[Closing]Mining Company Closing with 3.3 GHash/s - JLP-BMD

[JL421]

  


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[bulanula]

How can we be sure you are not going to make a run for it  ?

[322i0n]

What are your plans for the expansion and growth of this operation?

[bulanula]

What are your plans for the expansion and growth of this operation?

MAN, Bitcoins will rise to $100 very damn soon. No need for none of them "plans". Plans are for idiots we trust in bitcoin price rise to bring us the godly $$$

[Ben Walsh (beamer)]

I am interested and like the approach you are taking, particularly the significant shareholder voting you intend to utilise.

Together with regularly maintaining the identified spreadsheet and text files, please ensure that the vote text and results are made fully public as soon as possible after each vote - this will help to build my perception of how trustworthy you are (your post count is far too low at the moment).

Once I have seen a sufficient amount of this, I will make my decision to invest.

[GamingG]

What's your contingency plan if not enough shares are sold in time?

[GamingG]

Total power draw: 1.2 kW/h

[GamingG]

All remaining shares were purchased this morning. I will be purchasing the next GPU on Friday, 10/14/11. The next vote for expansion will be held on 10/16/11 after dividends are released for this period.

What price would the new shares go for? 0.1 BTC, the highest bid, the lowest ask, the middle, or something else?

[Ben Walsh (beamer)]

What is your relationship with the website bitcoincharts.com ?

A very basic website is available for your viewing here. I will get around to making it look nicer soon. I promise.

[322i0n]

A very basic website is available for your viewing here. I will get around to making it look nicer soon. I promise.

this is links to GLBSE.com owned by nefario how are you going to make it look nice?

[GamingG]

What mining pool or pools are being used?  Do you have plans to use merged mining pools, especially while the Namecoin difficulty is still low?

[boonies4u]

Shouldn't your weekly reports begin with

-----BEGIN PGP SIGNED MESSAGE-----

? Besides that, you're still the most documented mining company that I have seen.

[finway]

The Most serious business on GLBSE.
Nice!

[Aureum_Coffee]

Hi.

How many shares in the market now? 

Spreadsheet shows 2254 shares. 

Is the objective still 1 share = 1 Mhash/s?

Thanks.

[GamingG]

What mining pool or pools are being used?  Do you have plans to use merged mining pools, especially while the Namecoin difficulty is still low?

I am currently mining at ARS as it provides a steady stream of income. At the moment BurningToad hasn't announced any merged mining plans, but I believe he is working on it. If I prove to be wrong,I'm not sure if I will move pools to one that does have merged mining as it would cause me more work, but I am looking into it, and will let everyone know what my plans are soon.

You should consider moving to a merged mining pool.  With the current bitcoin difficulty of 1,468,845 and namecoin difficulty of 94,036, in the time it will take you to mine 1 bitcoin, you will also mine 15.62 namecoins, which you could sell for 0.41 bitcoins, a 41% increase in yield.  With the current USD/BTC exchange rates so low, merged mining of namecoins could mean the difference between turning a small profit and barely paying for utilities.

[boonies4u]

How do dividends get paid? I now own a small amount of stock. Thanks

Dividends on the GLBSE get sent to a shareholders (except issuer) account on GLBSE. You should be able to view it in the history.

[Eveofwar]

Dividend paid

9.3077143 BTC paid to 3,585 shares

Also second 5970 installed.

After putting new thermal pads on the 5850s, temps dropped dramatically.

My limiting factor are my VRMs. With the 5850s, I went from ~91C and 100% fan for an OC, to ~73C and 65% fan. I need to do the same to my 5970s as the VRMs are extremely hot with very mild OCs...so that's the plan for tomorrow night.

Running at 91C is not healthy, at all.  Neither is running the fans at 100%.  I'm hoping the other cards aren't running under similar conditions.  Better than 80C and 85%, for 24/7 is a good goal.  The rigs should be ventilated better/differently to allow for even cooler temperatures.

I plan on purchasing some shares, just want to ensure that the equipment is here to last

[talpan]

Hey, i've bought some shares and I'm very interested in this project.

But why did you order 4gb of ram for a mining rig, 1/2gb should be enough.
This would result in a lower consumption.

regards, talpan

[talpan]

Hey, i've bought some shares and I'm very interested in this project.

But why did you order 4gb of ram for a mining rig, 1/2gb should be enough.
This would result in a lower consumption.

regards, talpan

3 reasons.

1. Resale value...should the company ever have to liquidate assets, it is easier to sell this way.
2. Cheaper...only half the memory will be installed so the other stick will be saved for a future rig.
3. Other purposes...down the road one of these rigs will be pulling double duty as a firewall/router/gateway for all the other rigs.

I'll expand on these answers later if desired

thx for clarifing this,
and is there a way to see how much shares are arvailable?

[Eveofwar]

11-5-11 : Dividend of 4.975 BTC paid out to 3,817 shares. Yay!

Now to sell more shares to pay for the rest of Rig 2!

I found 2 5970's. One ASUS 5970 for $325 USD shipped, and one XFX 5970 2GB Black Edition for $350 without shipping included.

I'm not sure how long these sellers will keep the cards around, so the sooner the shares are sold the better. It should be about 920 shares to get both shipped to me, so ya.

Another 20 shares coming your way.

[sadpandatech]

  Not a current shareholder but i'd like to say I like what I've been reading.  Mostly just from the point of the very transparent nature of your daily operations. It is very refreshing. I see you are struggling with some things but keep it going like you are and all will be awesome!!


   Cheers,
    Derek

[likuidxd]

We have started renting out contracts again, so yay! Rig 1 is significantly stabler without the faulty GPU in it, so I felt comfortable offering rental services once again. We currently have 200,000 shares purchased for 8.5 BTC.

