What plans have you made to carry this forward now that GLBSE appears to be closed for good according to Theymos & have you contacted Nefario as yet to get a list of asset holders?
Topic: [GLBSE] Bitcorp Mining Company - BTCMC 60+ GH/s, clear ASIC upgrade path. - page 6. (Read 17464 times)
October 06, 2012, 07:10:58 AM
October 02, 2012, 09:54:19 AM
Hey all,
Here are the preliminary numbers for September:
Production (in BTC) +649.82
Sale of equip. -
Expenses -200.00
Dividends paid -150.00
Net income 299.82
The difficulty is really starting to take a toll on us. I cannot increase mining capacity fast enough to keep up.
The plan is to continue running the GPU farm indefinitely, until the time comes that expense = revenue. At that point the GPU's will be liquidated.
It is uncertain if we will be able to execute an ASIC upgrade, as the liquidity is not present to float more shares and acquire the necessary capital to purchase the equipment. We will continue to work toward something on that front, but at this point we are up in the air.
Here are the preliminary numbers for September:
Production (in BTC) +649.82
Sale of equip. -
Expenses -200.00
Dividends paid -150.00
Net income 299.82
The difficulty is really starting to take a toll on us. I cannot increase mining capacity fast enough to keep up.
The plan is to continue running the GPU farm indefinitely, until the time comes that expense = revenue. At that point the GPU's will be liquidated.
It is uncertain if we will be able to execute an ASIC upgrade, as the liquidity is not present to float more shares and acquire the necessary capital to purchase the equipment. We will continue to work toward something on that front, but at this point we are up in the air.
This assumes ASICs even exist, btw. Although I have my money behind ASICMINER on this one, there is still a chance ALL the ASIC companies are scams.
October 02, 2012, 09:43:37 AM
Hey all,
Here are the preliminary numbers for September:
Production (in BTC) +649.82
Sale of equip. -
Expenses -200.00
Dividends paid -150.00
Net income 299.82
The difficulty is really starting to take a toll on us. I cannot increase mining capacity fast enough to keep up.
The plan is to continue running the GPU farm indefinitely, until the time comes that expense = revenue. At that point the GPU's will be liquidated.
It is uncertain if we will be able to execute an ASIC upgrade, as the liquidity is not present to float more shares and acquire the necessary capital to purchase the equipment. We will continue to work toward something on that front, but at this point we are up in the air.
Here are the preliminary numbers for September:
Production (in BTC) +649.82
Sale of equip. -
Expenses -200.00
Dividends paid -150.00
Net income 299.82
The difficulty is really starting to take a toll on us. I cannot increase mining capacity fast enough to keep up.
The plan is to continue running the GPU farm indefinitely, until the time comes that expense = revenue. At that point the GPU's will be liquidated.
It is uncertain if we will be able to execute an ASIC upgrade, as the liquidity is not present to float more shares and acquire the necessary capital to purchase the equipment. We will continue to work toward something on that front, but at this point we are up in the air.
October 01, 2012, 05:10:40 PM
Happy dividend day, Yochdog!
Dividends are going to be a day late this month, as yours truly has been travelling, and just now got back into town!
I will process the dividends at work tomorrow.
Thanks all!
October 01, 2012, 01:37:51 PM
Happy dividend day, Yochdog!
September 07, 2012, 09:11:10 AM
Ok all, here are the August numbers:
Income statement for July, 2012
Production (in BTC) +752.044
Sale of equip. -
Expenses -402.00
Dividends paid -150.00
Net income 200.044
Unfortunately, the insane increase in difficulty is finally taking its toll on us. We have been able to keep ahead of it until this point, but this months rise was just too much. That combined with an internet outage led to our first month over month decline in production ever. We are disappointed by this, but are not dis-heartened!
What are we going to do to get back on the growth track? We just secured an additional 12 GH/s at a very attractive prices. This additional capacity should bring us back in line with difficulty and get our numbers back up.
