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Author Topic: [GLBSE] MergedMining BTC/NMC Mining Company  (Read 43602 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
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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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GamingG
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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?

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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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              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?

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              October 21, 2011, 03:59:01 PM
               #21

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

              All companies offer guidance.  I'll try to be more reserved with my opinions in the future.  


              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?

              1) Not that I know of.  Perhaps I'll make this public information.

              2) I believe so.  I would NEVER issue new shares without a shareholder vote.  Dilution is not a friend to the shareholder.

              3) Shares can be sold at any price, at any time.

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              October 22, 2011, 06:56:10 PM
               #22

              how is miner coming along? I hope you have some fun building/configuring Wink

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              October 22, 2011, 08:59:48 PM
               #23

              how is miner coming along? I hope you have some fun building/configuring Wink

              The motherboard didn't arrive yesterday as expected.  Since it's being shipped via UPS from newegg and they don't deliver on Saturdays, it looks like this rig won't be coming online any sooner than Monday night.

              allright, thanks for letting us know.

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              October 23, 2011, 07:31:53 AM
               #24

              I would like to purchase a dual FPGA board for the company in order to ensure profitability by lowering power consumption per megahash.  In order to purchase this board, the company is listing 1,100 shares at 0.136/share. 

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              October 23, 2011, 09:03:55 AM
               #25

              I would like to purchase a dual FPGA board for the company in order to ensure profitability by lowering power consumption per megahash.  In order to purchase this board, the company is listing 1,100 shares at 0.136/share. 

              I'm actually opposed to adding an FPGA miner to your mining equipment at this point in time, personally.

              Why don't you ask your shareholders first via a motion on glbse and present some math here on the thread?

              I doubt it's profitable if prices rise more in the coming months. I agree it's a sort of insurance against falling prices, but too expensive in my mind.

              Can you compare adding the FPGA miner to adding another 5970 for different bitcoin price levels (say $2, $3, $5, $10)?


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              October 23, 2011, 03:09:57 PM
               #26

              Why don't you ask your shareholders first via a motion on glbse and present some math here on the thread?

              You bring up a good point.


              I doubt it's profitable if prices rise more in the coming months. I agree it's a sort of insurance against falling prices, but too expensive in my mind.

              Don't doubt that it would be profitable if prices rise.  A price rise would only make the addition more profitable.  A price drop would make it more valuable and essential to the company.  


              Can you compare adding the FPGA miner to adding another 5970 for different bitcoin price levels (say $2, $3, $5, $10)?

              It's not so much about direct comparisons (although I have done the math).  I think we all know that 5970s are more profitable at $10/BTC.  However, an FPGA miner would be profitable at a $0.25/BTC.  Since we already have 2-5970s, I think the added ability to maintain profitability at a $0.25/BTC rate is the bigger advantage.

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              Irrational Exuberance


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              October 23, 2011, 04:22:49 PM
               #27

              If this gets bought I will be selling my shares. I thought you were getting 5970's?

              We have 2-5970s already. Perhaps I should put it up for a vote before making the purchase.

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              molecular
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              October 25, 2011, 10:35:22 AM
               #28

              The miner has been built and is functional. I need to get some sleep.  It will be hashing away by tomorrow evening.

              Nice! This is good to hear.

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


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              October 27, 2011, 03:59:22 PM
               #29

              Bad news. The motherboard has a dead PCI-E slot. It is being returned to newegg. Unfortunately, that means a loss of $10.73 to ship it back and nearly a $15 restocking fee. Since it is out of stock, a replacement is not an option. I will order a new motherboard and get it running as soon as possible.

