📈 NastyFans: The Bitcoin Enthusiast Fan Club (est. 2012) - page 206.

OgNasty

donator

Activity: 4718

Merit: 4218

Leading Crypto Sports Betting & Casino Platform

Quote from: OgNasty on June 24, 2012, 02:02:27 PM

UPDATE:
A Motion has been raised to update the terms of our contract to reflect the higher output of our newly ordered ASIC mining equipment. Please vote.

https://glbse.com/vote/view/78

This Motion passed with over 97% of the outstanding shares voting 'Yea' to update the contract to reflect the new ASIC upgrade.

I've requested this update with GLBSE support and we should see it reflected in the contract soon.

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

Finally got some shares purchased

Can't wait.

OgNasty

donator

Activity: 4718

Merit: 4218

Leading Crypto Sports Betting & Casino Platform

Quote from: miscreanity on June 24, 2012, 04:29:15 PM

240,000 Mh/s divided by 25,000 shares comes out to 9.6 Mh per share. I'm not clear on how 20 Mh/share is being arrived at. Is share issuance being limited to 12,000 until additional hardware acquisitions are made?

Yes. So far just over 2,500 shares have been sold and enough hashing power has been ordered for 12,000 shares. I will continue to use my own funds to make sure that equipment has been ordered to supply the hashing power for shares prior to them being sold.

Quote from: Timbo925 on June 24, 2012, 04:40:39 PM

Also the normal singles are still on the way so we will get dividends once they arrive?

Yes. Once the singles are hashing away, dividends will begin being paid.

Quote from: Timbo925 on June 24, 2012, 04:59:11 PM

634$ for a single with shipping. 1/800 of 634$ is 0,7925$ a share value in real equipment.
A ASIC single is 1333$ with shipping 1333$/0.7925$ = 1682 shares for each ASIC single.
40000 mh/s / 1682 shares = 23.78 mh/s/share

We don't now the power consumption for the ASIC so for now it seems a good deal.

It is possible that shareholders will end up with slightly over 20MH/s per share once all is said and done. The only thing you are leaving out of your math is the return shipping to trade in our singles.

Timbo925

sr. member

Activity: 352

Merit: 250

Quote from: Philj on June 24, 2012, 04:43:45 PM

new singles cost a little more than double compared to the old singles.

Oh didn't now that.
So lets do the math again.

634$ for a single with shipping. 1/800 of 634$ is 0,7925$ a share value in real equipment.
A ASIC single is 1333$ with shipping 1333$/0.7925$ = 1682 shares for each ASIC single.
40000 mh/s / 1682 shares = 23.78 mh/s/share

We don't now the power consumption for the ASIC so for now it seems a good deal.

Philj

sr. member

Activity: 388

Merit: 250

new singles cost a little more than double compared to the old singles.

Timbo925

sr. member

Activity: 352

Merit: 250

Quote from: miscreanity on June 24, 2012, 04:29:15 PM

Quote from: OgNasty on June 24, 2012, 02:02:27 PM

UPDATE:
A Motion has been raised to update the terms of our contract to reflect the higher output of our newly ordered ASIC mining equipment. Please vote.

https://glbse.com/vote/view/78

240,000 Mh/s divided by 25,000 shares comes out to 9.6 Mh per share. I'm not clear on how 20 Mh/share is being arrived at. Is share issuance being limited to 12,000 until additional hardware acquisitions are made?

You buy 1/800 of a single for each share. 2 singles give you 1 asic single. So each share is worth 1/1600th of the ASIC single.
BFL states it will get 40/GHz so 40.000/1600 = 25 mh/share.

So my question is why we aren't getting 25 mh/s a share? Electicity cost are very low so a 25% difference is little big imo. Or am I missing something?

Also the normal singles are still on the way so we will get dividends once they arrive?

miscreanity

legendary

Activity: 1316

Merit: 1005

Quote from: OgNasty on June 24, 2012, 02:02:27 PM

UPDATE:
A Motion has been raised to update the terms of our contract to reflect the higher output of our newly ordered ASIC mining equipment. Please vote.

https://glbse.com/vote/view/78

240,000 Mh/s divided by 25,000 shares comes out to 9.6 Mh per share. I'm not clear on how 20 Mh/share is being arrived at. Is share issuance being limited to 12,000 until additional hardware acquisitions are made?

OgNasty

donator

Activity: 4718

Merit: 4218

Leading Crypto Sports Betting & Casino Platform

UPDATE:
A Motion has been raised to update the terms of our contract to reflect the higher output of our newly ordered ASIC mining equipment. Please vote.

https://glbse.com/vote/view/78

OgNasty

donator

Activity: 4718

Merit: 4218

Leading Crypto Sports Betting & Casino Platform

Quote from: ErebusBat on June 23, 2012, 10:46:41 PM

Quote from: OgNasty on June 23, 2012, 08:55:13 PM

I think I may have been the first person to order the SC Singles, so our dividends could get pretty exciting in October...

I think there is going to be a very interesting period when the ASICS first hit. Hopefully we can time it right AFTER a difficulty change so we get a full two weeks of bliss!

I think there will probably be a few months where ASICs are extremely profitable. Who knows how long GPU miners will stick around or how many will convert to ASIC mining. This could lead to a mining consolidation, which would make it much more profitable for the remaining miners.

I saw that Bit-Pay confirmed we were the first to order SC Singles. It was a little bit of luck, but nevertheless should be good for shareholders and the stock price.

ErebusBat

hero member

Activity: 560

Merit: 500

I am the one who knocks

Quote from: OgNasty on June 23, 2012, 08:55:13 PM

I think I may have been the first person to order the SC Singles, so our dividends could get pretty exciting in October...

