A bit slow but they're selling. I've heard of interest in BTC-Mining and seen other mining offers almost sell out on preorders, yet slow.

Would appreciate feedback from the ones that were interested. Are everyone out of bitcoins after the other mnining corp IPOs or the new securities sub-forum just don't get as much exposure?

I'm considering either purchasing a chunk of the shares myself or paying for a bit of advertisement. Opinions on that?

Well, got myself an account and asked two questions about the mining operation we manage (price and hashing power change). We'll see what people think.

Shameless GLBSE threads spamming?  

Nice addition, even if just for the fun of it. Guess I might as well create a few questions for BTC-Mining for people to make predictions.

Edit: just added 2 questions now waiting in moderation (share price and hashing power changes)

Update. IPO has started.

As far as I'm aware, cheapest available right now per mhash, since other shares have gone up in price by quite a lot since they started.

I've been told over 6 weeks currently, so maybe up to 2 months before mining starts. It should be a reasonable wait time. They'll be purchased one at a time, as shares sell (or in one block if they sell fast enough.)

On another note, I started converting my home office by adding modular shelving. There will be a lot of extra room for expansion.

Before/After


Next step is hiring an electrician to add extra juice available. I'd rather not have electrical cords running across the floors from wall outlets but have a higher wattage right there. (Cords also being a failure point known as "tripping over cords")

I will also need to install a dedicated computer to run said rig.

Edit: Window is further on the left. I'm thinking about a wall mounted AC unit however.

Oh, are we talking about me?  

Yes, might be a bit rude, but still valid. She never implied it was required to be trusted, just that it would be helpful. If people wanted to verify personally, an established OTC-Rating would be a quite convenient way for them to confirm personally with me (and maybe chat a bit about it at the same time).

The fact I had already mentioned the lack of OTC ratings and already offered alternatives kind of bugged me however.

Indeed. However, I don't think overcoming either encryption or 50% of network power will be achieved in the next few years. How long will it last? Well if there's enough adoption to get enough transaction fees to make mining continuously profitable (and hashing power high enough), that should at least make the 50% part improbable.

There's also the argument fact that if you own 50% of the hashing power, with the revenue potential, why destroy bitcoins to start with? Although some people are indeed... not too sane and/or prone to extreme grudge against various things.

by "they", I referred to bitcoins.

However, I don't disagree with the fact that the verification method could be compromised by technological advances, but that is yet to see and I sure hope it does not happen.

As the IPO approaches, I'm preparing to get a tidy place for the rig.

Among other things, shelving space to accept equipment.

I also started to browse for fire and theft insurance for the value of the equipment.

All those are covered in the 10% administration fee of course.

Stay around for more updates. I'll take a picture once my home office is suitably converted.

Hmm, that sounds a lot like my offer. At least in general structure. Except instead of 50% for buying equipment and fees, it's 40% buying equipment and 10% fees. Otherwise same thing for buying equipment, selling assets and for dividends. Members actually do have right to 100% of the equipment and vote for selecting which kind to buy. I would simply manage the equipment for a fee.

Sounds like good rates overall. You've even had lot of talk. Although it seems like bad publicity. I suppose the 1 million shares IPO and lack of information didn't help. Care to give us more detailed information like planned equipment you'll purchase, how much do you actually expect your fees to actually take up, etc.?
----------------------------

I'm sorry, but they'll stay around as long as people value them and are willing to trade with them. I'm pretty sure it could live on more than 20 years, even if that means a large devaluation. It has become a convenient payment method for many people online (still low compared to other payment processor, but for such an odd concept, I still find the adoption impressive). It's possible they'll be gone by then, but I don't think their chance of surviving that long is even close to as grim as abysmal.
---------------------------

Well, that seems a bit unfair to say. His contract DOES include a clause that 100% of sales are returned to members, in case equipment must be liquidated.

I understand it would be the ideal method for people to check but I only have one OTC-Rating. http://bitcoin-otc.com/viewratingdetail.php?nick=Namjies&sign=ANY&type=RECV
Imsaguy is the only one who was willing to accept Paypal so I had to turn to exchanges like VirWoX. Can't really help it when people were not willing to trade or give a good exchange rate.

Bitcoins are not the only irreversible thing around however. Lots of digital goods/services are and I got good ratings. Like I said, if you want more references than GLBSE's info verifications and that OTC rating, just PM me and I'll point you to some accounts you can contact elsewhere with good ratings and I'll confirm from those.