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              October 27, 2011, 06:29:14 PM
               #30

              Bad news. The motherboard has a dead PCI-E slot. It is being returned to newegg. Unfortunately, that means a loss of $10.73 to ship it back and nearly a $15 restocking fee. Since it is out of stock, a replacement is not an option. I will order a new motherboard and get it running as soon as possible.
              They don't pay the return shipping and waive the restocking fee for sending you a defective part?
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              October 30, 2011, 12:41:06 AM
               #31

              • 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.
              [/quote]

              I would suggest using BAMT. It will be much easier on you in the long run and will lower your overall power consumption

              molecular
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              October 31, 2011, 11:21:53 AM
               #32

              what's the new timeline for getting the 5970s online?

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              molecular
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              November 01, 2011, 11:46:44 AM
               #33

              what's the new timeline for getting the 5970s online?

              I went ahead and used my own money to order another motherboard so we wouldn't have to wait for the exchange process with newegg. The new board should arrive Wednesday or Thursday. As soon as the board is delivered, I'll get it running. Hopefully this is the last hurdle.

              It's nice of you to use your own money. I'm assuming why we see -15$ in the asset list?

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              Irrational Exuberance


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              November 02, 2011, 05:52:26 PM
               #34

              A motion has been submitted on the FPGA issue and will run for a couple days.  Please vote.  If a majority 'Yes' vote is received, I will move forward in purchasing an FPGA miner.

              Voting ends on Friday, November 4th at 7:30PM EST has ended.

              The results of the motion show that investors are interested in pursuing an FPGA miner for the company (4:3 in favor of FPGA mining).  However, significant opposition has been noted and I've decided to hold off on the FPGA miner at this time.  That isn't to say an FPGA miner won't be added, but I feel that any effort to raise funds now would be met with opposition and could have a negative effect on share prices in the short term.  This topic will be brought up again if profitability is threatened by a falling bitcoin exchange rate.

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              []
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              Irrational Exuberance


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              November 04, 2011, 04:43:43 AM
               #35

              The new motherboard was received today and the miner is now 100% operational.  


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              molecular
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              November 04, 2011, 01:01:35 PM
               #36

              The new motherboard was received today and the miner is now 100% operational. 



              Whoohooooo!

              Nice, when will it start mining? Where can we see mining stats?

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


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              November 05, 2011, 12:26:54 AM
               #37

              Nice, when will it start mining? Where can we see mining stats?

              The miner has been mining away all night and day.  I'm still trying to figure out the best way to show stats.  I'll have SOMETHING soon.

              BITSLER                 ▄███
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              likuidxd
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              November 05, 2011, 12:31:50 AM
               #38

              Simple tables with date, shares submitted, stale shares, paid credit, unpaid credit and electricity usage on a 24hr basis are nice

              Typically all this information, besides electricity use, can be grabed by the api to save you on data entry

              molecular
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              November 05, 2011, 04:09:03 PM
               #39

              Nice, when will it start mining? Where can we see mining stats?

              The miner has been mining away all night and day.  I'm still trying to figure out the best way to show stats.  I'll have SOMETHING soon.

              You could just mine on eligius. No account required, so anyone can see the stats without any login.

              They have nice graphs and stats.

              PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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              November 05, 2011, 04:10:24 PM
               #40

              Nice, when will it start mining? Where can we see mining stats?

              The miner has been mining away all night and day.  I'm still trying to figure out the best way to show stats.  I'll have SOMETHING soon.

              You could just mine on eligius. No account required, so anyone can see the stats without any login.

              They have nice graphs and stats, example:

              http://eligius.st/~artefact2/19WCZBTrpSbUWVrJDzAPekodKbiTHvLwnx

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


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              November 05, 2011, 11:24:47 PM
               #41

              You could just mine on eligius. No account required, so anyone can see the stats without any login.

              I'll look into that.  I decided to go with slush's pool.  Mostly because it is the original bitcoin mining pool and also happens to be the largest merged mining pool.  I've also been quite impressed with how slush has handled the attacks on his pool.

