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

[djjacket]

quick comparison between bASIC and Cognitive:

bASIC mining - 51625 outstanding shares -
Total hashrate: 925 Gh/s now
Hashrate/share: 180 Mh/s now
Price: 0.73BTC

Cognitive - 10420 outstanding shares
Total hashrate: 393 Gh/s now, 813 Gh/s when BFL delivers.
Hashrate/share: 377 Mh/s now, 780 Mh/s later.
Price: 0.75BTC

What did I miss?

Couple of additional differences:
BM pays out 70% vs Cog 50% in Dividends
BM also has over 1000 BTC in reserves

Both funds look very promising at this point though and the owners have been actively adding to their hashing power.

[stabs]

i think its time for a new Update on BTCT. It should increase the share price very much!

Yes, I would make an announcement on BTCT.

[drewmsmith]

What was the price paid for goat's BFL single?  Also how many BTC are left in the growth fund?

[drewmsmith]

What was the price paid for goat's BFL single?  Also how many BTC are left in the growth fund?

much less than originally agreed to

but im a significant cog share holder so whatever is best for the company....

Yea,  it was a very awkward situation and I don't envy either party.  I'm just looking for some transparency on the deal so I can better assess the value of the company.

[El Cabron]

What was the price paid for goat's BFL single?  Also how many BTC are left in the growth fund?

much less than originally agreed to

but im a significant cog share holder so whatever is best for the company....

Yea,  it was a very awkward situation and I don't envy either party.  I'm just looking for some transparency on the deal so I can better assess the value of the company.

200 shares, but when they were worth much less than now.

[drewmsmith]

What was the price paid for goat's BFL single?  Also how many BTC are left in the growth fund?

much less than originally agreed to

but im a significant cog share holder so whatever is best for the company....

Yea,  it was a very awkward situation and I don't envy either party.  I'm just looking for some transparency on the deal so I can better assess the value of the company.

200 shares, but when they were worth much less than now.

I though the treasury shares dropped faster than they should have.  Makes sense now, thanks.

[djjacket]

quick comparison between bASIC and Cognitive:

bASIC mining - 51625 outstanding shares -
Total hashrate: 925 Gh/s now
Hashrate/share: 180 Mh/s now
Price: 0.73BTC

Cognitive - 10420 outstanding shares
Total hashrate: 393 Gh/s now, 813 Gh/s when BFL delivers.
Hashrate/share: 377 Mh/s now, 780 Mh/s later.
Price: 0.75BTC

What did I miss?

Couple of additional differences:
BM pays out 70% vs Cog 50% in Dividends
BM also has over 1000 BTC in reserves

Both funds look very promising at this point though and the owners have been actively adding to their hashing power.

A bit misleading if the other 50% is reinvested in hardware. That is a plus to most of us.

True - it was not meant to mislead, but I was pointing out that for a dividend investor BM was paying out more at the current hash rates and difficultly level.  That combined with the reserves that BM has provides adequate growth opportunity.

COG - " 50% of mining revenue will be distributed proportionally among shareholders as dividends, and 50% of mining revenue will be added to our growth fund"

BM - "70% of all revenue generated by bASIC-MINING will be distributed to shareholders on a daily basis. To ensure that bASIC-MINING can continue to grow and remain competitive as the BTC network grows, 30% of mining revenue will be held in reserve to purchase new hardware."

I am bullish on both of these funds and think they are doing a very good job.

[AngelSky]

I am bullish on both of these funds and think they are doing a very good job.

agree

[Tafelpoot]

There are both very promising indeed.
Still, this is the time to ride the AMC rollercoaster :p (just for a few hours)

[KCBitcoin]

quick comparison between bASIC and Cognitive:

bASIC mining - 51625 outstanding shares -
Total hashrate: 925 Gh/s now
Hashrate/share: 180 Mh/s now
Price: 0.73BTC

Cognitive - 10420 outstanding shares
Total hashrate: 393 Gh/s now, 813 Gh/s when BFL delivers.
Hashrate/share: 377 Mh/s now, 780 Mh/s later.
Price: 0.75BTC

What did I miss?

Couple of additional differences:
BM pays out 70% vs Cog 50% in Dividends
BM also has over 1000 BTC in reserves

Both funds look very promising at this point though and the owners have been actively adding to their hashing power.

It's funny that BM has over 1000 BTC in their "growth fund", but they are still issuing new shares for hardware purchasing.

What is the point of having idle fund sitting there, and issue more shares to dilute people's holding?

[miTgiB]

quick comparison between bASIC and Cognitive:

bASIC mining - 51625 outstanding shares -
Total hashrate: 925 Gh/s now
Hashrate/share: 180 Mh/s now
Price: 0.73BTC

Cognitive - 10420 outstanding shares
Total hashrate: 393 Gh/s now, 813 Gh/s when BFL delivers.
Hashrate/share: 377 Mh/s now, 780 Mh/s later.
Price: 0.75BTC

What did I miss?

Couple of additional differences:
BM pays out 70% vs Cog 50% in Dividends
BM also has over 1000 BTC in reserves

Both funds look very promising at this point though and the owners have been actively adding to their hashing power.

It's funny that BM has over 1000 BTC in their "growth fund", but they are still issuing new shares for hardware purchasing.

What is the point of having idle fund sitting there, and issue more shares to dilute people's holding?

Diluting the company 3.25% to double the hash rate is far cheaper than spending coin. Basic math (or in bitcoin terms, maths)

[GeoRW]

quick comparison between bASIC and Cognitive:

bASIC mining - 51625 outstanding shares -
Total hashrate: 925 Gh/s now
Hashrate/share: 180 Mh/s now
Price: 0.73BTC

Cognitive - 10420 outstanding shares
Total hashrate: 393 Gh/s now, 813 Gh/s when BFL delivers.
Hashrate/share: 377 Mh/s now, 780 Mh/s later.
Price: 0.75BTC

What did I miss?

