SkepsiDyne Integrated Node - The Bitcoin Mining Company

[REF]

Agreed.

I still want to see a Finance Sheet as per that provided by UBX (but also including dates for each entry)

The Asset List shareholders appear to now be requesting would then by compilable from the Finance Sheet.

For me personally, the Asset List is a significant input to the assessment of the value of the company and hence each share (particularly mining companies) and is a key differentiator between the SIN shares and shares in mining contracts (e.g. CM400).

A link to a Google Docs spreadsheet shared on a "if you have the URL" basis rather than fully public could easily be provided to shareholders via a "mock" motion on GLBSE.

As an investor I would like to add my 2 cents.
I believe that seeing as the equipment is technically mine, I have every right to know what it is I own.

+1 google docs would be perfect to use

Tawsix ...
I think it would be beneficial to record dividend payouts on the first post in this thread, updating in the same way you are for the hash rate.
It will be very helpful in encouraging further investment / new investors.

At the current dividend payout rates, what is the return per 1 share of SIN?

That is also good to have for those who are currently invested instead of having to search through the thread. It be very beneficial too, if you bought a kilowattmeter and calculated how much energy cost. OR at least post your last energy bill before you started buying minin rigs so we could see an approximate increase in cost. From the last 2 payouts you keep some of the bitcoins for energy. You can't randomly take bitcoins out. You should only be taking coins out after your energy bill comes in.

[Tawsix]

At the current dividend payout rates, what is the return per 1 share of SIN?

The last 2 payouts have been around .02 BTC per share.

Tawsix ...
I think it would be beneficial to record dividend payouts on the first post in this thread, updating in the same way you are for the hash rate.
It will be very helpful in encouraging further investment / new investors.

At the current dividend payout rates, what is the return per 1 share of SIN?

I agree, I've updated the original post with number of payouts and total BTC paid out.

Agreed.

I still want to see a Finance Sheet as per that provided by UBX (but also including dates for each entry)

The Asset List shareholders appear to now be requesting would then by compilable from the Finance Sheet.

For me personally, the Asset List is a significant input to the assessment of the value of the company and hence each share (particularly mining companies) and is a key differentiator between the SIN shares and shares in mining contracts (e.g. CM400).

A link to a Google Docs spreadsheet shared on a "if you have the URL" basis rather than fully public could easily be provided to shareholders via a "mock" motion on GLBSE.

As an investor I would like to add my 2 cents.
I believe that seeing as the equipment is technically mine, I have every right to know what it is I own.

We will be emulating the quarterly reports of  companies (Ford Motor Company, General Electric, Dupont) during weekly dividend payouts to summarize the past weeks income, expenditures, and production.

I have decided that it is not prudent nor in the best interest of the investors that the information regarding the components of the mining rigs be released.

It be very beneficial too, if you bought a kilowattmeter and calculated how much energy cost. OR at least post your last energy bill before you started buying minin rigs so we could see an approximate increase in cost. From the last 2 payouts you keep some of the bitcoins for energy. You can't randomly take bitcoins out. You should only be taking coins out after your energy bill comes in.

Energy costs are calculated daily.  In order to do what you propose, we would have to switch to monthly dividend payouts and growth.  Currently, I am not "keeping" Bitcoins for energy, I am selling them so that no matter what happens, at the end of the month the electricity bill will be paid, even if BTC crashes to 10 cents.  I would continue doing this even if we switched to monthly payouts.

Update: The first rig purchased is scheduled to arrive tomorrow, so that will bring us up to 10 rigs!  The second rig will be shipping out today and will arrive before the end of the week.  This week I'll also be switching us to BTCguild.com, and whatever backup pool we decide upon.  I don't think motions are fixed yet, I'll be contacting Nefario about that and will get a new motion up as soon as things are working again.

[Ben Walsh (beamer)]

All sounds good Tawsix. I look forward to the first report.

I have decided that it is not prudent nor in the best interest of the investors that the information regarding the components of the mining rigs be released.

Given the purpose of the company, I understand this position and agree with it - there is value in the research that has been performed by Tawsix while "employed" by the company.

However, in lieu, I think it necessary that an estimate for the value of these assets be stated in each report.

