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.

I second this thought. I have 3 X 25 Gh/s Butfury Miners (August Delivery) orders with them. They look promising. Their chip prototype video posted yesterday is a good progress. Am planning to increase atleast 1 or 2 miners to 400 Gh/s by Oct.

Somehow avalon is not getting me excited. People who trusted avalon like terrahash and others are under constant accusation that they are scammers. i don't want to put money into some company who is dependent on someother company's delivery (Terrahash and avalon clones).

And BFL. Forget about it.! They are full of lies. Josh mentioned that they will be doing about 400 units / day in June 2013 and would be working hard to ramp up to 600 units / day.
Looking at their progress, i doubt if they are doing it. Their production turnover ratio of Pay date to Ship date is around 0.7. I had a sample Jala order placed in April 2013 and by this rate i think i will get it by end of this year. By then, i think it will be just a paperweight. I don't think i will get the ROI even by  mining alt coins with it.

time is main factor here. you are buying outdated equipment with delay in delivery time, it will worth near nothing when you will receive it. If you can get avalon clones now and cheaper why to wait for batch 3, nobody knows when it will be shipped, if it will be shipped at all, taking in account very bad avalons customers service and now probably split in avalon team.

run your numbers before ordering anything. what your avalons will give per month, after one month waiting. any idea, no?  166ghs hashing power will give you 1.34 btc per day. You will do much better by putting this money into ASICMINER-PT shares.

BitFury already have chips in 55nm and boards and it been all verified by community. You can buy starter kit now with delivery in August and in October increase power up to 400ghs by paying fraction of what you paid for Avalons. 200btc in BitFury will give well over 1trh.

If you are managing investors money, you will do better by spending more time on it and reading more.

Yes bfl chips need 100 days to deliver and we pay 50% now and rest just before delivery. but costwise these are more competitive (chip level and also completed pcb board level) than avalon ones and also draws less power.

I still do not have 100% confidence with bitfury until they really deliver what ever they are promising but surely that is an option. Well i could get two avalons for 211 btc that are of 4 modules each. so i am not surprised to see clones for 90btc each. Also as far as i know, avalon has only delivered samples but are yet to ship lots of 10000 chips to buyers - am i lagging behind in news regarding this?

Well the pcb manufacturer seems very optimistic. it is basically a team of 12 people who do everything upto assembly and implementation. its too early for me to lose hope on this one.

BFL chips delivery is 100 days, am I right. you pay 50% then next 50% before delivery.

You can buy better chips now in July from BitFury and you can order Avalons for 90btc from Avalons clones maker who already has chips.

your talks with Indian PCB manufacturer is waste of time, you will learn it after some time.

I have ordered 100 bfl chips today I hope they ship fast

There is a news update from Avalon
So our order is not too far away from being shipped

I did have a long discussion with PCB manufacturers and i m facing lot of questions from them for which i do not know the answers. I have asked them to email me all their questions and i m waiting for it.

in not so long time we can be in 500163608.0 diff I think I can pass that and stay in mining with minimum of 4.5 trh, better would be to target 10trh. if now 1trh cost around 20K usd so from  here is fundraising target 200K usd, doible. trowing more cash in, while casing profit.

211 + 8btc for shipping with full insurance
I am not looking for chips credits at the moment. have 300 credits that can be split into 100 + 100 + 100. So just waiting for btc to go up a bit Surely i will get hold of u when i need more credits

good progress, how much did you paid for avalons.

I have 32 chips credits, PM if interested.

Update:
I paid for 2 avalons. it is batch3 88ghs each. john is working as escrow.
We have 300 bfl chip credits now. planning to order chips if btc can goto 100 usd so that we will pay less btc for the chips.
Mold for the physical coin is ordered and paid for. we can expect to have physical coins in hand in next 8-10 days.
I may have a conference call with pcb manufacturers today. i will update u how it goes if it happen

Hi

Our initial team is in place but hiring is always ongoing. Keep an eye out for the updates next week to learn more about our actual progress. Good luck with your own venture, we need to see a rapid exponential growth rate in India if Bitcoin is to have a future.

bitfury strikes back:

http://www.bitfurystrikesback.com/

http://www.bitfurystrikesback.com/product/400gh-miner-august-2013/

it is old FPGA unit

are you referring to this http://www.bitfury.org/bitfury110.html
It is stated as 3 phase power input and 10KW rating in the specs
I don't think it is power effecient.

that is quite obvious for any one who is considering spending on ASICs. Practically it is demand driven price. what is need to be considered and it is most important, when this devices will be available, if at all it will be available.

Check this out, very useful:

https://bitcointalk.org/index.php?topic=234025.msg2596866;boardseen#new

I doubt it. They are still new and they are still looking for Chip design engineers. They don't even have a team at the moment (excluding 3 investors).
They have posted job ads on the forum as well.

So it is a long way to go for them. I would not rely on them if you are looking at adding hashpower to a mining company.
coinmonk needs something like bitfury and knc. The smaller ones are suited more for single handed mining i feel..

my 2 satoshi's :-)

Good find. I assume this will churn out as much as a Jally in 4-5 months.

Xcrowd building ASIC miners...new kid on the block or future friedcat?  Who knows...

https://bitcointalksearch.org/user/xcrowd-95536

Good call PW,  Burnin = success!

https://bitcointalksearch.org/user/burnin-70823

Here is also a really nice bitcoin mining table to keep an eye on:

http://decentralizedhashing.com/bitcoin-mining-equipment-table/

A closer look at knc miner - http://www.coindesk.com/a-look-inside-kncminer/

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).