btt

[wiak2]

What price point do you plan to put the additional shares up at?

If I read it right, I believe the buyer would be paid in 1300 shares.

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[FloatesMcgoates]

What price point do you plan to put the additional shares up at?

If I read it right, I believe the buyer is being paid in 1300 shares.

Oh yeah now that I re-read it you definitely seem to be right.

[dexX7]

**Important Announcement**

bASIC-Mining virtual shareholders,

I'd like to get shareholder approval to fund the purchase of an immediately available BFL minirig with shares. The purchase price is 1300 shares payable when I take physical possession of the unit. An additional 325 shares would be issued to me at that time as per bASIC-Mining's contract. Dividends on these shares will offset the significant expense involved with hosting such a powerful piece of mining equipment. I believe this to be a good move for bASIC-Mining as it would increase our hashrate by over 100% while adding only 1625 outstanding shares(+3.25%). As this is a time sensitive negotiation I will be posting a motion within the hour.

Cheers. 

I'm impressed. You're always ready with another sweet surprise.

Just to confirm:
It's the 500 GH/s rig, right? What is the ETA after the motion has passed?

[creativex]

**Important Announcement**

bASIC-Mining virtual shareholders,

I'd like to get shareholder approval to fund the purchase of an immediately available BFL minirig with shares. The purchase price is 1300 shares payable when I take physical possession of the unit. An additional 325 shares would be issued to me at that time as per bASIC-Mining's contract. Dividends on these shares will offset the significant expense involved with hosting such a powerful piece of mining equipment. I believe this to be a good move for bASIC-Mining as it would increase our hashrate by over 100% while adding only 1625 outstanding shares(+3.25%). As this is a time sensitive negotiation I will be posting a motion within the hour.

Cheers. 

I'm impressed. You're always ready with another sweet surprise.

Just to confirm:
It's the 500 GH/s rig, right? What is the ETA after the motion has passed?

Hi dexX7. Correct...500Gh/s. The current owner says it's actually doing 480Gh/s currently. ETA would be the time it takes me to retrieve the unit from the data center it's currently hosted at and return. I'd prefer to  transport the unit myself rather than ship it. Looks like a 22hr drive or a 3hr flight + 11hr drive in a fun rental car. In short I believe I can make this happen before this weekend if the motion passes quickly.

Cheers.

[stslimited]

why don't you just remotely administer the rig from the datacenter? point it at your pool

you already are running out of infrastructure for machines as is correct?




I am so mad I didn't get this notification from BTCT.CO in my email, I sold 1/4th of my position earlier today due to questions about difficulty and expansion

[miTgiB]

why don't you just remotely administer the rig from the datacenter? point it at your pool

you already are running out of infrastructure for machines as is correct?

His 20% stake in the company is to pay the costs of running the equipment, if he feels he can self host for less than a data center, I see nothing wrong.  I know I pay $1,000/mo per cabinet and 20A of juice in several data centers.

[stslimited]

why don't you just remotely administer the rig from the datacenter? point it at your pool

you already are running out of infrastructure for machines as is correct?

His 20% stake in the company is to pay the costs of running the equipment, if he feels he can self host for less than a data center, I see nothing wrong.  I know I pay $1,000/mo per cabinet and 20A of juice in several data centers.

got it

[creativex]

why don't you just remotely administer the rig from the datacenter? point it at your pool

you already are running out of infrastructure for machines as is correct?

Hi stslimited. The only limiting factor has predictably been power and cooling. I've been addressing the problem of power by running several new circuits over the past week and I've added two additional AC units to cool our mining gear. I believe we have the infrastructure in place to handle this expansion. I'm told the minirig in it's current form has dual 1500w PSUs which should not be a problem. Keeping it cool is my only concern, but additional cooling can be added quickly if necessary.

Cheers.  

[miTgiB]

why don't you just remotely administer the rig from the datacenter? point it at your pool

you already are running out of infrastructure for machines as is correct?

Hi stslimited. The only limiting factor has predictably been power and cooling. I've been addressing the problem of power by running several new circuits over the past week and I've added two additional AC units to cool our mining gear. I believe we have the infrastructure in place to handle this expansion. I'm told the minirig in it's current form has dual 1500w PSUs which should not be a problem. Keeping it cool is my only concern, but additional cooling can be added quickly if necessary.

Cheers.  

Something to consider if you are in an area with cool/cold winters is running the AC during these times, to have the compressor modified to stop the fan at times, if they run 24/7 they will freeze in the winter

[gnomesick]

Hi creativex,

I don't know how much of a hurry you are in to have this motion passed, but I didn't receive an email notifying me of the motion, and only noticed it because I check btct.co and this thread reasonably frequently.  If you'd like to get the attention of some of the less active shareholders, I might consider putting a notification on btct.  (Hopefully, this is something burnside will make automatic in the near future.)

