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

[Garr255]

Ordering three five boards instead of two. We should be at 2.0gh when I receive these!

[zapeta]

Ordering three boards instead of two. We should be at 1.2gh when I receive these!

Awesome.  It looks like the IPO is going pretty well so far!

[Garr255]

Yes it is! I just checked it again, and now we have enough funds for five boards, and very close to six!

I've found some decent deals on fans and cables.

http://www.amazon.com/gp/product/B001S0I1Z2/ref=ox_sc_act_title_1?ie=UTF8&m=AD5ZUG3DINMWD  - 20
http://www.amazon.com/gp/product/B002YFSHPY/ref=ox_sc_act_title_2?ie=UTF8&m=ATVPDKIKX0DER   - 12

Totaling $106.88. or 22.5BTC at the current exchange rate of $4.79. These will be purchased one week before the boards are delivered unless someone finds something better.

[TheSeven]

Did I just get you board number six? (another 100 shares sold)

[tgmarks]

I'm stoked, this is going well.

[Garr255]

Thanks Jesse, I'll be using that unless I find someone selling an amazon gift card for cheaps.

And yes, we now have enough for 6.4584955752212389380530973451327 boards

I guess I'll ask Ford (fizzisist) to change the order a second time! This is a very good indication of how the IPO is doing haha.

I'm really excited too, this is going excellently!

So an update on the items to be purchased, here's the cart:
http://dl.dropbox.com/u/9542654/btc/cart.png

I'll probably order it tonight, not knowing how long it will take for them to process it.

[Garr255]

Order paid for! 713 BTC for six boards with heatsinks. They will be mining the first week of April. Thanks to all investors!

I will make an inventory of everything we have on the web site when we start physically receiving items.

-Garrett

[tgmarks]

A temporary accounting post. I will summary and public all the transactions in a Google spreadsheet. Until then, I will book-keep it by editing this post.

March 21, 2012,    713 BTC for six x6500s with heat sinks,  bitcoin exchange rate=$4.8+, about $570.4 for a set of board and heat sinks.

Appreciate the ledger.

[Garr255]

Yes, thanks for that. If it is editable by me I'll probably embed it in the web site.
The amazon order through btczone is here:
http://pastebin.com/cPbsJzMg

And I plan to order standoffs to stack the boards as mentioned previously.

I am going to send out a dividend this Saturday on the earnings from my GPUs over the past week, then I will wait until the FPGAs are set up.

-Garrett

[tgmarks]

Yes, thanks for that. If it is editable by me I'll probably embed it in the web site.
The amazon order through btczone is here:
http://pastebin.com/cPbsJzMg

And I plan to order standoffs to stack the boards as mentioned previously.

I am going to send out a dividend this Saturday on the earnings from my GPUs over the past week, then I will wait until the FPGAs are set up.

-Garrett

I can hook you up with some standoffs for the cost of shipping.  PM size and amount you need and where they are being shipped to.

[Garr255]

Awesome! PM sent.

[Garr255]

I just got all the fans and USB cables. A picture is up on http://cognitivemining.com/gallery.html
Also, we now have enough capital to buy six or seven more boards!

-Garrett

[stochastic]

I just got all the fans and USB cables. A picture is up on http://cognitivemining.com/gallery.html
Also, we now have enough capital to buy six or seven more boards!

-Garrett

Were all the shares sold or did you raise the share price?  There is about 2847 for 1.25 BTC.

[TheSeven]

Were all the shares sold or did you raise the share price?  There is about 2847 for 1.25 BTC.

Someone bought them and put them in again at 1.25 BTC.

[stochastic]

Were all the shares sold or did you raise the share price?  There is about 2847 for 1.25 BTC.

Someone bought them and put them in again at 1.25 BTC.

Nice!  Looks like someone sees value in the company.

[Philj]

argh. I was waiting on GLBSE to verify the BTC I sent in and by the time they actually showed up the IPO shares were gone. I was going to buy 50, but not at the rate of 1.25.

GL with this

[stochastic]

argh. I was waiting on GLBSE to verify the BTC I sent in and by the time they actually showed up the IPO shares were gone. I was going to buy 50, but not at the rate of 1.25.

GL with this

I am sure the spread will go down.  There is already a few listings at 1.00

[Garr255]

That actually happened to me too, so I just bought one at 1BTC. So now I have my contractually granted 500 and five more

The IPO sold out much faster than I had expected. Thanks to all investors!

Also, we'll be needing some USB hubs. WTB thread here: https://bitcointalk.org/index.php?topic=73707.0

I know this is quite early to consider this, but in the future how would everyone feel about another 1000 shares being released, but at 1BTC each? This would give us about 2.5gh/s more. I just wanted to throw that out there.

-Garrett

[stochastic]

That actually happened to me too, so I just bought one at 1BTC. So now I have my contractually granted 500 and five more

The IPO sold out much faster than I had expected. Thanks to all investors!

I know this is quite early to consider this, but in the future how would everyone feel about another 1000 shares being released, but at 1BTC each? This would give us about 2.5gh/s more. I just wanted to throw that out there.

-Garrett

The problem you will face is that many of the original shareholders would place sell orders of their shares for 1.00 or lower as well.  I doubt you would sell any additional shares for 1.00 if someone could get a lower price. Now the real fun begins as your job is to increase your shareholders value.  

Just taking a look the order book, the lowest ask is now 0.78.

Quick edit:
My suggestion is to first get the rigs up and running and return some dividends as that is what will give value to the shares.  After that if you still feel you want to issue more shares then you should evaluate the true value of the company and issue the shares based on that value.  You don't want to undercut your current shareholders or overprice the company to new shareholders.

[Garr255]

Yes, well hopefully we can get the minimum sell price up above 1BTC! Let's assume it does get there; then what would your opinion be?

I'm going to pay out a 1btc dividend as a test right now, and as a partial compensation of some sort for not instantly having the hardware