[GLBSE] BFLS.RIG - BFL Hardware mining & Sales

[Inaba]

Waiting on another deposit into GLBSE for more dividend payment this round.  Another ~80 BTC to be paid in dividends tonight as soon as it clears.

Now that the share thing is resolved, it should be much easier next week.

[1713586684]

1713586684

[1713586684]

1713586684

[server]

Thanks Inaba for the weekly div

But I have a question.
For BFLS.RIG you have 2 fpga rigs online =~50ghash and the last 2 weeks you started to pay div to shareholders.

There must be something I didn't understand because 7 days 50gh = max 140 btc and you paid ~880, why ?

[Inaba]

I have included a number of other rigs in the BFLS.RIG shares that belong to other people.  There are a number of benefits for this, but one of the driving motivators is the fact that it makes managing payouts on all the rigs much easier.

Right now, there are 14 rigs in the BFLS.RIG shares bucket (two more were added this week, compared to last week), so I will be paying out on 14 rigs this week (and 12 rigs last week).

[server]

Thanks, I think I understand

Right now you have 90870 shares issued, 6085 per rig, this means you have 15 rigs mining for BFLS.RIG.

So next payment will be (15*25Mhash = 375Mhash * 7 days = ~1000 bitcoins) about 1000 / 90870 = ~ 0,011 btc per share ?

Do you host the rigs in a secured cage in your DC and are the rigs insured ?

[Inaba]

I have the rigs split between three different DCs at the moment, and they are all behind a locked, card coded outer door and a locked, biometric inner door.  Insurance varies by DC, but for the most part, yes... depends on what happens.  I don't think acts of war or terrorism are covered at one of the DCs, so just pray Canada doesn't invade.

[Inaba]

Dividends will be paid Tues or Wed for last week.  I am still in London for the Bitcoin Conference and will be back home tomorrow.  I should be able to get it paid out tomorrow evening.

[HDSolar]

Dividends will be paid Tues or Wed for last week.  I am still in London for the Bitcoin Conference and will be back home tomorrow.  I should be able to get it paid out tomorrow evening.

I would say enjoy a pint that is what I would do, enjoy some bangers and mash?

[Inaba]

Dividend payments should be going out shortly.  We got a bit ripped off this week, since BitLC has not paid me what they owe me, so the dividend payout is roughly 50 BTC short and the BitLC op is not responding to my emails. 

As soon as / if he sends the funds, I will include that in the dividend payouts, until then I would be a bit leery of BitLC and they've been removed from the rotation.

[Epoch]

Dividend payments should be going out shortly.  We got a bit ripped off this week, since BitLC has not paid me what they owe me, so the dividend payout is roughly 50 BTC short and the BitLC op is not responding to my emails. 

Has BitLC paid the amount owing or at least responded to your email?

[Inaba]

Nope, not a peep.

[RHA]

Inaba, you didn't get my PMs (still), didn't get PM from a guy with a (dubious) million dollar offer, so it could be the same with a private answer from this BitLC guy.
I know you are a bit flooded with messages, but it look like some of them never get to you. Maybe PM over some size are filtered out.

[Inaba]

I just found out about GLBSE closing so I don't have any info right now.  I will make a post here once I have more information and get everyone taken care of.

[HorseRider]

Since I invested in BFLS and BFLS.rig, I have never been disappointed by Inaba. Hope that everything will fine this time.

[k3t3r]

Watching thread for updates.

[Inaba]

Ok, so I'm just as in the dark as everyone else with regards to GLBSE, but here is how I am going to handle the BFLS and BFLS.RIG.  Fortunately, since BFLS and BFLS.RIG were never designed as a security, bond or anything of the sort things are fairly easy.  GLBSE was a way for me to handle payments being divided up easily among a number of owners of the BFL hardware - this means I can pretty easily make the transition away from GLBSE.  BFLS and BFLS.RIG has always been a way for us to split the costs of purchasing a single or a minirig, so it's not really a hindrance, as I made no profit on shares traded, etc... and thus have no accounting to worry about as far as that goes.

What  you need to do:

Send me an email with the subject beginning: GLBSE:

In that email include the following:

Your GLBSE user name
Number of shares you hold of both BFLS and BFLS.RIG
BTC Payment address

Obviously, I will need to verify that information with the GLBSE records, assuming they are forthcoming as potentially promised.  Once that information is verified, I will include you in the payout rotations.  I will be withholding payouts temporarily to unverified shares/shareholders until they can be verified.

BFLS and BFLS.RIG will be combined into one payment, and BFLS "shares" will be converted into BFLS.RIG "shares" at a rate of 1.21:1, so for every 1.21 "shares" of BFLS you own, you will get 1 "share" of BFLS.RIG - this is because the monetary value of BFLS.RIG is slightly more than BFLS.  This actually works out well, as I was intending to upgrade the singles to an ASIC minirig anyway, doing away with BFLS all together. 

I will continue with the Sunday night payouts, but they will be sent directly to your wallet going forwards.  I had a substantial chunk of funds in GLBSE for payouts when it went down, so here's to hoping it's recoverable. 

[k3t3r]

Hi inaba
Thanks for the update which sounds good and will work out well for me. Seems like these assets will be managed more like a mining Co-op.

Once BFLS and BFLS.RIG have been combined in to asset will these still be redeamable for physcial hardware?
Have you worked out the ammount of coupons per phsyical device?

Where will find your email address?

[Inaba]

Yep, you're welcome to redeem them for physical hardware at any time.

Sorry, you can email me at: admin@eclipsemc.com

[Epoch]

BFLS and BFLS.RIG will be combined into one payment, and BFLS "shares" will be converted into BFLS.RIG "shares" at a rate of 1.21:1, so for every 1.21 "shares" of BFLS you own, you will get 1 "share" of BFLS.RIG - this is because the monetary value of BFLS.RIG is slightly more than BFLS.  This actually works out well, as I was intending to upgrade the singles to an ASIC minirig anyway, doing away with BFLS all together. 

I'm not sure if this analysis is correct (you may have it backwards). Unless I am misunderstanding something, I believe 1 BLFS share is worth more than 1 BFLS.RIG share. Consider:

BFLS (1 Single/200 shares): $600/200 = $3 per BFLS share
BFLS.RIG (1 MiniRig/6058 shares): $15295/6058) = $2.52 per BFLS.RIG share

This indicates that a BFLS share is worth more (about 1.19x) than a BFLS.RIG share.

So, for example, converting 100 shares of BFLS should yield 119 BFLS.RIG shares. This would represent fair hardware value.

[Inaba]

Yeah, the numbers were off and I'm reworking them... the other thread had some details... I wish I could merge these two threads.

[Epoch]

Once you convert all BFLS to BFLS.RIG it may make sense to lock the BFLS thread with a message for people to come here instead. In the BFLS.RIG OP you could put a link to the old BFLS thread for people to refer to if desired ... there may still be some useful history there.