btt

[Twilight_Sparkle]

+1 for the motion

[creativex]

Very sensible, as ever. When is the motion going up?

Thanks for the feedback guys. I'll get the motion up for voting today.

Cheers.

[creativex]

I also agree this motion would be a wise move for bASIC especially considering the BitFury fueled network increase we have already witnessed.

You guys catch the latest KnC update? Expecting more than 400 gh/s per Jupiter is exciting news. I hope they can tackle the assembly of unit and soldering or chips in the coming weeks.

I've seen this as well as an update on the status of their chips. Pending end user results for their finished products, knc for November delivery may be an attractive option.

Cheers.

[creativex]

May I add to the motion that priority of selling goes to shareholders?

Hi almwaysa, your comment was somewhat unclear to me. Did you mean to suggest that bASIC-Mining should give first right of refusal to purchase this hardware to shareholders?

[creativex]

May I add to the motion that priority of selling goes to shareholders?

Depends how creativex plans to sell it. If at auction, I vote no for this addition, it will restrict the price we can achieve.

Hi Caesium. I intend to sell in a manner in which we'll not be obligated to sell at a price that is unfavorable to shareholders of bASIC-Mining. There's no hurry to sell equipment that is still producing, I simply feel it's best to avoid the steepest portion of the depreciation curve. Though I'm not pleased with the prospect of investing significant time on listing, packing, and shipping our gen 1 gear, I feel it's in our best interest to do so if we can realize compensation greater than what we can expect by mining this same hardware in the coming months. An auction format would only be considered if a reserve price were set in advance that was higher than the equivalent hashrate cost of gen 2 equipment. For example Avalons would not be sold below 4.13BTC/module currently. Doing so would not be in the best interests of shareholders.

Cheers.  

[guitarplinker]

May I add to the motion that priority of selling goes to shareholders?

Hi almwaysa, your comment was somewhat unclear to me. Did you mean to suggest that bASIC-Mining should give first right of refusal to purchase this hardware to shareholders?

I think he meant to say that he would like shareholders to decide what hardware is sold first, not first dibs on hardware that is being sold.

Ex. shareholders vote to sell xxxx miner first, and then zzzz miner afterwards.

[creativex]

IC, I didn't get that from the quoted comment. In that case I vote we sell our bfl hardware first. Despite the fact that it's roughly 2x as efficient as our Avalon gear it's 10x the hassle to maintain and is guaranteed to be non-upgradeable.

[xhomerx10]

IC, I didn't get that from the quoted comment. In that case I vote we sell our bfl hardware first. Despite the fact that it's roughly 2x as efficient as our Avalon gear it's 10x the hassle to maintain and is guaranteed to be non-upgradeable.

 I didn't get that either.  I believe he wanted shareholders to have first dibs on the purchase.  This is not a good idea as it puts an undue burden on Creativex and would lengthen the process.  Anyone can get in on an auction, there is no need to tie our hands with this bit of legislation.

 Great idea to retire the mining equipment before it is past its prime - more money to buy the gen2 or gen3 equipment

 Take care

[creativex]

**New Motion Posted**

Motion to allow management to resell EOL equipment.

bASIC-Mining management shall be authorized to sell mining equipment deemed to be approaching the end of it's useful service life. The proceeds from any such sale shall be applied, in it's entirety, toward the purchase price of more efficient mining equipment.

This motion can be discussed here:

https://bitcointalk.org/index.php?topic=130982.1600

Please vote here:

https://btct.co/security/BASIC-MINING

[guitarplinker]

**New Motion Posted**

Motion to allow management to resell EOL equipment.

bASIC-Mining management shall be authorized to sell mining equipment deemed to be approaching the end of it's useful service life. The proceeds from any such sale shall be applied, in it's entirety, toward the purchase price of more efficient mining equipment.

This motion can be discussed here:

https://bitcointalk.org/index.php?topic=130982.1600

Please vote here:

https://btct.co/security/BASIC-MINING

My vote has been cast!

[creativex]

My vote has been cast!

I believe I know which way you voted. Thanks for participating.

[almwaysa]

May I add to the motion that priority of selling goes to shareholders?

Hi almwaysa, your comment was somewhat unclear to me. Did you mean to suggest that bASIC-Mining should give first right of refusal to purchase this hardware to shareholders?

What I mean is that when trying to sell a piece of equipment and a shareholder wants to buy it for himself he should take priority over other buyers. Unless of course it is sold in an auction or something like that.

[cix888]

Hi creativex,

First I just wanted to say thanks for your hard work!

I have invested more than a year ago if I recall correctly for less than 1k USD and today I have a significant return on investment and collected a significant amount of dividend...

I'm a long term Investor nevertheless I would like to know what is your plan till the end of the year?

We have seen difficulty going up dramatically and our hashing power hasn't move in the last month. So I'm a little worry of the sell off we have seen in the stock... I have every confident it will turn around so I'm buying back lots of the stocks I sold above 0.7!

