Hello all,
as BarGraphics said, I've been extremely busy over the past couple weeks. I'm glad that I have the time to release a formal update with more information.
I would like to start off by clarifying the dividend mixup. This mixup is unrelated to any circumstances going on at this moment other than the fact that I was out of town at the conference. I decided to give the individual who screwed up dividends months back on BitFunder a second chance. She handled the payout properly but made a simple mistake on creating the spreadsheet. After freaking out for a few moments while over 1000 miles away from the situation at hand I began working on a way to resolve the situation as fairly as possible. I called grnbrg to get an investors point of view and ensure I was taking the right path. I was originally going to flat out eat the cost of paying the extra to those underpaid, but grnbrg brought up a very valid point. Besides the fact of those who were paid what they should have been being at a disadvantage to those who were overpaid, LRM would then have less funds to reinvest. This turned to the decision to require overpaid funds to be returned. As Bitcoin was designed, there are no chargebacks so each individual has the right to refuse. As a fix for this bondholders who refuse to payback funds will retain ownership of their bonds forcefully until the dividends have covered their overpayment. They will not be able to transfer their bonds at all. I will gladly thank all of you who have returned funds. I have been sending out emails to those of you who were overpaid by a significant amount and to verify the emails are truthful and I am the ones sending them, you will receive a link to this post. For all of you who see this and wish to actively seek repayment, please feel free to email me at
[email protected] and your overpayment amount will be sent to you. To avoid mass emails, If you received 2 dividend payments, you were paid the CORRECT amount, please do not inquire.
The next hot topic I would like to cover is CoinSeed. CoinSeed has a vast amount to offer LRM, with not a whole lot more work than I'm already doing for LRM, the location is just different. Working with CoinSeed provides the benefits of piggybacking on deals to ensure the lowest cost possible for hardware at the shortest time frame possible. In addition to this, CoinSeed provides a hosting location with some redundancy that is not cost effective on a smaller mine as well as a buildout team and solid infrastructure in an area with some of the lowest power costs in the world. There are a few things that partnering with Merlin Kauffman is offering LRM that I can not share at this time, as is the case with any other company in the world. Can't tell the public everything unfortunately until the time is right. There are a few projects that are in the works that are far too exciting to pass up and WILL benefit each and every person who has invested with LabRatMining.
As for inviting BarGraphics up to visit the mine. This was for a few business reasons that are also exciting, but the main intention was to validate LRM to the public as there is now a trusted witness to the mine(s) and also have some fun working on the hardware and
enjoy the sub 20F temperatures.I hope that this clears up some of the uncertainty that was left after the CoinSeed announcement. It was released at a time that disallowed much interaction by the public which is unfortunate, but BarGraphics can rightfully verify that I'm not going anywhere. The skeptics can put down the pitchforks and torches now and ask me questions they would like. I believe I can make at least a few minutes every day to field some answers every day through next tues (2/4)
Thank you for your patience and I hope no one had a heart attack waiting for more information.
) (2.615-2.743 GH/s per bond)
hah. However I was able to help him straighten out some of the Bitfury Rigs so there should be a decent boost on Ghash.io
