Topic: [GLBSE] MergedMining 2.0 (Read 5582 times)

Payments sent today

All the information received in the past few days is being put together and payouts will start soon. Please bear with me here, everything is being done manually.

Yes, I got an email around Dec 8th.

I received the list from Nefario today. In its current form, it is missing a total of 2,736 shares. I will work on getting emails out to confirm payment addresses and quantities this week and payments will be made the following week starting the 19th of December.

If you do not get an email or do not confirm address/quantity by the 19th you will not receive a payment!!!
I am not a bank and I will not hold your BTC until it is convenient for you

This is not a scam to try to steal BTC, you have had plenty of time to file claim at GLBSE.com or you never returned a double payment. The remainder of the 272 BTC that will be paid out to contract holders in a second payment.

No

When should I expect the 5970?

likuidxd,

You are being absolutely ridiculous. I have been more than fair by not requiring you to repair the Single and for failing to deliver working items. I did say I would pay for shipping and will do so. I've already paid you $100 in shipping and will send you the remaining $75 as 6.25 BTC.

I sent you multiple PMs asking for compensation for shipping regardless of our discussion of refund that you agreed to. 16.xx BTC was your own quote, not mine.

I am still waiting on the 5970, that refund should have never taken place until I received it. Same goes for the BFL Single refund, it should have never been granted until it is a confirmed RMA. I have shipped multiple GPUs and never once had a problem. In fact most have said they were packed extremely well. Your package was tossed around twice as much because I had to ship it twice due to the fact you don't know your own address.

You have an address to send BTC to

I have to apologize to anyone reading this message. I find myself writing it wondering how the hell I got involved with someone as unreasonable as likuidxd.

His claim of “failed delivery and unfulfilled payment, and GigaVPS for releasing escrow before a completed sale enabling another forum user to scam another” is completely false. I have outlined the details of the transaction so that everyone is aware. I hope this will be the last time I have to deal with likuidxd over this issue.

On October 11th I put 784 BTC ($9,400 USD) into escrow on October 11th. It included $100 for shipping that likuidxd requested.
On October 26th I received shipping box #2. likuidxd informed me that he underestimated the shipping costs and asked for an additional $75 in shipping. I agreed to pay him.

The boxes were poorly packaged. With many of the motherboard boxes being ripped apart due to the fact that likuidxd did not wrap GPU mounting brackets with packing materials. Luckily little damage was done to the equipment besides scratches.

After setting up all the equipment I found –
  1) BFL Single is not working
  2) 5970 GPU did not work.
  3) Antec HCP-1200 was not shipped

I suggested the following to likuidxd -

"  Credit for BFL: BFL offered to RMA the Single. I will lose the mining (7.4 BTC) of it for the remaining month plus shipping costs (2 BTC) - total -9.4 BTC.
  Credit for GPU (25.58 BTC) and shipping (1 BTC): -26.58 BTC
  Credit for Antec: -18.605 BTC
  Additional Shipping: +16.279 BTC

Total Adjustment: 38.306 BTC to be returned from escrow"

I did not realize until after I sent this offer that I typo’ed the shipping costs. The additional shipping should have been 6.25 BTC for the $75 additional cost and not the 16.279 BTC I offered. It was not relevant, as likuidxd did not accept this resolution.

likuidxd countered with -

"I'll be happy to refund 23BTC for the broken 5970 if it is returned and 16 BTC for the Antec that got overlooked and the 3 BTC for shipping. I based these numbers off the 11.99/BTC quote at the time of our transaction"

Even though the transaction was done at 12.00/BTC and not 11.99/BTC and that the offer had no provision to resolve the issue with the BFL single. I accepted it. I thought at the time I was being generous since I had lost mining time with the BFL Single and that I had to go through the extra grief of RMAing likuidxd's damaged equipment.

I accepted likuidxd's offer and instructed Giga to release the escrow adjusting it by likuidxd's very own message: 23 BTC + 16 BTC + 3 BTC totaling 42 BTC. Giga did exactly what  likuidxd agreed to.

