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Author Topic: [BTC-TC] BTC-Mining  (Read 21176 times)
Namworld
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April 18, 2012, 08:54:00 PM
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Quote
PLEASE GO HERE FOR GLBSE CLOSEDOWN CLAIMS INFORMATION:
https://bitcointalk.org/index.php?topic=129362.0

Quote
Over 2300 BTC funded @ over 10$ each at current market rate

(NUMBERS) estimates will vary according to current BTC price in USD as it directly affects how many ASICs can be purchased.

Hello,

BTCMining.ca is a co-owned mining operation where each member owns a part of the equipment (COOP like operation).

It will operate in Montreal, Canada. Initial planned output is (3 Terahash/s) using Butterfly Labs ASICs Rigs and administration fees are 10% as per contract.

Quicklinks:
Website: BTCMining.ca
Contract: http://www.btcmining.ca/contract or see GLBSE page
Buy shares: https://glbse.com/asset/view/BTC-MINING

Advantages
  • (300 mhash/share) @ 1 BTC each: Includes 50% returned to members, 40% for buying new equipment to replace and expand and a low 10% administration fee.
  • Equipment will be insured against theft and fire. /covered by the 10% fees
  • Equipment will be maintained /covered by the 10% fees
  • Operation's power bill and supporting material: cables, computers, cooling, extras, etc. /covered by the 10% fees
  • All equipment is owned by the members. They are entitled to 100% of sale proceeds with no fee assessed by management if the operation stops.
  • Green and cheap energy: Hydroelectric power @ $0.075/kwh
  • Cheap and clear fees (10%) compared to many other mining operations. Others have undisclosed percentage of fees or 100%+ Pay Per Share hashing power perpetual bonds without disclosing how much actual hashing power they buy in total with the funds or which amount goes into keeping it perpetual or admin fees.

(3 ASICs Mini Rigs) will be purchased for (300 mhash/share), with 10% for administrative fees, 40% reinvested in more equipment for the members and 50% paid out in dividends.
Detailed expected initial numbers for IPO:BTC-Mining IPO page

Need anything clarified? Post your questions and I'll update this post.

10000 shares will be issued on IPO, with the possibility to vote to issue more should the members wish to expand even faster.

Regards,
Juan-Samuel

Quote
Hashing power bonds purchased (Most recent)
Spent = 214 x 11 BTC = 2354 BTC
Bought = 214 x 40 mhash = 8560 mhash/s
Those bond will be bought back by issuer later at the same price they were purchased. These private bonds are purchased to get a few returns on our capital while we sell shares so the bitcoins don't idle in the account.


Dividends Statement

I am buying 40 mhash/11 BTC, or ~3.63 mhash/BTC (100%) in dividends until we can afford the mini-rigs.

Amazingrando, issuer of Bitbond, would be the hashing power provider. While he's not endorsing us or differing much from his usual bonds structure, it would help BTC-Mining's concept to take off. I will be donating him a few shares from the ones I purchased and if you are interested by and want to buy in into BTC-Mining, I would suggest you make him a donation too as a token of gratitude so he gets a few parts in the operation for helping it take off.

You can donate to Amazingrando by transfering a few BTC-Mining shares to username: amazingrando
------------------------------------------------------------------------------
FAQ
Many people asks us why we don't offer the same as other mining operations or requests something different, basically wanting more mining bonds. We are simply not offering bonds, but an alternative. We will try to explain why we chose that structure. You can judge whether that makes sense to you and if it is what you are looking for.
 
Q. Why should I wait for the equipment delivery when I can get hashing now? Why should I wait for returns?
Answer: Because you are actually buying the equipment with others. You have a right to 100% of the equipment's sale if it is voted to be sold if and when people want to stop the operation. You get lower administrative fees and better advantages that way for waiting some time and pre-funding your own equipment instead of buying a fraction of a current mining operation.

Q. Why 40% reinvested? What if I want 100% proceeds? Why not issue more share to replace equipment and just give people 100% of mining now?
Answer: Because under that model, we would get more and more shares for simply replacing the equipment, basically keeping the same hashing power for a growing amount of share while still having to sell as many shares at the same price for each replacement. Shares dilution would occur and the operation would die out since people don't pay for the replacement of the equipment power associated to their shares. Getting new shares sales to pay for the replacement of the hashing of your old shares would not be right. Equipment needs to be replaced and extra equipment added for the shares to gain value and the operation to grow. You also need growing hashing power to compete with increasing difficulty.

