[GLBSE] MergedMining BTC/NMC Mining Company

[OgNasty]

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

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.

[1714615792]

1714615792

[molecular]

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

[molecular]

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

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.

[OgNasty]

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. 

[molecular]

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)?

[OgNasty]

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.

[OgNasty]

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.

[molecular]

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.

[OgNasty]

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.

[GamingG]

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?

[likuidxd]

• 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]

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

[molecular]

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?

[OgNasty]

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.

[OgNasty]

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

[molecular]

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?

[OgNasty]

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.

[likuidxd]

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]

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.

[molecular]

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