After I accepted likuidxd's terms and Giga released the funds likuidxd demanded an extra 16 BTC for ‘shipping’. likuidxd claimed it was for extra shipping costs but I have a message from him specifically stating it cost $175 for shipping. I already paid $100 into shipping when I paid for the items. Taking this into account the difference in shipping is only 6.25 coins and not the 16 likuidxd is claiming.

To add insult to injury I responded to likuidxd's request for 16 BTC with an offer split the difference since we did not agree. The 8 BTC I offered more than covered the 6.25 of additional shipping.

In order to resolve this issue I am willing to send likuidxd the 8 BTC I offered before. It more than covers the additional shipping costs.

I'm not laying this on any holders in MM2.0, I will take the loss.

Now we just wait for our holders list from Nefario...

I definitely don't think he should have been refunded for "lost profits", and nobody that holds a payment in escrow should be refunding without at least consulting the seller.

Sounds like we got scammed out of 32 BTC.

Giga offered his service in this transaction because I offered the hardware to him first and he pointed me to Scared.

Total shares in MM2.0 = 25,000

We had been discussing how the refund/returns would be handled. Giga was waiting on Scared's approval to release escrow. Scared requested a refund out of escrow and Giga granted the refund without consulting me.

Theymos has most of the information about this already and he told me to go public and see what others think. This is the first publicly made announcement of what is happening.

Here's where we're at...

Hardware has all been sold, total sale is equal to 800 BTC. Total publicly traded shares are equal to 34% of MergedMining's hardware value. A total of 272 BTC will be paid out to Share holders, equal to 0.032 BTC/share.

Major purchaser of hardware was forum user Scared. Escrow was handled by forum user GigaVPS

One of the 5970s and one Single was said to be non-working, damaged in shipment or by new user, I don't know. Scared was granted a refund for the 5970 in the amount of 23BTC and a refund of 2BTC+7.2BTC for an RMA and lost profits on the Single. Giga granted this refund without first consulting me. He has also not paid for extra shipping cost he agreed to reimburse me for. It has been one week and I still have not received the 5970 back from him yet and he has not replied to my last PM.

If I do not receive the 5970 by next week I will open a request for scam tags for both Scared, for failed delivery and unfulfilled payment, and GigaVPS for releasing escrow before a completed sale enabling another forum user to scam another.

Hardware is in shipping, payment is in escrow. I have not received anything from the GLBSE team to assist me in payouts.

All we can do at this point is wait until the official announcement tomorrow and see what really happens, and proceed from there.

I am at a loss on how to proceed currently now. It is my duty and responsibility to issue funds to investors for there part in this listing, but it is not my duty to supply Nefario with my personal information and open myself to and legal issues because of his own faults/actions.

Although I do not know if there is anything much we can do, shareholder input is very much appreciated at this point and in this situation.

I did post MergedMining would receive ~377(GH/s) of RSM shares if the liquidation could raise up to $11,000.

Instead of assuming a $11000 buyback value and then some twisted math it would be nice if you would give a number of how many MHash/s a single MERGEDMINING share would get.

If i would like to invest in some other projects i would do it myself.

I'm personally not interested in this becoming and investment fund, I've avoided them all and that has worked out well since it seems like they are dropping like flies.

Depends on the details.  A lot of people have tried running an investment fund and many of them were not very successful.  Gamma Bitcoin Fund just closed up shop today it seems, and Peter Lambert ran several funds that eventually imploded (although I'm not sure if he just skipped town with the BTC or just decided to walk away when he couldn't sell the "assets" he had on GLBSE).  There may have been others.  Due to all of that, I'm not interested in being invested in an investment fund, just the option that provides me the greatest return.  If liquidation provides a return that you are willing to beat with your buyout, I'd be for it.  If not, I'd rather just receive the liquidation dividend. 

While'll agree on three of those points but RSM's takeover would be a dual aproach.  In paying MergeredMining shareholders a 50% dividend and reinvesting the other 50% in profit bearing assets for MergedMining growth.  Plus you can't disagree that at 124(MH/s) per BTC0.30 invested into RSM from MergedMining is not a bad deal.

