Topic: [CLOSED-HASHING NOW]Doc's Instant Hash R1 - 0/18 shares available 0.1BTC=10GH/s (Read 2171 times)

I'm agree, that we have to sell it ASAP. Such a bad luck!

Let me know if you need any help in selling!

So as of this point, the hardware isn't quite able to cover the cost of electricity+hosting.

The plan now is to get it sold ASAP and spread the money from that out based on shares.  Unfortunately the drop in BTC/USD exchange rate that happened just as this buy started had a negative effect on us all. The good news is, as long as we can get a decent sales price no one should be losing much on this investment - we may even make a small profit. That's not a guarantee of course, but based on the prices these are going for on ebay, and the current exchange rate we should be pretty close.

--

As an aside...I'm looking into options to take the last "variable" out of mining for us.. the BTC/USD exchange rates...
Right now we buy our miners with BTC, they mine BTC, so quite frankly the exchange rate to USD and back should be meaningless. If you pay 2 BTC and make back 2 BTC, you broke even regardless if the exchange rate doubles or halves. The one problem is the hosting / electricity cost. Because of this, I'm in talks with a local data center to see if something can be arranged for fixed hosting costs in BTC, at least across some multi-month spans.

Whether this would be either a per-payout hosting fee in BTC, or baking in 6 months of hosting time into the cost of the equipment and pre-paying it all I'm not sure, but it seems like the exchange rate is the biggest risk we face these days, NOT the ever-climbing difficulty...

Hello Doc! Seems like now we're paying for electricity more than we can afford!
I'm worrying   

What we can do? Wait? Or maybe sell it? 

Latest payment went out - good to be back in the profitable side of things!

Latest Update:

The decision to post-pone the hosting fees from the first payout didn't work nearly as well as hoped.
I went ahead and took the full amount (totaling just over $220, plus almost $30 of my own) to pay the whole hosting fee due for last month. I figure we'll start fresh on this and should be back to beating the hosting fees this next payout!

Just posted R2 here: https://bitcointalksearch.org/topic/m.5177976

NMC is also being mined along with the BTC. It will be converted to BTC as it makes sense and added to the payouts (probably once a month or so)

Doc, maybe we could start merged mining as well to compensate for electricity?

R2 is being planned now - will announce as soon as I have all the details locked down.

For R1:
Payments just went out.
Payout price was 0.029835596 per share.

Keep in mind, no hosting fee was taken this payout since the current price wonkiness is likely to be resolved by the end of month. This also means that at the end of the month, we'll have to take the full $250 ($150 hosting fee for this first payout, and then $100 for the new lower hosting fee for the 2nd) out of the 2nd payout. Here's hoping that value rises so it takes less BTC!

Let me know if you have any questions!

Hey Doc,

Any word on R2?

Alright, majority of shares have spoken - we'll postpone the hosting fee this 1 time until end of month to account for the current craziness going on (thanks SR2 for your fake hack...we all appreciate losing tons of money...)

I'm voting to wait until the end of the month. Price seems to be rising.

It appears it's starting to rise, so I'd vote to wait until end of the month.  It can always get worse but seems less likely.

I've acquired a new Antminer S1 which, assuming it runs well the next couple of days as a test, will be replacing the hardware this round is currently mining of (assuming shareholders don't protest to this) once this first pay-out occurs this weekend.

The upside is a reduced hosting cost due to less electricity usage (it will drop from $150 per payout to $100 per payout).

The only potential downside is this means it's running on a single piece of hardware instead of spread across 5 (single point of failure, should anything go wrong). That being said, I don't expect a brand new S1 (which have proven to be pretty solid pieces of gear) to have any issues, but I did want to bring this up.

Assuming I don't hear otherwise this will be done.

Also, with the current state of BTC:USD exchange rate, I wanted opinions - with the recent drop, do we take the per-payout hosting fee out of this payout, or take it all (the full month's hosting cost) out of the end-of-month payout (hoping for the exchange rate to improve by then). Opinions?

