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Author Topic: [GLBSE] Feedback wanted: Gigamining, the first 5Mh/s mining bond  (Read 25267 times)
jamesg
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March 26, 2012, 06:33:23 PM
 #1

 :)Hello fellow bitcoiners,

Off the back of the glbse 2.0 release and with a soon to be influx of mining equipment, I would like to get the communities thoughts on an idea I have been keeping in my back pocket until now.

Introduction:
Mining assets are becoming extremely common on the GLBSE. We have companies that offer ownership of hardware, bonds that correlate to actual hash rate. But overall nothing too exciting, too large, or too profitable.

Until now.
Introducing Gigamining Bonds!

The first bond to offer more than 1 MHash/s per bond, and run by a name you know has the hashes to back it up.

Summary:
There will be a total of 10,000 (50Gh!!!!!) bonds issued, with each bond worth a massive 5 MHash/s.

During the initial offering, they will be sold for a cheap ?? (give me your feedback). All maintenance free.

Each bond will pay 100% of PPS earnings every 7 days.

The bond never expire.

I reserve the option to repurchase bonds at 105% of the highest traded price over the last 15 days.

About Me
Most of you know who I am, most of you know I have the ability to deliver this kind of power. I'm not going anywhere any time soon, so trust that your coin is safe, and doing its best work for you, here. If you have any questions, ask them in the thread.

Where is 50Gh going to come from?
- I currently run 33Gh in GPUs (undervolted and underclocked to 26Gh for the summer)
- I also run 11 Butterfly Labs singles @ 9Gh
- Soon 4 mini rig boxes will arrive with a total of 100Gh of mining capacity.

I feel this is an exciting opportunity to be able to make such a compelling offer on the glbse. I would love to hear your thoughts and feedback, so post a reply and lets get the conversation started.

Best,
gigavps

Q/A

Q: What's the price of each bond?
A: This is something I want to hear your feedback on. What do you think?

Q: When would the inital offering happen?
A: Vbs has proposed that the initial offering happens before the equipment arrives. What do you think?

Q: Who's the hottie in your profile pic?
A: That's my wife.  Grin
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March 26, 2012, 06:47:09 PM
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I have known gigavps to be the one of the most professional miners in the community. I think you'd do well to get into business with him.

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March 26, 2012, 06:52:32 PM
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watching. any idea on a IPO date?
jamesg
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March 26, 2012, 06:56:02 PM
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watching. any idea on a IPO date?

IPO would happen once the equipment arrives. I will also update the OP with this info.
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March 26, 2012, 06:57:32 PM
 #5

Posting in a soon-to-be epic thread, in order to register my profound interest and to subscribe to updates in the future.

Mining Rig Extraordinaire - the Trenton BPX6806 18-slot PCIe backplane [PICS] Dead project is dead, all hail the coming of the mighty ASIC!
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March 26, 2012, 07:00:09 PM
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I'am IN!

"Tonight's the night. And it's going to happen again, and again. It has to happen. Nice night."
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March 26, 2012, 07:00:10 PM
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.
Kaos
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March 26, 2012, 07:21:17 PM
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I will love you as much as that girl on your avatar if you manage to pull this hat trick right!!! I'm In!!!
jamesg
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March 26, 2012, 07:34:21 PM
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I will love you as much as that girl on your avatar if you manage to pull this hat trick right!!! I'm In!!!

So ... I've been meaning to ask for sooo long ... OT, I know ... but who's that hottie ?
 

That would be my wife.  Grin

I'll add this info to the OP.
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March 26, 2012, 07:40:01 PM
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I will love you as much as that girl on your avatar if you manage to pull this hat trick right!!! I'm In!!!

So ... I've been meaning to ask for sooo long ... OT, I know ... but who's that hottie ?
 

That would be my wife.  Grin

I'll add this info to the OP.

Okay I half-way retract my comment then, I will *not* love you as much as your wife. Ain't no chance I'm cooking you dinner... However, I'm still very interested in your new venture... Keep us updated.
jamesg
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March 26, 2012, 07:40:10 PM
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No disrespect, but she's a looker. Congrats.

And she let's me mine bitcoins.  Wink

Now back to the topic at hand.
jamesg
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March 26, 2012, 07:41:23 PM
 #12

So what do you this each bond should be offered for?

I was thinking along the lines of 1.2BTC per bond.
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March 26, 2012, 08:05:03 PM
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Glad to see this finally started going through.
jamesg
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March 26, 2012, 08:08:02 PM
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Glad to see this finally started going through.

Thank you JL421 for consulting with me regarding this endeavor.
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March 26, 2012, 08:11:28 PM
 #15

Interesting. Was talking about doing something like this with co-workers.. going to watch

Mining Both Bitcoin and Litecoin.
Kaos
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March 26, 2012, 08:35:38 PM
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So what do you this each coupon should be offered for?