No there was no motion. Hardware will be sold for a fair market value, total has not yet been agreed upon.


I have received PMs concerned about this being called a 'scam'...

I am well within my contract.

I'm sorry it's over.

Which is very similar to what RSM was offering.  Although if MergedMining was to bring about ~$11,000 of bitcoin into RSM then RSM could pay MergedMining over 124(MH/s)per share it buys at BTC0.30.  Which means RSM would be giving MergedMining over 377(GH/s) worth of shares for ~$11,000 if MergedMining liquadtion could bring about that much.  So then RSM would be operating at 720(GH/s)over ~5800 shares and as RSM is going to save 50% of profits into buying more assets then it wouldn't be long until RSM bought its first BFL-SC-MiniRig.  Which would greatly increase the (MH/s)per share ratio.

If I were to take this back over, I would put up a motion to turn this into a bitcoin mining investment fund instead of a mining operation. I would arrange a share swap with NASTY to give MergedMining some immediate income and give NASTY ownership exposure to other mining operations.  This would require passing motions from both sets of shareholders. MergedMining would then act as the investment arm for NASTY, so growing the portfolio's holdings would be the #1 goal. I would also set aside funds from the sale of MergedMining's equipment to put up buy orders for those who want to sell their position.

I think I would be able to provide the most transparent investment fund on GLBSE with a real time automated display of the fund's holdings and NAV displayed right on the thread. I think this would give shareholders far more value than the proposed dividend plan.

Yes please OgNasy take back over. I only was able to buy into Merged about a month ago because relativaley speaking Nasty was too expensive entry price.

If you did would you be folding into Nasty? or would you stay seperate?

I would also like to explore the possibility of keeping MergedMining running in some fashion.

I could keep MergedMining running and grow it with the money it makes off its RSM holdings.  What I'd like to do is pay out 50% of the money the RSM assets make and invest the other 50% of money it makes into other GLBSE shares.  That could be decided with the help of MergedMining shareholders.  MergedMining shareholders would receive more money than the one off final dividend.  Even if a deal has been brokered to sell all the BFL orders and equipment.  RSM could pay MergedMining value of any coin it receives in shares of ASIC's that RSM buy's.  RSM could pay MergedMining ~350 shares for every BTC110.00 it receives which would be used to buy RSM more BFL-SC-Singles.  RSM is already offering 92.3(MH/s) per share and this ratio would only increase with any money/assets received from the MergedMining take over.  So this is in effect MergedMining receiving >(100MH/s) per RSM share for every BTC0.30 of investment RSM receives from the MergedMining takeover. 

I'd much rather get the special dividend than shares of RSM, as I would be able to invest that in any company I wanted to.  Plus, if he's already received an earnest payment for the assets it means the sale is essentially a done deal.

Rather than paying out one big dividend to shareholders for MergedMining assets you sell it could be used it to buy into RSM - (https://bitcointalksearch.org/topic/796com-redstarminingcom-the-oldest-public-mining-security-150ths-63257) and RSM could pay MergedMining shares for there BFL-SC-Single upgrades and any other BFL's.  MergedMining would then receive dividends from the RSM shares it holds.  Which could be paid out and/or used as MergedMining shareholders see fit.  I'd like to take over MergedMining and with the money it receives from the RSM shares it would hold invest 50% into other mining companies with a strong organic growth plan and pay the other 50% out as a dividend.  These are just ideas I'm putting forward if I was to take over MergedMining and keep it running.  Any future decisions after I'm CEO would have to be decided by a motion of MergedMining shareholders.  Also we would have to arrange a way for the old CEO to be paid off and for me the new CEO to get paid for running MergedMining.

Anyway these are just ideas I'm throwing out to the MergedMining CEO and shareholders if they want me to take over there mining company by RSM buying it out.  Then continuing MergedMining as an investment fund with its main income from its RSM holdings at first.