Shareholders need and deserve to know the $ value of the hardware assets of the company, which could be liquidated tomorrow, if the worst was to happen (e.g. something akin to what has happened recently with DISHWARA), as per the proposed new contract.

[REF]

I say we buy this mining rig http://forum.bitcoin.org/index.php?topic=23039.0. Its a better buy then anything you have built so far. Its $$/Hash is better then the information on the 3 rigs you told us the stats of.

[Tawsix]

All sounds good Tawsix. I look forward to the first report.

I have decided that it is not prudent nor in the best interest of the investors that the information regarding the components of the mining rigs be released.

Given the purpose of the company, I understand this position and agree with it - there is value in the research that has been performed by Tawsix while "employed" by the company.

However, in lieu, I think it necessary that an estimate for the value of these assets be stated in each report.

Shareholders need and deserve to know the $ value of the hardware assets of the company, which could be liquidated tomorrow, if the worst was to happen (e.g. something akin to what has happened recently with DISHWARA), as per the proposed new contract.

The report will include the amount of money used for expenses and purchases, as well as what went to rigs, what went to infrastructure, etc.

I say we buy this mining rig http://forum.bitcoin.org/index.php?topic=23039.0. Its a better buy then anything you have built so far. Its $$/Hash is better then the information on the 3 rigs you told us the stats of.

You're comparing apples and oranges.  When he bought it new it was $1600 and it puts out 1500 Mhash/sec (.9375 Mhash/sec/dollar).  When I bought ours new at the same time, our first five rigs were .9473 Mhash/sec/dollar.  If you tried to build his computer today he says it would be $1800, or .8333 Mhash/sec/dollar.  Graphics card prices have risen significantly since we started mining, and sourcing them is a lot harder.

But you are right, if it sells for < $1700 it would be a good buy.  I will keep my eye on it, thank you!  If anyone else finds any good buys on GPU's/full rigs, make sure you either put it in this thread, PM or email me.

In other news, someone bought 134 shares a few hours ago, so that will be another rig arriving before the end of the week, which will give us 12!

[boonies4u]

All sounds good Tawsix. I look forward to the first report.

I have decided that it is not prudent nor in the best interest of the investors that the information regarding the components of the mining rigs be released.

Given the purpose of the company, I understand this position and agree with it - there is value in the research that has been performed by Tawsix while "employed" by the company.

However, in lieu, I think it necessary that an estimate for the value of these assets be stated in each report.

Shareholders need and deserve to know the $ value of the hardware assets of the company, which could be liquidated tomorrow, if the worst was to happen (e.g. something akin to what has happened recently with DISHWARA), as per the proposed new contract.

The report will include the amount of money used for expenses and purchases, as well as what went to rigs, what went to infrastructure, etc.

Can/will you include the possible resell value of the assets (as a whole or individually)?  Even an optimistic ballpark coul help shareholders have an idea of how much could be liquidated if it ever came to that.

[Tawsix]

All sounds good Tawsix. I look forward to the first report.

I have decided that it is not prudent nor in the best interest of the investors that the information regarding the components of the mining rigs be released.

Given the purpose of the company, I understand this position and agree with it - there is value in the research that has been performed by Tawsix while "employed" by the company.

However, in lieu, I think it necessary that an estimate for the value of these assets be stated in each report.

Shareholders need and deserve to know the $ value of the hardware assets of the company, which could be liquidated tomorrow, if the worst was to happen (e.g. something akin to what has happened recently with DISHWARA), as per the proposed new contract.

The report will include the amount of money used for expenses and purchases, as well as what went to rigs, what went to infrastructure, etc.

Can/will you include the possible resell value of the assets (as a whole or individually)?  Even an optimistic ballpark coul help shareholders have an idea of how much could be liquidated if it ever came to that.

Absolutely.  I would use 50% depreciation under the assumption of a BTC crash/failure/abandonment, and probably a 20%-40% depreciation if BTC is still strong and we're just wrapping up for other reasons (more or less if miners are still willing to pay a lot of money for used components.)  If anyone has a better figure for depreciation, please say so.

