Bitcoin Forum
December 09, 2016, 06:10:56 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  

Warning: Moderators do not remove likely scams. You must use your own brain: caveat emptor. Watch out for Ponzi schemes. Do not invest more than you can afford to lose.

Pages: [1] 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 ... 158 »
  Print  
Author Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock]  (Read 274803 times)
Garr255
Legendary
*
Offline Offline

Activity: 952


What's a GPU?


View Profile
March 06, 2012, 06:48:18 AM
 #1



Important Update!
Hello Shareholders!

This Saturday, I proudly opened the box containing one of our two Avalon miners that we have purchases using a total of 900 of our treasury shares. The second Avalon will be mailed to us tomorrow and online by the end of the week!

Additionally, BFL is making great progress in shipping their SC Singles, which we have a very early pre-order for seven of! These units run at ~60gh/s each.

Our current hashrate: 83 gh/s

Our hashrate at the end of the week: 153 gh/s

Our hashrate after the BFL units are delivered (soon): 573 gh/s

Our hashrate after the BFL and Avalon chips are delivered (September): 960 gh/s

Our hashrate after all of the above and we spend our remaining treasury shares + growth funds: 1.1+ th/s (1100 gh/s)

In addition to all of this good news: as of last week Cognitive has paid out OVER 1000 bitcoins in dividends! For our current inventory and total dividend history you can always refer to http://cognitivemining.com/

These are going to be a very exciting few months for Cognitve Smiley

Cheers,
Garrett

For those interested, I maintain a history of the OP of this thread here: http://cognitivemining.com/archives.html

Read the thread for most recent info!

This is a venture that started in March of 2012 to give investors the opportunity to own a portion of a FPGA mining cluster.

We currently use a large diversity of mining equipment, and always aim to invest in the latest and most efficient mining hardware. On the website, http://cognitivemining.com/ you can find our current inventory and dividend history. From March 2012 through October 2012, this asset was publicly traded on GLBSE, with asset ID Cognitive. From December 2012 through October 2013, we have been trading on the fantastic exchange, BTC-TC. Now, we have finally relisted on Havelock, which has served us very well so far and I expect nothing less in the future. This transition from BTC-TC to Havelock is our third exchange move. Not many assets have lived through GLBSE then BTC-TC and now Havelock, but Cognitive will proudly surge forward!


We currently own 19 x6500s, Seven SC Singles, and Four Avalons that are happily hashing away, and over 28TH of CoinTerra machines scheduled for a January delivery, but delayed into February.


The original contract is as follows:

Cognitive Mining (asset id Cognitive) was created with the intent to give investors the opportunity to participate in FPGA Bitcoin mining without purchasing their own hardware. 100% of mining revenue will be distributed proportionally among shareholders. One share of the asset gives you one share of the revenue. Operating costs will be paid for by shares held by the operator of the asset. Each share represents a share in the ownership of the hardware. Motions to sell more shares can be raised by shareholders if 25% agree. 70% of shareholders will need to agree to issue the proposed shares. In the event of liquidation, all revenue will be distributed evenly to shareholders. The operator reserves the rights, regardless of the amount of shares owned, to raise a motion, and sell all hardware. Dividends will be paid weekly. Further information can be found at http://cognitivemining.com/

If you have any questions, comments, or criticism, I appreciate it!

Thanks,
Garrett

I shall not be held responsible for any kind of monetary loss as a result of interacting with Cognitive.

Thread Rules: Posts must be constructive, add to the conversation, and be relevant to bitcoin mining.