I hate to keep asking for people to buy shares as quickly as possible, but it is in everyone's best interest to buy up this secondary offering as soon as possible. We currently have ~$400 USD worth of equipment doing nothing because it doesn't have the necessary parts to operate.

All I need to allow this rig to run is a PSU ($300) and fans ($130). This would allow me to move Rig 1's 5970s into Rig 2, where they would run much cooler, and extend their running life.

What size PSU are you in need of?

[sadpandatech]

I'm looking for Corsair AX1200s.

If anyone could link me a PSU that has:
<20mV of ripple on the 12V rail (GPU Stability)
Basically 90% efficiency (Power Consumption)
A 7 year warranty (In case of anything bad happening electrically)
1,200W output (4 5970s draw a lot of power)
For less than an AX1200 ($300 USD)

I'll take it. Or if anyone has a working, used AX1200 I'll gladly trade shares for it.

I hate to be extremely picky here, but these are the best PSUs I've seen

Will save you a few bucks anyhows;
  http://www.newegg.com/Product/Product.aspx?Item=N82E16817194092&nm_mc=OTC-Froogle&cm_mmc=OTC-Froogle-_-Power+Supplies-_-Enermax-_-17194092
Review; http://www.hardocp.com/article/2011/09/06/enermax_platimax_1200w_power_supply_review/8

 Antec HCP 1200 - Recommended. 99% max wattage available to 12v rails. Over 88% efficient at ~1200w
  http://www.amazon.com/Antec-HCP-1200-Energy-Certified-Supply/dp/B004DBA2O6
Review; http://www.hardocp.com/article/2010/10/24/antec_high_current_pro_1200w_power_supply_review/

 Edit; max load ripple reads for Antec; http://www.techpowerup.com/reviews/Antec/HCP-1200/7.html

 Corsair Ax1200; 85% Eff at 1186 DC W, amazing low ripple. 3 reviews all listing it <30Mv


I'm still partial to the Antec with its mammoth available juice to the 12v rail and overall efficiency.  And, these guys here selling one for $215 +shipping is insane; http://www.amazon.com/gp/product/B004DBA2O6/ref=sc_pgp__m_A5YB1DFQD8C8M_3?ie=UTF8&m=A5YB1DFQD8C8M&n=&s=&v=glance

[sadpandatech]

Ok, so I'm going to shave off $85 USD and go for the Antec HCP 1200. I loose a bit of warranty, but everything else seems to be in order.

  I edited in another link on Amazon there for one even cheaper. I did not look into the listing company though.

[likuidxd]

Yea, I have a HCP-1200. It's a beast of a PSU and runs cool and quiet

[likuidxd]

And your other requirements to get the other rig up and running?

[likuidxd]

$400 for case fans! Jesus! Are you buying nocuta's or deltas?

[zapeta]

I just now saw this thread and I like your transparent operation. 

I noticed that you are having trouble with people undercutting the IPO shares that you are selling.  One way around that is to ask people to buy directly from you and then use the transfer option in GLBSE to send the shares.  The buyer would have to send the BTC to an address that you choose, and once the transaction is confirmed you could use the transfer option in GLBSE to send them their shares.  While it may be cheaper for the investor to buy the shares that are undercutting the IPO shares, it probably makes more sense to buy directly so the BTC actually ends up the the hands of the business.

[Eveofwar]

I just now saw this thread and I like your transparent operation. 

I noticed that you are having trouble with people undercutting the IPO shares that you are selling.  One way around that is to ask people to buy directly from you and then use the transfer option in GLBSE to send the shares.  The buyer would have to send the BTC to an address that you choose, and once the transaction is confirmed you could use the transfer option in GLBSE to send them their shares.  While it may be cheaper for the investor to buy the shares that are undercutting the IPO shares, it probably makes more sense to buy directly so the BTC actually ends up the the hands of the business.

I was considering doing that, but I wasn't sure if anyone would take me up on that offer.
.
If anyone would like to buy shares directly from the company, pm me your glbse user id and I'll send you a payment address. Once payment is received, I will transfer 1 share to your id for every 0.25 BTC I receive

Can't we just put in a buy order and for the "Enter the price you are willing to pay" just enter 0.25 ?

I believe even if someone states they want to sell their shares for 0.25, they are placed after the IPO's shares...since they were posted first.

[zapeta]

I just now saw this thread and I like your transparent operation. 

I noticed that you are having trouble with people undercutting the IPO shares that you are selling.  One way around that is to ask people to buy directly from you and then use the transfer option in GLBSE to send the shares.  The buyer would have to send the BTC to an address that you choose, and once the transaction is confirmed you could use the transfer option in GLBSE to send them their shares.  While it may be cheaper for the investor to buy the shares that are undercutting the IPO shares, it probably makes more sense to buy directly so the BTC actually ends up the the hands of the business.

I was considering doing that, but I wasn't sure if anyone would take me up on that offer.
.
If anyone would like to buy shares directly from the company, pm me your glbse user id and I'll send you a payment address. Once payment is received, I will transfer 1 share to your id for every 0.25 BTC I receive

Can't we just put in a buy order and for the "Enter the price you are willing to pay" just enter 0.25 ?

I believe even if someone states they want to sell their shares for 0.25, they are placed after the IPO's shares...since they were posted first.

I think what you are entering is the maximum price you'd be willing to pay, so it would buy the 0.24 shares first.

[Eveofwar]

I just now saw this thread and I like your transparent operation. 

I noticed that you are having trouble with people undercutting the IPO shares that you are selling.  One way around that is to ask people to buy directly from you and then use the transfer option in GLBSE to send the shares.  The buyer would have to send the BTC to an address that you choose, and once the transaction is confirmed you could use the transfer option in GLBSE to send them their shares.  While it may be cheaper for the investor to buy the shares that are undercutting the IPO shares, it probably makes more sense to buy directly so the BTC actually ends up the the hands of the business.