Q. But other mining operations offer 100%+ Perpetual PPS paid right now! Why would I need to reinvest 40%?
Answer: You get 100%+ PPS on a specific hashing power from current miners' hardware who would then buy with your funds more hashing power then you actually bought with it. This extra hashing they buy is usually an undisclosed amount on which they get their profit and pay for the replacement needed to keep it a perpetual bond. You get 100% of the hashing they agreed to give you. With us, you know the fees are a low 10% because it is a service we provide and you funded the equipment in advance. Although the dividends are a bit lower, the 40% reinvested is all equipment that is added to YOUR part in the hashing power. It's a long term investment with a growth plan. Look at the planned numbers here: Expected hashing and returns

Q. It looks interesting, but I am afraid others won't buy or like it. What if shares don't sell fast enough and my funds are withheld for a long period until we can purchase equipment?
Answer: There's a maximum period for the IPO of 2 months (Ending June 23rd).* It don't think people should let emotion interfere with how they place their money. Ponder whether the terms are interesting and if the wait time is worth it. If you like the terms, the best way to make it happen would be to invest to speed the process and encourage others to do the same thing.

I've negotiated a hashing power deal. I will be privately buying 40 mhash/11BTC bonds with the funds that will be reimbursed by the end of august. See announcement. With the discounted hashing power we're buying, it's currently more advantageous to buy BTC-Mining than other traditional mining operation shares considering you get returns during the funding phase and 100% of funds will still go on the newest hardware.

*I'd still try to get your shares purchased back after on the 23rd June if you still really want to get off. Just request it.

Q. Why not place the money in Pirate Bonds or something else to get returns for people while we gather funds for the equipment?
Answer: For the pirate bonds, there's some controversy about it even if pirateat40 is trusted. Many have doubts about the up to 7% returns a week being even close to realistic or feasible. Many are pro pirate, but many are also sure he will default. Personally I do not believe it is a safe investment. This is a mining only operation and I am offering a professional management service. I am not going to start risking and placing people's money which I've been entrusted with left and right when they are intending to be co-buying Butterfly Lab mining equipment. We are holding those funds for the purchase of the offered mining equipment only.

Q. So it is a long term investment?
Answer: Definitely. And you would still get approximately 3.75 mhash/BTC of dividends with current IPO on the 50% dividends, a better rate than most current titles because they raised in value immediatly after IPO. (Current valued at 2.70 - 3.40 mhash per BTC). That's not counting the massive reinvestment of 40% as an extra. The waiting time should be worth your while. This would be possible because you are funding the equipment yourself, we only service it.

Quote
IMPORTANT NOTICES & EVENTS
Shares left countdown: 7987

Raffle & Discount shares
As a way to promote BTC-Mining out of the securities forum, I'm offering discounted shares and a raffle paid out of my own pocket. Those shares are purchased from my personal account and resold at a small discount/raffled. Participate in the thread.


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April 19, 2012, 03:37:50 PM
 #2

Subbed, looks intriguing. I see you've verified ID, any references?

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April 19, 2012, 09:31:35 PM
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References? Not really among the bitcoin community. I made one trade directly with a member https://bitcointalk.org/index.php?topic=49120.msg590481#msg590481. I usually use exchanges to get bitcoins. I do have good itraders on other forums, been in the web services business for quite some time. If people want to verify those, they can PM me to arrange logging in and confirming from outside sources.

I'm not willing to just give away photo ID scan to anyone, but my business registration required a valid ID when I presented myself and can be verified online.
http://www.registreentreprises.gouv.qc.ca/en/default.aspx
Click on "Find Enterprise" and search for Namworld or 2266754961 to get it. Nefario should be able to confirm the ID is for the same name. I'll PM him to request it.

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April 20, 2012, 07:22:33 AM
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An OTC rating would really be helpful.

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
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April 20, 2012, 10:34:49 AM
 #5

An OTC rating would really be helpful.

I understand it would be the ideal method for people to check but I only have one OTC-Rating. http://bitcoin-otc.com/viewratingdetail.php?nick=Namjies&sign=ANY&type=RECV
Imsaguy is the only one who was willing to accept Paypal so I had to turn to exchanges like VirWoX. Can't really help it when people were not willing to trade or give a good exchange rate.

Bitcoins are not the only irreversible thing around however. Lots of digital goods/services are and I got good ratings. Like I said, if you want more references than GLBSE's info verifications and that OTC rating, just PM me and I'll point you to some accounts you can contact elsewhere with good ratings and I'll confirm from those.


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April 22, 2012, 01:16:53 AM
 #6

As the IPO approaches, I'm preparing to get a tidy place for the rig.

Among other things, shelving space to accept equipment.

I also started to browse for fire and theft insurance for the value of the equipment.