-gnomesick

[stslimited]

Hi creativex,

I don't know how much of a hurry you are in to have this motion passed, but I didn't receive an email notifying me of the motion, and only noticed it because I check btct.co and this thread reasonably frequently.  If you'd like to get the attention of some of the less active shareholders, I might consider putting a notification on btct.  (Hopefully, this is something burnside will make automatic in the near future.)

-gnomesick

same here, I see the motion is available on BTCT.CO but I definitely did not get an email. I had to look close too, because all these mining companies post motions and they all have similar names

and whoever bought the X shares I placed on the ask wall earlier today, would have moved the order book that much higher. so. think about that.

[cashmere]

I was going to ask about when new equipment would be acquired. Clearly this is something that you are actively working on while you are away from the boards.

Thank you for your continued efforts on this "little startup". Can't wait until you tell us that you are no longer living in a home, but a mining facility (or has that happened already?).

[MilkyLep]

Can we trust the 1300 "new" shares wont be dumped on the market immediately in order for the seller to recoup loses? If this is the case would it be better to use some treasury funds vs shares to pay for the mini-rig?

If you're having trouble with keeping the miners cool might I suggest posting a motion to use part of the 1000BTC towards another a/c (or whatever equipment you feel necessary) to bring the miners towards a higher efficiency?

just trying to bounce some ideas around and figure out why issuing shares are the way to go  I think its important to know what price point the shares will be issued at.

[stslimited]

Can we trust the 1300 "new" shares wont be dumped on the market immediately in order for the seller to recoup loses? If this is the case would it be better to use some treasury funds vs shares to pay for the mini-rig?

If you're having trouble with keeping the miners cool might I suggest posting a motion to use part of the 1000BTC towards another a/c (or whatever equipment you feel necessary) to bring the miners towards a higher efficiency?

just trying to bounce some ideas around and figure out why issuing shares are the way to go  I think its important to know what price point the shares will be issued at.

I had considered this too, I was going to request that the holder of these shares liquidate off of the exchange books and instead via forum auctions, if they wanted to

but liquidity disruptions in the order book just because someone wanted to sell at market tend to correct themselves, on these mining companies from what I've seen.

[dexX7]

If you're having trouble with keeping the miners cool might I suggest posting a motion to use part of the 1000BTC towards another a/c (or whatever equipment you feel necessary) to bring the miners towards a higher efficiency?

I think this is already addressed:

Ordered some high performance fans for the singles and Avalons. I've already replaced some of the fans on the Avalons, but I need more deltas and 90mm fans meh...who keeps them around? Glad I'm in the process of moving everything to a dedicated "cold room", those deltas are LOUD.

Order Summary

Sales Order Number: 17421xxxx
Sales Order Date:        7/16/2013 9:55:58 AM
11 x Delta AFB1212GHE-CF00 120mm Case cooler

10 x bgears b-Blaster 90 90mm Case Fan

Total Amount:   3.63181585

Cheers.

Not sure though if this covers the new rig also.. 

[MilkyLep]

I figured those where more for aiding with airflow in/out/through/around the machines, I meant something more, heavy-duty. 

[bobboooiie]

Sweeeeeeeeeeet, voted yes. Lets bring this puppy home.

Can we trust the 1300 "new" shares wont be dumped on the market immediately in order for the seller to recoup loses? If this is the case would it be better to use some treasury funds vs shares to pay for the mini-rig?

If you're having trouble with keeping the miners cool might I suggest posting a motion to use part of the 1000BTC towards another a/c (or whatever equipment you feel necessary) to bring the miners towards a higher efficiency?

just trying to bounce some ideas around and figure out why issuing shares are the way to go  I think its important to know what price point the shares will be issued at.

Well, he can do whatever he wants with his shares but if you think about it if he wanted to do dump the shares why wouldnt he just ask for some value of it paid in BTC since we have ~1000btc in reserve. He clearly wants to keep some portion of the pie at least,

[odin.dillinger]

Splendid news!
Makes me sad I sold half of my shares, in a hope to get them back cheaper. Boy was that stupid

Oh well, cant cry over spilled milk as some stupid twat once said.

Keep up the good work, im routing for you!

[AngelSky]

Makes me sad I sold half of my shares, in a hope to get them back cheaper. Boy was that stupid

You are not the only one

[creativex]

Good morning. I'll address the salient points to everyone's posts, PMs, and emails ASAP, but I wanted to say THANK YOU to everyone that's voted on the recent motion and urge anyone that hasn't to weigh in on this as it's a huge step for us.

Cheers.

Edit: ...and also whew. It was looking like our toughest dividend day yet as pool luck has been abysmal...then this just a couple minutes ago:



Guess if you want something done right...