I was considering doing that, but I wasn't sure if anyone would take me up on that offer.
.
If anyone would like to buy shares directly from the company, pm me your glbse user id and I'll send you a payment address. Once payment is received, I will transfer 1 share to your id for every 0.25 BTC I receive

Can't we just put in a buy order and for the "Enter the price you are willing to pay" just enter 0.25 ?

I believe even if someone states they want to sell their shares for 0.25, they are placed after the IPO's shares...since they were posted first.

I think what you are entering is the maximum price you'd be willing to pay, so it would buy the 0.24 shares first.

Correct. The system always sells the lowest price first, then, if all asking prices are the same, it sells the oldest ask first.

Well, shitty...just went through my Market History, and have paid 0.25 for all shares I own.  Makes me feel a little bit better, but the undercutting when all the IPO shares aren't all consumed is kinda sad still.

[likuidxd]

There was an isp issue and fan speeds dropped; when the issue resolved, the fans soon back up, and the 5970 destabilized, and destroyed itself...fairly spectacularly. I woke up to a loud fan sounding like a blender with rocks in it, and the smell of burning circuits.

How does this happen? Are your fan speeds set to an auto setting? What are you using for overclocking?

[likuidxd]

There was an isp issue and fan speeds dropped; when the issue resolved, the fans soon back up, and the 5970 destabilized, and destroyed itself...fairly spectacularly. I woke up to a loud fan sounding like a blender with rocks in it, and the smell of burning circuits.

How does this happen? Are your fan speeds set to an auto setting? What are you using for overclocking?

I'm using CGMiner for overclocking and fan control. The top limit of the fans is 85% so it wasn't a running too fast issue.

And sometimes things just happen. Albeit not often, but it does happen. Given this card was also a little over a year old, with fans running >50% at most times it was bring used, it just may have just had too much.

I must be missing something...the fan died? or The fan slowed down when it stopped hashing and didn't speed up in time as the card started hashing again causing it to overheat?

[sadpandatech]

No, it spun back up, but it went off balance as it did so, and destroyed itself as a result.

CGMiner is nice in it's auto fan control in that instead of waiting to spin up until the temp gets high enough, it puts the fans at 85% whenever the gpu is active, then slows them down until a temp equaliberium, that the user sets, is reached. My temp is 60°c as it keeps the   VRMs below 80°c.

  CGminer should tweak that a bit so the fans don't go from 0 to 85% instantly. It should gradually, over the course of a few seconds get them up to max. That would've helped atleast a bit in the case.

[likuidxd]

Oh! okay, I get it now. I don't use CGMiner, didn't know this was possible.

I'm not positive but, shouldn't you keep your fans at a static speed? If you have a target temp set for a fan control, wont the fan speeds be constantly changing? Wouldn't the constant variance in speed wear your fans faster?

I know from watching my cards with a static fan speed that the temps often dance around +/- 2°C. I would think that this would cause your fans to be constantly adjusting +/- 500-1000 rpms which would wear heavy on the fan.

[Eveofwar]

Spreadsheet hasn't been updated in a few days.  Dividend from Sunday wasn't paid out.  Replacement 5970 was supposed to arrive on Monday.  What's being done about the 2nd down'd 5970 ?  Haven't seen a post from you in a bit, just wanting a status update with how things are going, as well as other shareholders I believe.

Thanks

[zapeta]

I'm also debating on whether or not to rent my personal psu to Rig 2 until the necessary funds come in to buy its own. I'll put a motion up for this soon.

That should cover just about everything. If you have any questions let me know.

How much wattage do you need for the power supply for rig 2?

[sadpandatech]

I'm also debating on whether or not to rent my personal psu to Rig 2 until the necessary funds come in to buy its own. I'll put a motion up for this soon.

That should cover just about everything. If you have any questions let me know.

How much wattage do you need for the power supply for rig 2?

With 4 5970s, it'll need ~1,200 watts.

  I forgot all about you discussing the new psu. How much more fundage do you need to get it? Still not a shareholder but that would be a good enough reason to go grab a few up.

[memvola]

Any updates?

[Eveofwar]

Last Active:    January 03, 2012, 09:15:28 PM

Can you please provide us with an update ?

Thanks.

[senbonzakura]

MergedMining is almost similar to JLP-BMD so after buying shares in MM i researched JLP-BMD and bought some shares.

hopefully we see regular dividends from the end of January

thanks !

[senbonzakura]

Excellent 

[Eveofwar]

Awesome !

Thank you tremendously for the update

[zapeta]

Thank you for the update!

Just curious, how many shares have sold?  I'm just trying to figure out how many shares of the 8001 issued are receiving dividends. 

[ZodiacDragon84]

I'm having GLBSE issues that I hope Nefario is looking into. I would invest once that is remedied.

[senbonzakura]

nice

[molecular]

Dividend paid.

43.15 BTC paid out to 4,275 shares!

hey guys, I'm relatively new to JLP-BMD, bought some shares a while back and I think this is the first dividend payment I received.

Is this some kind of accumulated payment? It says in OP payments will be every Sunday, which was clearly not the case.

What kind of payments are to be expected for the future?

[Eveofwar]

Dividend paid.

43.15 BTC paid out to 4,275 shares!

hey guys, I'm relatively new to JLP-BMD, bought some shares a while back and I think this is the first dividend payment I received.

Is this some kind of accumulated payment? It says in OP payments will be every Sunday, which was clearly not the case.

What kind of payments are to be expected for the future?

There was some downtime from mid-November to the end of January.

[senbonzakura]

i think after this huge dividend payout, we shall expect regular dividends on Sunday of about 3 or 5 BTC

[senbonzakura]

when will you pay dividends for sunday today ?

[senbonzakura]

no dividends for Sunday? what happened ?

[senbonzakura]

I dont understand , can you explain more please

[senbonzakura]

when you pay dividends for today ?