Income statement for July, 2012
Production (in BTC) +752.044
Sale of equip. -
Expenses -402.00
Dividends paid -150.00
Net income 200.044
Unfortunately, the insane increase in difficulty is finally taking its toll on us. We have been able to keep ahead of it until this point, but this months rise was just too much. That combined with an internet outage led to our first month over month decline in production ever. We are disappointed by this, but are not dis-heartened!
What are we going to do to get back on the growth track? We just secured an additional 12 GH/s at a very attractive prices. This additional capacity should bring us back in line with difficulty and get our numbers back up.
September 06, 2012, 09:35:48 PM
Hi Yochdog:
Are the August financials ready?
Looking forward to seeing how my investment is doing, and whether it was wise of me to stick with you rather than go with pirate
Are the August financials ready?
Looking forward to seeing how my investment is doing, and whether it was wise of me to stick with you rather than go with pirate
Hey buddy!
August was solid...I have just been busy with my day job and also acquiring new hardware!
I will make sure to get the numbers posted this weekend. I apologize for the delay!
September 06, 2012, 05:15:16 PM
Hi Yochdog:
Are the August financials ready?
Looking forward to seeing how my investment is doing, and whether it was wise of me to stick with you rather than go with pirate
Are the August financials ready?
Looking forward to seeing how my investment is doing, and whether it was wise of me to stick with you rather than go with pirate
Well, since Pirate decided not to pay out his final week....
September 06, 2012, 04:56:50 PM
Hi Yochdog:
Are the August financials ready?
Looking forward to seeing how my investment is doing, and whether it was wise of me to stick with you rather than go with pirate
Are the August financials ready?
Looking forward to seeing how my investment is doing, and whether it was wise of me to stick with you rather than go with pirate
September 01, 2012, 11:10:37 PM
Dividends have been paid!
August results will be published soon.....looks like another solid month.
August results will be published soon.....looks like another solid month.
September 01, 2012, 03:06:31 PM
Happy dividend day!
Running late today, yochdog?
Running late today, yochdog?
August 23, 2012, 01:51:12 PM
We are accumulating cash in order to be prepared to move into ASICs if and when the time comes. We recently used a portion of our cash to acquire the additional GH/s, but that can easily be sold to recoup some of the investment.
I cannot begin to speculate what the MH/s per share will be after an ASIC upgrade......I would only say that we would aim to represent the same percentage of the over-all network as we do now.
I cannot begin to speculate what the MH/s per share will be after an ASIC upgrade......I would only say that we would aim to represent the same percentage of the over-all network as we do now.
August 22, 2012, 06:06:27 PM
We will have the terahash ASIC from BFL? Or only the minor ones?
All depends.....
we will crunch the numbers once they actually hit the market. As of now, we are unwilling to finance BFL with a zero interest loan.
Actually, I'm interested in this. Lets say BTCMC has the money to upgrade all the BFL hardware, and BFL isn't lying about specs. What will the mh/share be after upgrade?
August 22, 2012, 05:46:22 PM
What I mean is: we are getting the necessary cash to buy it if it proves to be good idea?
August 22, 2012, 09:48:30 AM
We will have the terahash ASIC from BFL? Or only the minor ones?
All depends.....
we will crunch the numbers once they actually hit the market. As of now, we are unwilling to finance BFL with a zero interest loan.
August 22, 2012, 09:46:32 AM
We will have the terahash ASIC from BFL? Or only the minor ones?
August 21, 2012, 03:23:45 PM
Looks like we will soon be bringing on another 10+ GH/s in hashing power.
This will most likely be our last expansion until the ASIC armageddon. We will re-assess the situation if/when the BFL ASICs hit the market.
We would like to once again gently point out to market participants the following:
BTCMC now has approximately 7 MH/s per share.
BTCMC now has approximately .45 BTC per share of cash and equipment.
If you buy a share in BTCMC anywhere in the .50 BTC range, you are essentially getting hashes for free. Just food for thought for the individuals still paying ridiculous premiums for bonds with no claim on the underlying assets.
This will most likely be our last expansion until the ASIC armageddon. We will re-assess the situation if/when the BFL ASICs hit the market.
We would like to once again gently point out to market participants the following:
BTCMC now has approximately 7 MH/s per share.
