[Ann] [ForgeCoin] Mining with Cheap electricity!

[sepehr]

DIVIDENDS PAID 8/4/2014

AUGUST 6, 2014

Dividends of the week ending to 8/4/2014 paid.

We are back from our Holidays and found very busy days!

We have paid dividends of the last two weeks.

We have paid part 5 & 6 of 8 of Facility Setup costs this week.

Also last week we have received Another 2xS3 Antminers and they are mining now.

For more information about this week Dividends please check this pdf file:

http://forgeco.in/download/dividends/ForgeCoin%20Dividnds%208_4_2014.pdf

We had paid dividends on time this week but please forgive us because of posting the report late.

We have mined almost same BTC amount and paid same BTC Dividends this week but because that we have sold 25 Assets just in one order last week the total amount per asset is reduced.

Also we have a lot of PSU failures. Almost %30 of all PSU’s we have purchased for S1′s and S2′s has been burned out and we had no choice other to replace them with new ones so our current costs increased we assume  it because of the hot air in the facility. We plan to have some solution for this.

After finishing part 7 and 8 of Facility setup the dividends will increase a lot.

Also we have ordered 6xS3′s and they are shipped today.

[sepehr]

@sepehr: I would like to know, you will be no longer publish report as pdf on your Web page, hier on BTT and on nxtforum.org? You are now 3 days too late.

Also next week we will be off because of local Holidays, so we scheduled to pay two weeks dividends on 8/4/2014.

You wanted to pay the dividend for 2 weeks at a time. Here at "My Transactions" we can see, now you have paid about 206 NXT per asset, is this dividend for one or two weeks?
This is even less than the last payment. At that time you have paid 125.38 NXT/asset/week.

You have promised, "ROI is about 4 Months from IPO Date". In reality, it is possible by this paying out only in 75 months (about 1.5 years). Please clarify the situation.

Hello dear armatus,

I am very sorry for our late report and you have right to ask for clarifications for sure.

1-We are continue to publish our weekly report on our own site and on BTT and NXT Forum. please forgive us for this week latency.
2-The last two week report published and you can check it.
3-You are right we have paid 206 NXT per Asset this week and it belongs to last two weeks. We have mined and paid almost same BTC amount but because we had a new order of 25 Assets in last week the total amount per asset decreased. we have placed new orders for new Assets and once they shipped and installed the total amount of dividends per asset will increase.
4-About ROI, we had two costs that we had not calculated at start of project.
First one was Facility Setup cost. It was about 8 BTC covering Power cabling, Monitoring room and staff requirements it was a lot more than what we have calculated before. To reduce it's effect we divided this cost to 8 parts and reduced each part in one week and we have paid 6 of 8 parts of this costs till this week and it remains just two parts of it to finish. After it finished the total dividend per asset will be about two times.
Second one that we have not seen in the start of project was PSU failures. Almost %30 of all PSUs we have purchased has been burned out and we replaced them with new ones. It face us with new costs that should be covered. We are looking for a solution for it yet.
We estimate the ROI to increase to 7 or 8 months because of these unseen costs.

Please pay attention that after issuing the asset we can no longer edit it's info. We estimate the ROI 4 months at the start of project, just days after starting project we increased it to 5 months in BTT and NXT forum, but could not edit it in AE anymore:

An ROI of 5 months can be estimated.

I hope that clarify our situation with Forgecoin Project.
We are continue to serve you as best as possible.
We faced a lot of problems in this way and solved a lot of them now and see the remaining way lot lot more easy than the way we came till now.

And we hope to celebrate success of this project soon together.  

Not as good as we estimated before but not so bad also.

3 AM, Local time in Tehran!
Sepehr

[armatus]

We have mined and paid almost same BTC amount but because we had a new order of 25 Assets in last week the total amount per asset decreased.

I do not understand your logic. You mean, that is, the more you sell assets, that is, the more you get hardware, the less you pay dividends I do not understand why old asset owner have to pay for the new asset owner.