[Tawsix]

Another investor bought 51 shares from the IPO, and with the earlier purchase of 134 shares, it gave us enough money to buy 2 rigs today!  That means that a total of 4 rigs will be arriving this week, which will bring our total number of rigs up to 13.  It is very encouraging that we are drawing such large investments.

Once again, I will be reopening the motion concerning our backup pool once voting is fixed, as well as for the proposal to change the share contract.

Thank you once again to all of the investors!

[Tawsix]

SkepsiDyne Integrated Node is a mining company that is publicly listed on GLBSE.com under the ticker SIN.

As of June 28, we've sold 1,853 shares, and sold the BTC raised for over $13,000.

We currently have 9 rigs producing ~8.1 Ghash/sec.

To date we have made 2 dividend payments totaling 70.13 BTC.

Mission
Our mission is simple: provide an alternative to those who would like to enjoy the income of mining but do not have the money, time, or expertise to operate a dedicated mining rig on their own.  By combining our resources, we can overcome certain limitation that the average individual faces.

Structure
Each share entitles the owner to a percentage of SIN's profits.  I hold an amount of shares equal to the number of shares sold from the IPO + 1, and receives dividends on that basis.  These shares are paid off from dividends, so all dividends paid to me are reinvested back into the company in order to pay for my shares.  I will collect dividends normally once these shares are paid for.

Dividends
Dividends are paid out weekly.  Dividends are the profits of the company (generated BTC - expenses.)  The percentage of profits paid out varies depending on BTC generated the previous week as well as investment levels.  When dividends are paid out, a report detailing the financial situation of the company is issued, detailing production, expenses, purchases, etc.

Shares can be purchased at GLBSE.com.  Depending on the current sell orders, there may be people selling shares for less than the IPO, so if you want to invest directly into the company, you can PM me your GLBSE account ID and the number of shares you wish to purchase and I will send you an address to send the BTC to.  Once I receive the BTC, I will directly transfer the shares to your GLBSE account.

To see the status and production of the current rigs, which are mining on BTCmine.com, go to http://btcmine.com/api/getstats/020d055f94131c4b29baeca9915c7e04917bb18e.

I can be contacted via PM or at thetawsix@gmail.com.

Courtesy of sharp, here is a graph of the historical hash rates of the rigs:


More graphs can be found here.

To newbies who cannot post questions or are having trouble with GLBSE's command line interface, please feel free to PM or email me, I am more than willing to help!

[server]

Will the new rigs be able to produce 1000+ Mhash/sec per piece ?

[sanchaz]

how about an irc channel with a password sent to all investors using a motion or something like that?

that would be a good way to communicate on a daily basis, informal but would be enough for some opinions and get some feedback.

[Amechan]

how about an irc channel with a password sent to all investors using a motion or something like that?

that would be a good way to communicate on a daily basis, informal but would be enough for some opinions and get some feedback.

The problem with that is there is no real way to confirm who is an investor or not. 

[Capitan]

What is the max # of rigs you will be able to support in current facilities?

[Ben Walsh (beamer)]

Tawsix ...

How many rigs can the electrical supply support and how many rigs can be cooled using the cooling methods currently being employed ?

Pictures of the current set of rigs and the space itself would be very encouraging to new investment too.

[REF]

http://cgi.ebay.com/MSI-890FXA-GD70-AM3-Motherboard-w-Sempron-Processor-/330582540710?pt=Motherboards&hash=item4cf84141a6 - 150
http://cgi.ebay.com/ATI-Radeon-HD-5850-ASUS-EAH5850-/330582243586?pt=PCC_Video_TV_Cards&hash=item4cf83cb902 - 200
http://forum.bitcoin.org/index.php?topic=23464.0 - 400
http://www.newegg.com/Product/Product.aspx?Item=N82E16817171056&cm_re=cooler_master_1000w-_-17-171-056-_-Product - 180
2gb usb, 1-2gb ram - less then 50

Current Total - $980

assuming you can find 1x more asus at $200 total cost goes to $1180
I have that exact build my output is on average 1270Mhash/s

edit: here is a 4th card but of a different type :\. dont know how trustworthy the guy is deal seems to good to be true.
http://www.bitcoinclassifieds.net/ad/667/

[LehmanSister]

Twaz - I know the motions are still down, and Nefario prolly needs another day of rest, lol. I'm really liking the new eligius.st pool system ( /3/ which I use as my primary currently), and I use BPM as my backup.

