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Author Topic: Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock]  (Read 274423 times)
Garr255
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August 27, 2012, 08:50:24 PM
 #441

Huh Huh Huh

Why so low dividends? Any issue while mining? Maths simply do not match  Undecided

I typed this last night and forgot to post:

The BitMinter payout for last week did not go to the address I specified. I'm currently going back and forth with them but they keep insisting it was my error, which seems impossible. I'm only using them until I can move the Singles to a cgminer host where we have free reign over pools (hopefully tomorrow).

I'm going to keep fighting them until we get the coins!

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August 27, 2012, 09:03:56 PM
 #442

Thanks for the update Garret!  Smiley



Garr255
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August 27, 2012, 09:07:25 PM
 #443

Shareholders: Where do you want to see Cognitive next?

I see a few options for us at the moment:

  • Expand FPGA infrastructure
         - BFL: If we choose to expand via BFL we are protected from BFL's ASICs, but we will suffer a long wait time.
         - Non-BFL: Here we are essentially banking against BFL delivering ASICs on time. These boards are delivered within a few weeks, but might take longer to pay off than we have time for.

  • Wait for ASICs
         - A few other companies are thought to be developing ASICs (I know of four including BFL and OpenASIC). A viable option is to wait it out.

  • GPUs
         - A common reaction here is "what?", but this is a decent choice in my opinion. GPU mining still produces the most return when looking at mh:$ ratio. Even when ASICs are released we can switch to Litecoin mining (which will likely be more profitable then than it is now) or even sell the hardware and regain most of the investment. The only downside to GPU mining is the massive electricity consumption. I would need to take out whatever the electricity costs from the GPU revenue (keeping in mind electricity is dirt cheap here at $0.07/kwh).

There will of course be a proper motion before investing in more hardware.

I'm always interested in what you have to say!

-Garrett

Edit: Keep in mind we have just over 100btc ready to go, which would be enough for us to buy a quad FPGA or a good GPU rig or two without issuing any more shares!

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

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August 28, 2012, 07:02:04 PM
 #444

My only thoughts at the moment are:
  • No firm decision can be made, and there may not even be enough information to draw valuable conclusions until we see whether or not BFL delivers. And if they do, delivery time is the next factor.
  • I would enjoy seeing Cognitive grow without my shares diluting every time. I know this is sort of a separate issue and that the 100BTC would be a form of growth without dilution, but what happens after that is spent.

Will GPUs really be profitable after the difficulty hike and reward halving?

Successful transactions: http://pastebin.com/GM27Ju59
Garr255
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August 29, 2012, 12:17:55 AM
 #445

Shareholders: Where do you want to see Cognitive next?

I see a few options for us at the moment:

  • Expand FPGA infrastructure
         - BFL: If we choose to expand via BFL we are protected from BFL's ASICs, but we will suffer a long wait time.
         - Non-BFL: Here we are essentially banking against BFL delivering ASICs on time. These boards are delivered within a few weeks, but might take longer to pay off than we have time for.

  • Wait for ASICs
         - A few other companies are thought to be developing ASICs (I know of four including BFL and OpenASIC). A viable option is to wait it out.

  • GPUs
         - A common reaction here is "what?", but this is a decent choice in my opinion. GPU mining still produces the most return when looking at mh:$ ratio. Even when ASICs are released we can switch to Litecoin mining (which will likely be more profitable then than it is now) or even sell the hardware and regain most of the investment. The only downside to GPU mining is the massive electricity consumption. I would need to take out whatever the electricity costs from the GPU revenue (keeping in mind electricity is dirt cheap here at $0.07/kwh).

There will of course be a proper motion before investing in more hardware.

I'm always interested in what you have to say!

-Garrett

Edit: Keep in mind we have just over 100btc ready to go, which would be enough for us to buy a quad FPGA or a good GPU rig or two without issuing any more shares!

