Topic: CoinMonk - Invest in Bitcoin Mining - page 3. (Read 14180 times)

At this point of time we have written terms and conditions considering the fact that we will be able to distribute all 10,000 shares and difficulty will increase at roughly estimated rate etc. Ofcourse these terms are subject to slight modification for the benefits of share holders as a whole. Even i am one of the share holder
I do like the idea of polling for decisions which are seen as important as a whole by initial large investors (bangalore bitcoin meetup group) but we would not be consulting every shareholder for small and pity decisions as it just becomes impractical to run the business that way. These miners will be hosted in bangalore but we would like to keep the exact location under cover for security reasons. We do publish the photos of the mining location and miners though. I will be taking major part in hosting these miners while some of the initial investors will have access to the servers on which these miners will be running through a software like team viewer. electricity and other bills will be paid from mining revenue and the rest is declared as profits.

At this point of time the hashing power per share is very less. The reason is we have paid for some of the miners that are in pipeline and we hope to receive them asap. While taking purchase decisions we consider the idea of less than 2btc per 1ghs formula to see if it is a considerable deal. So u can expect atleast 0.5 ghs per share once we recieve all the ordered miners. Also we will be with-holding 5% of profits to get more advanced equipments - so this should help every share to have better mining power as time goes on.

Regarding the info about orders, as infonetenergy said - it can be discussed over PMs.

Thank you for interest in investing on CoinMonk

Yeah new ASIC miner blades to be announced by this month end is being speculated.

Bitfury chips testing has been success full so far so it looks good  & KNC miner have revised target hashing speed on Jupiter & Saturn so even that looks good.

ASICMINER blades will be back in about two weeks

Wow, thanks for your interest, this is very encouraging.  We hope we can win you over, but no, we do not plan to do this by offering 1 BTC for 23 mh/s.    Terms and conditions are being worked on by our team, please give us a few weeks.  Most of the funds you see there is from our own investments.  

That is only our current payout based on operational equipment (5 Gh/s bfl miner).  As I mentioned in a previous message to PW, we have purchased a 60 Gh/s BFL miner 3 months ago (will release exact details by pm or email if you wish).  We are expecting these miners before August (but you can ask BFL about specifics, your guess is as good as ours).  We have procured 2 Avalon Miners, 3rd batch, please see dashingriddler's posts for details on exact items purchased.  We have also purchased several Avalon chips and we are looking into the possibility (building prototype) of having boards designed with them (very fond of Klondike/BKKcoins design and approach).  We have also procured 1x 200 Gh/s miner from KNC miner (purchased about 1 month ago).  Is KNC for real?  Only time will tell.  Definitely like your idea of polling forum members and specific investors on future decisions that we are considering.  

Who is paying the electricity bill?  We are, and this will be deducted from the mining revenue (<10%).  5% of profits will be used to purchase new hardware and the remaining 95% of the profits will be paid back as dividends.  We have projected short term hashing rates and long term rates based on those figures listed above.  See here for those projections:  http://coinmonk.com/shares.php

We are very interested in procuring systems from bitfury and asicminer (maybe a used system or two from PW, if the price is right) .  We are open to suggestions from investors, absolutely.  In fact, we host a meetup group (of 125+ strong) in Bangalore where we invite bitcoiners to meet on a weekly basis.  http://www.meetup.com/indiabitcoin/

Where are the miners located?  Well, we discussed this as a team, and in light of all of the recent robberies of mining equipment posted on the forum, we feel that it's best not to disclose the exact location at this time.  We will have an official address (in Bangalore) soon but that will NOT be where the equipment is located.  

Great service but a lot is left unexplained about this service announcement.

Please answer & explain on below points :

How are the terms & conditions of trade managed, do share holders have a say in future terms & conditions , like having a poll with Yes/No votes from share holders to decide on any changes to terms & conditions or else do share holes thoughts/concerns don't hold any value in this matter ?

Where are these miners hosted physically & who is hosting them , who's paying for electricity & other bills.

How much hashing power do I get per share , is this a constant hash power per share or do you plant to increase it to be at least competitive in the market right now because paying 1BTC for 23 mh/s is a very bad deal

Could you please list of all the orders (order numbers , order date e.t.c) you have placed to purchase mining equipment.

I am very happy to invest into this service once I am satisfied about what I am getting into , Thanks  

burnin already tested his board, seems like best and fastest way

Thanks for the offer but asicminers are last on our list at this time.  You got in early and benefited, but for us to use asicminers doesn't make a whole lotta sense, especially 3 to 4 months from now.  Would you be willing to sell us 1 or 2 right now?  We were thinking of picking up 50 usb miners to give to major investors, but even those seem quite high priced.

