, or at the very least, able to pay the bills. We will most likely be back up to full capacity at the end of the next week, as everything should be sorted out by then.
I am concerned that we are not running at full capacity. I am referring to the ~12 Ghash/sec we had during the majority of July. |
|
|
|
Im willing to contract out hashing power if anyone is interested.
I was regarding operating and maintaining our current rigs. |
|
|
|
That's what I said. "invalid data". I was implicitly asking for confirmation from anyone running 5830s. 1. Buy quality parts. 60% efficient power supplies are stupid.
2. Plug system into Killawatt meter.
3. Use latest mining software and optimize hashing parameters.
4. Overclock core speed and underclock memory speed.
5. Keep fans clean so nothing overheats.
There's no rocket science here. Just basic mining optimizations that any half-decent miner would do.
So we can deduct Tawsix is not doing any of this if he claims he is losing money. If Tawsix was running his rigs efficiently, I would not have too much trouble with him wishing to keep the specifics of the rigs secret, but if he fails to run the rigs profitably (may need to mine at night), he is failing the shareholders and needs to explain in detail why it is not profitable. If Tawsix is unable or unwilling to operate and upkeep the rigs, he should consider hiring or contracting help. I believe that we still have possible IPO shares that could be put back on the market, invade we need more funds to be profitable again. P.S. Tawsix needs to clarify and/or explain his actions about pulling in half of the profits, yet not matching the funds brought in by the IPO. |
|
|
|
Where do you live, Hawaii? Break-even is around $.20/kwh on a decent rig. The days of running a farm with electricity rates that high are over. Liquidate your hardware now.
Without consulting the shareholders? I think Tawsix has no responsibility to notify us if he decides to liquidate and distribute the money to shareholders if he feels it is best for shareholders. Personally I think he should hold off a while as difficulty is bound to plummet and it may be profitable again. While he certainly is not required to notify us of such (comparable to) "executive" decisions. It does not mean that he would not want to, or should not notify or discuss sch major decisions with us. It was more of a reaction to Skye's blunt advice, which was apparently directed directly at Tawsix. |
|
|
|
I apologize for the delay, but the truth of the matter is that at current prices of BTC, we will have operated in the past week at a slight deficit. I am waiting for BTC to go back up in price to at least cover the cost of operation. I do round up when I calculate energy costs, so we won't be going into the negative financially. I have confidence that Bitcoins will rebound from this slump. I will update further once the situation is resolved.
Where do you live, Hawaii? Break-even is around $.20/kwh on a decent rig. The days of running a farm with electricity rates that high are over. Liquidate your hardware now. Without consulting the shareholders? |
|
|
|
Lol I invested in 50 shares at .65 per share, realised what a terrible investment this company is and checked every single day on glbse for buyers, slowly managing somehow to sell my shares for the same as I bought them for. I made a grand total of about 0.1 BTC in dividends before I finally sold them all
Now I finally have my coins out of glbse I feel like I have pulled off the great escape! I doubt I will "invest" in another company, the returns are so miniscule, even on the companies that somehow manage to turn a profit, that I'd be better off just putting my money in the bank at 2% annual interest...
Best of luck to Tawsix, this was kind of a good idea handled spectacularly badly.
Given the volatility of mtgox and bitcoins in general, I feel better having X shares of powerful hardware than x bitcoins. I am confident in bitcoins as a currency and a platform/network, but I don't blindly hoard them. I agree that Tawsix could have certainly handled this better and still has the chance to improve... I just think this is one of the worst times to withdraw your in investments into BTC. |
|
|
|
I noticed that the main page now reads Get free ฿ (insert captcha'd number here) right now! Having troubles with the cheaters/bots? Or is this precautionary? |
|
|
|
{'amount': 224500000, 'assets_paid': 2304, 'payment_per_share': 97439}
Dividends have been paid out! The electric bill was $162.52, and 23.9 BTC was taken out to pay for it. A total of 28.39 BTC was generated this week.
This week I will begin collecting dividends equal to that of the payout to shareholders, so all profits from generated BTC will be paid out, and no more will be reinvested back into the company at this time. If and when we begin to expand once more, we will then discuss how much profit should be reinvested into the company, but for now all profits will be paid out.
We do have contingency plans should the price of BTC fall. The electricity is billed at different (higher) rates during peak hours (~10am - ~7pm), and we will only mine during off-hours if mining 24/7 becomes unprofitable.
I would like to thank everyone once again for their patience and support, especially during these uncertain times.
As long as we have enough funds to get up and running at "13 rigs producing ~12.8 Ghash/sec" again... I don't think it is too much of a stretch to let you start pulling in profit from your shares. Could you please updated Skepsidyne.com and/or the first post of this thread? |
|
|
|
{'amount': 20500000, 'assets_paid': 2304, 'payment_per_share': 8897}
Dividends are paid! The miniscule amount is because this was the week I switched the meter cycle to Wednesdays from Sundays, so we're paying for a week and a half of usage with one week of production. Next week will be back to normal. Also, got one rig up today, the others should be up before tomorrow is over, then we'll be back up to full capacity. The electric bill was $230.74, and total mined BTC was 28.21.
This is basicly the dividend you should have paid last Wednesday ? And comming Wednesday we get a 7 day div payment ? (without huge electric bill?) Sounds like this week he switched the Service Meter's cycle. |
|
|
|
Tawsix, is there a reason that your dividend payments are coming in day(s) late almost every week? This is getting out of hand!
I think he's sick of all you people always hounding him, where's my payment, where's my payment. He's the boss. He'll send out dividends when he feels like it. Leave Tawney alone! It is his responsibility to pay out dividends to shareholders. I don't think he has shown the timeliness necessary to send out dividends as he says he will. |
|
|
|
|
Tawsix, is there a reason that your dividend payments are coming in day(s) late almost every week? This is getting out of hand!
|
|
|
|
Seconded. The lack of communication with investors was really starting to spook me. Hopefully we can expect a lot more info on what's happening from now on. It would be great to see some figures on usage and revenue, now the site has been operating for a while - I'm in the mood for a little more investing ;O) Aren't we nearing a dividend payout ? The contract states quarterly. Certainly looking forward to it. So .... anybody heard anything from cuddlefish in the last month?
yes. i heard from him 2d ago: Waiting for replacement computer to arrive. Just got back from camping without internet. Looking at redoing 2 weeks of work and somehow covering loss of about 40 zcoin) . (stupidly not backed up often enough.) I will work to earn whatever is needed to replace it. I am honestly acting in good faith. Hopefully (replacmnt will come this week when I can continur work. My apologies, cuddlefish Glad to hear that he didn't just go off and disappear on us. Glad to hear from you aswell, cypherdoc. I doubt we would be getting any dividends. Just a quarterly report. Not saying that we wouldn't be receiving them, just this quarter seems to be mostly on establishing and developing. Hopefully we hear from him soon. |
|
|
|
|
This is my request for the 100 free chips. login: boonies4u
I'm glad that I happened upon your thread here.
|
|
|
|
So .... anybody heard anything from cuddlefish in the last month?
yes. i heard from him 2d ago: Waiting for replacement computer to arrive. Just got back from camping without internet. Looking at redoing 2 weeks of work and somehow covering loss of about 40 zcoin) . (stupidly not backed up often enough.) I will work to earn whatever is needed to replace it. I am honestly acting in good faith. Hopefully (replacmnt will come this week when I can continur work. My apologies, cuddlefish Glad to hear that he didn't just go off and disappear on us. Glad to hear from you aswell, cypherdoc. |
|
|
|
|
Show Posts