BTCMC now has approximately .45 BTC per share of cash and equipment.
If you buy a share in BTCMC anywhere in the .50 BTC range, you are essentially getting hashes for free. Just food for thought for the individuals still paying ridiculous premiums for bonds with no claim on the underlying assets.
Delicious free mhash, om nom nom nom.
August 21, 2012, 02:00:35 PM
Looks like we will soon be bringing on another 10+ GH/s in hashing power.
This will most likely be our last expansion until the ASIC armageddon. We will re-assess the situation if/when the BFL ASICs hit the market.
We would like to once again gently point out to market participants the following:
BTCMC now has approximately 7 MH/s per share.
BTCMC now has approximately .45 BTC per share of cash and equipment.
If you buy a share in BTCMC anywhere in the .50 BTC range, you are essentially getting hashes for free. Just food for thought for the individuals still paying ridiculous premiums for bonds with no claim on the underlying assets.
This will most likely be our last expansion until the ASIC armageddon. We will re-assess the situation if/when the BFL ASICs hit the market.
We would like to once again gently point out to market participants the following:
BTCMC now has approximately 7 MH/s per share.
BTCMC now has approximately .45 BTC per share of cash and equipment.
If you buy a share in BTCMC anywhere in the .50 BTC range, you are essentially getting hashes for free. Just food for thought for the individuals still paying ridiculous premiums for bonds with no claim on the underlying assets.
August 14, 2012, 10:20:01 AM
I am not sure what is wrong with the market, but at the current GLBSE price, an investor can buy a share of BTCMC for approximately .55 BTC per share when the company has a net asset value of approximately .40 BTC per share. So completely ingoring future earnings (which are still increasing), liquidation value alone is nearly enough to cover any investment.
How people are choosing to pay more for perpetual bonds over equity interest is beyond me. Perhaps I am not spreading the message well enough?
How people are choosing to pay more for perpetual bonds over equity interest is beyond me. Perhaps I am not spreading the message well enough?
There are huge differences between bonds and shares. Bonds will payout coupons that are only function of difficulty regardless; your shares could stop paying dividends all together if for whatever reason your company no longer makes profits, like soaring electricity cost, collapsing BTC value, equipment failure/theft/fire etc.
Now Im not saying I would rather hold bonds, particularly not at current prices, If I had to chose I would also be much more likely to invest in your company, because the difficulty liability that bonds suffer is gigantic, but you are comparing apples to oranges. (and diablo is writing them down as strawberries in his books).
We have addressed this......Over half of our farm is run on "free" electricity. The other half has a blended cost of approximately .04 per KW/h. I cannot draw up a scenario where electricity will ever be a problem for us.
On another note, I am dumbfounded by the prices being paid for "perpetual" bonds. One can literally walk out and buy 3x the hashing power for the same price just by purchasing some hardware, and keep the salvage value!
I personally think our stock offers a much better value to those who take the time to actually parse the difference between owning the underlying assets, and simply buying hashing power for 300% the market rate.
August 14, 2012, 10:09:22 AM
I am not sure what is wrong with the market, but at the current GLBSE price, an investor can buy a share of BTCMC for approximately .55 BTC per share when the company has a net asset value of approximately .40 BTC per share. So completely ingoring future earnings (which are still increasing), liquidation value alone is nearly enough to cover any investment.
How people are choosing to pay more for perpetual bonds over equity interest is beyond me. Perhaps I am not spreading the message well enough?
How people are choosing to pay more for perpetual bonds over equity interest is beyond me. Perhaps I am not spreading the message well enough?
There are huge differences between bonds and shares. Bonds will payout coupons that are only function of difficulty regardless; your shares could stop paying dividends all together if for whatever reason your company no longer makes profits, like soaring electricity cost, collapsing BTC value, equipment failure/theft/fire etc.
Now Im not saying I would rather hold bonds, particularly not at current prices, If I had to chose I would also be much more likely to invest in your company, because the difficulty liability that bonds suffer is gigantic, but you are comparing apples to oranges. (and diablo is writing them down as strawberries in his books).
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