[senbonzakura]

thanks

[senbonzakura]

1. how much will the dividends be tomorrow ?

[senbonzakura]

yes, you should obtain BF Single , would vote for it

[senbonzakura]

if you pay regular dividends like MergedMining yes.

I am hoping your dividends is like MergedMining 5 BTC, since your g/hash is more than MM.

once i am confident that there will be regular dividends each week, then i will buy shares direct from you.

[zapeta]

I think that's a good place to call it... over 50% of the available votes have been cast "Yea", and the motion passes.

All new funds will put towards purchasing one or more BFL Bitforce Single(s). If we sell through all remaining 1,200 shares for sale by the company there will be enough funding to purchase 2 units.

Wow, that was the fastest motion to accepted vote that I've ever seen.  The vote was open for just under an hour, so I'm curious how we accumulated so many votes in that time.

While it may be a good idea to add some FPGA's to the rigs, how long would it take to get these even if we had the funds?  They've just now barely started shipping the first orders that they promised months ago.  We may want to look at other FPGAs that are out there - even if the BFL singles are the most efficient, it doesn't really matter if we can't get them for 6 months.

[marked]

Wow, that was the fastest motion to accepted vote that I've ever seen.  The vote was open for just under an hour, so I'm curious how we accumulated so many votes in that time.

It takes only a few shareholders with largish stakes.

marked

[zapeta]

Wow, that was the fastest motion to accepted vote that I've ever seen.  The vote was open for just under an hour, so I'm curious how we accumulated so many votes in that time.

It takes only a few shareholders with largish stakes.

marked

Well obviously.  I was more wondering if the unsold shares were included in the vote and voted yes as that would partially explain the quick total.

[molecular]

glbse.com is up and it doesn't look any different to me.

[marked]

glbse.com is up and it doesn't look any different to me.

new version has been delayed, and though I've logged in I can't get anywhere. it just sits at refreshing.

marked

[marked]

Dividends have been sent out! 5.0083574 BTC to 4,275 shares, 0.00117155 BTC per share.

Nefario just kicked something into touch, and now I can see the dividend received but:

39682   0.0011715 BTC   dividend   N/A   JLP-BMD   27/02/2012-16:33
39742   0.0000000 BTC   dividend   N/A   JLP-BMD   27/02/2012-16:36
39802   0.0000000 BTC   dividend   N/A   JLP-BMD   27/02/2012-16:36

marked

[marked]

Disregard 39742 and 39802, after paying the first dividend my account balance said I had something left, so I tried to pay it out...to no avail. Your the first dividend is correct if you only own one share...

Just the one at the moment, will be buying more at a later time.

marked.

[gewure]

i plan on buying some shares, under 100, though.

[edit] now in with 40 shares

[molecular]

i plan on buying some shares, under 100, though.

Can someone explain these kinds of announcements?

The most likely explanation I can think of is that the person really wants to sell and drive the price up a bit. That's just plain childish, being dishonest like that.

The other explanation would be he really wants to buy. Why tell everyone? Maybe the person is so excited in anticipation of his purchase that he just has to tell everyone and neglect the fact that this might even result in a less favorable price for him?

Am I missing an alternative explanation?

btw, @gewure: I put in some quite competitive orders on both sides of the market for you to take. They should satisfy your volume needs. The market is made, now get on with it

[MPOE-PR]

Can someone explain these kinds of announcements?

Bitcoins are new, the community spirit is strong, for most people this is more about having fun together than about turning $5 profit.

[gewure]

i plan on buying some shares, under 100, though.

Can someone explain these kinds of announcements?

The most likely explanation I can think of is that the person really wants to sell and drive the price up a bit. That's just plain childish, being dishonest like that.

The other explanation would be he really wants to buy. Why tell everyone? Maybe the person is so excited in anticipation of his purchase that he just has to tell everyone and neglect the fact that this might even result in a less favorable price for him?

Am I missing an alternative explanation?

btw, @gewure: I put in some quite competitive orders on both sides of the market for you to take. They should satisfy your volume needs. The market is made, now get on with it

lol. just before he asked if somebody wants to buy shares. indeed, i want to, and that is what i have done.

im also not amused by the price dropping instantaniously after i bought my first shares, but ..jesus, dont blame it on me! if i say i buy, i buy!

[marked]

Instead of JLP-BMD paying out 100% of profit each week, we would reduce the payments to a sustainable, consistent dividend amount.

The excess funds would be put into a pot for future dividend payments, and eventually, should the pot grow large enough, to fund improvements.

a fixed sum, or a fixed percentage?

everyone seems to have voted yea, but there is no clear idea as to what they are actually voting for.

marked

[tgmarks]

I'm not sure I see the need for a consistent dividend if its going to be slightly less than the total possible dividend, but if it funds future expansion thats cool.

[senbonzakura]

7.81189982 paid out to 4,275 shares!

In other news, the company has started to buy back shares, and there will no longer be a dedicated internet cost. I'm going to pay that myself.

you are buying back shares with your own BTC or company BTC ?

[senbonzakura]

ah ok, then you should say "I (ceo) started to buy more shares for myself"

instead of saying the 'company' is buying back shares.

[TheOtherGuy]

Why are you buying back shares?

[senbonzakura]

ah ok, then you should say "I (ceo) started to buy more shares for myself"

instead of saying the 'company' is buying back shares.

But then it looks like I'm buying it for my personal account.

I the CEO put my own BTC into the company account, and purchased shares with those funds. There are now 137 fewer traded shares of JLP-BMD. These shares may be sold later, but for now they are company owned. They receive no dividends, they have no voting rights. For now, it's like they no longer exist. It isn't much, but there are 3.2% fewer shares of JLP-BMD.

ok so you are mixing your btc with company btc , and mixing your shares with company shares ?

I think you need to take out those shares that you bought with your own btc , that is currently in the company glbse account and transfer them into your personal account.