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
1481263856
Hero Member
*
Offline Offline

Posts: 1481263856

View Profile Personal Message (Offline)

Ignore
1481263856
Reply with quote  #2

1481263856
Report to moderator
1481263856
Hero Member
*
Offline Offline

Posts: 1481263856

View Profile Personal Message (Offline)

Ignore
1481263856
Reply with quote  #2

1481263856
Report to moderator
1481263856
Hero Member
*
Offline Offline

Posts: 1481263856

View Profile Personal Message (Offline)

Ignore
1481263856
Reply with quote  #2

1481263856
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481263856
Hero Member
*
Offline Offline

Posts: 1481263856

View Profile Personal Message (Offline)

Ignore
1481263856
Reply with quote  #2

1481263856
Report to moderator
tgmarks
Donator
Hero Member
*
Offline Offline

Activity: 490


View Profile
March 06, 2012, 05:25:19 PM
 #2

I'm interested and following.

John (John K.)
Global Troll-buster and
Legendary
*
Offline Offline

Activity: 1092


Will read PM's. Have more time lately


View Profile
March 06, 2012, 06:02:35 PM
 #3

How is your electricity rates? Also, who are you specifically? You should provide identifyin g information to your investors.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

this time
Jr. Member
*
Offline Offline

Activity: 55


View Profile
March 06, 2012, 10:41:43 PM
 #4

What is the advantage of something like this? It seems like the administrative effort wouldn't be worth it to raise $4000. Do you have an automated way of calculating profit and distributing payment?
Garr255
Legendary
*
Offline Offline

Activity: 952


What's a GPU?


View Profile
March 06, 2012, 11:23:46 PM
 #5

How is your electricity rates? Also, who are you specifically? You should provide identifyin g information to your investors.

The electricity here is about $0.07/kwh. Well, My name is Garrett Ian MacDonald, I'm 16, and I live in Idaho, USA.

What is the advantage of something like this? It seems like the administrative effort wouldn't be worth it to raise $4000. Do you have an automated way of calculating profit and distributing payment?

This PM I just sent explains that question:


I'm going to do this mainly for the fun if it, I'm not really concerned with the profit aspect of it. I don't have the resources to just buy the boards, so I thought this would be a really cool way to get into FPGA mining. In case you're wondering, I'm 16 and in high school and college right now. I'm hoping my lack of age doesn't drive away potential investors, but different people will have their opinions. If I raise 2500BTC and keep 10% of the shares, I'll be making about $50 a month, with no money paid into the investment and just some upkeeping of the boards/web site/keeping people informed, all of which I already do for other things.
Again, thanks for your interest and I hope this takes off
-Garrett


And in response to the second part of your question, GLBSE has an automated way of distributing dividends on a per share basis, so all I'll have to do is pay out the amount mined that week among all shares. I will have information on the future web site displaying things such as the current hash rate, market price, etc.

- Garrett

Edit: I think I'll also upload some videos of the progress of the cluster once I start getting everything. Fizzisist says he's overloaded with orders right now and he will be less busy in a few weeks. He said to just go by the bulk pricing for now.

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
TheSeven
Hero Member
*****
Offline Offline

Activity: 504


FPGA Mining LLC


View Profile WWW
March 10, 2012, 04:25:46 PM
 #6

I wish you luck!
Let's hope you manage to get this operation funded Smiley

My tip jar: 13kwqR7B4WcSAJCYJH1eXQcxG5vVUwKAqY
Garr255
Legendary
*
Offline Offline

Activity: 952


What's a GPU?


View Profile
March 13, 2012, 11:01:04 PM
 #7

Thanks!

I'm going to launch right when GLBSE 2 comes online.

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
Garr255
Legendary
*
Offline Offline

Activity: 952


What's a GPU?


View Profile
March 14, 2012, 06:25:50 AM
 #8

Perhaps I will do it sooner. Working on a site ATM.

