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Author Topic: FPGA Mining Contract  (Read 36239 times)
fizzisist
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December 10, 2011, 11:25:23 AM
 #181

How does the number of boards change the profit per share?

1) This changes weekly profit for shareholders. If that profit is low - it doesn't worth to own.
2) If you will run your own pool the profit per share will be higher

1) If there are 6000 shares and you own 60, you own 1% of the system, or about 18 MH/s. If we double capacity and there are 12000 shares and you still own 60, you still own 18 MH/s. I don't see how the size of the cluster matters to an individual shareholder. In fact, I think that a larger, more complex system would be more prone to failure and downtime so the profits could actually be negatively influenced.

2) Solo mining only slightly increases profits. For it to be feasible for us, I think we would need to be at a point where we, on average, find 2 blocks per week. That would mean the probability of finding 0 blocks in a week would be very small (about 14% according to Poisson statistics). 2 blocks per week would require about 15 GH/s. That is too large of a system for me to be worrying about day and night without making any profit from. Maybe under the terms of a different contract.

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ArsenShnurkov
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December 10, 2011, 11:36:00 AM
 #182

I don't see

I already told my point.
I will have profit in about $5 per week. It might be totally different for me with $100 per week (i will be able to pay my life costs)

I would much rather you buy the boards from us and run them yourself!

Shipping and defensive taxes will make prices more than 40% higher in my country.

would require about 15 GH/s

it's 15/0.25 = 60 cards, which is around numbers i have in mind

Maybe under the terms of a different contract

That will be good from my point of view.
fizzisist
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December 10, 2011, 11:58:12 AM
 #183

I don't see

I already told my point.
I will have profit in about $5 per week. It might be totally different for me with $100 per week (i will be able to pay my life costs)

I would much rather you buy the boards from us and run them yourself!

Shipping and defensive taxes will make prices more than 40% higher in my country.

Ok, if you are interested in such a contract, I would rather arrange something this large privately outside of GLBSE, and under different terms than this contract. Feel free to PM me and make a proposition.

zapeta
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December 10, 2011, 04:00:06 PM
 #184

Why should shareholders buy at high price, when they can buy absolutely the same shares at lower price?

I'm not saying that shareholders should buy at a higher price, but if the goal is for the company to buy more boards by selling shares and the shares aren't sold because of people undercutting the price, the company won't get any of the money and won't be able to buy the boards.  I find it interesting that you want to expand the company and are complaining that fizzisist isn't willing to spend a ton of time on setting up a huge cluster that he wouldn't benefit from, but can't see the issue with the price being undercut.  If the price is undercut, the company won't be able to grow.


I already told my point.
I will have profit in about $5 per week. It might be totally different for me with $100 per week (i will be able to pay my life costs)

Again, not sure why being able to pay your life costs is anyone's problem.  Do you really expect a bitcoin investment to be able to pay your bills?  Fizzisist, I need about $500 a week to pay my life costs, so we need you to go ahead and put together a 60GH/s setup.  Nevermind that you're not getting paid or anything.
Red Emerald
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December 10, 2011, 06:24:52 PM
 #185

Fizzisist, I need about $500 a week to pay my life costs, so we need you to go ahead and put together a 60GH/s setup.  Nevermind that you're not getting paid or anything.

+1.  Can you do all the work while we just watch?  Tongue

molecular
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December 11, 2011, 02:31:15 PM
 #186

I don't see

I already told my point.
I will have profit in about $5 per week. It might be totally different for me with $100 per week (i will be able to pay my life costs)

You would have to buy 20 times as many shares as you have now, you're surely aware of that?

There's no free lunch.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
fizzisist
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December 12, 2011, 06:56:25 AM
 #187

Dividends have been paid for the week of 12/5!

This is our biggest dividend yet, and the first one with a full week of mining at full capacity (7 X6500s)!

Total paid to 6000 shares: 11.27463457 BTC
Dividend per share: 0.001879106 BTC

Good news for all those that bought shares in the last few days at this latest price!

fizzisist
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December 22, 2011, 05:23:30 AM
 #188

Dividends have been paid for the week of 12/12

Another week, another dividend payment. Sorry that this one came a little late. I was traveling and had only limited access to the internet.

Total paid to 6000 shares: 11.20173506 BTC
Dividend per share: 0.00186695 BTC

This brings the total paid to investors to 59 BTC in the 2 months since the IPO! Not too shabby!

GenTarkin
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December 22, 2011, 07:05:39 AM
 #189

Is it still .25BTC/share? Im kinda confused how this works but on GBLSE I have a buy order on FPGA.contract for 4 shares @ total of 1BTC...this correct?
And, by spending 1btc I will get divdends weekly...and not have to spend more btc? right?

GenTarkin's MOD Kncminer Titan custom firmware! v1.0.4! <--- CLICK HERE
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Dexter770221
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December 22, 2011, 08:51:26 AM
 #190

Current price you can find here:
http://charts.glbse.com/markets/FPGA.contract.html
0.35BTC/share last price. If you placed order to buy for 0.25/share then you have to wait until someone decide to sell at that price. But it may take very long time becuse the lowest sell offer is 0.35/share.
If you buy 4 shares then your weekly income will be 4*0.00186695=0.0074678 BTC. And of course that depends on bitcoin difficulty (most) and mining power of FPGA's, and some other stuff like network failures or other disasters...

