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Author Topic: ALTMINES- An Altcoin Mining Contract  (Read 1964 times)
jpmi1
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October 29, 2013, 03:42:26 PM
 #1

Altmines is an altcoin mining operation which exists to provide the easiest and cheapest way to get into altcoin mining. Altmines provides the highest kh per dollar ration of 1.83(kh/s) per USD. We are able to provide this because Altmines does not issue private stocks or hold ownership stocks.

Total Shares available 4100
Purchase Price 1 share= 1 USD
Shares will be sold on a first come first serve basis.

How to purchase.
1. Send an email to altmines@gmail.com stating the amount of shares you are looking to purchase.
2. Send bitcoins to 126KeN9dSpeuSBn2xCtF1WPNyWpJBTcSoe

Spreadsheet
Estimated return on investment.
http://goo.gl/AFwEci

Overview
ALTMines is a mining contract backed by physical hardware. Each contract pays a dividend equivalent to a scrypt hashrate of 1.83(kh/s) of mining power. Each contract's mining power will come from part of the six Radeon HD 7990 mining for ALTMines.

In summary, however, please note the following:
1.   This is a mining contract
2.   The mining contract is perpetual, which means it will continue to generate dividend until terminated following one of the below conditions. The contract termination date is exactly two years from the release of these contracts.
3.   The mining contract pays the equivalent of income from a 7,500 kh/s mining machine divided by 4,100 shares. This number is then divided by a 15% electricity fee and 5% management fee. Any excess payments not explicitly stated in this contract are solely at the discretion of the operator and should not be expected.

A total of 4,100 public contracts will be issued with a value of one USD per contract.
Each contract is entitled to all output of the mining operation divided by the number of issued contracts.

In case funds from the surplus mining capacity is not sufficient to cover expenses, the operator will cover additional cost until such a time as the surplus mining capacity is again sufficient or the mining operation closes as per the terms of this contract.

Changes to Contract
Changes that do not work in favor of existing contracts may be implemented only if the changes are accompanied by an offer to buy back contracts at the terms specified in this contract.

Operation and Buyback
The mine will operate for two years and will pay weekly dividends
There exists provisions to close the contracts for one of the following reasons before the two year period is over
1.   The overhead of operating the contracts becomes greater than its profits
2.   Permanent and irreparable damage to hardware

If the contract must close for any of the above reasons, the operator or a duly appointed representative, in case the operator is permanently unavailable, can buy back contracts at no less than 110% or $1.10. In any case of permanent and irreparable damage to hardware, the operator will pursue any means available to replace hardware as quickly as possible at no cost to contract holders. However, if replacement hardware cannot be obtained at reasonable costs, the operator may choose to suspend operation and dividends and start liquidation of the contract as explained above.

Caveats
Please be aware of the following before investing:
Mining contracts are not shares, they are effectively contracts where the mining operator mines the most profitable altcoins on your behalf, to be rewarded in dividends based on mining power.

Feedback is appreciated.

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jpmi1
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October 29, 2013, 03:44:13 PM
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[Reserved for updates]

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pmconrad
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October 29, 2013, 04:45:39 PM
 #3

The contract pays a dividend equivalent to minimum 1.25 kilahashes per second (kh/s) of mining power.

That's very unspecific. What kind of hash are you talking about?

jpmi1
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October 29, 2013, 06:46:18 PM
 #4

The contract pays a dividend equivalent to minimum 1.25 kilahashes per second (kh/s) of mining power.

That's very unspecific. What kind of hash are you talking about?


This has been changed in the contract. The contract has been updated and the link to a spreadsheet containing the estimated ROI over a 2 year period has been added.

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B.T.Coin
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October 29, 2013, 07:01:31 PM
 #5

Each contract's mining power will come from part of the four Radeon HD 7790 mining for ALTMines.

3.   The mining contract pays the equivalent of income from a 5,000 kh/s mining machine divided by 4,000 shares

How do you get 5 Mhash from four 7790's ?

A fine is a tax you pay for something you did wrong.
A tax is a fine you pay for something you did right.
jpmi1
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October 29, 2013, 07:23:55 PM
 #6

Each contract's mining power will come from part of the four Radeon HD 7790 mining for ALTMines.

3.   The mining contract pays the equivalent of income from a 5,000 kh/s mining machine divided by 4,000 shares

How do you get 5 Mhash from four 7790's ?

Sorry that was a typo it should be four 7990's.

Each card averages around 1250 kh's according to
https://litecoin.info/Mining_Hardware_Comparison.


Sorry for that,
Jpmi1

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jpmi1
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October 30, 2013, 02:29:10 PM
 #7

Is there any interest,feedback or criticism to this idea?

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Walking Glitch
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October 30, 2013, 05:42:44 PM
 #8

It's not likely to catch many people's attention. This works well for ASICs because the barrier to entry is impossibly high, and the people that organize these "buys" can usually get a deal that will actually deliver something resembling an ROI. With scrypt mining, the barrier to entry is usually around $130 to get a GPU that earns a dollar fifty a day.
jpmi1
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October 31, 2013, 03:23:41 PM
 #9

It's not likely to catch many people's attention. This works well for ASICs because the barrier to entry is impossibly high, and the people that organize these "buys" can usually get a deal that will actually deliver something resembling an ROI. With scrypt mining, the barrier to entry is usually around $130 to get a GPU that earns a dollar fifty a day.

Thank you for the feedback. I was thinking people would not want to go through the effort of maintaining and setting up this level of mine. Do you think the ROI is high enough for a mine like this. I feel like this would be the only profitable type of mine today.

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jpmi1
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November 08, 2013, 10:42:05 PM
 #10

The Contract has been updated giving us a 1.83(kh/s) to dollar ratio. Check out new spreadsheet with updated figures.

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