I have purchased a url and started to make a web site for this project. It will be ready to go tonight or tomorrow. I am currently getting verified with Nefario, the owner of GLBSE. We should be trading very soon Smiley

Update: the site is up! http://cognitivemining.com/

- Garrett

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
abracadabra
Hero Member
*****
Offline Offline

Activity: 946



View Profile
March 14, 2012, 01:16:32 PM
 #9

What is the expected return (assuming current PPS/difficult rates, and current cost of the hardware) for a single share?

tgmarks
Donator
Hero Member
*
Offline Offline

Activity: 490


View Profile
March 14, 2012, 02:31:50 PM
 #10

That a pretty nice beginning to a website, i'll give you that

kronosvl
Full Member
***
Offline Offline

Activity: 134


View Profile
March 14, 2012, 03:59:15 PM
 #11

What is the expected return (assuming current PPS/difficult rates, and current cost of the hardware) for a single share?
6.3/1.5*365/5000=0.3BTC/share in 1 year or about 60%. There is no point in more detailed calculations since those are pure hypothetical, and also don't count for reward drop and all unforeseen consequences of that.

Donations are accepted @: 19Uk8zVhdgfrRo5Z6wH9yghWxZUtdiNtX9
OTC: http://bitcoin-otc.com/viewgpg.php?nick=kronosvl
TheSeven
Hero Member
*****
Offline Offline

Activity: 504


FPGA Mining LLC


View Profile WWW
March 14, 2012, 05:29:07 PM
 #12

An x6500 board can do 400MH/s (possibly more with future firmwares). So this would be an 8GH/s cluster, or 1.6MH/s per share.
Hardware cost total should be around $550-600 per board (including shipping, excluding possible taxes/customs fees), so that's $11k-12k total, or $2.2-2.4 per share.
He tries to collect BTC 2250, that being around $11250 at current exchange rates, so that's $2.25 per share.

I'll leave the calculation of the monthly earnings based on the per-share hash rate as an excercise to the reader.

My tip jar: 13kwqR7B4WcSAJCYJH1eXQcxG5vVUwKAqY
abracadabra
Hero Member
*****
Offline Offline

Activity: 946



View Profile
March 14, 2012, 10:28:29 PM
 #13

The expected generation output, from 1600 Mhps, at current difficulty 1496978.5950256, is 1.075 BTC per day

266.67 shares per gpu cluster (assuming $600 for the board and 2.25/share)
so 266.67 shares get to share in 1.075 BTC/day
Those 266.67 shares would cost you 133.335 BTC (sale price of .5BTC/share)
Payback period = 124.03 days

assuming a $4.5/BTC price level, my payback period on a 1250MH rig is about 177 days

Interesting..

stochastic
Hero Member
*****
Offline Offline

Activity: 532


View Profile
March 15, 2012, 01:38:21 PM
 #14

I'm going to do this mainly for the fun if it, I'm not really concerned with the profit aspect of it. I don't have the resources to just buy the boards, so I thought this would be a really cool way to get into FPGA mining.

Not to be mean, this is constructive criticism and it has nothing to do with your age.  Some of the best entrepreneurs start young, but remember you are going to use other people's money to do this.  This means you have a fiduciary duty to act in the best interests of your shareholders.  Having fun is fine, but the profits for your shareholders comes first before fun.

Introducing constraints to the economy only serves to limit what can be economical.
Garr255
Legendary
*
Offline Offline

Activity: 952


What's a GPU?


View Profile
March 15, 2012, 08:54:34 PM
 #15

Thanks for all of the positive feedback and math in the previous posts everyone!


I'm going to do this mainly for the fun if it, I'm not really concerned with the profit aspect of it. I don't have the resources to just buy the boards, so I thought this would be a really cool way to get into FPGA mining.

Not to be mean, this is constructive criticism and it has nothing to do with your age.  Some of the best entrepreneurs start young, but remember you are going to use other people's money to do this.  This means you have a fiduciary duty to act in the best interests of your shareholders.  Having fun is fine, but the profits for your shareholders comes first before fun.

Yes, I fully understand the duty I will be assuming. I am doing this for the experience as well as the fun and profit. Thanks for being proactive and informing me of this, I believe your assumption is fair that I may not have operated in such a way, but you can rest assured I will.