If the company is buying back shares, the company will buy back with its own btc, so far no one voted for that. But from what i understand is that you bought shares with your own BTC and put it in the company account.

Either you can donate and hand them over to the company or transfer them into your own personal account

[molecular]

JL421, just a thought: maybe you should change the thread title.

[rjk]

Over the weekend I should have some time to commit to upgrading the website and making things much more automated.

Also, all assets owned by me (JLP, JLP-BMD, M.ETF) have been marked verified in the following areas:

Phone Number
Home Address
Email Address
Photo I.D.
Facebook Profile

I don't have a Linked-In Profile, otherwise I probably would have linked that too...

Who uses Linked-in anyways?

[sadpandatech]

I'd say as long as difficulty is looking to be stable (it's decreasing a bit today), and the lead time on BFL is so extreme, stick with GPU for atleast another round of growth.

my 2 bits
cheers

[senbonzakura]

nice things are good now 

[sadpandatech]

nice things are good now 

aye, looking good and we started chipping away into the recently released shares.


gogogogo.  ;p

[friedcat]

The dividend of last week doubled from that of the week before last week. Since the difficulty does not change much, is the increasing caused by just random number factors, or that you've already upgraded some of your hardware? Thanks.

[SaltySpitoon]

I'm interested in investing in your mining operation as it seems to be well run, and progressing, but I guess I'v just tried to read too many posts in a short amount of time, so Iv got a few questions. There are a total of 8000 shares correct? I'm also pretty sure I read that dividends were paid out every week or so, and that average dividend per share was .003 BTC or so? Like I said I may be misreading with haste, but does anyone have any feedback on their experiences with JLP-BMD? Also, what is the current MHash that the setup is getting? Going through the posts, Iv seen about 10 different figures, which makes sense as more equipment is added, I'm just not sure what the current figure is.

[zapeta]

As for others' experiences with me and this company I'll leave that to them to answer.

I've been a shareholder since November, and my experience with the company and JL421 have been great.  JL421 has put a lot of effort in to this and kept things going even during some rough times with hardware failure, etc, even to the point of throwing his own money in to paying dividends.  As you can see, he is fully verified on GLBSE and I feel he is trustworthy.

[SaltySpitoon]

Well, I bought in. I'll buy more as soon as a few of my other shares sell. I'm wondering, the 2000 shares that are for sale right now, were those someones private shares? Or were those just released to fund more rigs?

[Sukrim]

I wanted to ask why your dividends in April are THAT high - you paid ~130% of PPS value as dividend, by far the most dividends per MH/s of all mining assets I'm currently monitoring. After digging around a bit on your spreadsheet it seems that it mostly comes from sold mining contracts though. Good work on that!

Just a pity that shares are that expensive currently... Well, I guess I have to wait and see.

[Mushroomized]

Bought in, keep going!

[SaltySpitoon]

I'm a little confused, so I clicked on the verifiable income link, and it says there are about 7BTC, and dividends were just paid. How did the rigs manage to mine so much in so little time?

[friedcat]

I'm a little confused, so I clicked on the verifiable income link, and it says there are about 7BTC, and dividends were just paid. How did the rigs manage to mine so much in so little time?

There's actually 9.7 BTC in that account...it's income from contracts that hasn't been dispersed out yet. I've tried the contract thing before where I just dumped everything into one dividend payment, and things were still somewhat sparatic for some reason or another. This way it's much more perdictible and dependable.

Bought in, keep going!

I see someone bought in, and enough to add a second 7970 to Rig 3, which I will be ordering tomorrow...sometime next week Rig 3 should be running with 2 7970s, and we're almost 3 of them!

Great. Do you have longer-term plans to further reduce the electricity cost and keep the mining farm expanding?

[friedcat]

Additional expansion will be paid for by additional share issues, I've raised the issue before to reserve some dividend payout for future expansion and it was denied...

Reducing electric cost will be somewhat achieved as around mid to late July the price of electric will drop 10%, past that, just strive to make the Rigs perform to their maximum profit margin instead of minimum cost to operate.

I guess it won't be hard to pass motions on issuing more shares to buy new Rigs, because it's nearly always a good thing for existing shareholders.

With the electricity cost, in fact I'm asking that if there's some discount from the electricity company if your electricity consumption exceeds some threshold. If so, we can work out a plan to make use of the discount.

[SaltySpitoon]

Even more shares have sold...wow...this is actually going extremely quick...

Just bought the power supply, so all we need now is GPUs...where are the 7990s...well at least we have the 3 7970s that were planned to be ordered...

Kind of an impromptu thing...when the 7990s come out, would everyone be alight with me issuing another 500 shares to pay for one extra 7990? The extra 7990 would be placed in Rig 3, and the 2 7970s it would replace would be placed in Rig 1.

We would be getting ~9,400 MHash/s of output for 8,500 shares sold.

If someone seconds this I'll put it to a motion, but I just want thoughts for now...this is a little down the road from now...


If this is not approved, we would get ~8,200 MHash/s of output for 7,900 shares sold.

As for now...I have went ahead an purchased 1 7970 for Rig 3 for now, and have transferred myself 360 shares for the purchase. This way when the hardware arrives it can immediately get started doing something.

Finally...looking at the balance sheet...if you were an IPO investor who never reinvested...your original purchase of 0.10 BTC has earned you 0.04094203 BTC in less than 6 months...That's a 40.9% return in less than 6 months, or ~81% return in a year...

When the motions are put into place, are they via GLBSE, or do you have a separate website where you vote? And is there any news on the plans of purchasing a 7990 when they come out?

[SaltySpitoon]

I've also got another project which I hope to release to a alpha stage later tonight, so if you have any mining rigs of your own, be ready.

Oooh, now I'm curious, whats in store? Or do I have to wait until the announcement?

[friedcat]

Dividends paid!

