btt

[Twilight_Sparkle]

I know from experience that a solid number of shareholders get antsy when we're not deploying idle capital and this is, IMO, a relatively safe and effective use of a small portion of our funds. I'm just trying to strike a balance here while we await the coming flurry of hardware deliveries and hopefully shorter lead times as well as more reasonable prices.

Cheers.

While deploying idle capital is always something to consider, as someone who has been burned several times by buying into overpriced things (and I fear that I have yet to fully learn that lesson), I definitely do not mind sitting on idle funds. The AM @ 3 I feel were bought a bit overpriced (Those new usb miners, I do not really see as a huge moneymaker for them). The LC were a bit better, definitely glad you got them before the potential news update, as they will definitely become overvalued after it.

When it comes right down to it though, It takes up such a small portion of the holdings and that the impact is so small, that I don't care too much about it. It is all relative.

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[creativex]

Looks like ASICMiner is getting revved back up. Definitely a welcome sight:

[creativex]

I've purchased two COOLER MASTER V1000 RSA00-AFBAG1-US 1000W PSUs to replace the stock 850w Enermax units in av5 & av6. While av5 has been behaving fine, av6 is intermittently shutting down and getting higher than expected hw errors. The stock PSUs cannot handle 4 overclocked modules long term. When the new PSUs arrive I'll move the 850s to av3 & av9 as these two are struggling to get enough power to clock higher with their 700w PSUs.

http://www.amazon.com/dp/B00CGY4ETG/?tag=extension-kb-20

Total paid is 2.77163805.

Cheers.

Edit: Tracking information indicates these should be delivered tomorrow(8/28).

[almwaysa]

Hi creativex
I wonder if it is possible to put a threshold on a number of reinvestment funds that needs a vote before spending.
What I mean say the threshold for example is 20 BTC, anything to be spent more than that would need a motion while anything less than does not need a vote. a timeframe for less than 20BTC payment is required to prevent using the funds frequently without votes

It's just a suggestion, we have full faith in you, and you are doing a great job

[creativex]

Hi almwaysa. What sounds reasonable in theory would prove problematic in practice. All of the purchases I've made in the secondary market have been time sensitive, it's just the nature of the beast with difficulty rising so rapidly. I've made deals and been on the road within hours. I cannot bid on something that has a short term deadline and expect to receive majority response in time to act and in fact I tend to avoid auctions with open ended or extended dates as this is just lost revenue and/or a lengthy potential commitment that may or may not pan out. This is also why I've traveled around the country retrieving gear at my own expense. I don't want our funds tied up in gear that's languishing at a fedex office or on a truck being tossed around. Pre-approval motions have been used in the past to deal with this issue whenever possible so that I'm able to act swiftly when the opportunity presents.

Cheers.

[AbendWind]

Hi, creativex, can you, please, tell me, I want to know, what dividents per share are normal for basic-mining?
Is is 0.012, 0.020, 0.010, or more, or less.
What dividents are scheduled in your business plan?

[creativex]

Hi, creativex, can you, please, tell me, I want to know, what dividents per share are normal for basic-mining?
Is is 0.012, 0.020, 0.010, or more, or less.
What dividents are scheduled in your business plan?

Hi AbendWind. bASIC-Mining is an actual mining company helping to secure the bitcoin network, a share of which constitutes ownership of 1/51625th of all assets held by the company. When our mining revenue goes up due to more hardware being added dividends/share increase. When our mining revenue goes down, usually due to difficulty increases, then our dividends/share decrease.

From the contract:

70% of all revenue generated by bASIC-MINING will be distributed to shareholders on a daily basis. To ensure that bASIC-MINING can continue to grow and remain competitive as the BTC network grows, 30% of mining revenue will be held in reserve to purchase new hardware.

Approximately every 24hrs I simply take the balance of all new mining revenue multiply it by .7, add 100% of investment revenue received(if any), and disperse this amount to shareholders. There is not now, nor has there ever been, a plan to guarantee any fixed dividend rate. The entire company is instead owned collectively by it's shareholders of which I am but one.

The contract as well as additional information about bASIC-Mining is available at these links:

http://www.basic-mining.com/faq/
https://bitcointalk.org/index.php?topic=130982.msg1401799#msg1401799
https://btct.co/security/BASIC-MINING

[creativex]

CoinTerra has recently announced a price cut(-11.1%) for their 2Th/s rig available for December delivery. I believe this is a new price low in $/Gh and on a product that appears to have the highest efficiency to date. These guys also have the best credentials of any pre-order vendor to date. bASIC-Mining could tack on 6 of these(+12Th/s) with our resources at the current exchange rate(bitstamp).

This news comes after knc announced significantly lower prices for November delivery. We know too that ASICMiner is prepping their gen2 blades for Q4 deployment/delivery and Avalon has announced a gen2 product for October delivery(no pre-orders). I believe we're in a position to benefit handsomely by staying the course and letting this price war play out while piling up funds with the not insignificant hardware we currently have hashing for us. We can then make a much more informed decision without needlessly locking in a price and exchange rate that may prove unfavorable down the road.

This is my continuously evolving plan for our company going forward and I welcome suggestions/criticisms from my fellow shareholders and non-shareholders alike.