Even at reduced prices, you sell: 6850 NXT/asset
6850 / 103 NXT (dividend / week) = 66,5 weeks = 1,27 years and not 8 months.

[sepehr]

We have mined and paid almost same BTC amount but because we had a new order of 25 Assets in last week the total amount per asset decreased.

I do not understand your logic. You mean, that is, the more you sell assets, that is, the more you get hardware, the less you pay dividends I do not understand why old asset owner have to pay for the new asset owner.

Even at reduced prices, you sell: 6850 NXT/asset
6850 / 103 NXT (dividend / week) = 66,5 weeks = 1,27 years and not 8 months.

We cannot distinguish old asset owner from new asset owner. Assets are tangible and any asset holder have no difference with other asset owner.
So at the time of paying dividends all payable amount will devide to total assets sold.
We have no way other that.

See the last two report:

First one for one week:
Calculation Date/time: 7/21/2014 GMT 12:00
Total Dividends payable: 1.08767885 BTC
Total asset sold: 107.950
Dividends per Asset: 0.01007577 BTC


Second one for two week:
Calculation Date/time: 8/4/2014 GMT 12:00
Total Dividends payable: 2.17257205 BTC
Total asset sold: 133.189
Dividends per Asset: 0.01631195 BTC

1- Total Asset sold increased from 107.95 to 133.189. On 8/2/2014 20:30:27 Tehran time we have sold 25 asset. You can see it with account number 2752585329745457095  in our second line of accounts. On 8/4/2014 we have paid this asset holder 5,158.77649028 NXT even when he is two days old asset holder. This is the way Asset exchange working! So Dividends per asset decreased from 0.01007677 BTC to 0.008155975 BTC. Total dividends payable increased, but dividends per asset decreased. We ordered new devices fast and new devices will ship and install soon, while then this will happen and is normal.

2- After finishing part 8 of facility setup the dividends will be more than two times I mean more than 206 NXT. And as each asset is 6850NXT now the ROI will be: 6850/206= 33 week = 8.3 Month while I'm sure after  fininshing part 8, means after two week, dividedns per asset will increase more than two times. one of our major costs in our reports is this cost and by covering it we will have no major costs.

3- Pay attention that in first one we have paid no costs, so in second month we have paid two month costs in one month, but in third month we will pay just one month cost in that month so the dividends will increase again.

So overall I'm sure the ROI will be better than the worst case that estimated above.

[sepehr]

NEW VIDEO FROM FORGECOIN FACILITY

AUGUST 10, 2014

This is a new Video from ForgeCoin Facility and it’s installed S1, S2 and S3 Antminers.

Th temprature is very high and too hot.

We are in the process of installing a new Cooling Machine to reduce the temperature.

Also today we have ordered 8 new S3 Antminers.

Watch the video:

https://www.youtube.com/watch?v=bM10Pot3mgk

[CryptKeeper]

NEW VIDEO FROM FORGECOIN FACILITY

AUGUST 10, 2014

This is a new Video from ForgeCoin Facility and it’s installed S1, S2 and S3 Antminers.

Th temprature is very high and too hot.

We are in the process of installing a new Cooling Machine to reduce the temperature.

Also today we have ordered 8 new S3 Antminers.

Watch the video:

https://www.youtube.com/watch?v=bM10Pot3mgk

Thank you for this video!
60C is quite hot, but I would not try to cool it down with an A/C. Maybe you can build a wind tunnel instead, AFAIK you only need to move the hot air out of the room. What is the temperature outside?

[sepehr]

NEW VIDEO FROM FORGECOIN FACILITY

AUGUST 10, 2014

This is a new Video from ForgeCoin Facility and it’s installed S1, S2 and S3 Antminers.

Th temprature is very high and too hot.

We are in the process of installing a new Cooling Machine to reduce the temperature.

Also today we have ordered 8 new S3 Antminers.

