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Author Topic: [GLBSE] MergedMining BTC/NMC Mining Company  (Read 42046 times)
OgNasty
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October 09, 2011, 10:34:18 PM
 #1

MergedMining is a Bitcoin mining company seeking to utilize the "merged" mining technique to increase investment returns by mining for bitcoins and namecoins at the same time. MergedMining has access to electricity at a variable $0.05-$0.16/kWh rate and free internet, making mining costs extremely manageable and giving MergedMining the potential to outperform it's peers.



You can purchase shares using the GLBSE under the ticker symbol MergedMining.

Mining Rig #1:
  • Butterfly Labs Bitforce Single
  • x2 ATI Radeon HD 5970 w/ Danger Den Waterblocks
  • ATI Radeon HD 5870 w/ Danger Den Waterblock
  • Watercooling Loop (Pump, Radiator, Reservoir)
  • Gigabyte 870A-USB3 ATX Motherboard
  • PC Power and Cooling Silencer Mk II 950W
  • AMD Sempron 130 Sargas 2.6GHz & Heatsink/Fan
  • Kingston 4GB (2 x 2GB) 240-Pin DDR3 SDRAM
  • Western Digital 500GB HD
  • Kill A Watt Electricity Meter

Dividend Payments:

Donate Hashing Power:


Updated: 5/19/12

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October 10, 2011, 02:22:36 AM
 #2

What kind of dividends could we expect?  Why are you issuing 1000 BTC worth of shares (i.e. what is your plan with these funds)?
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October 10, 2011, 02:54:48 AM
 #3

FREQUENTLY ASKED QUESTIONS:


What kind of dividends could we expect?
We are currently paying a dividend of 0.001 BTC/share.  That is a annual dividend yield of 58% based on our IPO price.

Why are you issuing 1000 BTC worth of shares (i.e. what is your plan with these funds)?
With 1000 BTC I would love to build mining rigs with multiple 5970s or FPGAs. Any additional funds could be used for investments, having a website created, or any other ideas that may come from shareholders.

The namecoin hash rate dropped drastically after a huge rise in difficulty, so blocks are going really slow. Has the difficulty adjusted back down yet, so blocks come at a normal rate?
You can check the difficulty for namecoin and bitcoin here: http://dot-bit.org/tools/nextDifficulty.php
The namecoin difficulty will be adjusted down by the time our rig is operational.

Have you considered selling your personal rigs to your business?
Yes, but my personal rigs aren't built with costs in mind and wouldn't make the best investment for my shareholders.

What will you do if exchange rate drops below a price that would cover our power cost?
My power is charged at 2 different rates.  $0.16/kWh from 9am-9pm & $0.05/kWh from 9pm-9am.  If the exchange rate continued to drop to where mining was no longer profitable at the average $0.11/kWh rate, I would likely begin running the miners only from 9pm-9am.  If the exchange rate dropped to where it was no longer profitable to mine using $0.05/kWh electricity, I would propose a shareholder motion to see if the equipment should be sold off to refund investors.

What policy will you use to sell the namecoins?
This will be based on market conditions.  Perhaps some ideas could be floated on this thread to give shareholders the opportunity to voice their opinion on this subject.

When will you start paying dividends?
Weekly dividend payments will begin on November 6th, 2011.

How will dividends be calculated?
Dividends will be split among the purchased shares.  For example, if 10,000 shares have been issued, but only 1,000 purchased, those 1,000 purchased shares would split the entire dividend payment equally on a per share basis.  The amount of the dividend will be at my discretion and based on the company's current financial situation.

How often will you pay dividends?
I'm planning to pay dividends weekly.  This could change at any time, but would most likely never be longer than monthly.

I might be selling my 5970. Would it be possible to trade it for shares in the company?
Yes.  PM me with any trade offers.  

Could you make a spreadsheet, with company info contained on it?
I am working to implement an automated accounting display.  I hope to have something better and more trustworthy than a spreadsheet in place on this thread by the time the miner goes live.

What OS do you use for mining?
I am planning to use Win7 with cgminer.

Do we see somewhere how many shares are on the market and how many are held by you?
There are 10,000 shares available.  You can figure out the amount that have been purchased by doing some math each week when dividends are paid.

