CoinMonk - Invest in Bitcoin Mining

[Benson Samuel]

Very nice. Knew this was going to be an awesome venture.

[jackthebeanstalk]

Is there any security backing for this venture?

[Pinwheel]

congrats !!
 where you mining with it. With last diff increase 18% it become more and more problematic to find functional pool. PPS shares now too low BTC guild 0.00000061 and PPLNS is even worse. Any way good luck with it.

2x 88 Gh/s Avalon miners recently added to CoinMonk Bitcoin Mining Farm.  

CoinMonk is now supporting 1/1000th of total bitcoin network.  

Initial Testing:



Night Vision:



PCB development for BFL chips is also under progress.  First prototype expected before end of September.  

[Amitabh S]

2x 88 Gh/s Avalon miners recently added to CoinMonk Bitcoin Mining Farm.  

CoinMonk is now supporting 1/1000th of total bitcoin network.  

PCB development for BFL chips is also under progress.  First prototype expected before end of September.  

Really awesome!!
I heard on the grapevine that they are actually mining at much higher than 88GH/s each, somewhat close to 125 GH/s.



I'm also interested to know which pool you are using. How's ozco.in compared to BTC Guild and others in terms of returns per day?

[xb0x]

Wondering how much you are minning every day/ week at current minning rate and difficulty ..

and according to that how much share/btc , a person is getting with 1 share holding ?

Also, on what time basis sharing fund get released to holder ?

// a newcomer question in minning!

[dashingriddler]

The miners are mining at the rate of 3.5+ BTC per day. These are over clocked to 110ghs already.
These are mining on btcguild as PPLNS but connected to their private servers (to avoid DDoS attacks).

We distribute the dividends at the end of every week +/- 1 days for just in case reasons.

Present statistics
Active Shares   424
Unique share holding addresses   11
Shares available for purchase   9576
Present hashing power   230.5 Gh/s
Last weekly dividend   0.01 BTC per share (avalons had hashed for less than 36 hours before this dividend was paid)
Gh/s per share   556.6792 Mh/s per share
In orders (short term)   0 Gh/s
In orders (long term)   260 Gh/s

for some reason ozco.in is not doing so well i guess. twice there was 12+ hours without finding a block so i switched to btcguild which is presently doing good

[xb0x]

The miners are mining at the rate of 3.5+ BTC per day. These are over clocked to 110ghs already.
These are mining on btcguild connected private servers (to avoid DDoS attacks).

We distribute the dividends at the end of every week +/- 1 days for just in case reasons.

Present statistics
Active Shares   424
Unique share holding addresses   11
Shares available for purchase   9576
Present hashing power   230.5 Gh/s
Last weekly dividend   0.01 BTC per share (avalons had hashed for less than 36 hours before this dividend was paid)
Gh/s per share   556.6792 Mh/s per share
In orders (short term)   0 Gh/s
In orders (long term)   260 Gh/s

for some reason ozco.in is not doing so well i guess. twice there was 12+ hours without finding a block so i switched to btcguild which is presently doing good

Okay i see. Bought 1 share currently. Let me see weekly dividend of this week if better, so that could buy more..  Hope it increase!

[dashingriddler]

Okay i see. Bought 1 share currently. Let me see weekly dividend of this week if better, so that could buy more..   Hope it increase!

Oh so that 1 anonymous share was your then. I kept wondering who could that be. U r lucky that u got your first dividend the same day u invested

[xb0x]

Okay i see. Bought 1 share currently. Let me see weekly dividend of this week if better, so that could buy more..   Hope it increase!

Oh so that 1 anonymous share was your then. I kept wondering who could that be. U r lucky that u got your first dividend the same day u invested

Hahaha, yes i wondered too.   how did i got the share same day i invested ? ( i thought to invest more but sharing was damn less, so thought to wait )

[dashingriddler]

Samples of our physical coin arrived. You can take a quick look at it on http://coinmonk.com/coins.php
Now we are waiting for our packing materials, and once we approve that, we will get into full scale production

[Benson Samuel]

Samples of our physical coin arrived. You can take a quick look at it on http://coinmonk.com/coins.php
Now we are waiting for our packing materials, and once we approve that, we will get into full scale production

They look awesome. Would love to see them at a meetup.

[infonetenergy]

Introduction to bitcoin, bitcoin mining and CoinMonk (thanks to dashingriddler and rezurect for contributions):

http://unoco.in/wp-content/uploads/2013/06/What-is-Bitcoin-CoinMonk1.pdf

[xb0x]

Introduction to bitcoin, bitcoin mining and CoinMonk (thanks to dashingriddler and rezurect for contributions):

http://unoco.in/wp-content/uploads/2013/06/What-is-Bitcoin-CoinMonk1.pdf

Very well defined and wisely explained.

[dashingriddler]

Dividend issued per share this weekend is 0.04008998 BTC
Thanks to avalons

[wisard]

Potential investor here.

Can you please answer 2 questions for me?

1. What do you pay for electricity?

2. Is the 5% reinvestment set in stone? The number is too low. It does not keep up with the rise in difficulty.

[dashingriddler]

Hello,
We pay a little less than 0.09 USD per killo watt for electricity. Our units are based in government allocated industrial area which is the cheapest sector in India.
I agree that 5% is not good enough for the way the difficulty is increasing. But the present idea is that, we will still have new shares being purchased (1BTC each share) which is combined with 5% reinvestment from the profits should be enough to get new equipments. Once we sell off all 10,000 shares, then we may need to adjust this 5% to a 15% or so i am thinking. To answer your question, no that 5% is not set in stone and likely to change depending on the circumstances but as always it will be done in the best interest of returns to share holders.