Watch the video:

https://www.youtube.com/watch?v=bM10Pot3mgk

Thank you for this video!
60C is quite hot, but I would not try to cool it down with an A/C. Maybe you can build a wind tunnel instead, AFAIK you only need to move the hot air out of the room. What is the temperature outside?

Yes, we do the same, just pull it out. outside temp is 39C degree for today.

[CryptKeeper]

NEW VIDEO FROM FORGECOIN FACILITY

AUGUST 10, 2014

This is a new Video from ForgeCoin Facility and it’s installed S1, S2 and S3 Antminers.

Th temprature is very high and too hot.

We are in the process of installing a new Cooling Machine to reduce the temperature.

Also today we have ordered 8 new S3 Antminers.

Watch the video:

https://www.youtube.com/watch?v=bM10Pot3mgk

Thank you for this video!
60C is quite hot, but I would not try to cool it down with an A/C. Maybe you can build a wind tunnel instead, AFAIK you only need to move the hot air out of the room. What is the temperature outside?

Yes, we do the same, just pull it out. outside temp is 39C degree for today.

39C is very hot, better go to the beach than fiddle with the miners! 

You could try to establish a push/pull ventilation: push outside air in from the opposite wall of the pull fan.

[sepehr]

NEW VIDEO FROM FORGECOIN FACILITY

AUGUST 10, 2014

This is a new Video from ForgeCoin Facility and it’s installed S1, S2 and S3 Antminers.

Th temprature is very high and too hot.

We are in the process of installing a new Cooling Machine to reduce the temperature.

Also today we have ordered 8 new S3 Antminers.

Watch the video:

https://www.youtube.com/watch?v=bM10Pot3mgk

Thank you for this video!
60C is quite hot, but I would not try to cool it down with an A/C. Maybe you can build a wind tunnel instead, AFAIK you only need to move the hot air out of the room. What is the temperature outside?

Yes, we do the same, just pull it out. outside temp is 39C degree for today.

39C is very hot, better go to the beach than fiddle with the miners!  

You could try to establish a push/pull ventilation: push outside air in from the opposite wall of the pull fan.

We are experincing hottest days of year in tehran. it will be 32c next week.

And yes we do exactly what you told.

[sepehr]

DIVIDENDS PAID 8/11/2014

AUGUST 12, 2014

Dividends of the week ending to 8/11/2014 paid.

We have paid part 7 of 8 of Facility Setup costs this week.

Also last week we have received 6xS3 Antminers and they are mining now.

For more information about this week Dividends please check this pdf file:

http://forgeco.in/download/dividends/ForgeCoin%20Dividnds%208_11_2014.pdf

We had some problem with new NRS last night! It force us just to use new NXT Account format, so it takes more time to pay dividends.

Also we have ordered 8xS3′s and they are not shipped yet.

[sepehr]

LAST UPDATES 08/14/2014

ForgeCoin= 0.48 BTC/Asset
ForgeCoin= 7250 NXT/Asset
Sold Assets: 162.013 of 175 Total
Ordered S3:25
Installed S3's:17
Ordered S2's: 8
Installed S2's: 7
Ordered S1's: 55
Installed S1's: 55
Total ordered: S1+5.5xS2+2.4xS3= 159
Total Installed: S1+5.5xS2+2.4xS3= 134.3
Current Hash Est: 24.17 Th/s
Daily income Est: 0.615 BTC
Main Mining Account:

19iBDXTiP5cAqgA3jFvzAXGAZZ6VnFZNt5

[sepehr]

8 NEW S3′S INSTALLED

AUGUST 17, 2014

This is to inform the community that yesterday we have received and installed 8 new S3′s that we ordered last week.

So this week we have received and installed 16 new S3′s.

Also as Bitmain postponed shipping new devices to September 20th, we also stopped selling our small amount of remaining capacity for the moment.

Maybe we decide to sell it later when we can be sure that we can place orders and receive devices fast.

Also we have 6xS1's that not mining and out of order, so it decreases our total hash power. We are working on them to return them to the rig.