48.34 BTC for about that price in difference ain't bad at all. Are they overclocked? Even if so, you should be able to calculate approximative power consumed. (or mesure the total electricity consumed by your whole rig including computer with an amperemeter.)

References? Not really among the bitcoin community. I made one trade directly with a member https://bitcointalk.org/index.php?topic=49120.msg590481#msg590481. I usually use exchanges to get bitcoins. I do have good itraders on other forums, been in the web services business for quite some time. If people want to verify those, they can PM me to arrange logging in and confirming from outside sources.

I'm not willing to just give away photo ID scan to anyone, but my business registration required a valid ID when I presented myself and can be verified online.
http://www.registreentreprises.gouv.qc.ca/en/default.aspx
Click on "Find Enterprise" and search for Namworld or 2266754961 to get it. Nefario should be able to confirm the ID is for the same name. I'll PM him to request it.

Hello,

BTCMining.ca is a co-owned mining operation where each member owns a part of the equipment (COOP like operation).

It will operate in Montreal, Canada. Initial planned output is (3 Terahash/s) using Butterfly Labs ASICs Rigs and administration fees are 10% as per contract.

Quicklinks:
Website: BTCMining.ca
Contract: http://www.btcmining.ca/contract or see GLBSE page
Buy shares: https://glbse.com/asset/view/BTC-MINING

Advantages

• (300 mhash/share) @ 1 BTC each: Includes 50% returned to members, 40% for buying new equipment to replace and expand and a low 10% administration fee.
• Equipment will be insured against theft and fire. /covered by the 10% fees
• Equipment will be maintained /covered by the 10% fees
• Operation's power bill and supporting material: cables, computers, cooling, extras, etc. /covered by the 10% fees
• All equipment is owned by the members. They are entitled to 100% of sale proceeds with no fee assessed by management if the operation stops.
• Green and cheap energy: Hydroelectric power @ $0.075/kwh
• Cheap and clear fees (10%) compared to many other mining operations. Others have undisclosed percentage of fees or 100%+ Pay Per Share hashing power perpetual bonds without disclosing how much actual hashing power they buy in total with the funds or which amount goes into keeping it perpetual or admin fees.

(3 ASICs Mini Rigs) will be purchased for (300 mhash/share), with 10% for administrative fees, 40% reinvested in more equipment for the members and 50% paid out in dividends.
Detailed expected initial numbers for IPO:BTC-Mining IPO page

Need anything clarified? Post your questions and I'll update this post.

10000 shares will be issued on IPO, with the possibility to vote to issue more should the members wish to expand even faster.

Regards,
Juan-Samuel

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FAQ
Many people asks us why we don't offer the same as other mining operations or requests something different, basically wanting more mining bonds. We are simply not offering bonds, but an alternative. We will try to explain why we chose that structure. You can judge whether that makes sense to you and if it is what you are looking for.
 
Q. Why should I wait for the equipment delivery when I can get hashing now? Why should I wait for returns?
Answer: Because you are actually buying the equipment with others. You have a right to 100% of the equipment's sale if it is voted to be sold if and when people want to stop the operation. You get lower administrative fees and better advantages that way for waiting some time and pre-funding your own equipment instead of buying a fraction of a current mining operation.

Q. Why 40% reinvested? What if I want 100% proceeds? Why not issue more share to replace equipment and just give people 100% of mining now?
Answer: Because under that model, we would get more and more shares for simply replacing the equipment, basically keeping the same hashing power for a growing amount of share while still having to sell as many shares at the same price for each replacement. Shares dilution would occur and the operation would die out since people don't pay for the replacement of the equipment power associated to their shares. Getting new shares sales to pay for the replacement of the hashing of your old shares would not be right. Equipment needs to be replaced and extra equipment added for the shares to gain value and the operation to grow. You also need growing hashing power to compete with increasing difficulty.

