Optimal Bitcoin Mining Corp. Bond IPO NOW AVAILABLE for purchase on GLBSE.com!

[optimalbitcoinminingcorp]

https://i.imgur.com/UK0Bt.png

Hi I'm optimalbitcoinminingcorp - you might recognize me as dubious on IRC around the bitcoin channels. Teaming up with me is AnonX, who is a recognizable user on the bitcoin-IRC channels. Additionally, I have been speaking with Nefario over IRC to prepare this IPO for launch. (he can verify this as well)  I'm very excited to announce Optimal Bitcoin Mining Corp. a new bitcoin mining business, which is the first bond offering and largest IPO on GLBSE.com to date.

Currently, I am running 15 gpus at around 4 Ghash/s, so I've invested about $5.5k of personal funds and I am looking for bonds as loans to expand my cluster to around 40 Ghash/s.   I would like to raise $45k for expansion funds within the next month.

We are issuing 0.8 btc bonds that mature at 1 btc on or before December 1, 2011.

The way this venture differs from those that exist so far is that as far as I know, this is the first bitcoin mining company in which 10% of the total profits will be donated to a few different charities including at least one aiming to benefit the Bitcoin community. The specific charities have not yet been determined and I will allow the investors to make suggestions causes they would like to see benefit. The idea is that with the recent negative publicity surrounding Bitcoin in the US news, it's important for our image to be redefined in a more positive light.  I see great potential in Bitcoin for the future and I don't want to see U.S. government regulation ruin this for everybody.  Additionally, this should encourage a "feel good" mentality that comes from giving to others that should benefit the bitcoin community and cause it to grow in countless ways, while increasing chances of survival.
Here are our numbers:

Each computer will be built primarily with mining in mind, but also with some consideration towards retaining high resale value.  Each computer will contain approximately 5x hd 5830, 3.1 ghz Athlon ii x4 processor, 4 gb ram, 16 gb sd card, wireless n usb adapter, 3 coolermaster sickleflow 120 mm fans for case airflow, dvd-rw drive, thermaltake v3 black edition case, 1200 W power supply, motherboard that has slots for 5 graphics cards, 3 pci-e extender cables
The space used will be a commercial space 350 sqft., approximately 10-15 minutes driving distance from dubious, who will be taking care of installing and maintaining the equipment and costs $350/month to rent.  At approximately 20 computers there will be an upgrade cost of about $4,000 to upgrade the electricial system to support the additional load.

Here is a picture of the 350 sqft space:
http://img832.imageshack.us/img832/7467/350sqftspace.th.png

The ceilings are 7.5 feet high, but this will be sufficient as the server racks are 6 feet high.  We will be using this space to begin with and if it turns out we need more space, there is a 250 sqft space next door that is vacant.  The debris on the floor and all dust will be vacuumed out before we move in.
To prevent the systems from overheating, there is air conditioning in the building that will be turned up full blast, plus we will be building a ducting system that directs heatflow out the window.  If needed, a portable air conditioner or window air conditioner can be purchased cheaply to cool a space this size.
The cpus will not be overclocked, but the core clock of the gpus will be increased to the highest tested stable frequency, and the memory clocks will be underclocked as much as possible to reduce power consumption.

Each computer will cost approximately $900.  Only one monitor will be purchased for the whole system along with kvm switches daisied together to reduce total expenses.

We have compiled several Excel spreadsheets that I put into Google docs for investors to view.  We expect difficulty to continue rising at around 50% per two weeks.  At this rate and approximating the value per bitcoin to be $20, bitcoin mining will remain profitable for 2-2.5 months.  In this amount of time, we expect to make $14858.49.  However, there are several different cases: if the bitcoin value goes to $50 we make $70,000 over this time period. ($30->$33,238.93 and $40->$51,619.38)  In the case where the bitcoin drops to $10 we run a loss on our hardware of -$1,845.44.  In case the bitcoin does not retain value, we have a plan B.

Here is a link to the difficulty data and calculations:
https://spreadsheets3.google.com/spreadsheet/pub?hl=en_US&hl=en_US&key=0AmTXg8oCxjy5dDRYa3NPNDVlMnBSR2E2LV9VOHZWRlE&output=html

You can buy the bonds by creating a new web account for the web client for GLBSE.com here: http://dev.glbse.com:4567/client/index.html
Then generate a key pair and register, deposit some bitcoins and you are ready to go.
The asset ID is cbc7c9f999f94665e599d0ab0e144e1953e40d399a0f9191b91b843db4bb92da

If you have any questions about getting started, concerns or feedback you can post them on this thread or email us at optimalbitcoinmining@gmail.com.

Thank you for taking the time to read this and stay tuned for further updates!

[Nefario]

The charts for  this share are available at :
http://charts.glbse.com/markets/OPTIMALBITCOIN.html

The asset contract here:
http://dev.glbse.com/cgi-bin/asset?id=cbc7c9f999f94665e599d0ab0e144e1953e40d399a0f9191b91b843db4bb92da.xml

[obekt]

I'm glad to see such kind of nice business plan. Count me in, unfortunately with a small ammount of shares   

[Capitan]

Why were my posts in this thread deleted? I had a back and forth exchange with the OP pointing out flaws in his business plan. I log in this morning and all those posts are gone. Is someone trying to censor anything realistic, possibly negative news? That's just lame.

EDIT: Nm. Looks like there are two posts with identical names, posted at similar times.

one in Econ -> marketplace > selling
and one in econ > marketplace


My bad.

[Capitan]

EDIT: nm

[Capitan]

I will post the #'s again.

40 Gh/s = 154 5830 GPU's
154 GPUs, 5 GPUs per system = 31 systems


System Build Costs
mobo   $130.00
PCIe extenders   $21.00
ram   $25.00
PSU   $180.00
case   $40.00
hdd   $20.00
DVD   $20.00
cpu   $80.00
Fans   $20.00
Total Without GPU's: $536
Total with GPU's: $1,336.00
Times 31 systems = $41,416.00

Other issues:
- 29 kilowatts of electricity used, and heat that needs to be cooled. Does the OP know how to set up wiring and cooling for this level of power and not burn down the property?
- OP doesn't know how to spec a power supply (thought that getting a 1000W PSU instead of a 1200W PSU would use 17% less electricity. This was discussed in OP's other thread)
- Cost of hardware is already over what the OP is trying to raise
- OP claims plan b is more profitable than mining, so why not just go straight to plan B?
- It's going to be more like $45k - $50k to get up and running
- By the time the OP is up and running difficulty will have increased 3-4 times. Assuming $15 BTC, and 30% difficulty jumps (which isn't guaranteed, or even that likely) electricity would cost more than the money earned from mining after about 10-14 days.
- The case pointed out by the OP doesn't fit 5 GPU's, doubtful that many can be cooled in that case.

[Capitan]

EDIT: nm

[shakaru]

1st. Captain, wow, cool it.

2nd. I have some questions here I would like to ask to just make sure things are what I believe them to be.
What is to prevent you from just taking the money and run?
In the event of inability to pay, what happens then?

[Capitan]

1st. Captain, wow, cool it.

2nd. I have some questions here I would like to ask to just make sure things are what I believe them to be.
What is to prevent you from just taking the money and run?
In the event of inability to pay, what happens then?

There is nothing to cool. Just listed my observations.