Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock]

[SaintFlow]

OK face.jpg

[Garr255]

Kluge contacted me requesting a revote, and being the majority shareholder he is he could have demanded one, but he knew I would definitely support a revote. Not paying the mega dividend will benefit Cognitive immensely.

[stabs]

How many shares does Kluge own?

[Garr255]

How many shares does Kluge own?

This could be considered private information, so I'm going to let him decide whether he wants to answer.

[Update to be published in a few minutes.]

[Bitcoin Oz]

OK face.jpg

You can raise a motion at any time and it will pass if you get the votes. Thats how it works

[Garr255]

Because BTC has hit $6.10, we were able to purchase seven BitForce Singles!

This cost 669.1997 coins, leaving us with a reserve of 50.01.
This will increase our hashrate from 7200mh/s to at least 13024mh/s, and at most 13472mh/s. This is because of the possible firmware upgrades for the Singles, depending solely on the Single's cooling.
Although with the ASIC trade in option BFL will be offering, we might be receiving much more hashpower!

We will need to purchase a host for the new hardware, as our current host that I have been providing isn't powerful enough, and because of the possibility that Singles and x6500s cannot run on the same host due to driver limitations. Our current reserve funds are more than sufficient for this, and the remainder of the funds will be put in a CD as specified in the motion.

All of our transaction and dividend history is available at http://cognitivemining.com/

(Additionally, putting "Cognitive Mining!" in your sig doesn't hurt your investment )

[Kluge]

How many shares does Kluge own?

I post all of my positions, lendees, and lenders publicly @ https://docs.google.com/spreadsheet/pub?key=0Ao892S4MOoDZdGZSbjJVd1ZTbFVLZE5aRE95bE91NVE&output=html

It's a fair bit out of date (at least as far as lendees -- most of those people paid interest and renewed). I've had other stuff going on. I'm down to a bit over 1k Cognitive shares ATM. I doubt I'm any longer the largest shareholder.

[petermeuris]

Does this message change the mining strategy ?
https://bitcointalk.org/index.php?topic=87934.msg966895;topicseen#msg966895

1)    BitForce SC Jalapeno: a USB powered coffee warmer providing 3.5 GH/s, priced at under $149
2)    BitForce SC Single: a standalone unit providing roughly 40 GH/s, priced at $1,299
3)    BitForce SC Mini Rig: a case & rack mount server providing 1 TH/s, priced at $29,899

[Garr255]

Does this message change the mining strategy ?
https://bitcointalk.org/index.php?topic=87934.msg966895;topicseen#msg966895

1)    BitForce SC Jalapeno: a USB powered coffee warmer providing 3.5 GH/s, priced at under $149
2)    BitForce SC Single: a standalone unit providing roughly 40 GH/s, priced at $1,299
3)    BitForce SC Mini Rig: a case & rack mount server providing 1 TH/s, priced at $29,899

This will effect all miners, but if BFL stays consistent, there will be plenty of time for preparation between now and this change.

Because of our recent purchase of Singles, we might have a priority in upgrading to three BitForce SCs and two Jalapenos, for a total hashrate of 134200mh/s. This is nearly 21mh/s per share!

[DILLIGAF]

Does this message change the mining strategy ?
https://bitcointalk.org/index.php?topic=87934.msg966895;topicseen#msg966895

1)    BitForce SC Jalapeno: a USB powered coffee warmer providing 3.5 GH/s, priced at under $149
2)    BitForce SC Single: a standalone unit providing roughly 40 GH/s, priced at $1,299
3)    BitForce SC Mini Rig: a case & rack mount server providing 1 TH/s, priced at $29,899

This will effect all miners, but if BFL stays consistent, there will be plenty of time for preparation between now and this change.

Because of our recent purchase of Singles, we might have a priority in upgrading to three BitForce SCs and two Jalapenos, for a total hashrate of 134200mh/s. This is nearly 21mh/s per share!