-Garrett

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
stochastic
Hero Member
*****
Offline Offline

Activity: 532


View Profile
March 16, 2012, 07:58:38 AM
 #16

Thanks for all of the positive feedback and math in the previous posts everyone!


I'm going to do this mainly for the fun if it, I'm not really concerned with the profit aspect of it. I don't have the resources to just buy the boards, so I thought this would be a really cool way to get into FPGA mining.

Not to be mean, this is constructive criticism and it has nothing to do with your age.  Some of the best entrepreneurs start young, but remember you are going to use other people's money to do this.  This means you have a fiduciary duty to act in the best interests of your shareholders.  Having fun is fine, but the profits for your shareholders comes first before fun.

Yes, I fully understand the duty I will be assuming. I am doing this for the experience as well as the fun and profit. Thanks for being proactive and informing me of this, I believe your assumption is fair that I may not have operated in such a way, but you can rest assured I will.

-Garrett

Great.  Also, keep good records and account books.  One of the things that lack in the other mining farms is the ambiguity in valuing their equities.  Every month (or whatever) release an itemized list of costs.  Keep up to date on the value of your mining rigs and the earnings they make.  With these things and the dividend information you should be able to release well documented information on your mining farm's return on assets and give your shareholders information that is easy to obtain.  People will reward the transparency by providing more liquidity for your mining farm's shares.

This stuff is not hard to do, but if you need any help you can PM me.  I would be interested in investing in your IPO.

Introducing constraints to the economy only serves to limit what can be economical.
tgmarks
Donator
Hero Member
*
Offline Offline

Activity: 490


View Profile
March 16, 2012, 11:33:52 PM
 #17

Listen to what he just said because he is right on.  When investors know where their money is and can see the value of the share today it builds great confidence.  I'm also interested in investing in your IPO.

Garr255
Legendary
*
Offline Offline

Activity: 952


What's a GPU?


View Profile
March 16, 2012, 11:44:02 PM
 #18

Great.  Also, keep good records and account books.  One of the things that lack in the other mining farms is the ambiguity in valuing their equities.  Every month (or whatever) release an itemized list of costs.  Keep up to date on the value of your mining rigs and the earnings they make.  With these things and the dividend information you should be able to release well documented information on your mining farm's return on assets and give your shareholders information that is easy to obtain.  People will reward the transparency by providing more liquidity for your mining farm's shares.

This stuff is not hard to do, but if you need any help you can PM me.  I would be interested in investing in your IPO.

Okay, I like that advice and will definitely utilize it. I had initially planned to keep weekly profit and hashrate charts on the site (and publicly archive previous weeks), now I will do what you suggested also. I believe the shareholders have as much or more right to know what is going on, because it really is your investment, not mine, so I will definitely keep everyone informed.

Another thing I should ask all investors: Which pool should we mine for? I currently point my two miners to GPUmax because it has been much more profitable than anything else, but in the last few days shares aren't selling for the 0.00005 they always have for me.

Thanks for the advice, stochastic.

-Garrett

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
Garr255
Legendary
*
Offline Offline

Activity: 952


What's a GPU?


View Profile
March 16, 2012, 11:46:17 PM
 #19

List to what he just said because he is right on.  When investors know where their money is and can see the value of the share today it builds great confidence.  I'm also interested in investing in your IPO.

Thanks. I am definitely going to do what he's suggested!

“First they ignore you, then they laugh at you, then they fight you, then you win.”  -- Mahatma Gandhi

Average time between signing on to bitcointalk: Two weeks. Please don't expect responses any faster than that!
Nefario
Hero Member
*****
Offline Offline

Activity: 602


GLBSE Support support@glbse.com


View Profile WWW
March 16, 2012, 11:52:25 PM
 #20

Watching.

Also please bear in mind that GLBSE2.0 is going to be launching on Monday, so please wait until after the launch.

Nefario.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
Pages: [1] 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 ... 158 »
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!