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

[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.

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[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.