Can you issue new shares at any time, how does that work exactly?
New shares can only be issued following a shareholder vote.

The shares you have in your account, can you only offer them for the initial price of 0.1 or can you also just sell them on the market?
Shares can be sold at any price, at any time.

Do you have plans to buy back shares at some point?
I would definitely like to buy back shares at some point and will do so if I feel it is in our shareholder's best interests.

What are the future prospects for your company?
I will continue to aggressively pursue the expansion of profits for my investors.  Keep your eye on this thread for updates and information on future expansion plans.

Do you keep 5,000 shares back for additional hardware?
Shares are held back for many reasons, including additional hardware purchases.  This number could increase or decrease depending on opportunities that may arise.

Can you explain to me how all this works?
You buy shares of the company using the GLBSE.  You then get to vote on company motions as well as receive profits from the company in the form of dividends.  Dividends are credited to your account, and you can do whatever you'd like with them (withdraw, reinvest, spend, etc.).  There are two ways you can profit from owning shares on the GLBSE.  A) Dividends B) Buy low and sell high.
For more information on how public companies work, I'll refer you to wikipedia.
http://en.wikipedia.org/wiki/Public_company

What do you plan on doing with the NMC?  Sell it at some point or send it to shareholders?
NMC has been sold off in the past and more could be sold off if I feel it would benefit the company.  There are currently no plans to pay dividends in NMC.

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October 10, 2011, 06:00:43 AM
 #4

Wow...

Quote
Trades:
Oct 10, 2011, 04:40:44   0.10000   901.00   
Oct 10, 2011, 04:40:42   0.09000   99.00

Just wow...

Congrats on the extreme growth sir...
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October 10, 2011, 05:12:37 PM
 #5

Congrats on the extreme growth sir...

Thank you.

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October 11, 2011, 01:17:57 AM
 #6

Since you're clearly getting funds now, how do you plan to start using this capital to build miners?  When do you expect to start sending out dividends?
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October 11, 2011, 03:29:40 AM
 #7

I have not been keeping up with namecoin much. I remember somebody saying that the hash rate dropped drastically after a huge rise in difficulty, so blocks are going really slow. Has the difficulty adjusted back down yet, so blocks come at a normal rate?
The difficulty will drop within a few days, but then it will very sharply increase next time around to even higher than it is now (I'm guessing merged mining has really caught on).
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October 11, 2011, 03:30:11 AM
 #8

Since you're clearly getting funds now, how do you plan to start using this capital to build miners?  When do you expect to start sending out dividends?

ASAP. As soon as enough capital is raised to purchase the bare necessities, a rig will be brought online to begin paying out dividends.


I have not been keeping up with namecoin much. I remember somebody saying that the hash rate dropped drastically after a huge rise in difficulty, so blocks are going really slow. Has the difficulty adjusted back down yet, so blocks come at a normal rate?

You can check the difficulty for namecoin and bitcoin here: http://dot-bit.org/tools/nextDifficulty.php
The namecoin difficulty will be adjusted down by the time our rig is operational.

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October 14, 2011, 09:27:24 PM
 #9

Have you considered selling your personal rigs to your business, but buying the rigs from yourself using stock?
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October 15, 2011, 01:53:21 AM
 #10

Have you considered selling your personal rigs to your business, but buying the rigs from yourself using stock?

Yes, but my personal rigs aren't built with costs in mind and wouldn't make the best investment for my shareholders.

I have reached an agreement with bou707 to purchase 2x5970s for MergedMining:
https://bitcointalk.org/index.php?topic=45233.0

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October 16, 2011, 08:08:00 AM
 #11

I just bought some shares. I will buy more once I have higher confidence in this business.

Can you make some predictions (or calculations) as to what dividends we can expect. How often will you pay the dividends, how exactly will you go about calculating the amount?

I'm really interested in this, since my own little miner will likely have to be shut down due to energy prices being too high where I live. I'd still like to mine and support bitcoin, however, and this seems a good way to do this.

EDIT: more questions (integrating questions from above):

  • In the top post, it says "2x5970 (sale pending)". Do you mean "purchase pending" or did you buy them and are selling them again?
  • What will you do if exchange rate drops below a price that would cover our power cost?
  • What policy will you use to sell the namecoins? Sell right away?
  • When will you start paying dividends?
  • How will dividends be calculated?
  • How often will you pay dividends?