[sepehr]

GHASH PROBLEM WITH AUTO PAYOUTS, FORGECOIN DIVIDENDS PAYOUTS POSTPONED.

AUGUST 19, 2014

We are sorry to inform that we had faced with a problem last night because GHash.io auto payouts had problem and we have not received what we estimated to receive from our mining pool.

This is their reply according to our resolution request:

Hi,

Thank you for your report on this matter.
We had a faulty auto-payout this morning.
Usually it is pending being sent and added to blockchain. If not completed, it will be refunded to your wallet.
Please wait for 24 hours and if the funds don’t show up at your receiving wallet, contact us back.
We apologise for the confusion this has caused, and are working to resume normal Auto Payouts for all users.

Best Regards,
D—–
CEX.IO Support

So we have postponed Dividends payout for 24 hours.

Normally we calculate dividends at 12:00 GMT on Mondays and will pay it within 24 hours after that, so please be patient and wait another 24 hour for this issue to be solved.

Thanks for your patients,

ForgeCoin Team

[sepehr]

DIVIDENDS PAID 8/18/2014

AUGUST 19, 2014

Dividends of the week ending to 8/18/2014 paid.

We have paid last month electricity bill this week.

Because of the BTC price dive, you may see the electricity cost grows.

Also we had lots of power failaure last week that force us again to purchase 6 new PSUs. We are very sorry for choosing bad PSUs! But we had no experince like this before.

CEX.IO had some problem with auto payouts last night that face us with some latency in dividends payouts yesterday.

Also we have postponed paying last part of Facility setup costs(8/8) to next week.

For more information about this week Dividends please check this pdf file:

http://www.forgeco.in/download/dividends/ForgeCoin%20Dividnds%208_18_2014.pdf

[sepehr]

DIVIDENDS PAID 8/25/2014

AUGUST 27, 2014

Dividends of the week ending to 8/25/2014 paid.

Sorry for the delay on dividends payments this week.

We had some good news and bad news this week.

Starting with Bad news!

Bad news is that we had paid one Bitcoin more than what we really mined last week! So we returned it back this week! Sorry for this inconvenience.

Also we still had lots of power failure last week that force us again to purchase 8 new PSUs. We have something about 30 failed PSUs now.

Good news is that we found a repairman that repaired some of these PSUs. We searched a lot for a repairman that can repair these power supplies but we failed yet, but the new person repaired 7 of PSUs with a good price, and he promissed that the repaired units don’t burn anymore.

Another good news is that one S2 Antminer device that we have bought about two months before in start of project and we never received it, after a long discussions and complains between us, Bitmain and EMS, which they are not accepting to compensate completely, Accepted by Bitmain to compensate in full and shipped to us, and we estimate to receive it in during next days.

Another good news is that we used Multigateway this week to change BTC to NXT, so we have paid no fee for exchange, withdrawal etc.

Also we used Dividedns+ software for paying dividends again this week, it’s really nice and working very fast and smooth. once again thank you valarmg!

Also we have postponed paying last part of Facility setup costs(8/8) again to next week.

For more information about this week Dividends please check this pdf file:

http://www.forgeco.in/download/dividends/ForgeCoin%20Dividnds%208_25_2014.pdf

[sepehr]

DIVIDENDS PAID 9/1/2014

SEPTEMBER 2, 2014

Dividends of the week ending to 9/01/2014 paid.

Good news is  that we have received one remaining S2 Device at last this week. This device was missed by EMS and they accepted to pay just $200 for it's compensation! After a lot of discussion with Bitmain they accepted to send us a new S2 device after two months of our order! Anyway, it's now here and mining at facility.

The repairman we informed about, last week is repaired 7 PSUs this week and now we have more PSUs than our devices.

We had some PSU failures also this week but we have less fear about them because now we can repair them fast and they promised us that the repaired PSU's will never fail again Inshallah.

Another good news is that we have paid part 8/8 of facility setup costs and starting from next week we have no such costs anymore, so will have bigger dividends soon.