Thanks,

Matt (CEO of RSM)

I have not gone through and cataloged everything yet but this list is fairly accurate.
https://docs.google.com/spreadsheet/ccc?key=0ArSjGzOoETB3dGJITmF4UjRmb1hNNVllR25zVkp1d1E#gid=0

A buyer has come forward and will be purchasing this entire lot some time in the next week or two. An earnest payment has been made. As far as the upgrades go, all 9 SC upgrades I had came out of my pocket and I was hopeful that I would be reimbursed up to 60% for these. That never happened and because of other things I no longer had the time to seek out investors privately. These upgrades have since fallen to the wayside.

I'm sad to see this shutting down.  A few posts ago you mentioned that there were 8 5970s, and 9 BFL singles and 3 of those had upgrade orders to Single SCs.  Can you please post a list of assets that will be liquidated?

Regretfully MergedMining will be closing its doors for good this Saturday, 10/06/2012. A dividend will be payed for this weeks mining efforts and the power will be switched off. As many may have noticed, I no longer have the time needed to properly maintain our current hardware, seek new investors and pay dividends in a timely fashion.

Current hardware used for MergedMining will be sold and funds released to investors as a dividend payment.

Rise in difficulty, that is all that was mined

Call me crazy but would it be possable to Merge in Litecoins to this operation? That way when asic bombs drop there will be less fallout?
From what I've been reading (I'm by no means an expert yet) it should be possable to run all 3 "scripts" side by side.

Very happy to announce that we are back up to 10GH/s!! With the help of newly received BFL singles we are once again at peak performance!

Our current hardware dedicated to MM2.0 consists of 9 BFL singles and 8 HD5970s.
You would be correct in thinking our current hashrate is a bit low. I am currently working to tweak the 9 finicky BFL Singles to work at their peak performance our server environment. As I stabilize them all our performance will grow.

Upgrades to BLS Single SCs have been purchased for up to 3 of the singles currently in operation, with the ability to upgrade more (or all). I cannot speculate as to when the ASIC hardware will ship nor can I tell you where we are in line as these upgrades were not purchased using the BitPay system.




There will be two new motions in the next 24 hours for current holders to address concerning remaining GPU hardware and upgrade options.

Dividends Paid:
2012-07-21 10:41   34.623   25000   0.00138492

Dividends Paid:
2012-07-14 12:30   37.2645   25000   0.00149058

Thank you OgNasty

Glad to hear it.  Nice to see you've nearly doubled the dividend per share since taking over as well.  Nice work. 

After a series of brownouts, our equipment is back up and mining.

80% of the hardware voted to be sold has been sold. More exciting news on our mining power coming in the very near future.

Woke up this morning to discover our location is suffering a blackout due to high temperatures in the area. I will post further information after I contact the power company and find out what is happening and when we can expect power again.

Dividends Paid:
2012-07-07 12:29   44.986   25000   0.00179944

Dividends paid:
2012-06-30 10:11   45.29   25000   0.0018116

Motion has passed with an overwhelming yea.

5 GH/s of GPU power will be sold and proceeds from the sale will be reinvested into ASIC hardware.

Motion created and up for vote for 72 hours

Dividends paid:
2012-06-23 23:31   47.8955   25000   0.00191582

There was a slight delay today as my schedule did not allow me to pay this morning.

They are coming out now.

Dividends paid
2012-06-16 12:40   47.686   25000   0.00190744

Dividends Paid:
2012-06-09 10:12   45.0   25000   0.0018


A slight increase in hashing power will take effect in the middle of next week. We have a 5970 en route from RMA!

Over last weekend, 2 new 20a dedicated lines were installed to add stability to the farm.
I am currently waiting for more information from ngzhang about performance on his Lancelot boards, and from BFL about singles, rig boxes and ASIC mining options before I make a move into these avenues. I want to make sure we are making the right move to secure future profits.

New shares are still available. If you are interested in purchasing a larger quantity, more than 500 shares, please contact me via PM.

Happy you agree

Dividends Paid:
2012-06-02 10:21   10.0   10000   0.001

I'm having a few network issues in the farm ATM, but the website to view the farm should be up by the end of next week.