A preferred list of motions I'd like to see is:

Motion 1) Vote to take some percentage of all the rigs, and put a few miners on a few of the popular ones for 48 hours. I know it'll prolly bust your stats a bit, but I'm always down for research. Maybe like 4-5 pools? I trust your due diligence in the matter.

Motion 2) Given the results of the testing, a Yay motion to choose the top pool as backup, with the second winner as a backup-backup, third as a backup-backup-backup. Given a catastrophic failure of multiple pools, to authorize you to choose at your discretion.

Motion 3) A Yay, so that once every 2 weeks, take a small percentage of the mining resources to be used for testing that will update this list of backup pool priority, that will be posted on the stats site.

I'd actually prefer it if the results of the research remain only given to the shareholder. And a small fund reserved for the assasination of a shareholder found sharing this information.

[eturnerx]

There are a lot of IRL companies that keep trade secrets from their shareholders. In fact, securities law prohibits sharing information with shareholders that is not also made available to the general public at the same time. Shareholders are shareholders - they are not managers or even directors. In some countries shareholders that start to act like managers lose their limited liability shield.

I respect tawsix's right to keep the exact rig recipe secret and support his reasons for doing so.  The information he has chosen to share is fine by me (price and hashing speed). I do not support (and neither should Nefario if he wants to legitimise GLBSE) secret information being made shareholder only. If shareholders don't like this they can always sell or just not buy in the first place.

[ADgordo]

Twaz - I know the motions are still down, and Nefario prolly needs another day of rest, lol. I'm really liking the new eligius.st pool system ( /3/ which I use as my primary currently), and I use BPM as my backup.

A preferred list of motions I'd like to see is:

Motion 1) Vote to take some percentage of all the rigs, and put a few miners on a few of the popular ones for 48 hours. I know it'll prolly bust your stats a bit, but I'm always down for research. Maybe like 4-5 pools? I trust your due diligence in the matter.

Motion 2) Given the results of the testing, a Yay motion to choose the top pool as backup, with the second winner as a backup-backup, third as a backup-backup-backup. Given a catastrophic failure of multiple pools, to authorize you to choose at your discretion.

Motion 3) A Yay, so that once every 2 weeks, take a small percentage of the mining resources to be used for testing that will update this list of backup pool priority, that will be posted on the stats site.

I'd actually prefer it if the results of the research remain only given to the shareholder. And a small fund reserved for the assasination of a shareholder found sharing this information.

If one pool is better than our current one, wouldn't we just switch to that instead of leaving it as a backup?

[ADgordo]

There are a lot of IRL companies that keep trade secrets from their shareholders. In fact, securities law prohibits sharing information with shareholders that is not also made available to the general public at the same time. Shareholders are shareholders - they are not managers or even directors. In some countries shareholders that start to act like managers lose their limited liability shield.

I respect tawsix's right to keep the exact rig recipe secret and support his reasons for doing so.  The information he has chosen to share is fine by me (price and hashing speed). I do not support (and neither should Nefario if he wants to legitimise GLBSE) secret information being made shareholder only. If shareholders don't like this they can always sell or just not buy in the first place.

SkepsiDyne is neither a legal entity by SEC standards nor is inside trading a crime in my view.  Shouldn't those willing to take risks get the rewards of early access to info regarding those risks?  Can government limit speech?

This is not the place to be talking about the law, but assuming the Bitcoin community loves free markets, free flowing information, and a consistent moral code, insider secrets should be regarded by non shareholders as irrelevant to their own affairs.

[LehmanSister]

If one pool is better than our current one, wouldn't we just switch to that instead of leaving it as a backup?

He seems very content with the current pool, for reasons that I am unaware, but I do have faith in his ability to know what to do. I know the issue has been discussed before, but if we do research, possibly he'd change his mind. Possibly he has a deal with the current pool, who knows. He profits and fails with us, so I'm going to go with his decision on the primary pool. As for the backup pool, since he put it out there, that's just my opinion on an optimal decision making process, based on 'yay/nay' voting.