May I add to the motion that priority of selling goes to shareholders?
Hi almwaysa, your comment was somewhat unclear to me. Did you mean to suggest that bASIC-Mining should give first right of refusal to purchase this hardware to shareholders?
Topic: btt - page 26. (Read 407343 times)
Hi almwaysa, your comment was somewhat unclear to me. Did you mean to suggest that bASIC-Mining should give first right of refusal to purchase this hardware to shareholders?
My vote has been cast! 
I believe I know which way you voted.
Thanks for participating. 
**New Motion Posted**
Please vote here:
https://btct.co/security/BASIC-MINING
My vote has been cast! Quote
Motion to allow management to resell EOL equipment.
bASIC-Mining management shall be authorized to sell mining equipment deemed to be approaching the end of it's useful service life. The proceeds from any such sale shall be applied, in it's entirety, toward the purchase price of more efficient mining equipment.
This motion can be discussed here:
https://bitcointalk.org/index.php?topic=130982.1600
bASIC-Mining management shall be authorized to sell mining equipment deemed to be approaching the end of it's useful service life. The proceeds from any such sale shall be applied, in it's entirety, toward the purchase price of more efficient mining equipment.
This motion can be discussed here:
https://bitcointalk.org/index.php?topic=130982.1600
Please vote here:
https://btct.co/security/BASIC-MINING
**New Motion Posted**
Please vote here:
https://btct.co/security/BASIC-MINING
Quote
Motion to allow management to resell EOL equipment.
bASIC-Mining management shall be authorized to sell mining equipment deemed to be approaching the end of it's useful service life. The proceeds from any such sale shall be applied, in it's entirety, toward the purchase price of more efficient mining equipment.
This motion can be discussed here:
https://bitcointalk.org/index.php?topic=130982.1600
bASIC-Mining management shall be authorized to sell mining equipment deemed to be approaching the end of it's useful service life. The proceeds from any such sale shall be applied, in it's entirety, toward the purchase price of more efficient mining equipment.
This motion can be discussed here:
https://bitcointalk.org/index.php?topic=130982.1600
Please vote here:
https://btct.co/security/BASIC-MINING
IC, I didn't get that from the quoted comment. In that case I vote we sell our bfl hardware first. Despite the fact that it's roughly 2x as efficient as our Avalon gear it's 10x the hassle to maintain and is guaranteed to be non-upgradeable.
I didn't get that either. I believe he wanted shareholders to have first dibs on the purchase. This is not a good idea as it puts an undue burden on Creativex and would lengthen the process. Anyone can get in on an auction, there is no need to tie our hands with this bit of legislation.
Great idea to retire the mining equipment before it is past its prime - more money to buy the gen2 or gen3 equipment
Take care
May I add to the motion that priority of selling goes to shareholders?
Hi almwaysa, your comment was somewhat unclear to me. Did you mean to suggest that bASIC-Mining should give first right of refusal to purchase this hardware to shareholders?
Ex. shareholders vote to sell xxxx miner first, and then zzzz miner afterwards.
May I add to the motion that priority of selling goes to shareholders?
Depends how creativex plans to sell it. If at auction, I vote no for this addition, it will restrict the price we can achieve.
Hi Caesium. I intend to sell in a manner in which we'll not be obligated to sell at a price that is unfavorable to shareholders of bASIC-Mining. There's no hurry to sell equipment that is still producing, I simply feel it's best to avoid the steepest portion of the depreciation curve. Though I'm not pleased with the prospect of investing significant time on listing, packing, and shipping our gen 1 gear, I feel it's in our best interest to do so if we can realize compensation greater than what we can expect by mining this same hardware in the coming months. An auction format would only be considered if a reserve price were set in advance that was higher than the equivalent hashrate cost of gen 2 equipment. For example Avalons would not be sold below 4.13BTC/module currently. Doing so would not be in the best interests of shareholders.
Cheers.
May I add to the motion that priority of selling goes to shareholders?
Hi almwaysa, your comment was somewhat unclear to me. Did you mean to suggest that bASIC-Mining should give first right of refusal to purchase this hardware to shareholders?
I also agree this motion would be a wise move for bASIC especially considering the BitFury fueled network increase we have already witnessed.
You guys catch the latest KnC update? Expecting more than 400 gh/s per Jupiter is exciting news. I hope they can tackle the assembly of unit and soldering or chips in the coming weeks.
You guys catch the latest KnC update? Expecting more than 400 gh/s per Jupiter is exciting news. I hope they can tackle the assembly of unit and soldering or chips in the coming weeks.
I've seen this as well as an update on the status of their chips. Pending end user results for their finished products, knc for November delivery may be an attractive option.
Cheers.
Very sensible, as ever. When is the motion going up?
