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

[DeathAndTaxes]

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.

And make it 230V while you are at it.  Double the capacity and higher PSU efficiency.  I am considering doing this in my garage and I only have half the hashing power you do. 

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[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.

  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.

We looked into it....but the maintenence guys said it would take a lot of work (ie, money) to do.  We would have to pull all new wire a significant distance from the breaker room.  At this point, it just did not pencil unfortunately. 

[yochdog]

What would be the right price in your mind?

This is going to sound like a copout but I don't know.    The issue may be that for me any return high enough to warrant the risk makes the business plan nonviable.  I believe this is currently freezing up a lot of capital in bitcoin economy. 

Still if I had to guess lets compare it to me buying another mininig rig.

If I were to build a new miner.  Say 4x 5970s, 1500W powersupply, cheap MB, CPU, RAM usb drive running linuxcoin, open frame rig ... ballpark.  2.8GH costing $2800.   After electrical costs ($0.10 per kWh) I would net at current difficulty & price 30BTC or $150 a month giving me a monthly return of 5%.

So I could buy shares from you returning 1.25% per month or buy my own rig returning 5% a month.  Now obviously difficult may increase and/or price may drop but if it does it will affect my profitability equally if I own a rig or own shares so for now lets just assume the difficult/price relationship remains solid.

Now there are some difference between me owning/running my own rig and owning shares.
1) w/ shares I don't need to do anything. 
2) w/ shares I don't need to devote space/heat/noise to the venture.
3) w/ owning a rig I have material ownership of the assets (I can sell parts on ebay for partial return if things go south)
4) w/ owning a rig I have no risk of fraud.

Honestly I don't think the pros of shares outweigh risk of shares but lets say an investor considers them equivalent that would put fair return @ 60% annually.  The company wouldn't need to pay all of that as a dividend as long as it has a plan to build out capacity but I would want to see at least half that as a dividend.   

So 30% would be the minimum for me (personally) to consider it.  Given the higher risk I think it would take a return of 40%-50% before I would consider it. 

Hey there,

I was wondering if the drop in BTC/$ has changed your opinion in valuing the shares?  I don't think you could build a rig from scratch now and garner a 5% monthly yield.

Just wanted to re-visit now that the parameters have changed a bit.

BTW, we are raising our dividend to .125 BTC per month on Dec. 1.  That will make the yield 18% annualy. 

[speeder]

How things are going?

[film2240]

I would like to be an investor in this company.How many shares left and at what price?

[yochdog]

How things are going?

Things are going great this month.  Thanks for asking!

We have averaged over 12,000 MH/s for the entire month so far, and are well on our way to producing over 300 BTC. 

We are going to do some small tweaks over the next few weeks, and hope to push our hashing speed to 13,000 MH/s. 

[yochdog]

I would like to be an investor in this company.How many shares left and at what price?

We are willing to sell another 143 shares to investors.  The price is 8 BTC per share.

Just PM us, or write us at Bitcorpmining@gmail.com.

[yochdog]

Just wanted to give a quick update as we close in on the end of November. 

We have produced just over 300 BTC so far in November, with 2 days left in the month.  Our expenses were up a bit, but we should still have very healthy profit growth. 

Looking forward to the dividend increase on December 1!

[yochdog]

Closed the books on November last night, and once again we had our best month yet!


Production (in BTC)                                      315.11
Operating Expenses (in BTC)                           90.50
Free BTC available to shareholders                  224.61


The dividend payment for November will be sent out to shareholders of record no later than midnight tonight, EST. 

Our goal for December is to produce 350 BTC. 

Our existing expansion plan is nearing an end.  We are around 90% of what is possible, and we will probably be unable to make it to our initial goal of 15 GH/s.  However, it does seem likely that we can top out around 14 GH/s. 

During the month of November, our major upgrade was swapping out 5x 5770's for 5850's.  We were able to aquire the 5850's for a very competitive price, and will spread the expense of those cards over the next 6 months of financials.

If you are in the market for some lightly used 5770's, let us know!

We added one shareholder during the month, and are glad to have them on board.  Please contact us if you would like to become a shareholder as well.   

[film2240]

Closed the books on November last night, and once again we had our best month yet!


Production (in BTC)                                      315.11
Operating Expenses (in BTC)                           90.50
Free BTC available to shareholders                  224.61


The dividend payment for November will be sent out to shareholders of record no later than midnight tonight, EST. 

Our goal for December is to produce 350 BTC. 

Our existing expansion plan is nearing an end.  We are around 90% of what is possible, and we will probably be unable to make it to our initial goal of 15 GH/s.  However, it does seem likely that we can top out around 14 GH/s. 

During the month of November, our major upgrade was swapping out 5x 5770's for 5850's.  We were able to aquire the 5850's for a very competitive price, and will spread the expense of those cards over the next 6 months of financials.

If you are in the market for some lightly used 5770's, let us know!

We added one shareholder during the month, and are glad to have them on board.  Please contact us if you would like to become a shareholder as well.   

Hi,
Just saw your post.I'm just looking around for the best price on an HD5770 GPU.I'm just interested in how much these will sell for from you compared to say other online shops.The reason I ask is if I need a spare GPU in future (to complement my HD6950) or as a fallback GPU (because the current PSU in my system can't cope with my HD6950 being so heavily OC'd and shuts itself down/freezes when overloaded.If I can find a good price on an HD5770,used I can continue mining until I make enough for a new PSU as a good PSU costs over £150 in UK=~$280 I think)

What would you be selling those HD5770 cards for? How much would they be in UK £ sterling plus shipping to UK (if from US/overseas)?