              I added this to the first post showing our miner status:

              BITSLER                 ▄███
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              likuidxd
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              November 06, 2011, 12:01:37 AM
               #42

              You should be PPS mining with 0% fee for profitability purposes. Slush's pool is good but has gone down hill since he went down for I think 3 days and it has greatly effected the amount of blocks found there which will lower your profits

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              November 06, 2011, 01:30:14 AM
               #43

              which will lower your profits increase your variance

              This. But as far as smaller pools are in the game and you're running long-term operation, higher variance (in contrast with deepbit, for example) isn't probably an issue. Just my two cents ;-).

              Edit: Btw number of found blocks should be roughly the same as before an outage, because during the outage dropped the bitcoin difficulty. So it even didn't affect block variance.

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              November 06, 2011, 07:16:02 PM
               #44

              The first dividend of 1 BTC has been paid.  


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              molecular
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              November 07, 2011, 02:29:16 AM
               #45

              The first dividend of 1BTC has been paid.  

              Hmm, seems to me a dividend of BTC ~0.00027624 was payed per share. GLBSE says there are 10,000 shares. That'd be BTC 2.76240034 in sum, no? Can someone explain why this doesn't add up to 1 BTC?

              PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
              molecular
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              November 07, 2011, 02:34:07 AM
               #46

              I added this to the first post showing our miner status:


              ^ currently shows 1.26 GH/s. What's the miner-reported speed?

              I'm getting 799 MH/s from my 5970... do you have plans for overclocking and/or overvolting or are we playing safe?

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              November 13, 2011, 09:57:12 PM
               #47

              The second dividend of 1 BTC has been paid.


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              November 13, 2011, 10:11:42 PM
               #48

              The second dividend of 1BTC has been paid.



              PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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              November 17, 2011, 05:35:09 PM
               #49

              11/17/11 UPDATE:

              After just under 2 weeks of mining we've mined >14BTC & >275NMC. During this period we had one outage due to a network failure that appeared to be an isolated incident. Things are going well.

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              November 17, 2011, 06:46:13 PM
               #50

              can we see some caculations of the last dividend of 1 BTC? why 1 BTC?

              PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
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              November 17, 2011, 07:31:47 PM
               #51

              can we see some caculations of the last dividend of 1 BTC? why 1 BTC?

              I decided on a 1BTC weekly dividend for the following reasons:
              1) A 1BTC dividend would be easily sustainable with the current operation.
              2) A 1BTC dividend leaves room for future dividend increases.
              3) The company is still raising funds for future operations/expansion.
              4) A 1BTC dividend makes it very simple for investors to gauge their ownership share in the company.

              My goal in running this company is to provide a reliable dividend and build value for my investors over the long term. I don't feel paying out 100% of profits is the best way to achieve this goal.

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              molecular
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              November 17, 2011, 10:49:41 PM
               #52

              can we see some caculations of the last dividend of 1 BTC? why 1 BTC?

              I decided on a 1BTC weekly dividend for the following reasons:
              1) A 1BTC dividend would be easily sustainable with the current operation.
              2) A 1BTC dividend leaves room for future dividend increases.
              3) The company is still raising funds for future operations/expansion.
              4) A 1BTC dividend makes it very simple for investors to gauge their ownership share in the company.

              My goal in running this company is to provide a reliable dividend and build value for my investors over the long term. I don't feel paying out 100% of profits is the best way to achieve this goal.

              Maybe you can make a publicy viewabe spreadsheet with some info. Doesn't need to be fancy, neither does it necessarily need to be complete (date, current hashrate, BTC holdings, USD holdings, dividend payed, power payed, hardware payed...), one row each day or week or even irregularly

              I like the one JLP-BMD does for their mining efforts: https://docs.google.com/spreadsheet/ccc?key=0AsC42HRQbtMHdDdwendjYm1QZHlLbEtQOVZwa1hCbFE&hl=en_US

              If you dont like google, maybe use editgrid.com

              It's really hard to evaluate stuff when you have to extract the info from a bitcointalk thread.

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              Eveofwar
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              November 17, 2011, 11:07:55 PM
               #53

              can we see some caculations of the last dividend of 1 BTC? why 1 BTC?

