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I believe I'm going to queue an amount equal to PPS payout for tomorrow as I'll be hurrying back to get the minirig hashing for us. I'll add the +/- to Friday's payout.
Cheers.
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Hi Patrick. I've thought about something like that, but it would be down the road. I'm spreading myself pretty thinly atm.
Cheers.
I know what it is! When you'll have more time (after all these exciting news) I may help you if you want to build something. You gave me some free time with Basic-Mining  Patrick Careful, I might just take you up on that. |
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@creativex: Are you planning to get a website ? I think it would be a good idea for your shareholders and for new people who are interested in your business. News, links, pictures, spreadsheet, what's next, FAQ, contacts, etc. All at the same place seems good to me.
Patrick Hi Patrick. I've thought about something like that, but it would be down the road. I'm spreading myself pretty thinly atm. Cheers. |
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Have a nice road trip  Always a pleasure to follow the updates in this thread and to see how well managed this mining co is - great job, creativex. Thank you gents, I appreciate it. I was going to ask about when new equipment would be acquired. Clearly this is something that you are actively working on while you are away from the boards. Thank you for your continued efforts on this "little startup". Can't wait until you tell us that you are no longer living in a home, but a mining facility (or has that happened already?).  Hi cashmere. Yes this is taking more of my time than I'd originally intended, but it's been fun. Cheers. Fun and lucrative...shouldn't you be getting close to an on-paper fiat millionaire? Give or take, I don't tend to monitor exchange rates all that closely. It's been more fillet mignon than ramen since my college days, this virtual company hasn't changed my diet much. I would hope most virtual shareholders would agree that I've earned my puppy chow.  |
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Results of motion to buy BFL minirig with shares.
yay 36184 nay 14 abstain 845 73.6% Approval. Thank you everyone for voting.
I'm going to operate on the assumption that this motion will pass tomorrow as it seems unlikely enough votes will move to change the outcome. At this point I'm hoping to travel this evening and pick up the unit tomorrow morning. I've contacted the seller and asked him to make arrangements to transfer the rig to me upon arrival.
Cheers.
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If you're having trouble with keeping the miners cool might I suggest posting a motion to use part of the 1000BTC towards another a/c (or whatever equipment you feel necessary) to bring the miners towards a higher efficiency? I think this is already addressed: Ordered some high performance fans for the singles and Avalons. I've already replaced some of the fans on the Avalons, but I need more deltas and 90mm fans meh...who keeps them around? Glad I'm in the process of moving everything to a dedicated "cold room", those deltas are LOUD.
Order Summary
Sales Order Number: 17421xxxx
Sales Order Date: 7/16/2013 9:55:58 AM
11 x Delta AFB1212GHE-CF00 120mm Case cooler
10 x bgears b-Blaster 90 90mm Case Fan
Total Amount: 3.63181585
Cheers.
Not sure though if this covers the new rig also.. Hi dexX7. It doesn't, though I did order a few extras as fans die or get broken and a higher volume order lowered the unit price. I've had time to assess the cooling needs of the Avalons and Singles. I'll leave the minirig alone until I've had time to assess it's design weaknesses, but if the fans in the minirig are the same 120mm no name bulk fans that come with the singles then we'll likely benefit from replacing them. Cheers. |
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Can we trust the 1300 "new" shares wont be dumped on the market immediately in order for the seller to recoup loses? If this is the case would it be better to use some treasury funds vs shares to pay for the mini-rig? Hi MilkyLep. What the seller does with the shares is really up to him. The only stipulation I put on them was that they'd not be released until the rig is released to me. I've dealt with this individual in the past and find him to be 100% trustworthy, but I tend to err on the side of caution when it comes to other people's interests/funds. If you're having trouble with keeping the miners cool might I suggest posting a motion to use part of the 1000BTC towards another a/c (or whatever equipment you feel necessary) to bring the miners towards a higher efficiency? I recently added two AC units out of pocket. One a 12k BTU stationary(window) unit and the other a 10k BTU portable. Hopefully this will be enough, but if I have to swap out the 12k for a larger unit or add another portable I'll consider it. just trying to bounce some ideas around and figure out why issuing shares are the way to go I think its important to know what price point the shares will be issued at. This is IMO the best path for us at this time. This will double our dividends, double contributions to our re-investment fund, and still leave us with sizable BTC reserves and all for only a tiny dilution of shares. The shares will not be priced at all, they'll simply be transferred directly. Cheers. |
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Next time I'll do a news item as well for important votes. I tend to use the system sparingly as I'm not a fan of spam.
Problem with spam is always the same, your signal gets covered by other's noise. Just post a pic of the half-terahash rig when you get it and the sell order book will run dry  Hi matt4054. Only problem is that there wouldn't be a picture of the rig in my possession without a successful vote. It doesn't look like that will be a problem however so expect some pics. |
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I was going to ask about when new equipment would be acquired. Clearly this is something that you are actively working on while you are away from the boards. Thank you for your continued efforts on this "little startup". Can't wait until you tell us that you are no longer living in a home, but a mining facility (or has that happened already?). Hi cashmere. Yes this is taking more of my time than I'd originally intended, but it's been fun. Cheers. |
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Hi creativex,
I don't know how much of a hurry you are in to have this motion passed, but I didn't receive an email notifying me of the motion, and only noticed it because I check btct.co and this thread reasonably frequently. If you'd like to get the attention of some of the less active shareholders, I might consider putting a notification on btct. (Hopefully, this is something burnside will make automatic in the near future.)