Cheers.

http://www.coindesk.com/cointerra-cuts-price-of-terraminer-iv-bitcoin-mining-rig/

[lunarboy]

CoinTerra has recently announced a price cut(-11.1%) for their 2Th/s rig available for December delivery. I believe this is a new price low in $/Gh and on a product that appears to have the highest efficiency to date. These guys also have the best credentials of any pre-order vendor to date. bASIC-Mining could tack on 6 of these(+12Th/s) with our resources at the current exchange rate(bitstamp).

This news comes after knc announced significantly lower prices for November delivery. We know too that ASICMiner is prepping their gen2 blades for Q4 deployment/delivery and Avalon has announced a gen2 product for October delivery(no pre-orders). I believe we're in a position to benefit handsomely by staying the course and letting this price war play out while piling up funds with the not insignificant hardware we currently have hashing for us. We can then make a much more informed decision without needlessly locking in a price and exchange rate that may prove unfavorable down the road.

This is my continuously evolving plan for our company going forward and I welcome suggestions/criticisms from my fellow shareholders and non-shareholders alike.

Cheers.

http://www.coindesk.com/cointerra-cuts-price-of-terraminer-iv-bitcoin-mining-rig/

Hear hear !

keep the powder dry until the the price war has subsided. Come November this battlefield will be a very different place.
Maybe ... just maybe, top up those Asciminer shares to tide us over.

(obviously if you get the opportunity to go "travelling" again in the mean time to pick up the odd bargain bucket hashes then all the better)

[MilkyLep]

-snip-

This news comes after knc announced significantly lower prices for November delivery. We know too that ASICMiner is prepping their gen2 blades for Q4 deployment/delivery and Avalon has announced a gen2 product for October delivery(no pre-orders). I believe we're in a position to benefit handsomely by staying the course and letting this price war play out while piling up funds with the not insignificant hardware we currently have hashing for us. We can then make a much more informed decision without needlessly locking in a price and exchange rate that may prove unfavorable down the road.
-snip-

I couldn't agree more. On another note, I had a stroke of genius last night ^{(or was it futility?)} that I plan to mull over at work tonight before I share the idea with you creativex.

[weezerfan]

I recently bought some shares for BASIC-MINING and I wanted to say that I agree with your strategy and business plan, CreativeX. I know you just got a site set up, but if you ever need any help in the web area, let me know. I would love to help. I'm looking forward to see what happens when all these ASICs ship and what you decide to do.

[guitarplinker]

I'm debating whether to buy a share in bASIC today or sometime later.

Any real reason to wait? It takes me about 10 days of mining to generate enough to buy a single share of bASIC-MINING.

I have a few shares in DMS.MINING that are paying well and have made me a decent bit, but I don't know, should I buy a bASIC share now?

[deltanine]

I'm debating whether to buy a share in bASIC today or sometime later.

Any real reason to wait? It takes me about 10 days of mining to generate enough to buy a single share of bASIC-MINING.

I have a few shares in DMS.MINING that are paying well and have made me a decent bit, but I don't know, should I buy a bASIC share now?

You'll likely only get one answer here because we don't normally get trolls on this thread.  For me, it's a no brainer.  Creativex is a solid, level-headed manager with a good track record.  The yearly div yield is around 25%.

That's enough for me to invest.  You may judge securities differently than I so take this advice for what its worth and own the decision you make.

[guitarplinker]

I'm now the proud owner of a single bASIC-MINING share, which I believe equates to around 25MH/s with current equipment.

[deltanine]

I'm now the proud owner of a single bASIC-MINING share, which I believe equates to around 25MH/s with current equipment.

Welcome to the Gentlemen's Club.

[guitarplinker]

I'm now the proud owner of a single bASIC-MINING share, which I believe equates to around 25MH/s with current equipment.

Welcome to the Gentlemen's Club.

Why thank you good sir.

I seem to have a natural knack of buying when everything is low. Bought my share at the low point today (0.2005BTC) and when I bought some DMS.MINING shares they were low as well.

[stslimited]

I'm now the proud owner of a single bASIC-MINING share, which I believe equates to around 25MH/s with current equipment.

Welcome to the Gentlemen's Club.

Why thank you good sir.

I seem to have a natural knack of buying when everything is low. Bought my share at the low point today (0.2005BTC) and when I bought some DMS.MINING shares they were low as well.

lol, you probably bought from me

[JimiQ84]

what about this?

https://bitcointalk.org/index.php?topic=282867.0

Asicminer blade block eruptor per 3.9 if you take 20 - 78BTC per 200GH/s (probably even 260GH/s overclocked). Efficiency is low, but the price is really good.

[guitarplinker]

what about this?

https://bitcointalk.org/index.php?topic=282867.0

Asicminer blade block eruptor per 3.9 if you take 20 - 78BTC per 200GH/s (probably even 260GH/s overclocked). Efficiency is low, but the price is really good.

That's always an option, but I think there might be better deals once/if KnC ships. Not sure if bASIC is into KnC miners, but they look to be pretty good. But good find.

Also, are there still any motions that bASIC puts up on BTCT anymore? It looks like the last one was mid-July. Maybe there just isn't anything to vote on.

[creativex]

I like the move by AM to lower the price of blades, but I think we can find better opportunities to purchase HW. We should see some results from Bitfury shipping products for August delivery very soon and knc shortly after. I'd like to see how it plays out.

Hi JimiQ84 guitarplinker. That's correct, there hasn't been much to vote on. Our last pre-order was for an Avalon B3 and we've been tacking on Avalon & BFL gear from the secondary market since which was approved by shareholder vote.

Cheers.

Edit: addressed the wrong person.