My only thoughts at the moment are:
  • No firm decision can be made, and there may not even be enough information to draw valuable conclusions until we see whether or not BFL delivers. And if they do, delivery time is the next factor.
  • I would enjoy seeing Cognitive grow without my shares diluting every time. I know this is sort of a separate issue and that the 100BTC would be a form of growth without dilution, but what happens after that is spent.

Will GPUs really be profitable after the difficulty hike and reward halving?

For Bitcoin mining, I believe that GPUs will only remain profitable for those with free electricity.

Mining an alternate coin (LTC currently being the prime candidate) with GPUs should remain profitable into the foreseeable future. This is why I believe it's the right thing to do if we want to expand before the long ASIC wait.

Edit: It has been brought to my attention that I wasn't clear what currency the dividends will be paid in. GLBSE only supports BTC, so all LTC will be sold for BTC every week before dividends.

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

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investr
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August 30, 2012, 01:21:52 AM
 #446

Interesting idea. Deprecate the old hardware from btc to ltc mining, and if that becomes successful you have a way to grow the company without diluting shares further. Makes sense to me now, thanks for clarifying. Sounds good.

Successful transactions: http://pastebin.com/GM27Ju59
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August 30, 2012, 07:24:05 PM
 #447

Would it be possible to buy GPUs now for Cognitive and then after ASICs release sell them (at fair value) to Cognitive-LTC?
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August 30, 2012, 08:44:49 PM
 #448

IMHO I think this is an error. In a post-ASIC future every GPU miner will probably move into LTC, increasing significantly the difficulty.

We have already watched this movie about the effects of a extreme difficulty increase over a currency which lacks of a strong economy to rely on: namecoins. Since merged mining came into scene price has only dropped. I would expect the same with litecoins.

GPUs are the past. Damn! as a GPU miner I invested in this asset just looking for protection again ASICs!  Cheesy
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August 30, 2012, 09:13:15 PM
 #449

IMHO I think this is an error. In a post-ASIC future every GPU miner will probably move into LTC, increasing significantly the difficulty.

We have already watched this movie about the effects of a extreme difficulty increase over a currency which lacks of a strong economy to rely on: namecoins. Since merged mining came into scene price has only dropped. I would expect the same with litecoins.

GPUs are the past. Damn! as a GPU miner I invested in this asset just looking for protection again ASICs!  Cheesy

namecoin != ltc, no merged mining is possible.

I do worry about the economy, but I suspect it will develop.

I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
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August 31, 2012, 04:02:41 PM
 #450


namecoin != ltc, no merged mining is possible.

I do worry about the economy, but I suspect it will develop.


I wonder if anyone is using LTC for anything else then exchanging them to BTC. Sorry for the offtopic
Garr255
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August 31, 2012, 06:28:19 PM
 #451

Would it be possible to buy GPUs now for Cognitive and then after ASICs release sell them (at fair value) to Cognitive-LTC?

I would say yes, but because a few people were looking down upon Cognitive-LTC it is not going to exist.

IMHO I think this is an error. In a post-ASIC future every GPU miner will probably move into LTC, increasing significantly the difficulty.

We have already watched this movie about the effects of a extreme difficulty increase over a currency which lacks of a strong economy to rely on: namecoins. Since merged mining came into scene price has only dropped. I would expect the same with litecoins.

GPUs are the past. Damn! as a GPU miner I invested in this asset just looking for protection again ASICs!  Cheesy

Yes, I have thought of that exactly. GPUs should be a pretty liquid asset in the long run, so we shouldn't see any loss when we go to sell. One of the goals of buying GPUs is to further diversify Cognitive.

namecoin != ltc, no merged mining is possible.

I do worry about the economy, but I suspect it will develop.

I feel similarly, and I also have good faith in that Litecoin will succeed. (Or at the very least be worth mining for a while Smiley)

I wonder if anyone is using LTC for anything else then exchanging them to BTC. Sorry for the offtopic

I just saw an iPod sell for LTC on the Litecoin forum Tongue
There are a few services that accept Litecoin currently. One that comes to mind is a domain registrar.