After (or if ever) BFL delivers Cognitive shares will be further dilluted by COG.F conversion. I think you should add 2000 additional shares to current number, if my calculation s correct.

[Garr255]

quick comparison between bASIC and Cognitive:

bASIC mining - 51625 outstanding shares -
Total hashrate: 925 Gh/s now
Hashrate/share: 180 Mh/s now
Price: 0.73BTC

Cognitive - 10420 outstanding shares
Total hashrate: 393 Gh/s now, 813 Gh/s when BFL delivers.
Hashrate/share: 377 Mh/s now, 780 Mh/s later.
Price: 0.75BTC

What did I miss?

After (or if ever) BFL delivers Cognitive shares will be further dilluted by COG.F conversion. I think you should add 2000 additional shares to current number, if my calculation s correct.

COG.F Contracts will be converted after the Avalon chips are delivered and hashing in September. That is a variable not even included in the above calculation; Our BFL orders have nothing to do with COG.F

Cheers

[Garr255]

And for those who may have missed it, here is last night's update:

It was interesting to follow the discussion about this. It is true that the share price seems rather high considering the hash power it represents right now. Compared to some perpetual mining bonds, it is true. However, companies like Cognitive intend to stay ahead of the pack in the long run. If they can do that and at the same time the dollar price of bitcoin goes up, the this a is really good long-term investment.

Ultimately the whole success of the bitcoin economy depends on whether bitcoin becomes widely accepted and as a result whether there is  a steady flow of dollars into bitcoins. If, as we all hope, this happens, those who can keep up the pace will win big time.

Isn't the share price of Basic Mining even more outrageous considering the amount of shares out there? Or am I missing something?

I think, you are right. Their hash power per share is 3-4 times less than that of Cognitive. At the same time the share price is similar.

Is it? BM is currently 445G/h with another 500 in transit, I'm not sure where Cog is currently, is it 83 and 160ish after the 2nd avalon arrives this weekend?  BM has 5x more shares outstanding so unless I am way off on Cog's current hashrate.....

He said 330+ Gh/s .. by the end of this week.  

By the end of the week and 330gh/s? Nah, more like by three hours ago and 393gh/s!

Today I received the final two of our four Avalons, and now they're all happily hashing away at a location with redundant power and internet

And who doesn't like pictures!?

Shiny new boxes:


Protip: Before ever turning on an Avalon that has been through the mail: Always check for loose nuts!


Driving to the Avalons' new home...


And here they are, hashing away at a steady 320+ gh/s (One of them has an extra hash unit.)


This puts our total hashrate at:
 320 from the Avalons
 60 from the SC Single
 13 from the FPGAs
= a total of 393gh/s mining for us right now

And BFL still owes us 7 more SC singles, which equals an additional 420gh/s which we will receive very soon.

Then after we receive our Avalon chips we will be hashing at well over 1th/s

Cheers,
Garrett

[furuknap]

quick comparison between bASIC and Cognitive:

bASIC mining - 51625 outstanding shares -
Total hashrate: 925 Gh/s now
Hashrate/share: 180 Mh/s now
Price: 0.73BTC

Cognitive - 10420 outstanding shares
Total hashrate: 393 Gh/s now, 813 Gh/s when BFL delivers.
Hashrate/share: 377 Mh/s now, 780 Mh/s later.
Price: 0.75BTC

What did I miss?

Maybe a comma?

.b

[Garr255]

Vote here: https://btct.co/security/COGNITIVE#tab5

Cognitive has recently made numerous succesful and effective purchases of high-powered mining hardware using treasury shares. I believe that it will be in our best interest to issue more treasury shares to have ready to be spent on hardware.

If this motion passes, 2000 (two-thousand) shares will be issued to Cognitve's treasury account. The shares will not be put up for sale publicly, and will be reserved only for purchasing hardware directly for shares. Dividends will not be paid to these shares until they are transfered out of the treasury account when used to purchase hardware, so dividends will not be dilluted because of these shares.

Between these treasury shares, and our exponentially increasing hashrate due to our growth fund, one can estimate that this will cause a rise in share value, therefore it is in our best interest to do.

Cheers,
Garrett

[silverfuture]

Well I voted no an the reason why is people will just sell the shares and thus put downward pressure on the stock price.

Why not do it the way liek cog.f?

If the value for cognitive shares is there, downward pressure from sales should have little effect on long term market price. 

[shbtc]

2000 shares could probably buy 3 Minirigs, if negotiated well. This is why I've voted yes. ~16% dilution for a 400% increase in hashrate. That's a great deal for all shareholders.

[theterabyte]

2000 shares could probably buy 3 Minirigs, if negotiated well. This is why I've voted yes. ~16% dilution for a 400% increase in hashrate. That's a great deal for all shareholders.

This is a very solid piece of reasoning, IMO. Sounds like even if it only bought 2 minirigs it'd be a good deal for shareholders then, or some other hardware worth similar GH/s.

[KCBitcoin]

Well I voted no an the reason why is people will just sell the shares and thus put downward pressure on the stock price.

Why not do it the way liek cog.f?

I voted no. I also think COG.F is a better way.
Since not all sellers are comfortable with selling their rigs for pure shares, their will want to sell part of these shares on market.

If we can do it half and half, say issue 1000 shares and gather some BTC through something similar to COG.F.
In this way, we can give the seller the number of shares they intend to hold, and pay for the rest in BTC, so that we can minimize our downward pressure.