Now seeking investors for BitCorp Mining Company [Now pushing 40 GH/s!]

[yochdog]

Another update:

Tuned up the farm today, and we have just passed 11,000 MH/s.  Combined with the drop in difficulty, our production is climbing rapidly. 

We have lined up our first investors, and are happy to be partners with them.

More information will follow in the coming weeks/months regarding future investment rounds. 

Thanks for reading!

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[yochdog]

Final numbers for September are in the books.  BitCorp had a very successful month:

Production (in BTC)                               164.05
Operating expenses (in BTC)                     44.22

Free BTC flow available to shareholders     119.83

Dividends paid                                       100.00



Moreover, we are on pace for an even better October.  If we maintain our current pace, we will mine nearly 185 BTC this month, with very little increase in operating expenses.  

Thank you to our first investors, glad to have you on board!  

[Otoh]

Final numbers for September are in the books.  BitCorp had a very successful month:

Production (in BTC)                               164.05
Operating expenses (in BTC)                    44.22

Free BTC flow available to shareholders   119.83


Moreover, we are on pace for an even better October.  If we maintain our current pace, we will mine nearly 185 BTC this month, with very little increase in operating expenses.  

Thank you to our first investors, glad to have you on board!  

I believe that i was the first person to state early in this thread that i wished to be an investor/angel & I ebay messaged the OP & had a positive reply re my 1,000+ positive feedbacks there over 10 years+ but did not receive any offer to invest in this venture or even polite notifications of why i may have been overlooked so as to at least keep me on board as a potential future backer, weird...

Edit: My offer was posted to the original yochdog thread & I also eBay messaged same day as original post, early on

[yochdog]

Final numbers for September are in the books.  BitCorp had a very successful month:

Production (in BTC)                               164.05
Operating expenses (in BTC)                    44.22

Free BTC flow available to shareholders   119.83


Moreover, we are on pace for an even better October.  If we maintain our current pace, we will mine nearly 185 BTC this month, with very little increase in operating expenses.  

Thank you to our first investors, glad to have you on board!  

I believe that i was the first person to state early in this thread that i wished to be an investor/angel & I ebay messaged the OP & had a positive reply re my 1,000+ positive feedbacks there over 10 years+ but did not receive any offer to invest in this venture or even polite notifications of why i may have been overlooked so as to at least keep me on board as a potential future backer, weird...

Edit: I didn't post my offer on the thread - just ebay messaged i see, same day as original post, early on

Hey there, we did respond to your eBay message.  We apologize if it did not come through.  Please PM us and we will be glad to discuss options.

[yochdog]

October is on pace to be far and away our best month ever.  Through the first 12 days of the month, we have produced 73.96 BTC.  Given the near certainty of another drop in difficulty, we should have our first 200+ BTC month.  

If we feel that this is a sustainable pace, we will be increasing our dividend payout.



We would like to begin lining up investors for our second round of share sales.  We sold roughly 10% of the company in our first round, and would like to sell the same amount this time.  If you are interested, please contact us either through the forum, or Bitcorpmining@gmail.com.

Thanks!

[Inedible]

October is on pace to be far and away our best month ever.  Through the first 12 days of the month, we have produced 73.96 BTC.  Given the near certainty of another drop in difficulty, we should have our first 200+ BTC month.  

If we feel that this is a sustainable pace, we will be increasing our dividend payout.



We would like to begin lining up investors for our second round of share sales.  We sold roughly 10% of the company in our first round, and would like to sell the same amount this time.  If you are interested, please contact us either through the forum, or Bitcorpmining@gmail.com.

Thanks!

You're doubling the number of available shares. Will the dividend payout be halved or will you be doubling production?

[Thndr]

Sounds like a good program, too bad I'm lacking the BTC to join in.

[tysat]

October is on pace to be far and away our best month ever.  Through the first 12 days of the month, we have produced 73.96 BTC.  Given the near certainty of another drop in difficulty, we should have our first 200+ BTC month.  

If we feel that this is a sustainable pace, we will be increasing our dividend payout.



We would like to begin lining up investors for our second round of share sales.  We sold roughly 10% of the company in our first round, and would like to sell the same amount this time.  If you are interested, please contact us either through the forum, or Bitcorpmining@gmail.com.

Thanks!

You're doubling the number of available shares. Will the dividend payout be halved or will you be doubling production?

I believe it's his shares being sold off, so he'll be getting less of the dividend.

[yochdog]

October is on pace to be far and away our best month ever.  Through the first 12 days of the month, we have produced 73.96 BTC.  Given the near certainty of another drop in difficulty, we should have our first 200+ BTC month.  

If we feel that this is a sustainable pace, we will be increasing our dividend payout.



We would like to begin lining up investors for our second round of share sales.  We sold roughly 10% of the company in our first round, and would like to sell the same amount this time.  If you are interested, please contact us either through the forum, or Bitcorpmining@gmail.com.

Thanks!

You're doubling the number of available shares. Will the dividend payout be halved or will you be doubling production?

Not doubling the amount of shares at all.  We have 1,000 shares outstanding and there will never be more issued.  I think you are confusing what we mean by a second round of share sales.  Currently the company is owned approximately 90% by myself and my business partners, and 10% by outside investors.  We would like to sell another 10% of our shares to make that split 80/20.

Does that make more sense?  Our current dividend is .1 BTC per month, or 1.2 BTC per year.  We believe we will increase the dividend by 25-50% within the next 60 days.

[yochdog]

October is on pace to be far and away our best month ever.  Through the first 12 days of the month, we have produced 73.96 BTC.  Given the near certainty of another drop in difficulty, we should have our first 200+ BTC month.  

If we feel that this is a sustainable pace, we will be increasing our dividend payout.