              I decided on a 1BTC weekly dividend for the following reasons:
              1) A 1BTC dividend would be easily sustainable with the current operation.
              2) A 1BTC dividend leaves room for future dividend increases.
              3) The company is still raising funds for future operations/expansion.
              4) A 1BTC dividend makes it very simple for investors to gauge their ownership share in the company.

              My goal in running this company is to provide a reliable dividend and build value for my investors over the long term. I don't feel paying out 100% of profits is the best way to achieve this goal.

              Maybe you can make a publicy viewabe spreadsheet with some info. Doesn't need to be fancy, neither does it necessarily need to be complete (date, current hashrate, BTC holdings, USD holdings, dividend payed, power payed, hardware payed...), one row each day or week or even irregularly

              I like the one JLP-BMD does for their mining efforts: https://docs.google.com/spreadsheet/ccc?key=0AsC42HRQbtMHdDdwendjYm1QZHlLbEtQOVZwa1hCbFE&hl=en_US

              If you dont like google, maybe use editgrid.com

              It's really hard to evaluate stuff when you have to extract the info from a bitcointalk thread.


              I for one thoroughly enjoy browsing JLP-BMD's spreadsheet.  Daily output of how the operation is going.  Not to mention it has all the information you could want Cheesy

              It's definitely a great base for tracking I'd say.
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              November 17, 2011, 11:31:53 PM
               #54

              I'll be honest...  I'm not going to update a spreadsheet daily and I think that is in your best interests.  Who is to say the manually entered information isn't manipulated, incorrect, or outright fradulent?  I'm all for automated solutions that can't be manually altered and I have been looking into what is possible.  I'll be adding more statistics as soon as I can, although electricty usage will be a tough one (maybe a webcam showing the kill-a-watt meter?).  I can add hardware costs and will do so if you'd like.  The current hash rate, dividends paid, current hardware, and BTC holdings are all shown on the first page of this thread.  Current BTC holdings shows the amount of NMC that have been converted to BTC (none have been converted yet) and are being held in "savings."  I think having all of the information available on one thread and updated in real time is actually more beneficial than a spreadsheet located on a different site that has to be manually updated.  Perhaps eventually we will have our own website with all of this information available in a sexy format.  First, we need to generate more profits, which takes time.

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              November 18, 2011, 01:12:15 AM
               #55

              I'll be honest...  I'm not going to update a spreadsheet daily and I think that is in your best interests.  Who is to say the manually entered information isn't manipulated, incorrect, or outright fradulent?  I'm all for automated solutions that can't be manually altered and I have been looking into what is possible.  I'll be adding more statistics as soon as I can, although electricty usage will be a tough one (maybe a webcam showing the kill-a-watt meter?).  I can add hardware costs and will do so if you'd like.  The current hash rate, dividends paid, current hardware, and BTC holdings are all shown on the first page of this thread.  Current BTC holdings shows the amount of NMC that have been converted to BTC (none have been converted yet) and are being held in "savings."  I think having all of the information available on one thread and updated in real time is actually more beneficial than a spreadsheet located on a different site that has to be manually updated.  Perhaps eventually we will have our own website with all of this information available in a sexy format.  First, we need to generate more profits, which takes time.

              It doesn't need to be daily.

              The drawback of updating the info in thread is: you dont see the history, which is important.

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


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              November 19, 2011, 06:34:28 PM
               #56

              The third dividend of 1 BTC has been paid.


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              Irrational Exuberance


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              November 20, 2011, 11:43:20 PM
               #57

              Nice  Cheesy

              hopefully in 2 weeks you can increase the dividends

              Sounds like a good plan.

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              Irrational Exuberance


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              November 24, 2011, 03:24:23 PM
               #58

              Happy Thanksgiving!

              A 1 BTC Thanksgiving Dividend has been paid.


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              November 24, 2011, 03:33:04 PM
               #59

              Happy Thanksgiving!