I was thinking along the lines of 1.2BTC per coupon.

Let's do the math.. Each share (is that what you mean by coupon) on GLBSE will be traded fro 1.2BTC (~$5.60 in current rates).

5Mh/s with the current difficulty = 0.101 BTC/month (~$0.47). So ROI/share will be in about 1.4 years but accounting for profitability decline it's more likely to be 1.7 years. That's not accounting for anything else but pure ROI from dividend.

Say we want to reach the equivalent of a 5970 (700Mh/s) that would cost us 168 BTC (~$783). It will generate 14BTC/month (~$65)... Same ROI obviously.


Now let's make it interesting:

* If I were to start mining today from scratch with an ATI 5970 that would cost me for one year: $650ish for the rig + $394 electricity (300 watt at 0.15kWh)
* If I were to do the same with a BFL Single (assuming I will be running it down to 700 Mh/sec and not the advertised 832 Mh/sec) that would cost me for one year: $600 for the BFL + $105 electricity (80 watt at 0.15kWh).

All of the above giving me the same returns mining-wise. On top of that add the benefits of having your mining power in easily changeable shares and the potential benefits from that.


Thus at 1.2BTC it's a good deal. At  1BTC it would be a steal Smiley




How's my math!??!


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March 26, 2012, 08:38:55 PM
 #17

Ok gigavps.. i have a few questions.. just to keep you thinking.

First are you selling shares? with 100% PPS?

Or are you selling Bonds that are worth a certain amount of money for 5 GH/s?

Just an example.. 1 bond $3,500 for 5 GH/S and never expires.

What do you mean by selling it back at 105% I dont want it anymore you will pay 5% more then what i paid? I am sure your going to need a time limit on this one Smiley

What covers the electric costs and internet costs? And or network related infrastructure and maintenance.  

Mining Both Bitcoin and Litecoin.
jamesg
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March 26, 2012, 08:42:23 PM
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Let's do the math.. Each share (is that what you mean by coupon) on GLBSE will be traded fro 1.2BTC (~$5.60 in current rates).

5Mh/s with the current difficulty = 0.101 BTC/month (~$0.47). So ROI/share will be in about 1.4 years but accounting for profitability decline it's more likely to be 1.7 years. That's not accounting for anything else but pure ROI from dividend.

Say we want to reach the equivalent of a 5970 (700Mh/s) that would cost us 168 BTC (~$783). It will generate 14BTC/month (~$65)... Same ROI obviously.

Now let's make it interesting:

* If I were to start mining today from scratch with an ATI 5970 that would cost me for one year: $650ish for the rig + $394 electricity (300 watt at 0.15kWh)
* If I were to do the same with a BFL Single (assuming I will be running it down to 700 Mh/sec and not the advertised 832 Mh/sec) that would cost me for one year: $600 for the BFL + $105 electricity (80 watt at 0.15kWh).

All of the above giving me the same returns mining-wise. On top of that add the benefits of having your mining power in easily changeable shares and the potential benefits from that.

Thus at 1.2BTC it's a good deal. At  1BTC it would be a steal Smiley

How's my math!??!

I think your math is sound. I do want to make this an attractive offer both for the IPO and for 6 months out. It sounds like we need to be somewhere between 1 BTC and 1.2 BTC.  Cheesy
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March 26, 2012, 08:53:22 PM
 #19

Ahh with Kaos's post now i understand where your going with it.. i should have just waited a little while longer Smiley

Mining Both Bitcoin and Litecoin.
jamesg
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March 26, 2012, 08:54:58 PM
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Ok gigavps.. i have a few questions.. just to keep you thinking.

First are you selling shares? with 100% PPS?

Or are you selling Bonds that are worth a certain amount of money for 5 GH/s?

This is a bond. The bond will pay a dividend every week that the owner of the bond holds it. Each bond is the equivalent of 5Mh/s.

Just an example.. 1 bond $3,500 for 5 GH/S and never expires.

Each bond is for 5Mh/s and will be priced somewhere in the neighborhood of 1-1.2 BTC per coupon.

What do you mean by selling it back at 105% I dont want it anymore you will pay 5% more then what i paid? I am sure your going to need a time limit on this one Smiley

I will retain the option to purchase back bonds at anytime for 105% of the highest trading price over the previous 15 days. So if the bonds trading high over the last 15 days was 2 BTC I would pay 105% of the 2 BTC to repurchase a coupon.

What covers the electric costs and internet costs? And or network related infrastructure and maintenance.  

Between the mini rig box's efficiency (spec'd to be 20Mh/w) and maximizing the BTC output of the hashing power, I should be able to more than cover the electrical costs.
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