Smoky Mountain Mining now on GLBSE.

[Bitcoin Swami]

Now paying dividends daily, see this thread.

https://bitcointalk.org/index.php?topic=39781.0

Hello guys,

I have decided to put my mining operation up on the GLBSE and see what happens.  I am currently mining about 2.5 gh/s and making about 1.31 bitcoins a day.  I plan to expand with maybe 2 more rigs. I don't want to expand past what I can handle. (as i have seen with some companies).  

Even though mining is in the name most of the focus will be investing into other up and coming startups on GLBSE.  After costs, 30% of all income will go directly into investing back onto the GLBSE.  The rest of the income (from dividends and mining) will be given to the shareholders once a month.

Dividends should be going out somewhere around the middle of the month since thats when my electric bill comes in.  

I have a spreadsheet that I will be updating daily to see whats going on, which can be found here. (still working it out)
https://docs.google.com/spreadsheet/ccc?key=0AvdHbho4OHt9dFVTVHFUNFVvNFZyc2E5eERPeFd2Y1E&hl=en_US#gid=0

I also have a blog that I will be updating. (under construction)

http://smokymountainmining.com

I also plan on making another blog that will research companies on the GLBSE so others wont have to.  Hopefully this can bring more people into this up and coming exchange. Revenue will come from advertising

The cost of the rigs i have now will not come out of the money raised from shares, I'll eat those costs just so things can get up and running.  

Just a disclaimer so everyone knows:  Bitcoins are risky, investing in the glbse can be more risky, and investing into a company that invests into companies on the GLBSE can be even more risky.  I will do my best to make sure I research before investing.  Please do not invest what you can't afford to lose.  I will be giving my ID scan and proof of address to the GLBSE and will be "thrown to the wolves" <-- (actual quote) if I try to defraud investors.  I think this will be going for anyone that lists in the future.  

The IPO is 20,000 shares
51% or 9800 are out on the market at .05 a piece.

Thanks for reading.

Mike

[1715030675]

1715030675

[1715030675]

1715030675

[logansryche]

Bought a share out of support. Will probly buy more depending.

[shakaru]

I would love to fully support your IPO and will purchase some shares to show that support. Just before I buy, what will be the dividend payment day? Are they monthly? What do you expect the dividends to average as a ball park figure per share?
More info I have makes me more comfortable with buying larger amounts and I would love to be a large % share holder in your company.

[Bitcoin Swami]

I would love to fully support your IPO and will purchase some shares to show that support. Just before I buy, what will be the dividend payment day? Are they monthly? What do you expect the dividends to average as a ball park figure per share?
More info I have makes me more comfortable with buying larger amounts and I would love to be a large % share holder in your company.

In my contract it says dividends would be weekly but I asked nefario to change it to monthly to avoid confusion on my end.  My electricity bill comes around the middle of the month so thats when the dividend will be.  While the IPO is still going on I wont be taking 30% to invest back into the company.

Its very late here and my brain tired but some super quick math would be 40 btc's a month, minus electricity (around $90 or so) so around 9 btc's.

31/20000 = .00155 per share.  Doesn't seem like alot, then again I'm selling the shares at .05.  (chose to have alot of shares for a lower price to add liquidity.)

Of course, as i'm sure you know any crazy difficulty, price changes, power outages, miner freezes, solar flares,  can send these figures into la la land.

Speaking of la la land I need to go to sleep, I'm sorry if this reply seems rushed.  I should have waited till morning.

feel free to email me at smokymountainmining at gmail.com if you'd like.

[Bitcoin Swami]

.0015 btc per share at .05 btc per share is 3% per month or 36% per year. Sounds like a pretty good investment, but of course things like price per bitcoin and difficulty are sure to change eventually.

Have you thought of this calculation: at what difficulty (at current price) would mining no longer be profitable? At what price (at current difficulty) would mining no longer be profitable?

Peter it seems that it would have to go to around 3 dollars for it to be totally unprofitable. My electricity is pretty cheap here .09 per kw/h.   Remember though after the IPO is over,  30% will go back into the company to invest into companies on the GLBSE.   If the price goes that low I'm sure the difficulty will plummet also though.  As posted before I don't want the mining operation to get more than i can handle (maybe 2 more rigs).  I just want to have something stable for people to invest in.  Tired of reading threads with people wondering where the owner of the company went. lol