13.06428572 BTC paid to 6,874 for a total of 0.00190053 BTC per share!

Also ordered another 7970 today...waiting until funds clear from dwolla to order the last one...and the motherboard/processor/power supply comes in today, and the first 7970 tomorrow...I should have something working by Wednesday night.

Great, does this mean we will have Rig 3 running with at least one video card, within a week?

[SaltySpitoon]

So whats the projected GHash by this/next week?

[friedcat]

So whats the projected GHash by this/next week?

Should be roughly 4GHash/s by Friday. 4.6 by next weekend, 5.2 by June...then we wait for 7990s...

Great, waiting for your other two cards.

[SaltySpitoon]

I like the progress, its been a pleasure working with this company. I'm in the process of seeing what I can do about buying more stocks. 

[caish5]

Any idea when this weeks dividends will come in?

[PinkBatman]

Any idea when this weeks dividends will come in?

Indeed, I just noticed that they haven't been released yet 

[memvola]

I would like to point out that JL421 is also the issuer of M.ETF, and that he hasn't paid dividends on that security either. But JL421 is ID verified at the GLBSE so I suppose he will be contacted by the exchange and something will be worked out.

Has this sort of thing happened before on the GLBSE? If so, how was it handled?

JL421 is one of the most trustworthy issuers on GLBSE, so I wouldn't worry much. He probably has something else to deal with, it's a one-man enterprise after all.

If there really is a problem, Nefario usually intervenes and actively tries to resolve the issue.

EDIT: Guess I was a bit late to reply.

[friedcat]

The third 7970 is scheduled to arrive today, and will be installed later tonight.

Great to know this. Thank you.

We have also sold all outstanding shares and I would like to thank all shareholders for that.

We had a suggestion to purchase Lancelot FPGA boards with the remaining funds instead 2 Radeon HD 7990s. If there is interest in this I will raise a motion, otherwise I will follow the plan laid out earlier.

We disclose that we are behind both of these. In fact everybody could see from our financials about the first one.

Finally, I would like to apologize for the sudden absence of myself from the discussions here and on the M.ETF thread. I should have made some mention that I was having some troubles but I did not, and you all suffered for it.

It's OK. But could find some trustworthy guy when you are absent. She/he doesn't need to do too much. Just paying out the dividends in time would be a very good thing to us.

[friedcat]

There are two 20.153453 BTC payments today. Could anyone explain it?

[friedcat]

That was a mistake on my part. I had clicked the pay divided button but it didn't respond for a minute. So I clicked it again and apparently it sent out twice.

I am covering my mistake so everyone enjoy the free divided!

In fact I'm enjoy your timely and regular reply more.

Hope you could keep being more active than the last several weeks.

[Serge]

That was a mistake on my part. I had clicked the pay divided button but it didn't respond for a minute. So I clicked it again and apparently it sent out twice.

I am covering my mistake so everyone enjoy the free divided!

bug glbse to recall it or skip on the next one. you shouldn't pay double for such mistakes

[PinkBatman]

Would current investors accept the second 20 BTC dividend payment as a base for next week's dividend payment?

I have no problem with that.

[zapeta]

Would current investors accept the second 20 BTC dividend payment as a base for next week's dividend payment?

I have no problem with that.

Agreed.

[memvola]

Would current investors accept the second 20 BTC dividend payment as a base for next week's dividend payment? Whatever additional income the rigs make over the extra payout will then be paid out next week.

Sure.

[friedcat]

We are also OK with it.

[friedcat]

So no following motions about Lancelots vs 7990's?

But anyway, after all BTCs are finally spent to buy hardware, whether they are newest FPGAs or newest GPUs, the MH/BTC of JLP-BMD will exceed all existing mining assets.

The only concern is the high consumption of electricity of video cards. Now it seems that the electricity fee is compensated with GPUMax, but >100% PPS pools will not last forever.

[friedcat]

Would current investors accept the second 20 BTC dividend payment as a base for next week's dividend payment? Whatever additional income the rigs make over the extra payout will then be paid out next week.

So last week there's no additional income.

The payment of this week is supposed to be today. Hope you could already make a more regular weekly updates from the last update.

And to AMD: where are our precious 7990s?

[PolymorphicAssasin]

Any update on Dividend payouts?

[caish5]

The price has taken a tumble on this lack of information.
Very poor behavior from the owner of JLPBMD

[bulanula]

The price has taken a tumble on this lack of information.
Very poor behavior from the owner of JLPBMD

Don't worry he will pay soon enough. No need to jump all "scammer" on him, mind you !

Can't possibly imagine how this would be a scam ...

[caish5]

I wasn't so much saying scammer as I was saying there is more to running a business than selling shares and mining.
PR is important.

[VEscudero]

Would current investors accept the second 20 BTC dividend payment as a base for next week's dividend payment? Whatever additional income the rigs make over the extra payout will then be paid out next week.

Sure, we are trying to do fair business here, so I think I can speak for most investors if I say that we want you to succeed and make a good profit for your own operation.

[Luceo]

Nice to see JLP-BMD once again paying dividends. ^^

[Bitcoin Oz]

What will you be doing wrt to the ASIC situation ?

[gewure]

some percentage of the earnings should be kept to hedge JLP-BMD against bitcoin price volatility. put aside, to be decided what to do with it later.

i suggest 50% of earnings into savings

[Mushoz]

Dividends are late again?

[Mushoz]

As of this time, all planning for the wedding is done, which frees up some of my time.

Could you please use some of that time to keep us updated? Thanks.

[Mushoz]

Dividends are late again?

Yes, just for last week, it will be bundled into next week's dividend.

Also the BFL single has been mining since 6 PM yesterday, it has the 896 MHash/s firmware running, and is operating at a cool 53C without throttling.

Very very nice, thanks for the update! Keep up the good work
I wish you all the best with your marriage

[Mushoz]

Where are the consistent dividends that made me love JLP-BMD?

