btt

[creativex]

What do you think of getting on some bitfury chips (when they become available)?

Hashing @ 0.39 watts per 1GH/s of power.

We should get in on this. Shipping from Russia is the problem

Impressive result, thanks for the info. I'd prefer a single source for a finished product, but will look into it.

I've been in contact with a fellow that claims to have a Bitcoin mining device for sale. He's been unresponsive, vague, and it seems English is his second language, but he now claims to have the unit in hand. This sounds like an Avalon batch 2, but he's posted no pictures. As this is only 100 miles or so from my office I'm trying to arrange a meet & greet to examine the device. I'll keep you guys posted.

Sounds like a scammer to me

He's a bit off for someone actively trying to sell something. I'm thinking he's on the fence about selling it or at least not very motivated. At any rate, I've no intention of sending him anything save requests for more information until I see the unit first hand and that'll be sometime next year at the rate in which he responds to communiques.

Update

I've an after dinner face to face with a guy selling some kind of mining gear via craigslist. Wish he'd have gotten back to me over the weekend while I was in Ann Arbor and therefore a whole lot closer, but whatcha gonna do.

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[creativex]

I've set the Avalon to balance share submissions on bitparking, bitminter, and slush so that we can get increased stability in our daily payouts.

Cheers.

[creativex]

UPDATE:

A second Avalon has been obtained by bASIC-MINING. Details to follow.

[matt4054]

UPDATE:

A second Avalon has been obtained by bASIC-MINING. Details to follow.

Sweet! Is that the one from the motion to buy a second-market Avalon? So a third one will be coming with batch #3? That all sounds pretty good for the dividends as much as for the stock price

EDIT: don't forget to post an announcement on BTC-TC

[stslimited]

UPDATE:

A second Avalon has been obtained by bASIC-MINING. Details to follow.

please post yesterday's hash rate, and today's hash rate, if possible

I have had a hard time keeping up

[Carnth]

UPDATE:

A second Avalon has been obtained by bASIC-MINING. Details to follow.

I demand MOAR pics.

And I also want to throw out Fireduck's Horrible Horrendous  mining pool again. I say we give it a week and see how it goes. Lower fees are nice.

After thinking it over: Shareholders may not want to go that route. 

[creativex]

Your demands will have to wait till tomorrow...must sleep.

Both Avalons are load balanced on bitparking, bitminter, and slush. Hopefully variance will be manageable this way.

Cheers.

[creativex]

Sweet! Is that the one from the motion to buy a second-market Avalon? So a third one will be coming with batch #3? That all sounds pretty good for the dividends as much as for the stock price

Hi matt4054. That's correct, we still have a batch 3, 4 module Avalon on order.

[creativex]

please post yesterday's hash rate, and today's hash rate, if possible

I have had a hard time keeping up

This is more complicated with the Avalons set to balance share submissions on three separate pools as each updates stats at different speeds. The status display on the Avalons seem to average out to right around 70,000Mh/s each @ 300Mhz so we're getting about 140,000Mh/s from them.

We're mining as timonex on bitminter, which says 44,120Mh/s right at this moment, but varies by a few percent +/-. This is public and should generally be about 1/3 of our Avalon mining power as both Avalons are currently set to submit 1/3 of their shares to bitminter.

Cheers.

Edit:

To follow up on this here's our status display on bitparking ATM:



As you can see the variance can be pretty brutal.  

[lunarboy]

UPDATE:

A second Avalon has been obtained by bASIC-MINING. Details to follow.

YOU THE MAN !

[creativex]

I demand MOAR pics.

And I also want to throw out Fireduck's Horrible Horrendous  mining pool again. I say we give it a week and see how it goes. Lower fees are nice.

After thinking it over: Shareholders may not want to go that route. 

I'll try to get moar pics snapped in the near future.

While I like low fees, Horrible Horrendous TT doesn't appear to do merged mining or shared transaction fees. The other pools I've chosen do at least one or the other...if not both(slush & bitminter). Bitparking is working on adding shared transaction fees and has reduced their fee to 0% until it's implemented.

[creativex]

YOU THE MAN !