Website to track progress is up:

http://docsmining.com/round1.php

Current earnings is the earning for this payout period.

The hosting estimate is based on the (fairly steady) valuation of $800/BTC. The actual value will be calculated on payout day.

The estimated earnings / payout are pretty naive and just take the current value plus the 24 hour estimate multiplied by the number of days remaining...no partial days or difficulty changes are taken into account. Still, it should give an idea of what to expect for your next payout.

I'm going to be completely honest here...it got delayed a day because I couldn't decide on the domain name I wanted lol...

It's coming up (in a very interim manner) in the next couple of hours (when DNS updates)
Won't be final by any means, but will give a status on this first round.

Any updates on the website?

Those last few shares went quick! We are sold out.
Look out for round 2 soon(isn) - probably middle of the month.
It will be after this first round of people can verify they've received their payments, and I have more hardware on-hand.

Transaction ID: d4b3c727f9a2d5937363d8c84389b9a9cefd89364782a8a0a185c9089556fa12
Payout Address: 1LpiV6atR3wTxcJmz6QWpDQLWG1z31g6Dp

Reserve one share for me please.
I'm about to send you the funds.

2 shares are available still until end of day today.

The website will hopefully be up by eod as well.

And lastly, as of today we've made enough to cover the hosting costs of this first payout, which means from now to the 15th it's pure revenue for shareholders!

Looks like I missed the boat on this one but congratulations on the success.
Let me know if you expand in the future.

Best wishes.

Last 3 shares available. If they don't go by Monday I'm going to keep them for myself. Hashing has been going strong  the past couple of days, and still hoping to have a site up Monday so shareholders can track their shares!

9 shares

Transaction ID: b09119d636c164347f643ab8437319d1832f45c64be335d436be592f8cbe6e41

Payout address: 1CS3cTNdZ6rJojVtEWMM1b9ZSgshjNA9VJ

Go ahead and transfer and post the tx id and your payout address here. I need that to update the payout spreadsheet.

Okay, my coins ready for transfer.
Let me know, when you will be ready.

Yes 9 shares are still available. I'm hopping on a plane I'll get everything updated when I land.

Am I on drugs? Not last I checked...why haha

Hi, drmadison!
I'm interested in buying 9 of your shares, is that available?

Sorry to ask this question but..... are you on drugs?

Quick update:
Website to track this round and give estimated payouts should be up Monday!

This is currently running on a combination of BFL and ASICMiner hardware.
I'm thinking after Chinese New Year they will be replaced by an Antminer S1 (same hash rate, lower power usage). If/when that happens, the hosting fees will be adjusted to account for lower electricity costs (though that's not the entirety of the hosting fee, it's definitely a significant part).

Glad to see this is working out for you!!
Ill be down for a few shares when I get my next mining payout.

Hi,
just for curiosity which miner hardware do you have?
just thinking about the electricity costs

Got the tx and have your payout on the list!

5 shares


Transaction ID:  c5406339242a6a4bbeb24db69218e94cd24723c6382bcebcf3ef3c4cff8dbb5a
Receive Address:  1ECRrxvWsyv7HkxbXi8HgNRqNAfcK2vWRv

This is live and hashing as of this morning. Working on getting a site up to allow for monitoring of rounds is next on my list!

If you buys shares within the next 24 hours you'll still receive a full payout. After that this first payout will pro-rated.

Awesome, I'll get this payout address recorded when I get home in a few hours - and I'll make sure to post / PM when hashing starts (late tonight, or tomorrow morning at the latest)

1 share
Tras: 964a9b5b197b11c36caaf9cf77522a380ad4cf4124ad044d8ff94caf7d55b3ab
payment address: 14VZ4EJ6UtGVQDHhBZsWeKy2NyLz7AWXVN

Looks like btcrow.com would only work for orders of 3 or more shares due to its own limits.
I haven't seen much in the way of options for escrow on smaller amounts like 0.1btc.