We will of course be mining whichever currency is most profitable if we invest in GPUs.

I hope this helps!
-Garrett

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

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Garr255
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September 01, 2012, 11:31:10 AM
 #452

Dividends have been paid!

Total BTC: 29.5788441
Per Share: 0.00375843

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

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September 10, 2012, 07:15:03 PM
 #453

Anyone can explain why Cognitive is at the bottom end of the lowest paying shares?
Anything can be done?
It seems that now many figured this out since there are no bids above 0.10 from a while, and my butt hurts since I did not dump my shares in time.

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September 10, 2012, 09:21:40 PM
 #454

Would it be possible to buy GPUs now for Cognitive and then after ASICs release sell them (at fair value) to Cognitive-LTC?

I would say yes, but because a few people were looking down upon Cognitive-LTC it is not going to exist.

Since Cognitive is a company, it would be possible for Cognitive as a company to release bonds on new mining endeavors.  I don't know that perpetual would be a good idea or if it'd be better with a fixed buy back, but lots of companies issue bonds to raise funds.  The bonds could be on any currency you choose.

I also agree that LTC backers need to work diligently to get an economy going around the coin, or when the miners shift over to it it's going to have issues.

I'm not a Coinbase fan -- I placed a buy order, they took the funds out of my account, then a week later the price went up and they canceled the buy and closed my account.  You've been warned.  Use a different exchange.
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September 11, 2012, 03:21:58 AM
 #455

Currently Cognitive has suffered from a dump, wiping out all accurately priced bids. Cognitive is currently paying out sub-par dividends because we are still awaiting our new ASIC hardware from BFL. We already own 7 SC single upgrades and are waiting for BFL's go-ahead to ship back our FPGA Singles in return for the ASICs. This will put us ahead of all the current bonds and companies who aren't upgrading by far, in terms of dividends and share price Smiley

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

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September 13, 2012, 10:30:54 PM
 #456

Currently Cognitive has suffered from a dump, wiping out all accurately priced bids. Cognitive is currently paying out sub-par dividends because we are still awaiting our new ASIC hardware from BFL. We already own 7 SC single upgrades and are waiting for BFL's go-ahead to ship back our FPGA Singles in return for the ASICs. This will put us ahead of all the current bonds and companies who aren't upgrading by far, in terms of dividends and share price Smiley

Is the electricity costs paid by the shares you kept in the IPO?  How many hours on average do you estimate you work managing this mining?

Introducing constraints to the economy only serves to limit what can be economical.
Garr255
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September 13, 2012, 11:22:50 PM
 #457

Is the electricity costs paid by the shares you kept in the IPO?
Yes. Although this will most likely never happen: if I am ever operating at a loss due to electricity I will raise a motion to subtract electricity from dividends.

How many hours on average do you estimate you work managing this mining?
During the beginning of the company it was easily 20 hours a week, and now it is 1-2 hours per week including PR.

Passive (or at least semi-passive) investments are awesome!

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

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Garr255
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September 16, 2012, 12:58:01 AM
 #458

Our coins have eight confirmations going over to GLBSE and nothing has shown up yet... I just sent Nefario & GLBSE support messages.

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

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Garr255
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September 16, 2012, 09:01:29 AM
 #459

Dividends have been paid!

Total BTC: 27.2049373
Per Share: 0.00345679

Total mined to date: 591.52914198

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

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Garr255
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September 22, 2012, 06:13:08 PM
 #460

Dividends have been paid!

Total BTC: 25.4165585
Per Share: 0.00322955

Total mined to date: 616.94570048

I'm looking into all of the new ASIC options, [Tycho]'s (DeepBit Owner's) specifically.

So shareholders: Should we wait until we see these things mining in the wild or raise some more capital to pre-order some now?

Links to his threads:
https://bitcointalk.org/index.php?topic=108375.0
https://bitcointalk.org/index.php?topic=104680.0

“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!
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