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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October 16, 2011, 03:17:30 PM
 #12

What will you do if exchange rate drops below a price that would cover our power cost?

My power is actually charged at 2 different rates.  $0.16/kWh from 9am-9pm & $0.05/kWh from 9pm-9am.  If the exchange rate continued to drop to where mining was no longer profitable at the average $0.10/kWh rate, I would most likely begin running the miners only from 9pm-9am.  If the exchange rate dropped to where it was no longer profitable to mine using $0.05/kWh electricity, I would propose a shareholder motion to see if the equipment should be sold off to refund investors.


What policy will you use to sell the namecoins? Sell right away?

Good question.  This will most likely be based on market conditions.  With the namecoin difficulty so low right now, I'm expecting a large price drop coming for namecoins.  I do like the idea of namecoins being like the company's "savings" while bitcoins were sold to pay costs and paid to investors as dividends.  Perhaps some ideas could be floated on this thread to give shareholders the opportunity to voice their opinion on this subject.


When will you start paying dividends?

As soon as possible.  This will depend on our ability to raise funds for building a rig.  Being conservative, I'd say by November 5th we should have a rig in place and enough bitcoins generated to make a good dividend distribution.


How will dividends be calculated?

Dividends will be split among the purchased shares.  For example, if 10,000 shares have been issued, but only 1,000 purchased, those 1,000 purchased shares would split the entire dividend payment equally on a per share basis.  The amount of the dividend will be at my discretion and based on the company's current financial situation.


How often will you pay dividends?

I'm planning to pay dividends weekly.  This could change at any time, but would most likely never be longer than monthly.

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October 16, 2011, 03:46:43 PM
 #13

Thanks, OgNasty, for your answers to my questions. These satisfy me quite a bit and I will buy some more shares now Wink

On another note: I might be selling my 5970 (I pay $0.30 per kWh). Should you have use for one, I might be willing to sell them for shares in the company. Would that be possible at all?

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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October 18, 2011, 06:48:33 AM
 #14


Current Assets:
  • $347.02
  • 8.98BTC
  • 19.74NMC
  • 2x5970s (purchase pending)
  • Motherboard/CPU/PSU/HD/Ram/WiFi (ordered from NewEgg.com on 10/16/11)

Updated: 10/17/11

a suggestion: could you maybe make this into a spreadsheet, with the info above contained in one row? That way, we could see changes more easily. You could use google docs or editgrid or a similar service and make the sheet publicly viewable.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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October 18, 2011, 04:20:56 PM
 #15

a suggestion: could you maybe make this into a spreadsheet, with the info above contained in one row? That way, we could see changes more easily. You could use google docs or editgrid or a similar service and make the sheet publicly viewable.

Thanks for the suggestion.  I'm brainstorming on how to implement an automated accounting display of some kind.  I hope to have something better and more trustworthy in place by the time the miner goes live.

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October 20, 2011, 11:54:05 AM
 #16

Hi, it's been a while, what's the status on these issues:

  • current asset list? can you update in main post?
  • timeline for starting mining
  • question: which pool will you use? I opt for eligius, that way we can confirm mining operations/profit without needing a login (just the pool address necessary), easy namecoin merged mining support (I tried it, very simple)
  • question: what OS do you use for mining?

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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October 20, 2011, 04:44:01 PM
 #17

        • current asset list? can you update in main post?
        I updated this information last night.  I sold off all the BTC and deducted the amount of funds needed to pay bou707.  The NMC are in the process of being sold off and are not accounted for in the current totals.  I will have something better in place once the miner is operational. 

        • timeline for starting mining
        Yesterday we received a majority of the parts needed to get the first miner running.  The remaining parts should arrive Friday/Saturday.  I'm hoping to be mining away by Saturday morning.

        • question: which pool will you use? I opt for eligius, that way we can confirm mining operations/profit without needing a login (just the pool address necessary), easy namecoin merged mining support (I tried it, very simple)
        I plan to use multiple pools due to all the DDOS attacks happening lately.  I think using 1 pool would invite problems.

