Topic: CoinMonk - Invest in Bitcoin Mining (Read 13833 times)

Hello,
We pay a little less than 0.09 USD per killo watt for electricity. Our units are based in government allocated industrial area which is the cheapest sector in India.
I agree that 5% is not good enough for the way the difficulty is increasing. But the present idea is that, we will still have new shares being purchased (1BTC each share) which is combined with 5% reinvestment from the profits should be enough to get new equipments. Once we sell off all 10,000 shares, then we may need to adjust this 5% to a 15% or so i am thinking. To answer your question, no that 5% is not set in stone and likely to change depending on the circumstances but as always it will be done in the best interest of returns to share holders.

Potential investor here.

Can you please answer 2 questions for me?

1. What do you pay for electricity?

2. Is the 5% reinvestment set in stone? The number is too low. It does not keep up with the rise in difficulty.

Dividend issued per share this weekend is 0.04008998 BTC
Thanks to avalons

Very well defined and wisely explained.

Introduction to bitcoin, bitcoin mining and CoinMonk (thanks to dashingriddler and rezurect for contributions):

http://unoco.in/wp-content/uploads/2013/06/What-is-Bitcoin-CoinMonk1.pdf

They look awesome. Would love to see them at a meetup.

Samples of our physical coin arrived. You can take a quick look at it on http://coinmonk.com/coins.php
Now we are waiting for our packing materials, and once we approve that, we will get into full scale production

Hahaha, yes i wondered too.   how did i got the share same day i invested ? ( i thought to invest more but sharing was damn less, so thought to wait )

Oh so that 1 anonymous share was your then. I kept wondering who could that be. U r lucky that u got your first dividend the same day u invested

Okay i see. Bought 1 share currently. Let me see weekly dividend of this week if better, so that could buy more..  Hope it increase!

The miners are mining at the rate of 3.5+ BTC per day. These are over clocked to 110ghs already.
These are mining on btcguild as PPLNS but connected to their private servers (to avoid DDoS attacks).

We distribute the dividends at the end of every week +/- 1 days for just in case reasons.

Present statistics
Active Shares   424
Unique share holding addresses   11
Shares available for purchase   9576
Present hashing power   230.5 Gh/s
Last weekly dividend   0.01 BTC per share (avalons had hashed for less than 36 hours before this dividend was paid)
Gh/s per share   556.6792 Mh/s per share
In orders (short term)   0 Gh/s
In orders (long term)   260 Gh/s

for some reason ozco.in is not doing so well i guess. twice there was 12+ hours without finding a block so i switched to btcguild which is presently doing good

Wondering how much you are minning every day/ week at current minning rate and difficulty ..

and according to that how much share/btc , a person is getting with 1 share holding ?

Also, on what time basis sharing fund get released to holder ?

// a newcomer question in minning!

Really awesome!!
I heard on the grapevine that they are actually mining at much higher than 88GH/s each, somewhat close to 125 GH/s.



I'm also interested to know which pool you are using. How's ozco.in compared to BTC Guild and others in terms of returns per day?

congrats !!
 where you mining with it. With last diff increase 18% it become more and more problematic to find functional pool. PPS shares now too low BTC guild 0.00000061 and PPLNS is even worse. Any way good luck with it.

Is there any security backing for this venture?

Very nice. Knew this was going to be an awesome venture.

2x 88 Gh/s Avalon miners recently added to CoinMonk Bitcoin Mining Farm.  

CoinMonk is now supporting 1/1000th of total bitcoin network.  

Initial Testing:



Night Vision:



PCB development for BFL chips is also under progress.  First prototype expected before end of September.  

+1

Looking into bitfury as well...

Based on the estimates i have received from my pcb manufacturer, we will be able to develop the bfl chip based mining device that is mining at 32 ghs for approx 42,000 INR. So it is still looking like a good deal to me even if the difficulty increases at the rate of 15% every 15 days for next 4 months.

I agree with americandesi and i have similar philosophy. i do not want to order something where that company is inturn depending upon another company for a bitcoin specific component (i m fine if they depend for outer case, fans or PSUs etc). This is one of the reasons that will want me to keep out avalon clones at this point of time.
Avalons has put out news that says they will start pushing out batch #3 orders on monday (14th july) and will complete with in 2 weeks time. After this they will start producing single modules of 22 ghs and start selling them off the shelfs. I hope their plan works out in this way.
On the other hand, i dont want to put all eggs into same basket. i m trying to diversify as much as possible. The profitability of mining is already marginal unless u have already purchased a miner for low cost is a known fact. All mining equipments are not priced based on the cost needed to product them but based on how much profit it will bring to end consumer. so greater cream of the profit is already taken by miner manufactures than the end customer. on the other hand, people who have got miners in their hand for which they paid less price will look forward to sell the miner at an high price. so according to me, most of people who are mining are doing it for marginal profits and are yet to reach their ROI.