As Benson mentioned, we are looking into having our own PCB boards developed based on the avalon chips.  Any thoughts?

Would love to get our hands on a few bitfury 110 Ghash/s miners. Please do let us know if you become aware of any upcoming auctions.  You seem to always be ahead of the curve with mining in India. Really enjoy following your posts, keep up the great work.  

knc miner ? a lot of hashing power for little money, def great deal. Congratulations !! you already even paid for it.

timing wise, hardly ever been more worse time to start mining. network hashing rate increase twice in two months up to 174,996.52 GH/s  , diff increase up to 21,335,329.11

I might be selling my 22 ASIC miner blades in 3-4 months if interested you guys can pick it up. I will be replacing it with BitFury, seems all going well as planed in this project.

Hey PW, the 353.5 GH/s = 5.5 Gh/s bfl + 60 Gh/s bfl + 88 Gh / s avalon + 200 Gh/s knc miner (paid for).  The only unit in hand thus far is Jalapeño.

We are trying to pick up a second Avalon in the next few weeks. We are also very intrested in a bitfury miner.  Eager to hear your reviews. 

What are your thoughts on knc miner?

very nice

All the investors meet every Saturday and discuss openly in an audience of 10- 15 people.
Everyone is aware of the risks and so far Dashingriddler has been nothing sort of brilliant with his hardware buys and awareness of finance.

I really hope he knows what he is doing with public funds.

what does it mean, pre order or real money paid.

if it is pre order, then check status. in knc miner news letter they wrote, all unpaid pre orders will be cleaned

Dashingriddler is driving the initiative and the hardware buys, PCB manufacturing, hardware prototyping, etc.
infonetenergy, Amitabh S, Wilson, bitbybit are also investors from the forums.

There are 4 other investors who are not from the forums, not sure if they are OK with their names being disclosed.

good luck. may I ask who is these 7 persons who are share holders now. forum nic names will do.

This is an awesome initiative.

270+ BTC collected by the Bangalore Group so Far.
.25 Dividends shares paid for just 2 days of mining.
Over 20K USD worth of equipment in the pipelines.
The hardware procurement process is amazing.

The team is also building an ASIC prototype. PCB has been sorted by a manufacturer in India and dashingriddler is also awaiting 100 chips.

Amazing stuff. Proud to be a part of the Team as well.

See original post here - http://unoco.in/coinmonk/

CoinMonk has been investing in mining hardware (purchased => Butterfly Labs + Avalon + KNC Miner = 353.5 Gh/s; to-be-purchased => ASIC Miner, Bitfury) and now is your opportunity to hold shares from bitcoin mining profits.  Purchasing and transferring of shares may only be done as a whole (you cannot buy or transfer 0.5 shares).  Dividends are divided equally to every active share from 95% of profits earned.

Remaining 5% of the profits shall be reinvested to purchase more advanced bitcoin mining equipment.  This will be done in an attempt to stay at par with industry standards with regard to hashing rates and without having to frequently offer new shares.  If such reserve exceeds our estimates of new mining equipment, we will start dividing 100% of profits. How ever when it is time to buy new mining equipment and if that 5% is still not sufficient, we may offer more shares at that point in time.  Rest assured that every decision we take will be to maximize the dividends to share holders.  Presently, our mining premise is equipped with redundant multiple ISPs and power backups.

The investor is responsible for doing their due diligence prior to investing and must consider:   1) the volatile nature of bitcoin 2) growing hashing power of the network and 3) keeping in mind that purchasing shares is an irreversible process.  The investment to shares is non-refundable and non-redeemable for some other service or product. We will do our best to adopt industry level standards of protecting the mining center with human and building level security.  Investors do need to accept the possibility of a breach of such security or some random act of god.

To learn more and begin investing, click here - http://coinmonk.com/shares.php

We are offering 10,000 shares to be purchased by the public and each share costs 1 BTC.  This share capital will be used to buy new mining equipment, backup power sources and needed infrastructure only.  We will continue to buy the best available mining equipment at the best possible rates as we continue selling shares.  Dividends will be offered every week to the bitcoin address provided by you.  Buying shares is extremely simple. Just pay the needed amount to:

1MoNKiMUuURfgDq4MnuFPfX3LgyCYN2jrR

Be sure that you pay the proper amount and that you own the bitcoin address from which you are sending funds.  For example, do not send bitcoin from a Mt. Gox account directly or else dividends will go to that mtgox account and you can never prove that it is you who sent bitcoin as you will not have the private key to sign the transfer of shares.

The bitcoin address from which btc is sent becomes the address for receiving dividends. Once you send the bitcoins, please wait for 30 minutes (we wait for 3 confirmations before issuing shares for the paid btc amount).