[Mushoz]

They were waiting on me to wake up after falling asleep waiting for the confirmations to come in.

11 BTC paid out

Thanks, much appreciated!

[memvola]

With a BitForce Single SC upgrade order, and possibility of another one once they are released, this asset seems to be a bit undervalued. Am I missing something? What do you guys think?

[zapeta]

Results of motions:

Motion 134: Issue 1,800 more shares for 0.10 BTC each - Failed 2,168 Yea 3,198 Nay
Motion 135: Issue 720 additional shares for 0.25 BTC each - Passed 3,006 Yea 192 Nay

Motion 135 carries. We will issue 720 additional shares of JLP-BMD at 0.25 BTC per share to purchase two bASIC miners from btcfpga.com

I will issue and place a sell order for those immediately.

Thank you for voting!

So what is the backup plan for raising the funds?  JLP-BMD hasn't traded anywhere near 0.25 BTC since the beginning of June.  It looks like someone will have to buy up over 1000 shares before we get there again.  At least at 0.10 BTC we had a shot at actually selling some of the shares. 

 

[xkrikl]

Well, selling at 0.25 now seems hard as the market does walue only mhash/s and not really that this is a company backed with real HW.
Selling at 0.10 would dilute actual shareholders share ... so I personally would prefer a way where current shareholders would pay for the new HW ... but with GLBSE not providing a way how to prove who own what ... that's difficult ...
So if we don't sell at 0.10 it seems that an option could be a loan and use dividends to repay it ... but if we need 180BTC it would take some 25 weeks ... but that's 1/2 year and not taking into account reward halving and ASICs coming ... seems not viable solution ...
I would still prefer to have an option to buy a number of new shares at 0.1 which would reflect my actual share in the company so it stays the same

[xkrikl]

Well there are 2 problems with this ...
1) There is 500 shares offered below 0.1BTC
2) We invest in BTC ... so you can't measure it in USD

[memvola]

Okay, I don't think JL421 will just run away, but a status report is long overdue.

[zapeta]

Update!!!

Sorry, couldn't help myself.

Really there isn't much to update. Still haven't heard anything list wise from Nefario so we're in the same boat as most other people. Currently we have 65 BTC in unpaid dividends, and power cost dropped for the winter to a lovely $0.035 USD/KWh (ie: cheap).

The plan for dividends a couple of weeks ago was to purchase a bASIC as then we could start moving into the future.

I have recently decided that as fun as this venture was it's time to close up shop. As disclosed in the original contract, I will be repurchasing all shares at 75% of their last traded value. This would make each share worth 0.0525 BTC (75% of 0.07 BTC).

As soon as I receive a list of shareholders I will begin dispersing out 5.8 BTC weekly as a dividend split between all shareholders, except myself, until all outstanding shares have been paid off. At that rate the total value should be paid off in exactly 52 weeks.

That's where we currently stand. I appreciate everyone's support through this venture, and while it's been fun, I would rather make a graceful exit now while it won't cost me an arm and a leg to do so.

I will post an update when I receive records of all shareholders.

As for now, so long, and thanks for all the fish.

Just to clarify, how many shares do you hold and how many are outstanding total?

Also to clarify, you'd be paying out the 65 BTC plus whatever else is mined divided by the number of shares, plus 5.8 BTC divided by the number of shares for the next 52 weeks (after you receive the shareholder list)? 

For what it's worth, the mergedmining thing ended up being a huge mess and they are in the process of liquidating.  I'd personally rather have the buyout if I'm understanding it correctly than have the operation sold to someone else.

[Mushoz]

How many BTC have been mined while GLBSE has been offline? Will we receive one big dividend for that?

[PolymorphicAssasin]

At 1 PM today, I received my list of asset holders from James. I will send an email to each person on my list to confirm that I have received their share count and I will confirm their payment address.
...
Any shares not claimed by noon within one week of today December 10th, 2012 will become property of myself, and will not be claimable.

Again - Any shares not claimed by noon on December 17th, 2012 will become my property. You will not be able to claim shares past this date.

So everyone waited 2+ months to get this list, and now that you have it - you are going to give people 7 days to reconcile?  While I understand your wish to close this thing down as quickly as possible; I think you might want to reconsider. From an outside perspective it looks like a simple share/cash grab.  I know several other issuers are waiting 60 days before doing anything like this.

I only point this out because I 'checked out' of the whole GLBSE & Bitcoin forums after about 3 weeks of watching the sh*tstorm.  I loaded up my coind client just 3 or 4 days ago to discover I had received an eighth of a coin, 2x from an address I didn't recognize.  After trying to get caught up on the forums, GLBSE blog posts, etc, I was just last night able to get in touch with GLBSE.  I sent back the double payment and am waiting to get added to the issuer list.

So if I had been travelling this week, or if I had not decided to upgrade my PC (and thus necessitating the blockchain synch and wallet backup prior to the upgrade), I would not have found out about this at all. Other people may have similar circumstances, or circumstances that end in a similar result.

Certainly one can argue that's my tough luck, I should have been following my investments, blah blah, and that's all fine and dandy, but what's the harm in waiting another 30-45 days before pulling in other people's shares?

[Mushoz]

At 1 PM today, I received my list of asset holders from James. I will send an email to each person on my list to confirm that I have received their share count and I will confirm their payment address.
...
Any shares not claimed by noon within one week of today December 10th, 2012 will become property of myself, and will not be claimable.

Again - Any shares not claimed by noon on December 17th, 2012 will become my property. You will not be able to claim shares past this date.

So everyone waited 2+ months to get this list, and now that you have it - you are going to give people 7 days to reconcile?  While I understand your wish to close this thing down as quickly as possible; I think you might want to reconsider. From an outside perspective it looks like a simple share/cash grab.  I know several other issuers are waiting 60 days before doing anything like this.