Thanks for the feedback guys. I'll get the motion up for voting today.
Cheers.
I also agree this motion would be a wise move for bASIC especially considering the BitFury fueled network increase we have already witnessed.
You guys catch the latest KnC update? Expecting more than 400 gh/s per Jupiter is exciting news. I hope they can tackle the assembly of unit and soldering or chips in the coming weeks.
You guys catch the latest KnC update? Expecting more than 400 gh/s per Jupiter is exciting news. I hope they can tackle the assembly of unit and soldering or chips in the coming weeks.
I am up for this, but is it already necessary? I thought that Avalons are profitable (energy wise) until difficulty around 3-7 billion.
Hi JimiQ84. While you're correct that our Avalons will remain profitable for some while yet, I believe selling them before there's a huge influx of gen 2 gear and applying the proceeds to newer gear could prove more beneficial to shareholders in the long run.
Consider that one 3 module Avalon hashes at approximately 80Gh/s. This is approximately 20% of the hashrate of a bitfury 400Gh/s kit. The current cost of the bitfury kit is just under 62BTC. 62BTC * .2 = 12.4BTC or 4.13BTC/Avalon module. I believe if we can sell our Avalons at a price = or > 4.13 per module we'll improve our long term prospects. This situation exists due to the coming pricing pressure facing hardware vendors.
Cheers.
Thanks, you got me there. That sounds very reasonable.
I am up for this, but is it already necessary? I thought that Avalons are profitable (energy wise) until difficulty around 3-7 billion.
Hi JimiQ84. While you're correct that our Avalons will remain profitable for some while yet, I believe selling them before there's a huge influx of gen 2 gear and applying the proceeds to newer gear could prove more beneficial to shareholders in the long run.
Consider that one 3 module Avalon hashes at approximately 80Gh/s. This is approximately 20% of the hashrate of a bitfury 400Gh/s kit. The current cost of the bitfury kit is just under 62BTC. 62BTC * .2 = 12.4BTC or 4.13BTC/Avalon module. I believe if we can sell our Avalons at a price = or > 4.13 per module we'll improve our long term prospects. This situation exists due to the coming pricing pressure facing hardware vendors.
Cheers.
creativex,
Do you have any plans (and funds) for further mining purchases, something beyond bitfuries?
A 55% increase in hashing power (800 GH/s) for the whole month of October doesn't look quite adequate considering the ongoing difficulty surge. Should we maybe sacrifice dividends in short term to secure more mining equipment (28nm, preferably)?
Do you have any plans (and funds) for further mining purchases, something beyond bitfuries?
A 55% increase in hashing power (800 GH/s) for the whole month of October doesn't look quite adequate considering the ongoing difficulty surge. Should we maybe sacrifice dividends in short term to secure more mining equipment (28nm, preferably)?
I know I am not creativex, but I'll answer anyway. If you look at the official spreadsheet - https://docs.google.com/spreadsheet/ccc?key=0ArTS7AD--9SWdDNfb0lRNElqS1k1eGRoWEw2TGM4NlE#gid=0
you'll see we have 703 BTCs at our disposal for new purchases. creativex has wisely chosen strategy to wait out price war and order the cheapest and most efficient hardware possible. Bitfuries are just a tip of iceberg.
Am I reading the sheet wrong? It looks like we have ~240 BTC (cell B3) cash on hand for new purchases.
B9 is correct cell to read. B3 is only reinvestment fund, but we have saved some funds from IPO
creativex,
Do you have any plans (and funds) for further mining purchases, something beyond bitfuries?
A 55% increase in hashing power (800 GH/s) for the whole month of October doesn't look quite adequate considering the ongoing difficulty surge. Should we maybe sacrifice dividends in short term to secure more mining equipment (28nm, preferably)?
Do you have any plans (and funds) for further mining purchases, something beyond bitfuries?
A 55% increase in hashing power (800 GH/s) for the whole month of October doesn't look quite adequate considering the ongoing difficulty surge. Should we maybe sacrifice dividends in short term to secure more mining equipment (28nm, preferably)?
I know I am not creativex, but I'll answer anyway. If you look at the official spreadsheet - https://docs.google.com/spreadsheet/ccc?key=0ArTS7AD--9SWdDNfb0lRNElqS1k1eGRoWEw2TGM4NlE#gid=0
you'll see we have 703 BTCs at our disposal for new purchases. creativex has wisely chosen strategy to wait out price war and order the cheapest and most efficient hardware possible. Bitfuries are just a tip of iceberg.
Am I reading the sheet wrong? It looks like we have ~240 BTC (cell B3) cash on hand for new purchases.
May I add to the motion that priority of selling goes to shareholders?
Depends how creativex plans to sell it. If at auction, I vote no for this addition, it will restrict the price we can achieve.
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