I think there is going to be a very interesting period when the ASICS first hit. Hopefully we can time it right AFTER a difficulty change so we get a full two weeks of bliss!

Gladamas

sr. member

Activity: 294

Merit: 250

Bitcoin today is what the internet was in 1998.

Quote from: OgNasty on June 23, 2012, 08:55:13 PM

I think I may have been the first person to order the SC Singles, so our dividends could get pretty exciting in October...

Yep, you were the first to order the singles, but you weren't the first to order.

https://bitcointalksearch.org/topic/bfl-preorders-what-did-you-get-who-has-the-lowest-order-number-89521

EDIT: Oh wait you already posted on that thread Tongue

miscreanity

legendary

Activity: 1316

Merit: 1005

Six SC-singles? Nice!

To get ASIC mining started as quickly as possible, would it be possible to put up the funds initially to have the ASICs delivered immediately, then have your balance credited upon BFL receipt of the FPGA units?

OgNasty

donator

Activity: 4718

Merit: 4218

Leading Crypto Sports Betting & Casino Platform

Quote from: cst on June 23, 2012, 08:03:17 PM

Quote from: OgNasty on June 23, 2012, 07:39:18 PM

UPDATE:
I have just placed the order for our BitForce SCs from Butterfly Labs. We should be near the VERY top of the list. Grin

EDIT: Order confirmed by Butterfly Labs.

This would have been a bit more exciting if it wasn't for those 5 (6?) months we have to wait for it now Wink

but still, great news

I only wish I had more cash right now so I could order a coffee warmer for myself

It should be less than 4 months if BFL can hit their shipping estimate (a big IF). We still have FPGA Singles on the way, which will arrive before then and will provide some dividends while we wait. Not to mention I think I may have been the first person to order the SC Singles, so our dividends could get pretty exciting in October...

cst

member

Activity: 110

Merit: 10

The Cosmos doesn't care about you.

Quote from: OgNasty on June 23, 2012, 07:39:18 PM

UPDATE:
I have just placed the order for our BitForce SCs from Butterfly Labs. We should be near the VERY top of the list. ;D

EDIT: Order confirmed by Butterfly Labs.

This would have been a bit more exciting if it wasn't for those 5 (6?) months we have to wait for it now ;) but still, great news :)
I only wish I had more cash right now so I could order a coffee warmer for myself :)

OgNasty

donator

Activity: 4718

Merit: 4218

Leading Crypto Sports Betting & Casino Platform

UPDATE:
I have just placed the order for our BitForce SCs from Butterfly Labs. We should be near the VERY top of the list. Grin

EDIT: First to order SCs confirmed by Butterfly Labs.

OgNasty

donator

Activity: 4718

Merit: 4218

Leading Crypto Sports Betting & Casino Platform

Quote from: ianspain on June 23, 2012, 03:08:37 AM

should we insure the hardware? we could do this via dividends in the future.

I really don't think it is necessary. Insurance will only protect against theft or something like flooding or a house fire. I have several large dogs, guns & a house alarm to deter theft. I also do not live in an area where flooding is a problem and hope that my house doesn't catch fire. The major concern would be the product breaking, at which point we'd be dependent on BFL's warranty program. So personally, I think insurance would be a waste of money. That being said, we can definitely vote on it if enough shareholders are interested.

ianspain

donator

Activity: 164

Merit: 100

Quote from: OgNasty on June 19, 2012, 07:36:52 PM

Quote from: gewure on June 19, 2012, 10:30:36 AM

i would suggest, that at there should be a reserve in bitcoin totaling at least 10% of the ognastys market capitalisation to hedge ognasty against volatility and another 10% in dollar/euro.

i don't mind if you pay out dividends at all, i would even prefer to not beeing payed dividends if the aquisation of capital could be neede in the near future, cause own earnings are much cheaper than taking a loan, offcourse.

So i would prefer the paper-only earnings rather than dividends. but this is anyway something that needs to be discussed by the shareholders!
(dividends vs. capitalparking is always the main issue at stockholder meetings)

I like those ideas, and I agree that they would be best for the long term growth of the company. Once we start seeing some profits I am definitely willing to put up a few motions to see if shareholders are interested in taking a portion of the profits and using them to invest or save. When it comes to what to do with the profits, it is up to the shareholders. Most will want dividends, but I could see a motion to use a % of profits for a transparent investment portfolio passing.

These sound like fantastic ideas, another idea that popped into my head, should we insure the hardware? we could do this via dividends in the future.

OgNasty

donator

Activity: 4718

Merit: 4218

Leading Crypto Sports Betting & Casino Platform

It looks like we can expect our ASICs in October.

http://www.butterflylabs.com/bitforce-sc-release-notes/

ianspain

donator

Activity: 164

Merit: 100

glad to be part of this Grin

OgNasty

donator

Activity: 4718

Merit: 4218

Leading Crypto Sports Betting & Casino Platform

Quote from: Sp0tter on June 21, 2012, 02:26:26 PM

Quote from: OgNasty on June 20, 2012, 04:48:09 PM

UPDATE:
More than 5GH/s has now been ordered for this operation.

So what exactly is the situation. Is this additional hardware or is nothing currently mining? What is the ETA to be mining / anticipated dividends payout?

We have several units on order with Butterfly Labs currently. A couple of the units were ordered 5+ weeks ago. I'd imagine we'll have them whenever BFL completes their next production run. If I can get one sooner from a 3rd party for a reasonable price, I will do so. No matter what happens, I'm planning to start paying dividends in some form starting in July.

Topic: 📈 NastyFans: The Bitcoin Enthusiast Fan Club (est. 2012) - page 206. (Read 957542 times)