I only point this out because I 'checked out' of the whole GLBSE & Bitcoin forums after about 3 weeks of watching the sh*tstorm.  I loaded up my coind client just 3 or 4 days ago to discover I had received an eighth of a coin, 2x from an address I didn't recognize.  After trying to get caught up on the forums, GLBSE blog posts, etc, I was just last night able to get in touch with GLBSE.  I sent back the double payment and am waiting to get added to the issuer list.

So if I had been travelling this week, or if I had not decided to upgrade my PC (and thus necessitating the blockchain synch and wallet backup prior to the upgrade), I would not have found out about this at all. Other people may have similar circumstances, or circumstances that end in a similar result.

Certainly one can argue that's my tough luck, I should have been following my investments, blah blah, and that's all fine and dandy, but what's the harm in waiting another 30-45 days before pulling in other people's shares?

Couldn't agree more, well said!

[PolymorphicAssasin]

Let me clarify this.

Anyone whom has received an email from stating I have received your information, share count, and payment address, you need to do nothing, unless you want to update your payment address. Regardless, your claim has been processed and the email was notifying you of that.

I never received any email. From you, GLBSE, or any other issuer.  I submitted my claim information the same day (possibly withing 36 hrs) that the [sane/v2.0] claims process was put up on GLBSE.

Only if you have not received an email you need to contact me within the next 6 days. This means that you have not submitted your claim to the GLBSE yet/James hasn't processed your claim yet. You have had 2+ months to submit your claim to the GLBSE, if you haven't done that yet, you have no right to complain about a loss that you don't care enough to take the 30 seconds required to submit a claim for.

Again - No email here.  I'm assuming it's because I didn't refund the claw-back until earlier this week.  From what I'm reading it appears Mr McCarthy is holding email addresses hostage for those clawbacks. Does this message constitute me contacting you?  Or is there some other requirement for 'contact'. Please inform so I can follow the process.
Also - to be clear - You didn't see me complaining - Just advising you as to how it looked from my optic.  I cared enough to submit my claim, but then didn't care enough to stand around and watch the next 6-8 weeks go by.  Like I said - call me lazy or whatever, but I felt like there were others in my position who might be similarly affected, so I thought I might throw a bit of advice against the wall and see if if stuck. Do as you will, I cannot change you.

If you make no attempt to contact me, when you have not received an email confirming your claim, you forfeit your opportunity to make a claim. You have had over two months to do so at this point.

That's a red herring.  You've offered exactly 7 days to make a claim.  Again - I can't change you dude, and I'm not trying to.  Just pointing out how it looks.  It looks like a cash grab. Do as you will. 

[investr]

> As disclosed in the original contract, I will be repurchasing all shares at 75% of their last traded value.

> As soon as I receive a list of shareholders I will begin dispersing out 5.8 BTC weekly as a dividend split between all shareholders, except myself, until all outstanding shares have been paid off. At that rate the total value should be paid off in exactly 52 weeks.

From forum page 1

> 6)In the event of terminating the company and liquidation of its assets, after payment of the organization's creditors and/or expenses, the shareholders will be paid all remaining liquidity, divided equally among shares. If that is not enough to buy back all remaining shares, shares will be bought back at the price the share was trading for when the company ended.

Can you please clarify this?

Also, did it state in the original contract that shares would be bought back over 52 weeks?

[MPOE-PR]

Again, all unclaimed shares will become my property at noon CST on December 17th, 2012. If you have not claimed your shares by then, they will not be recoverable.

Possibly a term a little longer than a week might be a good idea. You don't have to hold on to them for a year or anything, but people do occasionally get buried in. How's a month sound?

[zapeta]

was the dividend payment 65 btc or 70 BTC ? or you took a fee for processing payments ?

I was expecting more than what I got

0.0086306098843931 per share ? to 4418 shares ?

or

70/4418 =  0.01584427342689 per share ?

It actually looks like the approx 70 BTC mined was split amongst all 8000 shares.  69 BTC/8000 shares gives 0.008625 per share, pretty close to what we got.

Looking back a few pages in the thread its apparent that all 8000 shares were receiving dividends then too. 

[zapeta]

Haven't seen a payment in a couple weeks.  Just wanted to make sure this is still proceeding as planned.

[Koekiemonster]

Any updates? I only received the one payment on 8 January.

[Mushoz]

Any updates? I only received the one payment on 8 january.

This

[Koekiemonster]

Any updates? I only received the one payment on 8 January.

Repeated request.

[zapeta]

Has anyone tried contacting JL421 by email?  He hasn't been active on the board since January.

[landscape]

well done, may they stick in your greedy throat

[Mushoz]

That leaves 4,418 shares claimed to be bought out by 12/24/2013. If this number remains unchanged until December 17th, 2012, that will leave 231.7875 BTC to be paid out. This makes the weekly buyout payment 4.4575 BTC per week. Each share will receive 0.00100894 BTC per week until December 24th, 2013 starting on December 24th, 2012.

Fuck you. You miss every single fucking "weekly" payment and now you think because the price has risen so much that ~9 BTC is enough? _You_ missed your payments, so it's _your_ fault. I understand you cannot pay the full 231.7875 BTC, that would be insanely unfair after such a rise. But if you had kept your word, and made your weekly payments, we would have already gotten WAY more than the measly 9 BTC you paid out.

I cannot understand why we should we "pleased" with this. You didn't say a word anymore. Didn't reply to our request for updates/payments, and now we should be pleased with what we got? Had you just kept your word and sticked to your plan with 4.4575 BTC weekly payments, after only 3 weeks we would have gotten more than we got now.

[zapeta]

update ?

What are you expecting to find out?  He sent out a final payment around April 9 and shut the company down.

[gewure]

.. and ran with my 11 bitcoin?

i have not been contacted of whatsoever. i have still alot to claim from this.