Good News!!
This next week marks our first week operating at 10GH/s! All 25,000 shares will be paid for full production from MergedMining's 10GH farm. The new 15,000 shares will be held my MergedMining and dividends collected by those shares will stay in the company building revenue for furthur expansion into FPGA equipment. As the market allows they will be sold at market value, but not in large numbers (no huge ask walls will be put in place). If you are interested in buying a large stake in MergedMining 2.0, please feel free to PM me or you can email/gchat [email protected].

Any questions, comments, concerns feel free to ask here. I'll be available all day, EST.

Big changes, exciting times... looking forward to updates and what the new pictures dividends will be.

Why is that?

My thoughts exactly.

My apologies for the absence this holiday weekend.

Dividends were paid:
2012-05-26 13:01   7.0   7000   0.001

Thank you for your questions weex.

This week we will see the same dividend payments you have seen throughout MergedMining's operations, except all 10,000 shares will receive dividend payments.
I see huge opportunities for dividend growth. I plan to grow the operation in waves, implementing more hashing power and shares until we reach our planned capacity. Being in the position of operating 10GH/s of mining power, I will have the ability to grow this stock steadily as shares are exposed so there is no chance of a decrease in dividends, just growth. Hashrate will be exposed to the public owners as shares are sold and hardware is ordered, 10GH/s backing a 15-20GH/s expansion (no equipment will be sold to buy FPGAs).

The block drop is a questionable area for a lot of the current operators of mining companies listing on the GLBSE. Making a solid move to FPGAs is going to help immensely in offsetting costs of operations. This offset in cost should also grow the company and dividends in return. When the reward halves, it is just that. Our dividends will be effected by this, but moving now to FPGA will secure higher dividends in the future operations of MergedMining 2.0.

MergedMining 2.0 will be as transparent as it's little brother, MergedMining. Shareholders will have the ability to view current hardware and hashrate live, very similar to GIGAMINING.

If you have any further questions, please do not hesitate to ask.

Hello likuidxd,

Thanks for posting the plan and for taking over the helm. I suppose OgNasty has made an executive decision that we'll have to go with...there was no motion. Alas MM is a fairly small operation so it makes sense that it needs something different to grow further and to survive.

Currently, we're looking at 6700 shares getting 0.001 BTC per week each. Is it your aim to keep this same level of dividend up or do you see any possibility to increase it. I think moving toward FPGA is good as long as it doesn't require equipment to be sold and hashrate to drop while the operation waits for delivery. I know difficulty has something to do with how likely that is.

Do you have any plan to change the operation when the block reward halves?

Will we be able to monitor MM2's hashrate somehow?

Thanks,

weex

MergedMining 2.0 is a Bitcoin mining company seeking to utilize the "merged" mining technique to increase investment returns by mining for bitcoins and namecoins at the same time. MergedMining has access to electricity at a variable $0.06-$0.12/kWh rate and free internet, making mining costs extremely manageable and giving MergedMining the potential to outperform it's peers.

The Future of MergedMining

Large scale low cost mining utilizing BTC/NMC techniques and GPU/FPGA equipment for current and future investors.

Plan:
Upfront rapid expansion in MergedMining.
We have a unique opportunity here to share in a very lucrative endevour. MergedMining is about to join forces with up to a current 10GH/s farm. Plans for a very rapid expansion are in the works and MergedMining will operate in one weeks time with 2.5GH/s opening all 10,000 shares to receive a full dividend payment of 0.001 BTC weekly. Further expansion into the 10GH/s farm will be done over weekly periods opening new shares to the market at current market value until we reach a maximum limit of 25,000 shares in MergedMining operating at 6.5-10GH/s. Under this plan, by the time we have reached capacity MergedMining will have raised enough BTC for a massive move into FPGA mining with a mining speed reaching 25-35GH/s!

It is my belief that moving into FPGA mining is the correct move to make. Difficulty is rising fast and with a block decrease just over the horizon, this is the time to make a move to secure profitability for the future.


Dividend increases have been purposely left out due to lead time in FPGA equipment & liquidity of market