        • question: what OS do you use for mining?
        I'm planning to use Win7 to begin with.  I may switch to Ubuntu at some point if I feel that the operation would benefit from it.

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        October 20, 2011, 09:50:05 PM
         #18

              • current asset list? can you update in main post?
              I updated this information last night.  I sold off all the BTC and deducted the amount of funds needed to pay bou707.  The NMC are in the process of being sold off and are not accounted for in the current totals.  I will have something better in place once the miner is operational. 

              • timeline for starting mining
              Yesterday we received a majority of the parts needed to get the first miner running.  The remaining parts should arrive Friday/Saturday.  I'm hoping to be mining away by Saturday morning.

              • question: which pool will you use? I opt for eligius, that way we can confirm mining operations/profit without needing a login (just the pool address necessary), easy namecoin merged mining support (I tried it, very simple)
              I plan to use multiple pools due to all the DDOS attacks happening lately.  I think using 1 pool would invite problems.

              • question: what OS do you use for mining?
              I'm planning to use Win7 to begin with.  I may switch to Ubuntu at some point if I feel that the operation would benefit from it.

              thanks for the information.

              another question: up until about 3 days ago there where still around 800 shares available on GLBSE at the starting price of 0.10 BTC/share.
              These seem to have disappeared without leaving a trace on bitcoincharts (http://charts.glbse.com/charts/MergedMining#rg30zigHourlyzvztgSzm1g10zm2g25). If someone had bought them, one should see a volume bar there. I think they disappeared around Oct 19th. Any info on this for us?

              [/list][/list][/list]

              PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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              October 20, 2011, 11:47:34 PM
               #19

              up until about 3 days ago there where still around 800 shares available on GLBSE at the starting price of 0.10 BTC/share.
              These seem to have disappeared without leaving a trace on bitcoincharts (http://charts.glbse.com/charts/MergedMining#rg30zigHourlyzvztgSzm1g10zm2g25). If someone had bought them, one should see a volume bar there. I think they disappeared around Oct 19th. Any info on this for us?

              No problem.  Once the parts for a mining rig were ordered, the company was then tied to the value of something.  When the BTC price dropped, it would have allowed new investors to buy shares of the company at a much lower cost (in dollar terms) than the company was actually worth.  For that reason, I decided that it was no longer in my shareholder's best interests to be selling shares for 0.1BTC/share.  The sell orders you see on the GLBSE now are not being sold by the company.

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              molecular
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              October 21, 2011, 06:23:09 AM
               #20

              up until about 3 days ago there where still around 800 shares available on GLBSE at the starting price of 0.10 BTC/share.
              These seem to have disappeared without leaving a trace on bitcoincharts (http://charts.glbse.com/charts/MergedMining#rg30zigHourlyzvztgSzm1g10zm2g25). If someone had bought them, one should see a volume bar there. I think they disappeared around Oct 19th. Any info on this for us?

              No problem.  Once the parts for a mining rig were ordered, the company was then tied to the value of something.  When the BTC price dropped, it would have allowed new investors to buy shares of the company at a much lower cost (in dollar terms) than the company was actually worth.  For that reason, I decided that it was no longer in my shareholder's best interests to be selling shares for 0.1BTC/share.  The sell orders you see on the GLBSE now are not being sold by the company.  I'd urge investors to take advantage of this opportunity and buy cheap shares while they can.  Doing the math on the assets the company now holds, it is my opinion that MergedMining shares should be trading around 0.15BTC/share based on the value of the equipment alone.  Fair value if you think we will be profitable is now probably closer to around 0.17BTC/share.  But that is just my opinion.

              Thanks for being open about everything so far. Keep it up and I'm looking forward to the miner running. Should you need help with anything, you can always ask me, also on irc, I'm molecular there.

              EDIT: you shouldn't have said that about the price being too low, now some offers disappeared and best price is 0.14 Wink

              EDIT2: 3 questions about GLBSE: 1.) there's 10000 shares in all, do we see somewhere how many are on the market and how many are held by you? 2.) can you issue new shares at any time, how does that work exactly? 3.) the shares you have in your account, can you only offer them for the initial price of 0.1 or can you also just sell them on the market?

              PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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