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What is it all about?
In a nutshell, you can buy 1 share at the price of 1 bitcent of 40,000 shares of a 3 months 400MH/s contract at bitcoinrigs.com.
This also explains the name of this business - even with the free 5 Bitcents from the faucet, you can start investing in a mining contract and buy 5 shares.
The asset name on GLBSE for this contract is "CM400" - short for "CentiMine 400 MH/s".
You can get an overview over all assets on GLBSE at http://dev.glbse.com/cgi-bin/list
How will the contract be fulfilled?
There will be 2 types of payouts, 1 big one at the end of the contract to keep rounding issues low and a weekly smaller payout.
The smaller payout will be the BTC generated on the previous Saturday and Sunday and be paid out on friday night to enable you to enjoy a bit-beer or so. This is also to reward people jumping on and buying shares early, as opposed to getting in late to get the big share (5/7th of the total income).
Tracking will be done at the moment manually by me via a google docs spreadsheet (so it is also nice to visualize via charts etc.), feel free to access it at:
https://spreadsheets.google.com/spreadsheet/ccc?key=tPbfdCrHmt_YDG3wo1c_92A&authkey=CN3s45YH
As this is done via GLBSE and everything is done/paid (on your side) in BTC, this is also a completely anonymous way to obtain a mining contract. You do not have to give your address or any other information to any mining contractor and I too cannot track who buys and trades these shares. Should this first try be a success, I might also offer additional contracts depending on demand in the future.
I plan to hand out 100% of the shares in this contract, in 2 waves:
Wave 1: This week as soon as the first payment of the contract arrived, limited to 5,000 shares to be able to check if everything works out on GLBSE
Wave 2: If everything works as expected, the rest of the shares until latest in one week from now: Tuesday 24th of May 2011.
Should there be any questions, or should you need assistance with GLBSE (command line clients are not for everyone, I know), feel free to ask.
There is now by the way also a nice online client available, check it out on GLBSE.com!
Links:
GLBSE: http://glbse.com/
GLBSE client installation instructions (Windows): https://gitorious.org/black-market/pages/Windows
GLBSE how-to (how to use the client): https://gitorious.org/black-market/pages/Tutorial
GLBSE vmware appliance: http://bitcointalk.org/index.php?topic=7912.0
GLBSE asset list: http://dev.glbse.com/cgi-bin/list
Link to this asset (CM400): http://dev.glbse.com/cgi-bin/asset?id=a3418fd35b48dbb9d366018537917dbc6481878fbfec8486751f1c411f210d7d.xml
Charts (not complete dataset yet, as it seems): http://charts.glbse.com/markets/CM400.html
List of recent trades: http://charts.glbse.com/markets/CM400/trades.html
Payouts so far:
| Date | | | BTC | | | Comment |
| Fri. May 27th | | | 0.0 | | | Payout function on GLBSE not yet tested |
| Fri. June 3rd | | | 5.16 | | | 3.3 from 1 week before + 1.86 from this week |
| Mon. June 13th | | | 1.86 | | | Bug in payout code fixed by nefario |
| Fri. June 17th | | | 1.42 | | | - |
| Fri. June 24th | | | 0.92 | | | - |
| Fri. July 1st | | | 0.58 | | | - |
| Fri. July 29th | | | 2.10 | | | Bulk payout from the past 4 weekends |
| Fri. August 26th | | | 282.38 | | | Final payout of weekend AND weekday balance |
Upcoming payouts:
| Date | | | BTC | | | Comment |
| never | | | 0 | | | No more payouts, as specified in the contract |
Please note that payouts will be split amongst all 40000 shares, not just the shares sold.