Better hope you get them early because once them things get out there in force that is going to be like running a single 5770 today..

[Garr255]

Better hope you get them early because once them things get out there in force that is going to be like running a single 5770 today..

I sent emails to all of the BFL employees whose addresses are public within minutes of their announcement

[DILLIGAF]

Better hope you get them early because once them things get out there in force that is going to be like running a single 5770 today..

I sent emails to all of the BFL employees whose addresses are public within minutes of their announcement

Smart move the first people to get their hands on these things get a definite leg up.

[SaintFlow]

Better hope you get them early because once them things get out there in force that is going to be like running a single 5770 today..

I sent emails to all of the BFL employees whose addresses are public within minutes of their announcement

Smart move the first people to get their hands on these things get a definite leg up.

leg up? You mean first leg down the road of it ever paying off.

[DILLIGAF]

Better hope you get them early because once them things get out there in force that is going to be like running a single 5770 today..

I sent emails to all of the BFL employees whose addresses are public within minutes of their announcement

Smart move the first people to get their hands on these things get a definite leg up.

leg up? You mean first leg down the road of it ever paying off.

I'm dubious on these things ever being paid off as well but if you can get that 1th/s box a week before every one else you just might have chance at doing that. The math 1/13*7200coins a day=553BTC*$6*7days=$23261 so only $6k/~1000btc needed over the rest of its lifetime to get it done. Now with multiple boxes shipping a day going into to service not a hope in hell to ever pay them off.

[Garr255]

Our order of Seven Singles has been confirmed by BFL.

As soon as we can, we will be trading up to SC Singles, keeping up with the ASIC race!

[steelhouse]

How long from confirmed to actually shipped and running.  Also what is a CD?  I hope it ain't a US dollar based certificate of deposit.  Seems better just to hold bitcoin.

[Garr255]

How long from confirmed to actually shipped and running.  Also what is a CD?  I hope it ain't a US dollar based certificate of deposit.  Seems better just to hold bitcoin.

BFL's current lead time is less than 10 weeks. We will be depositing the spare coins into an account with Kluge, where he will pay interest on them for the duration of time we keep them with him. This is much better than simply letting the coins sit, because even if the value of BTC decreases (Highly unlikely) in the time between now and when we retreive the coins from Kluge, we will most likely come out with more assets.

I am long Bitcoin, in case you were wondering

[burnside]

Have you considered picking up these BFL units quicker via people that seem to be bailing out on them here on the boards?

https://bitcointalk.org/index.php?board=75.0

Some of them seem to have a little premium on them, but it may be worth it in terms of lost opportunity cost.

eg: https://bitcointalk.org/index.php?topic=88839.0

[Garr255]

Have you considered picking up these BFL units quicker via people that seem to be bailing out on them here on the boards?

https://bitcointalk.org/index.php?board=75.0

Some of them seem to have a little premium on them, but it may be worth it in terms of lost opportunity cost.

eg: https://bitcointalk.org/index.php?topic=88839.0

Yes, and I did purchase three Singles for between 150-165 coins for myself, but as for Cognitive, we have already placed the order from BFL, which is not easily refundable by them because they have Bit-Pay configured to automate the BTC --> USD conversion.

Best,
Garrett

[Garr255]

A shareholder has requested that we raise a motion to purchase the x6500 from him that I have been hosting remotely. He is willing to sell it for 75BTC (which he said he will reinvest into Cognitive!). The motion ends 60 hours after this post.

The motion will pass if 70% of voters vote "yes", and is as follows:

Issue 138 shares at 0.6 per share to purchase one x6500 board. This board will be hashing for Cognitive instantly after the purchase, for a total increase of 400mh/s.

The operator will maintain his contractually granted 10% and will receive 13 shares.

Vote "yes" here! https://glbse.com/vote/view/75

Additionally, our order for seven BFL Singles has been confirmed!