What performance can I expect from this GPU (HD5770) and what is the best OC that could be achieved in your experience without crashing? my HD6950 gets me 402 M/hashes (anything above that and PSU freezes my PC due to overloading)

Thank you

[yochdog]

Closed the books on November last night, and once again we had our best month yet!


Production (in BTC)                                      315.11
Operating Expenses (in BTC)                           90.50
Free BTC available to shareholders                  224.61


The dividend payment for November will be sent out to shareholders of record no later than midnight tonight, EST. 

Our goal for December is to produce 350 BTC. 

Our existing expansion plan is nearing an end.  We are around 90% of what is possible, and we will probably be unable to make it to our initial goal of 15 GH/s.  However, it does seem likely that we can top out around 14 GH/s. 

During the month of November, our major upgrade was swapping out 5x 5770's for 5850's.  We were able to aquire the 5850's for a very competitive price, and will spread the expense of those cards over the next 6 months of financials.

If you are in the market for some lightly used 5770's, let us know!

We added one shareholder during the month, and are glad to have them on board.  Please contact us if you would like to become a shareholder as well.   

Hi,
Just saw your post.I'm just looking around for the best price on an HD5770 GPU.I'm just interested in how much these will sell for from you compared to say other online shops.The reason I ask is if I need a spare GPU in future (to complement my HD6950) or as a fallback GPU (because the current PSU in my system can't cope with my HD6950 being so heavily OC'd and shuts itself down/freezes when overloaded.If I can find a good price on an HD5770,used I can continue mining until I make enough for a new PSU as a good PSU costs over £150 in UK=~$280 I think)

What would you be selling those HD5770 cards for? How much would they be in UK £ sterling plus shipping to UK (if from US/overseas)?

What performance can I expect from this GPU (HD5770) and what is the best OC that could be achieved in your experience without crashing? my HD6950 gets me 402 M/hashes (anything above that and PSU freezes my PC due to overloading)

Thank you

PM me and we can talk about the 5770.  I got just over 200 MH/s on each of them. 

[yochdog]

Only 4 days left in December, and BitCorp is on pace to have our best production month yet!  It looks like we will easily produce 330+ BTC for the month.

In terms of profitability, that is a different story.  We have been on an aggressive upgrade plan the last 6 weeks, and the costs have been adding up. 

Some of the new hardware purchases:

4 x 5970
2 x rig enclosures
1 x 800 MH/s mining rig

We picked these up at very good prices, but still spent a significant amount of BTC!  We are going to handle the expense by amortizing the cost over the next 6 months.  The dividend will be held at .125 BTC per month per share. 

Some of the cost will be recouped by selling the hardware we are replacing. 

We currently have a spare 5830 and 2x 5770 if anyone is interested in getting them on the cheap.

Looking forward to getting over the 15 GH/s barrier! 

[StewartJ]

Just curious, why you do not offer your shares through GLBSE?

How do you transact the sales of shares and distribution of dividends?

Best,
SJ

[yochdog]

Just curious, why you do not offer your shares through GLBSE?

How do you transact the sales of shares and distribution of dividends?

Best,
SJ

Currently we are waiting on GLBSE to mature, or a better alternative to surface.  Share sales are conducted privately, and dividends are paid to the BTC address of record registered to the shares at the time of sale. 

[yochdog]

Dividends were sent out tonight.  It was a great month....contact us with any questions! 

[yochdog]

Yes, it totally goes against everything this community stands for.

1. Create a post about my 'business'
2. Collect coins
3. ?

Looks like we have another addition to the bitcoin 'business' dead pool.  My money is on one week until they disappear with investor's money.

Just wanted to gloat a bit over how ignorant this post was. 

[rjk]

Hey Yochdog, I noticed you are using Deepbit - was just interested in your reasoning for this choice. (Not trying to start a flamewar or anything) It just seems to me that the associated fees might be something that would nibble into your business's profits, and I wondered how much the monthly difference revenue difference might be versus using some other pool. I assume you have explored other options, of course. 

[yochdog]

Hey Yochdog, I noticed you are using Deepbit - was just interested in your reasoning for this choice. (Not trying to start a flamewar or anything) It just seems to me that the associated fees might be something that would nibble into your business's profits, and I wondered how much the monthly difference revenue difference might be versus using some other pool. I assume you have explored other options, of course. 

You certainly make a great point.....at this juncture, it is more about not wanting to take the time to change the setting on 30+ miners scattered around different locations, many without monitors. 

I kind of figured it as a cost of doing business, figuring we are sacrificing 3 coins every 10 days or so. 

I am sure one of these days I will get a wild hare up my a** and make the plunge in changing all the settings......have just been too focused on expansion for the last few months. 

[rjk]

Hey Yochdog, I noticed you are using Deepbit - was just interested in your reasoning for this choice. (Not trying to start a flamewar or anything) It just seems to me that the associated fees might be something that would nibble into your business's profits, and I wondered how much the monthly difference revenue difference might be versus using some other pool. I assume you have explored other options, of course. 

You certainly make a great point.....at this juncture, it is more about not wanting to take the time to change the setting on 30+ miners scattered around different locations, many without monitors. 

I kind of figured it as a cost of doing business, figuring we are sacrificing 3 coins every 10 days or so. 

I am sure one of these days I will get a wild hare up my a** and make the plunge in changing all the settings......have just been too focused on expansion for the last few months. 

If you are continuing to expand, you may find it extremely worthwhile to look into PXE booting your miners, assuming they are all on the same network. Then, you change a setting once and remotely reboot all machines, which pulls in the new settings.

Alternatively, cgminer recently obtained RPC control courtesy of a sizeable bounty - if you have a programmer friend, he could probably code up an app to change cgminer settings remotely.

[Indemnified]

PM sent