              A 1BTC Thanksgiving Dividend has been paid.


              yay!

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


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              November 26, 2011, 05:56:05 PM
               #60

              The fifth dividend of 1 BTC has been paid.



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              November 26, 2011, 11:31:40 PM
               #61

              subscribed, I would be interested in investing, could you send me more info???

              BlockChain Capital
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              Irrational Exuberance


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              December 01, 2011, 04:34:53 PM
               #62

              subscribed, I would be interested in investing, could you send me more info???

              PM sent.

              UPDATE: Prepaid electricity for December.

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              Irrational Exuberance


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              December 03, 2011, 04:00:04 PM
               #63

              A dividend of 3 BTC has been paid.


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              Irrational Exuberance


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              December 03, 2011, 07:20:18 PM
               #64

              It's also worth mentioning that we currently have 369.43073107 NMC.

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              December 03, 2011, 09:25:57 PM
               #65

              thanks for the message I will get back to you next week, would it be possible to organise a quick skype conference?

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              Irrational Exuberance


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              December 06, 2011, 04:27:27 PM
               #66

              I've started converting our NMC to BTC. You can see the amount of NMC that have been converted to BTC in the current holdings at the beginning of this thread. These BTC will be held as our long term savings.

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              Irrational Exuberance


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              December 07, 2011, 03:28:05 AM
               #67

              how many mega/ghash now ?



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              slush
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              December 07, 2011, 11:03:04 AM
               #68

              I decided to try GLBSE and learn how that stuff works. Congratulation for your mining operation, I'm now proud owner of 34 shares :-).

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              Irrational Exuberance


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              December 07, 2011, 06:35:31 PM
               #69

              I decided to try GLBSE and learn how that stuff works. Congratulation for your mining operation, I'm now proud owner of 34 shares :-).

              Excellent. One more reason why I'm glad to be mining with your pool.

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              Irrational Exuberance


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              December 10, 2011, 06:24:03 PM
               #70

              A dividend of 4 BTC has been paid.


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              Irrational Exuberance


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              December 16, 2011, 11:28:32 PM
               #71

              I'm late, but: Thanks. Keep up the good work!

              You're welcome.

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              Irrational Exuberance


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              December 17, 2011, 07:11:04 PM
               #72

              A dividend of 4 BTC has been paid.


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              Irrational Exuberance


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              December 17, 2011, 09:57:25 PM
               #73

              Grin

              6 btc next week !!

              We aren't profitable enough to go that high yet, but I am looking into adding more capacity.

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              December 19, 2011, 09:32:48 PM
               #74

              Hm, I read a post about issuing some new shares for buying new card here few days ago, right? Or it was another thread? Anyway, all shares are sold already, are you going to add second card?

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              Irrational Exuberance


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              December 20, 2011, 12:06:02 AM
               #75

              Hm, I read a post about issuing some new shares for buying new card here few days ago, right? Or it was another thread? Anyway, all shares are sold already, are you going to add second card?

              More hardware is on the way.  Hopefully by this weekend you see our rig hashing away at around 1.7gh/s.

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              Irrational Exuberance


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              December 20, 2011, 04:03:52 PM
               #76

              how much shares remain to be sold ?

              how much money in glbse now from shares sold ?

              Unfortunately, it looks like I cashed out our BTC a little early but it was still a great offering. We currently have over $200, around 10BTC & a 5830 on the way. About 1/2 of the issued shares are still remaining to be sold and we haven't run into any major problems.

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              qxzn
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              December 20, 2011, 06:15:20 PM
               #77

              How are the issued shares being sold? Are they just sitting on the order book at GLBSE? At what price?
              OgNasty
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              December 20, 2011, 06:58:51 PM
               #78

              How are the issued shares being sold? Are they just sitting on the order book at GLBSE? At what price?

              Issued shares are being sold on the GLBSE or held by the company. The company is currently not listing any shares for sale as the previous listing of 500 shares at 0.14BTC has been sold.