Q. But other mining operations offer 100%+ Perpetual PPS paid right now! Why would I need to reinvest 40%?
Answer: You get 100%+ PPS on a specific hashing power from current miners' hardware who would then buy with your funds more hashing power then you actually bought with it. This extra hashing they buy is usually an undisclosed amount on which they get their profit and pay for the replacement needed to keep it a perpetual bond. You get 100% of the hashing they agreed to give you. With us, you know the fees are a low 10% because it is a service we provide and you funded the equipment in advance. Although the dividends are a bit lower, the 40% reinvested is all equipment that is added to YOUR part in the hashing power. It's a long term investment with a growth plan. Look at the planned numbers here: Expected hashing and returns

Q. It looks interesting, but I am afraid others won't buy or like it. What if shares don't sell fast enough and my funds are withheld for a long period until we can purchase equipment?
Answer: There's a maximum period for the IPO of 2 months (Ending June 23rd).* It don't think people should let emotion interfere with how they place their money. Ponder whether the terms are interesting and if the wait time is worth it. If you like the terms, the best way to make it happen would be to invest to speed the process and encourage others to do the same thing.

I've negotiated a hashing power deal. I will be privately buying 40 mhash/11BTC bonds with the funds that will be reimbursed by the end of august. See announcement. With the discounted hashing power we're buying, it's currently more advantageous to buy BTC-Mining than other traditional mining operation shares considering you get returns during the funding phase and 100% of funds will still go on the newest hardware.

*I'd still try to get your shares purchased back after on the 23rd June if you still really want to get off. Just request it.

Q. Why not place the money in Pirate Bonds or something else to get returns for people while we gather funds for the equipment?
Answer: For the pirate bonds, there's some controversy about it even if pirateat40 is trusted. Many have doubts about the up to 7% returns a week being even close to realistic or feasible. Many are pro pirate, but many are also sure he will default. Personally I do not believe it is a safe investment. This is a mining only operation and I am offering a professional management service. I am not going to start risking and placing people's money which I've been entrusted with left and right when they are intending to be co-buying Butterfly Lab mining equipment. We are holding those funds for the purchase of the offered mining equipment only.

Q. So it is a long term investment?
Answer: Definitely. And you would still get approximately 3.75 mhash/BTC of dividends with current IPO on the 50% dividends, a better rate than most current titles because they raised in value immediatly after IPO. (Current valued at 2.70 - 3.40 mhash per BTC). That's not counting the massive reinvestment of 40% as an extra. The waiting time should be worth your while. This would be possible because you are funding the equipment yourself, we only service it.

Slush's pool had a security issue back in March. If you've been mining for 8 weeks, it happened after you suscribed:
https://bitcointalk.org/index.php?topic=66916.0

Maybe someone just managed to break the encryption and get your password. In that case, whatever he find is good I guess.

I believe he is simply advancing that a completely hypothetical market manipulator might or might not be attempting to push the prices up for this recent raise.

It looks like quite an insignificant change however in my opinion.

I suppose a better design would help.

If you are just selling a few items for now, you might be better served going through an actual auction website just like eBay. For bitcoins, there's http://bitmit.net I'm aware of.

And maybe use an actual eCommerce script and implement bitcoins billing at a later date.

Since you're in Canada, I'd have to agree about Cavirtex for direct payment.

Alternatively, if you have Paypal funds: VirWoX
It's the only place I think big enough to accept Paypal and sell bitcoins. Probably because of their size and established trustworthiness, Paypal don't accept "I haven't received my virtual currency!" for disputes. One of my favorite place for a few quick bitcoins. 

Usually for long term tracked payments (if they can be revoked - eg: user cancel suscription before 1 month) you can either delay rewards or if reward is immediate and final (but your earnings are paid on the first of each month, for example) you could get it out of your own pocket/have extra funds available.

A membership portal with various merchants available with variable cashback per $ spent or per completed offer would be great.

There are also the "earn free reward" networks with extensive API which offer various offers like surveys or subscriptions (the kind power free facebook credits, free Kreds on Kongregate's gaming portal, free gold, coins or any website's currency. Those could also be applied to reward members but with bitcoin rewards that can be cashed out.

Usually the more merchants/free rewards/ads provider can be included/offered, the better (may require implementing many external API as well as a in-house one for direct advertising merchants). It would require a members portal in any case however.

Hmm, reward programs applied to bitcoins?

I believe traditional point rewards programs working like this can make big $$$ on this (and merchant can advertise with them by offering cashbacks). Overall, I suppose the multi-merchants tracking system, getting paid by them and then paying members might be quite a task to plan and deploy.

Still, a nice idea for bitcoins. Might even get new people interested in bitcoins. If you grow bigger, getting better deals from merchants should be possible and leave you more margins to make actual profit directly.