TYVM!

...the man needs to get some coffee. :p

[creativex]

I'm considering a new motion.

I'd like to get a sense of what other shareholders think of the idea of a stock split. We have a lot of shareholders with < 10 shares and I think for some liquidity is becoming a problem. I feel that if we did a 3x or 4x split many of our smaller investors could take some profit if they so choose while still maintaining a stake in bASIC-MINING. Conversely many smaller investors on the sidelines could take a position without bASIC-MINING becoming an uncomfortably large portion of their diversified portfolios. Thoughts?  

Edit: I believe this is possible with current btct.co software...perhaps burnside can weigh in on this.

[bobboooiie]

Yeah, was just thinking about bringing this up to you. It would be pretty natural move at this point

[miTgiB]

I'm considering a new motion.

I'd like to get a sense of what other shareholders think of the idea of a stock split. We have a lot of shareholders with < 10 shares and I think for some liquidity is becoming a problem. I feel that if we did a 3x or 4x split many of our smaller investors could take some profit if they so choose while still maintaining a stake in bASIC-MINING. Conversely many smaller investors on the sidelines could take a position without bASIC-MINING becoming an uncomfortably large portion of their diversified portfolios. Thoughts?  

Edit: I believe this is possible with current btct.co software...perhaps burnside can weigh in on this.

I was actually thinking about this today before you posted it, and had a 10:1 split in mind.  While technically a non-event, it does go a long way to investor psychology.  I am in for the long term hold, but this would give those looking for the short term trade more options.  There is a large war chest (1400+) of bitcoin to put to work, so the share price has a way to go, but if nobody is willing to sell....

It also adds the ability to reinvest dividends quicker for those who wish to hold and have smaller amounts of shares.

Getting the share price down through a split will also put a damper on anyone wishing to start a micro-share passthrough in the near future.  So putting the motion out there is a great idea.

[funkymunky]

I would appreciate that too.

Good idea

[creativex]

Thanks for the input guys.

I hadn't really considered a split with the kind of granularity that a 10:1 could provide, but it's an interesting option. I'm a fan of automatic dividend reinvestment programs and it's one of the primary reasons I wanted to implement these burdensome daily payouts in the first place. With the current relatively high share price DRIP's usefulness is less than optimal and a split will go a ways toward correcting this as well as increasing liquidity for some.

I'm fairly sure this is possible with a trading security and not just an import, but let me check in with burnside to be certain before starting a motion.

Cheers.

[miTgiB]

Not my intent to make a cluster of it, but a company run DRIP would be attractive by offering treasury shares, but would require another motion since all IPO shares are issued.  Just a thought to retain a growth fund with minimal dilution.  And naturally fractional shares are not an option.

[lunarboy]

10:1 would seem the sensible division. Very easy for all to just move the decimal and would give a nice level of liquidity. I think this would be forward thinking.

[creativex]

Not my intent to make a cluster of it, but a company run DRIP would be attractive by offering treasury shares, but would require another motion since all IPO shares are issued.  Just a thought to retain a growth fund with minimal dilution.  And naturally fractional shares are not an option.

I'm opposed to treasury shares and would vote against such a motion were I to raise one. There's a growth fund built into bASIC-MINING's contract as it stands, so there's no need to gum up the works. The growth fund(or Reinvestment Fund) was suspended by shareholder vote on 12/29/12 after delays to the original ASIC hardware shipment prompted me to raise such a motion. The section of the contract covering the growth fund and the motion that suspended it are as follows:

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.

https://bitcointalk.org/index.php?topic=130982.0

Motion to suspend the 30% Reinvestment Fund contributions and instead disperse
the funds as daily dividends to shareholders, until such time as the company's
pre-ordered bASIC01 mining unit arrives. At such a time the 30% Reinvestment
Fund would be reinstated as per bASIC-MINING's contract.

https://bitcointalk.org/index.php?topic=130982.msg1423888#msg1423888

While we could wait until the sun burns out to receive our bASIC01 mining unit(...and remain empty handed...and cold), we have received nearly twice the hashing power it would've provided had BTCFPGA not gone south.

Cheers.