We would like to begin lining up investors for our second round of share sales.  We sold roughly 10% of the company in our first round, and would like to sell the same amount this time.  If you are interested, please contact us either through the forum, or Bitcorpmining@gmail.com.

Thanks!

You're doubling the number of available shares. Will the dividend payout be halved or will you be doubling production?

I believe it's his shares being sold off, so he'll be getting less of the dividend.

Exactly. 

[Inedible]

I believe it's his shares being sold off, so he'll be getting less of the dividend.

Not doubling the amount of shares at all.  We have 1,000 shares outstanding and there will never be more issued.  I think you are confusing what we mean by a second round of share sales.  Currently the company is owned approximately 90% by myself and my business partners, and 10% by outside investors.  We would like to sell another 10% of our shares to make that split 80/20.

Does that make more sense?  Our current dividend is .1 BTC per month, or 1.2 BTC per year.  We believe we will increase the dividend by 25-50% within the next 60 days.

Ah, that makes perfect sense. Thanks for the answer.

[yochdog]

October is on pace to be far and away our best month ever.  Through the first 12 days of the month, we have produced 73.96 BTC.  Given the near certainty of another drop in difficulty, we should have our first 200+ BTC month.  

If we feel that this is a sustainable pace, we will be increasing our dividend payout.



We would like to begin lining up investors for our second round of share sales.  We sold roughly 10% of the company in our first round, and would like to sell the same amount this time.  If you are interested, please contact us either through the forum, or Bitcorpmining@gmail.com.

Thanks!

As we head into the last few days of October, we want to give an update on our operations.  It looks like we are going to fall just short of producing 200 BTC for the month.  Given the massive DDOS attacks during the month, and the difficulty resets not coming as fast as we anticipated, this is not a surprise.  

Fortunately, it looks like the next reset will take the difficulty down another 200,000+,  which will be a fantastic boost for our mining operations.  Next week we will be adding an additional 2 GH/s of capacity to our primary mining location.  This is our first major capacity increase since we began taking outside investors.  With this expansion, we expect our average hash rate to fall between 12-14 GH/s, given the inevitable downtime with so many machines.  

We are excited by our success thusfar, and look forward to attracting more like-minded individuals as investors.  We would like to sell an additional 79 shares in the next 7 days in order to bring the ownership structure in line with our current goal of an 80/20 split.  

If you are interested in making an investment, or just want to ask some questions, please do not hesitate in contacting us.  We will respond to this thread, as well as e-mails: Bitcorpmining@gmail.com

[xxxcoin]

How will the increased production affect dividend payouts?

[yochdog]

How will the increased production affect dividend payouts?

For the upcoming dividend payment (Oct. 31), we are keeping the dividend at .1 BTC.  This is due to using excess BTC to fund the capacity expansion next week. 

For the payout on November 30, the dividend will most likely be increased 25%. 

[yochdog]

With only 12 hours left in the month, we are able to give preliminary numbers for October. 

Production:         189 BTC (estimated)
expenses:             66 BTC
Free BTC flow:     123 BTC


We will finalize these numbers either tomorrow or Wednesday, but these estimates will be very close to the final tally. 


Now for more exciting news....

With the recent drops in difficulty, and the fact that we have recently surpassed 12,000 MH/s, BitCorp will most likely produce over 300 BTC in November.  Given that our expenses will stay relatively stable, we will have significant room to increase the dividend.  It is our preliminary plan to increase the payout by 25% to .125 BTC per month.  This makes the annual yield on the shares equal 18%.  Not too shabby. 

October dividends on .1 BTC per share will be sent out within the next 24 hours to shareholders of record. 

[johnj]

I'm not an investor here, but it's refreshing to see (what seems to be) a legitimate mining company doing well.  I know you got a lot of flak in the beginning, but i haven't noticed any other qualms and you continue to update.

Good work!

[yochdog]

I'm not an investor here, but it's refreshing to see (what seems to be) a legitimate mining company doing well.  I know you got a lot of flak in the beginning, but i haven't noticed any other qualms and you continue to update.

Good work!

Thanks you for the positive vibes! 

[xxxcoin]

So far from what I have seen this is hands-down the best mining company to date.

I have received another dividend

[yochdog]

We have closed the books on October....here are the numbers:

Production:         187.56 BTC
expenses:             66.00 BTC
Free BTC flow:     121.56 BTC


I will update these numbers on the front page as well.

The drop in difficulty has sent our production way up.....November is off to a GREAT start.  We have a couple more GPU's that we can add once we find an open PCI slot....but after that we are probably close to maxing out.  Unfortunately we learned that we are running on 20 AMP breakers, so we are limited on how many machines we can place on each circuit. 

The good news is with 12-14 GH/s, we can mine a whole lot of BTC. 

Anyone interested in purchasing some shares, get in touch with us.  We would love to have a few more people on board.

[sadpandatech]

We have closed the books on October....here are the numbers:

Production:         187.56 BTC
expenses:             66.00 BTC
Free BTC flow:     121.56 BTC


I will update these numbers on the front page as well.

The drop in difficulty has sent our production way up.....November is off to a GREAT start.  We have a couple more GPU's that we can add once we find an open PCI slot....but after that we are probably close to maxing out.  Unfortunately we learned that we are running on 20 AMP breakers, so we are limited on how many machines we can place on each circuit. 

The good news is with 12-14 GH/s, we can mine a whole lot of BTC. 

Anyone interested in purchasing some shares, get in touch with us.  We would love to have a few more people on board.

  Whats to stop you from dropping in another breaker and a few feet of good wiring? Do it yourself and get an elec friend to sign off on it. ;p  Or, don't tell anyone and save a few bucks, though I don't recommend that method.