Anything else I can do to prove trustworthiness let me know, otherwise hashing still starts tomorrow

I like to take 1 share, and like the idea of doing an payment through btcrow.com. Let me know if you are ok with that.

edit: Looks like btcrow.com has min of .25. Let me think about this more...

I would like to buy a share or two, escrow would be awesome though. If you want me to set up escrow I can do it on btcrow.com and I release the money after you pay out from the first payout of hashing which brings me to my main question; how often will there be payouts (and what pool are you using)? So if u get enough people yeah count me in for two shares just to help you get started and it's quite a good price/gh 

I appreciate the feedback.

Answers for (most of?) your questions:

1. This is going to run on equipment currently owned, and will be switching to newer hardware in the next month (most likely an Antminer or equivalent) to keep the hardware running longer. As I mentioned, hashing starts tomorrow, and when the hardware isn't able to continue paying the hosting costs, the proceeds from the sale of the hardware is split amongst shareholders.

2. I'm not too familiar with the escrow services available here but it's something I'll look into for this and future rounds.

3. I'm a full time software / network engineer, working in San Francisco. I've been professionally managing servers since 1999, and mining bitcoins since early 2013. In this case, my mining operation is completely accessible from anywhere I have my phone, down to being able to power down the power strip and power it back up for full system reboots.

4. I'm not an overly social person so not too well known on many forums, but I've dealt with a few people here - bought one of Cablez power cables for some Jalapeno's I had...which I later gave to lightfoot to help in his insane jally modding.
 
5. Not a ton of recent ebay activity, mainly selling spare hardware, but you can see my profile here:
http://feedback.ebay.com/ws/eBayISAPI.dll?ViewFeedback2&userid=bcsin2k&ftab=AllFeedback&items=25

Again, I appreciate the feedback - it all just helps things run more smoothly!
Any other questions, PLEASE feel free to ask!

Before the trolls rip you a new one your plan sounds a bit vague.

Explain please.
What sort of equipment do you plan to use? Do you already have it or are you going to purchase something with the funds you raise? Do you offer escrow (as a newer member it would be a good idea to offer that).

You are a kind of new here so it would do you well to give people a bit of background on yourself, did your ever sell things on ebay with a good rep? Etc. Are you known on other forums?

You might be well meaning but nobody would know that unless you explain yourself better.
This place is full of scams so people are cautious.


   

UPDATES:
This is now live and hashing. We are sold out.

Adding some additional information based on questions...
This is going to run on hardware already in my possession (necessary since this starts hashing tomorrow) - hardware will be updated if/when possible to keep hosting fees down and lifetime of this up. When it's no longer possible to make money on this, the hardware gets sold and all shareholders get their share of the proceeds.

I'm currently looking into escrow options.

Lastly, just got an update from my hosting provider and the hosting fee has been dropped by 25% - any further savings I get in hosting costs will also be passed on to these rounds.

WHAT:
1 share is equivalent to approximately 10GH/s. Cost for each share is 0.1BTC

HOW:
Payment address is 1EWVBtteggv5qVM9vho3hGnMvnyRTXw9fV
Hashing is already live!
Following a purchase, post here with the transaction ID and the address you'd like to receive your payouts to.
Payouts will be made twice per month. There is a $150 MAX per payout hosting fee. Why do I say max? Because I'm negotiating power costs and there's a good chance that will actually be lower, especially as I add new rounds. Above the actual hosting cost, there is no maintenance fee. Why? Because I buy shares too! And in order for my shares to be worth anything, I need to keep things running!

When hosting fees can no longer be covered by mining, the hardware will be sold. Profits from the sale will be split between shareholders.
Shortly after mining begins (within the next week) a site will be up to monitor performance / see estimated payouts.

WHY:
Why such a small buy? Because I'm relatively new here. I've interacted with a small number of people but I'm not all that well known. I have some big plans for the future but unless I start small and prove I'm trustworthy those won't happen. After all, the whole point behind Bitcoin is that it's a trust-based system.

Any other questions?
Post below, or PM me. I'm on multiple times throughout the day.