-gnomesick
same here, I see the motion is available on BTCT.CO but I definitely did not get an email. I had to look close too, because all these mining companies post motions and they all have similar names and whoever bought the X shares I placed on the ask wall earlier today, would have moved the order book that much higher. so. think about that. Thanks for the heads up guys. Next time I'll do a news item as well for important votes. I tend to use the system sparingly as I'm not a fan of spam. |
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Good morning. I'll address the salient points to everyone's posts, PMs, and emails ASAP, but I wanted to say THANK YOU to everyone that's voted on the recent motion and urge anyone that hasn't to weigh in on this as it's a huge step for us. Cheers. Edit: ...and also whew. It was looking like our toughest dividend day yet as pool luck has been abysmal...then this just a couple minutes ago:  Guess if you want something done right... |
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why don't you just remotely administer the rig from the datacenter? point it at your pool
you already are running out of infrastructure for machines as is correct? Hi stslimited. The only limiting factor has predictably been power and cooling. I've been addressing the problem of power by running several new circuits over the past week and I've added two additional AC units to cool our mining gear. I believe we have the infrastructure in place to handle this expansion. I'm told the minirig in it's current form has dual 1500w PSUs which should not be a problem. Keeping it cool is my only concern, but additional cooling can be added quickly if necessary. Cheers. |
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**Important Announcement**
bASIC-Mining virtual shareholders,
I'd like to get shareholder approval to fund the purchase of an immediately available BFL minirig with shares. The purchase price is 1300 shares payable when I take physical possession of the unit. An additional 325 shares would be issued to me at that time as per bASIC-Mining's contract. Dividends on these shares will offset the significant expense involved with hosting such a powerful piece of mining equipment. I believe this to be a good move for bASIC-Mining as it would increase our hashrate by over 100% while adding only 1625 outstanding shares(+3.25%). As this is a time sensitive negotiation I will be posting a motion within the hour.
Cheers.
I'm impressed. You're always ready with another sweet surprise. Just to confirm: It's the 500 GH/s rig, right? What is the ETA after the motion has passed? Hi dexX7. Correct...500Gh/s. The current owner says it's actually doing 480Gh/s currently. ETA would be the time it takes me to retrieve the unit from the data center it's currently hosted at and return. I'd prefer to transport the unit myself rather than ship it. Looks like a 22hr drive or a 3hr flight + 11hr drive in a fun rental car. In short I believe I can make this happen before this weekend if the motion passes quickly. Cheers. |
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**Important Announcement**
bASIC-Mining virtual shareholders,
I'd like to get shareholder approval to fund the purchase of an immediately available BFL minirig with shares. The purchase price is 1300 shares payable when I take physical possession of the unit. An additional 325 shares would be issued to me at that time as per bASIC-Mining's contract. Dividends on these shares will offset the significant expense involved with hosting such a powerful piece of mining equipment. I believe this to be a good move for bASIC-Mining as it would increase our hashrate by over 100% while adding only 1625 outstanding shares(+3.25%). As this is a time sensitive negotiation I will be posting a motion within the hour.
Cheers.
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Ordered some high performance fans for the singles and Avalons. I've already replaced some of the fans on the Avalons, but I need more deltas and 90mm fans meh...who keeps them around? Glad I'm in the process of moving everything to a dedicated "cold room", those deltas are LOUD.
Order Summary
Sales Order Number: 17421xxxx
Sales Order Date: 7/16/2013 9:55:58 AM
11 x Delta AFB1212GHE-CF00 120mm Case cooler
10 x bgears b-Blaster 90 90mm Case Fan
Total Amount: 3.63181585
Cheers.
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Although it seems the recent downward (not for long i think) trend of share prices reflect that people got a little too excited at your previous wonderful news, it's great to see that divvy slowly rise as you continually tweak the miners! Appears that BFL prefers to be all nekked.  Keep it up man. Can you enlighten us on any upcoming plans for BASIC's BTC reserve? Hi MilkyLep. I'm pursuing some leads, but nothing concrete to report at this time. With the recent expansion, coming batch 3 Avalon, and the current hot weather here in MI I've had to focus on running new circuits to keep our gear chugging along nice and cool. I'm curious to see where estimates for the next difficulty re-target end up. If the network continues tacking on hashes at the rate it has been then we'll have to be careful not to overpay for anything save the most efficient gear available. Cheers. |
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I bought a few shares of BASIC back in May. When I pulled up BTC-tc over the weekend I choked on my drink and spit it all over myself. Now my family is finally starting to get interested in btc investing (i know, i've been pushing them for a year+ now). Thank you creativex for the awesome work!! lol TY, couldn't have done it without you guys. |
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lol
...yeah we growed a bit. Thanks everyone, you guys are the best.
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I am so happy I invested in this...Creativex keep up the great work Thanks crash...will do! |
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Congrats Garr! Nice choice...Avalons are easy to get along with.
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