All those are covered in the 10% administration fee of course.

Stay around for more updates. I'll take a picture once my home office is suitably converted.




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April 22, 2012, 06:50:16 PM
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The question is how long it will take before you really start mining with this hardware ...

When will you order those 3 BF mini rigs? Or have you already ordered them?
Will you wait until you sell all the 10,000 shares?
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April 23, 2012, 02:01:50 AM
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I've been told over 6 weeks currently, so maybe up to 2 months before mining starts. It should be a reasonable wait time. They'll be purchased one at a time, as shares sell (or in one block if they sell fast enough.)

On another note, I started converting my home office by adding modular shelving. There will be a lot of extra room for expansion.

Before/After


Next step is hiring an electrician to add extra juice available. I'd rather not have electrical cords running across the floors from wall outlets but have a higher wattage right there. (Cords also being a failure point known as "tripping over cords")

I will also need to install a dedicated computer to run said rig.

Edit: Window is further on the left. I'm thinking about a wall mounted AC unit however.

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April 23, 2012, 09:05:17 PM
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Update. IPO has started.

As far as I'm aware, cheapest available right now per mhash, since other shares have gone up in price by quite a lot since they started.

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April 24, 2012, 01:25:03 AM
 #10

GLBSE prediction market launched

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
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April 24, 2012, 02:11:04 AM
 #11


Shameless GLBSE threads spamming?  Roll Eyes

Nice addition, even if just for the fun of it. Guess I might as well create a few questions for BTC-Mining for people to make predictions.

Edit: just added 2 questions now waiting in moderation (share price and hashing power changes)

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April 24, 2012, 08:29:31 PM
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A bit slow but they're selling. I've heard of interest in BTC-Mining and seen other mining offers almost sell out on preorders, yet slow.

Would appreciate feedback from the ones that were interested. Are everyone out of bitcoins after the other mnining corp IPOs or the new securities sub-forum just don't get as much exposure?

I'm considering either purchasing a chunk of the shares myself or paying for a bit of advertisement. Opinions on that?

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April 24, 2012, 09:41:08 PM
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A bit slow but they're selling. I've heard of interest in BTC-Mining and seen other mining offers almost sell out on preorders, yet slow.

Would appreciate feedback from the ones that were interested. Are everyone out of bitcoins after the other mnining corp IPOs or the new securities sub-forum just don't get as much exposure?

I'm considering either purchasing a chunk of the shares myself or paying for a bit of advertisement. Opinions on that?

I'm out of BTC at the moment but when I have some I plan on investing.
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April 25, 2012, 05:28:44 AM
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A bit slow but they're selling. I've heard of interest in BTC-Mining and seen other mining offers almost sell out on preorders, yet slow.

Would appreciate feedback from the ones that were interested. Are everyone out of bitcoins after the other mnining corp IPOs or the new securities sub-forum just don't get as much exposure?

I'm considering either purchasing a chunk of the shares myself or paying for a bit of advertisement. Opinions on that?

Tips:

1. Reduce your first round of IPO to raise coins for only 1 Mini-Rig. The psychology effect of "so many shares left, and I'll wait and see what other people do" is strong enough to stagnate your fundraising.

2. Use some existing hardware to make some instant profits for shareholders. You can loan them like BTCSYN did.

3. Switch to other mining configurations like BFL single or ngzhang's Lancelot (https://bitcointalk.org/index.php?topic=51371.0). The development of the latter hasn't finished (announcements will be in May probably), but I believe that, even so, the delivery date of Lancelot FPGAs will still be earlier than Mini-Rigs. Of course, Lancelot FPGAs has to be competitive to BFL products to be taken into consideration.

4. Advertisement might be helpful, but not as helpful as the three things above (they are not fully compatible to each other, of course, but you could consider 1 or 2 of them.)

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April 25, 2012, 10:31:55 AM
 #15

Thanks to both of you.

@friedcat
The others seem to understand those things too and that the rigs are a much better option cost-wise and also necessary competitive wise with their much lower power consumption. They seem to still be interested even if that means to wait for delivery. So I'll avoid going for singles or the Lancelot which have worse mhash/$ for now and are more power hungry.

The more it goes, the more I feel it's an awareness issue. People are either unaware the IPO is underway or for those that are watching this sub-forum, they have spent their bitcoins on previous IPOs. There's been previous IPOs with large initial volumes that went well.

The first round is already reduced and is one third of the shares as stated. Even less depending on current rate. People may not read this thread in full however. I'm adding that fact to the main post. It may help.