I believe a few things could help in the short term:

1) Doing a stock split again to get small investors interested and being able to compete with stocks like Labcoin, Activemining etc. (it's cosmetic but people will be more likely to buy a few shares if it's "lower", it's purely psychological)

2) reassure Investors that Basic mining has a plan for the end of the year and for next year (especially when difficulty will stabilize and all ASIC or most are out)

3) Sell our "barely profitable" ASIC mining gear before it rocks bottom!  

4) try to increase our hashing power with difficulty (I know this one is hard but we need to increase at least 10% when the difficulty goes up that much otherwise dividend get diluted and impatient investors start selling like there is no tmw)

5) share buy-backs to increase the value of shares still available and reducing supply

Again I know you are working around the clock to make this venture profitable for everyone and I have every confident that you will be successful in the long run

regards,

CAA

Hi cix888. Thank you for trusting me with your hard earned funds.

My plan till the end of the year is to allow the current hardware price war to continue to play out and then to purchase gen2 ASIC mining gear at favorable rates. There are several new vendors coming on the scene in Q4 with 28nm designs and this is driving hardware prices down in anticipation.

Actually our hashing power has increased by 495Gh/s(+52.66%) in the last 30 days. It's just that this increase has done nothing to support the share price due to market perceptions. Please see btct.co news releases for details.

1) I don't see liquidity as a problem currently.

2) I've lain out my plan going forward numerous times, but perhaps a more concise news release could help to reassure those that do not follow us closely.

3) We don't have any barely profitable ASIC gear. Our least effective ASIC gear is a 3 module b2 Avalon that remains profitable for us.

4) This would doom us long term. If we spent large portions of our current resources on currently available hardware it would necessarily be hardware from Avalon, BFL, or ASICMiner. None if this hardware is expected to remain profitable long term. This is why I've suspended such purchases.

5) Share buy backs have been a topic of discussing over the past month+ and something I'm considering.

Thank you, I am reviewing options daily, there just aren't many available at this time as we're stuck between ASIC hardware cycles.

Cheers.  

Hi Creativex,

I see you took some advice on board. thanks

I still believe point 1 and 5 should be taken to get us in an even stronger position.

Point 1 is not about liquidity this time it is about small investors using their dividend to buy some Basicmining

continue the great work

CIX

 

[AbendWind]

I voted also, and I hope, it was right decision, and my vote will help us to become oligarchs

[creativex]

Hi Creativex,

I see you took some advice on board. thanks

I still believe point 1 and 5 should be taken to get us in an even stronger position.

Point 1 is not about liquidity this time it is about small investors using their dividend to buy some Basicmining

continue the great work

CIX

Hi cix888. I tend to approach the decision making process pragmatically. As such, failing to consider the advice of others would be unwise.

Thanks for the kind words. I believe the entire mining community is in for a tough Q4...It's my intention to position us to weather the storm and land on our feet when things settle. I'll keep the options you've mentioned in mind, but I don't want to spend a lot of time managing the share price that would be better spent managing the direction of the company itself.

Cheers.

[Carnth]

.... I don't want to spend a lot of time managing the share price that would be better spent managing the direction of the company itself.

This is true. Create value in the company and the share price will follow. (Well, at least it should follow.)

[JimiQ84]

do we have the information when will BitFury US start delivering october units? Or if there is some further delay in delivering august units? Could creativex find out with PM?

[AngelSky]

Well, seems that BM has found it's "all-time-low" price (>post-IPO). Time to wake up the market and grow again

[creativex]

do we have the information when will BitFury US start delivering october units? Or if there is some further delay in delivering august units? Could creativex find out with PM?

Hi JimiQ84. Last public guidance from buzzdave indicated end of October for delivery. I believe he also made a public post indicating that the last of the August deliveries had shipped, but I'd have to confirm. It seems safe to say that megabigpower & bitfurystrikesback have raised the, admittedly low, bar on ASIC equipment vendors meeting expectations.

I've been negotiating bulk rates with a few of the respectable DIY vendors that have working designs based on the bitfury chip, but I'll not commit to anything that doesn't give us a positive projected ROI.

Cheers.

[JimiQ84]

do we have the information when will BitFury US start delivering october units? Or if there is some further delay in delivering august units? Could creativex find out with PM?

Hi JimiQ84. Last public guidance from buzzdave indicated end of October for delivery. I believe he also made a public post indicating that the last of the August deliveries had shipped, but I'd have to confirm. It seems safe to say that megabigpower & bitfurystrikesback have raised the, admittedly low, bar on ASIC equipment vendors meeting expectations.

I've been negotiating bulk rates with a few of the respectable DIY vendors that have working designs based on the bitfury chip, but I'll not commit to anything that doesn't give us a positive projected ROI.

Cheers.

good news as always, thanks :-)