Under development Modular UPGRADEABLE Miner (MUM). Looking for investors.
Changing one PCB with screwdriver and you have brand new miner in hand... Plug&Play, scalable from one module to thousands.
fizzisist
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December 27, 2011, 10:07:24 PM
 #191

Dividends have been paid for the week of 12/19!

Another late dividend payment this week, but this time it was because GLBSE was down when I tried to go pay it. Fortunately, nefario was very helpful and quick to bring it back online. I'll get back on schedule this weekend, I promise!

Total paid to 6000 shares: 9.85384928 BTC
Dividend per share: 0.00164230 BTC

That brings the total earned to about 69 BTC!

P.S. Thanks for answering the questions about share price and projected earnings, Dexter770221! Everything you said was correct. The only thing I would add is that the weekly earnings will also fluctuate a bit due to luck.

Dexter770221
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December 30, 2011, 10:56:38 PM
 #192

I've just look at statistic page on contract.fpgamining.com and I saw that there is 8% of rejected shares. Why its so high?

Under development Modular UPGRADEABLE Miner (MUM). Looking for investors.
Changing one PCB with screwdriver and you have brand new miner in hand... Plug&Play, scalable from one module to thousands.
qxzn
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January 02, 2012, 03:12:07 AM
 #193

looks like the mhash number went up recently. Any story to that?
fizzisist
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January 02, 2012, 06:35:12 PM
 #194


I've just look at statistic page on contract.fpgamining.com and I saw that there is 8% of rejected shares. Why its so high?

To be honest, I'm not exactly sure the reason for the high rejects. I'm guessing that long-polling still isn't working perfectly (for example, I can see that shares occasionally get submitted right after a long-poll event, because it's not a hard stop). The software is a work in progress...

looks like the mhash number went up recently. Any story to that?

I was wondering if anyone would notice. Wink We're testing some new firmware with a higher hashrate! It should be released to the public soon.

Dividends have been paid for the week of 12/26!

Total paid to 6000 shares: 12.40767051 BTC
Dividend per share: 0.00206794 BTC

Our biggest dividend yet!

ArsenShnurkov
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January 05, 2012, 07:15:18 AM
 #195

We're testing some new firmware with a higher hashrate!

Rate of all cards is displayed as zero...

notme
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January 05, 2012, 07:17:45 AM
 #196

We're testing some new firmware with a higher hashrate!

Rate of all cards is displayed as zero...

Indeed... I've PM fizzisist in case he gets notifications for that and not this thread.

https://www.bitcoin.org/bitcoin.pdf
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notme
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January 05, 2012, 08:17:27 AM
 #197

Seems to be back up... Thanks fizzisist!

https://www.bitcoin.org/bitcoin.pdf
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ArsenShnurkov
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January 05, 2012, 09:48:56 AM
 #198

Seems to be back...

Looks like an extreme overclocking (in comparison with original rate) %)
Quote
fpga0    A: 135    R: 4    663 Mhash
fpga1    A: 136    R: 2    658 Mhash

and the graph is out of 3000 range in the statistics picture
Dexter770221
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January 05, 2012, 10:41:13 AM
 #199

Rejects also decreased. If this is result of new code then GREAT job ! Next dividends should be 30% higher!

Under development Modular UPGRADEABLE Miner (MUM). Looking for investors.
Changing one PCB with screwdriver and you have brand new miner in hand... Plug&Play, scalable from one module to thousands.
fizzisist
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January 05, 2012, 05:53:41 PM
 #200

Thanks, everyone for letting me know about the problem last night. By the time I fixed it I needed to go to sleep, which is why I didn't reply to you guys last night. Sorry about that.

What happened was that cdhowie's bitcoin-mining-proxy started going crazy. This is where you see the first jump off the top of the graph. At that point, the proxy started submitting huge amounts of duplicate work. I saw it do that once before and a simple "apachectl restart" fixed it, so I did that and went back out to the living room to spend the night with my family. When I went to check on it, it wasn't fixed. Finally, I discovered that mysql was to blame, and it was because the database had overfilled the hard drive on the server. Actually, it's not a hard drive but a 4 GB USB drive...

Figuring out how to clear out the database when I can't even get mysql to start up because the database was too large was a bit of a challenge. I ended up deleting some stuff off the disk to make just enough room, then started mysql and cleared out the work_data and submitted_work tables. Finally, it was working again. I restarted all the FPGAs and pointed a couple extra at this group to make up for the lost time (that explains why you saw huge rates on FPGAs 0, 1, and 2, Arsen).

The system is back in action running along smoothly! Anyone know the best way to set up a cron job to trim the database nightly? Also, I'll upgrade to a larger USB drive soon.

By the way, the clocks are currently at 166.6 MHz on all FPGAs, but I will boost this up soon. The number of rejects are vastly reduced due to m0mchil's beautiful bug fix (incorporated in x6500-miner v0.2).

Thanks again!

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