I'll stay active, visit the OTC chat regularly and browse for advertising options. I've also been told by some they will buy shares when I told them about this thread and will even buy some myself which should get BTC-Mining up in the shares list on GLBSE and reduce the shares left before first rig is ordered even further. That should take care of the "so many shares left, and I'll wait and see what other people do"

I'll have to look if anyone has interesting rates for loaning equipment. That may help too.

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April 25, 2012, 10:36:28 AM
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The others seem to understand those things too and that the rigs are a much better option cost-wise and also necessary competitive wise with their much lower power consumption. They seem to still be interested even if that means to wait for delivery. So I'll avoid going for singles or the Lancelot which have worse mhash/$ for now and are more power hungry.

The more it goes, the more I feel it's an awareness issue. People are either unaware the IPO is underway or for those that are watching this sub-forum, they have spent their bitcoins on previous IPOs. There's been previous IPOs with large initial volumes that went well.

The first round is already reduced and is one third of the shares as stated. Even less depending on current rate. People may not read this thread in full however. I'm adding that fact to the main post. It may help.

I'll stay active, visit the OTC chat regularly and browse for advertising options. I've also been told by some they will buy shares when I told them about this thread and will even buy some myself which should get BTC-Mining up in the shares list on GLBSE and reduce the shares left before first rig is ordered even further. That should take care of the "so many shares left, and I'll wait and see what other people do"

I'll have to look if anyone has interesting rates for loaning equipment. That may help too.


Great.

And notice that Lancelot's performance data is not revealed yet. The current data (380MH/s,20Watts) you saw comes from Icarus, which Lancelot tries to replace.

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April 26, 2012, 08:11:10 AM
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I've been told over 6 weeks currently, so maybe up to 2 months before mining starts. It should be a reasonable wait time. They'll be purchased one at a time, as shares sell (or in one block if they sell fast enough.)

On another note, I started converting my home office by adding modular shelving. There will be a lot of extra room for expansion.

Before/After


Next step is hiring an electrician to add extra juice available. I'd rather not have electrical cords running across the floors from wall outlets but have a higher wattage right there. (Cords also being a failure point known as "tripping over cords")

I will also need to install a dedicated computer to run said rig.

Just curious, because I don't see windows, how you plan to cool your rigs?  Assuming BFL delivers on the spec, I think you're looking at >3kw of heat for your 75GH/s. 
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April 26, 2012, 08:40:23 AM
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Just curious, because I don't see windows, how you plan to cool your rigs?  Assuming BFL delivers on the spec, I think you're looking at >3kw of heat for your 75GH/s. 

at 1250w each, all said and done it'll be ~4kw of pure heat energy. If you've ever had a 1kw heater in a room, imagine 4 of those on full blast. I would seriously consider putting the rigs IN a window, like an AC unit and have a fan pump air over the rigs and out of the window.

Still, this sounds like a cool idea.
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April 26, 2012, 08:59:07 AM
 #19

~~~~~~~~~~~~~~~
Bitcoin split
Expected BTC generated daily at current difficulty (1577913.48568) for 3 rigs (75600 mhash/s): ฿48.19

Management and electricity fee from us: ฿4.819(10%)
Expected daily BTC returned to members: ฿43.371 (90%)
  • Expected daily BTC for new equipment: ฿19.276 (40%)
  • Expected daily BTC for dividends: ฿24.095 (50%)
    • Expected approximate dividends per share:  ฿0.0024095/day
    • Expected approximate dividends per share:  ฿0.072285/30 days (7.2%/month)
~~~~~~~~~~~~~~~

I can't quite wrap my head around this one. How is 40%, of the 90% returned to clients, used for new equipment?
If you return it to the client, how can you be using it to buy equipment?
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April 26, 2012, 10:34:36 AM
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Just curious, because I don't see windows, how you plan to cool your rigs?  Assuming BFL delivers on the spec, I think you're looking at >3kw of heat for your 75GH/s.  
at 1250w each, all said and done it'll be ~4kw of pure heat energy. If you've ever had a 1kw heater in a room, imagine 4 of those on full blast. I would seriously consider putting the rigs IN a window, like an AC unit and have a fan pump air over the rigs and out of the window.

Still, this sounds like a cool idea.
The window is right to the left. A wall conditioning system may be added later with more rigs installed. It is still a low power consumption and thus low heat emission for a 75 ghash mining rig.

I can't quite wrap my head around this one. How is 40%, of the 90% returned to clients, used for new equipment?
If you return it to the client, how can you be using it to buy equipment?
The equipment is owned by the members. All bitcoins put on new equipment increase the dividends, share value, and sales price if it is voted to stop the operation.

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