We are consulting for setting up a new site or extending the capacity of the current site.

We will update once we can confirm initializing any new capacity.

We had some latency because of using Multigateway as exchange yesterday, it took about 15 hours our deposit to appear on our asset by the way we continue to use it for the moment.

For more information about this week Dividends please check this pdf file:

http://www.forgeco.in/download/dividends/ForgeCoin%20Dividnds%209_1_2014.pdf

[sepehr]

DIVIDENDS PAID 9/9/2014

SEPTEMBER 8, 2014

Dividends of the week ending to 9/9/2014 paid.

The repairman continue to repair 7 more PSUs this week and repairing 9 more PSUs now so we have lots of more PSUs than our capacity we took these PSU’s for the new site that we are planning to initiate soon.

We have paid the August Facility rental this week.

Bad news is that according to decreasing the value of BTC to Fiat we should pay more to cover our local charges for example we paid 1.34 BTC for July rental but we paid 1.66 BTC for August rental, while the fiat amount was the same.

Good news is that we have opened the remaining ForgeCoin Assets for sale. And we have placed orders for 4 new S3′s. Bitmain is promised to ship them before Sep 20.

Now we are sure that we should initiate a new site, so we are in search for a new Factory location in our country.

We will update once we can confirm initializing any new capacity.

For more information about this week Dividends please check this pdf file.

http://www.forgeco.in/download/dividends/ForgeCoin%20Dividnds%209_8_2014.pdf

[josegines]

Good Job!

[sepehr]

DIVIDENDS PAID 9/15/2014

SEPTEMBER 15, 2014

Dividends of the week ending to 9/15/2014 paid.

We have repaired 20 more PSUs. Also we bought a new PSU for test reason.

Good news is that summer is going to finish in our country and we hope that we will have few PSU failures in autumn.

We had Electricity Bill last week and we paid half of it this week and postponed the remaining to next week.

We are  seriously in search of a new facility in our country and studying new ASIC Miners for the new site.

We may decide to switch to Scrypt mining using L1 Antminers introduced recently by Bitmain.

Also please let us know any new suggestions for changing our business Model.

For more information about this week Dividends please check this pdf file:

http://www.forgeco.in/download/dividends/ForgeCoin_Dividnds_9_15_2014.pdf

[sepehr]

Dear Freinds,

I can assure you that I have read each of your words several times, to be sure to choose the best business model that is good for our investors.

Soon we will announce our new Asset, we are thinking of a group of total 5000 Amp Facility which will be about 16x of our current capacity.
We will accumulate our experiences, technologies and know-hows we absorbed from the first project in the new one.

Also we plan to divide the income of project something about %30 to new hardware and %70 to Dividends. This will have more benefit to our investors because we are paying less electricity fees so we can pay more to our stakeholders.

Also we plan to be even more transparent as before. Because, before we sold the exact device and capacity and we should not report our benefit from exchanging for example NXT to BTC or discounts we received from our hardware providers or so, But this time we promise to report all the process starting from fundraising to the device ordering and from device shipping to custom clearing and from customs clearing to device installing and from there to Monitoring, and Maintenance.

We promise to transparent as more as possible to assure our investors that your money is doing what is promised to do.

Because of this we will initiate new NXT and BTC accounts for more transparency and to assure you that The ForgeCoin V2.0 project money is not mixed with our own personal funds.

Also we promise that once NXT voting system initiated we will use it in our important decisions to find out our investors opinion about them.

We will separate the old project asset holders from the new one, because of different promises of each project, But will announce a swap formula for anyone wishes to change from ForgeCoin V1.0 to ForgeCoin V2.0

Also we will increase our management costs, because of this total transparency our benefit will be narrow, so we are thinking a percentage of %14 for it.

We will announce ForgeCoinV2.0 conditions next Monday, 22 of September Inshallah.

Please let us know your feedback about all the above,

Thanks,
Sepehr