Topic: SkepsiDyne Integrated Node - The Bitcoin Mining Company - page 16. (Read 104236 times)

Difficulty needs to fall down to 1500000 or the price needs to come up to about $5.60.


100's of man-hours have been provided for this business at absolutely no charge, in addition to the majority of the infrastructure (cables, routers, shelves, the building, etc.)  That's money the business was saved, and that is money I counted towards my debt to the business, in addition to my reinvesting.

Unfortunately, things have not turned around as far as Bitcoin prices are concerned, so there are no dividend payments to be made again.  In light of this, we will be ceasing operations of our rigs until price goes back up or difficulty falls sufficiently.

Still willing to help in any way I can to turn you guys around.

Tawsix... One of the reasons I chose to put my money towards mining, was that I didn't want my investment to be overly dependent on the price of bitcoins.

If our mining operation is not profitable, make it profitable. I don't want to have a delay in divdends merely because you want to wait for a more profitable time to pay the bills. I am pretty certain you said early on that it would that it would take the collapse of bitcoins as a currency for mining to become unprofitable. (I still believe this to be true, if the rigs are managed right)

If we need money, put the IPO back on the market. If you need to shut the rigs down so you can set them up to run more efficiently, do so.  Please help get us profitable again, or at the very least, able to pay the bills.


I am concerned that we are not running at full capacity. I am referring to the ~12 Ghash/sec we had during the majority of July.

Just read the thread for what he's already promised to earlier shareholders (like me). There's a reason why I bailed out there and it wasn't the few Bitcents profit I gained from selling the shares...

We are paying him plenty to do exactly that.

He is taking the piss.

this is exactly why 10pages back i wanted him to post what the rigs consistented of but noone else supported me. the rigs are either running super inefficiently or he is skimming bitcoins off claiming its all being paid to energy costs. Now i dont believe it is in the latter in this case so he if posted the rigs we could help him make them more efficient. At this point id also like to see a picture of the rigs(i believe he has them) he might also be stacking/storing them in an inefficient manor.

well, what about power in exchang for 24/7 monitoring? I make 18 card alluminium frames with 130 cfm fans. extra adapters,cpus,psu,kvms and an existing 20ghs network in two locations. You need help, i may be able to.

I was regarding operating and maintaining our current rigs.

Im willing to contract out hashing power if anyone is interested.

If Tawsix was running his rigs efficiently, I would not have too much trouble with him wishing to keep the specifics of the rigs secret, but if he fails to run the rigs profitably (may need to mine at night), he is failing the shareholders and needs to explain in detail why it is not profitable.

If Tawsix is unable or unwilling to operate and upkeep the rigs, he should consider hiring or contracting help. I believe that we still have possible IPO shares that could be put back on the market, invade we need more funds to be profitable again.

P.S. Tawsix needs to clarify and/or explain his actions about pulling in half of the profits, yet not matching the funds brought in by the IPO.

  Err... I don't run inefficient 5830s.


That's what I said. "invalid data". I was implicitly asking for confirmation from anyone running 5830s.


So we can deduct Tawsix is not doing any of this if he claims he is losing money.

You mentioned 5830s so I picked that rigs as an example. 1.71 isn't even my most effecient rig.

You have a farm. Are you saying you can't pull off 1.71 Mhash/Joule on any of your systems? Who cares what the wiki says. The wiki is old and outdated.

1. Buy quality parts. 60% efficient power supplies are stupid.
2. Plug system into Killawatt meter.
3. Use latest mining software and optimize hashing parameters.
4. Overclock core speed and underclock memory speed.
5. Keep fans clean so nothing overheats.

There's no rocket science here. Just basic mining optimizations that any half-decent miner would do.

Your setup computes 1.71 Mhash/Joule. Although there is a lot of invalid data in https://en.bitcoin.it/wiki/Mining_hardware_comparison your claim is inconsistent with the wiki which puts the value anywhere between 1.3 and 1.6 Mhash/Joule.

How did you measure 650W? Do you under/overclock the GPU or memory? Etc.

My 4x5830 rig draws 650 watts and outputs 1112 mhps which generates .64 btc and draws 15.6 kwh.
.15 for 9 hours and .08 for 15 hours is about .11 per kwh average per day.
Cost to generate btc is $2.59 per coin.

Sounds like his efficiency is half of what it should be.

Tawsix said below he pays $.15/kWh during the day and $.08/kWh during the night. My guess is that he made the mistake of building a farm mostly from 5830s which have terrible power efficiency. At $.15/kWh his cost of production on a 5830 is about $5.9/BTC, clearly losing money when the exchange rate is $4.8/BTC.


Tawsix: I suggest you stop operating during the day to profit from lower night rates.

Wait, I don't understand how it is possible for you to be collecting dividends equal to that of the payout to shareholders.  You haven't paid for that many shares yet, have you?

As far as I can tell, a total of 202.7945 BTC in dividends has been paid out to other shareholders so far.  If an equal amount has been paid out to you (and reinvested in the company to pay for your shares), then you also effectively have received 202.7945 BTC.  At 0.75 BTC per share, this means that you have paid for 202.7945 / 0.75 = 270.39 shares.  If 2304 shares have been sold so far, and you have only have 270.39 shares, you should not be collecting dividends equal to the payout of other shareholders.  You should only be collecting dividends equal to 270.39 shares, since that is the number of shares you have earned via reinvestment.  If dividends aren't going to be reinvested back in the company, you should only be collecting dividends proportional to the number of shares you have paid for, and the rest of the dividends should be split among all shareholders.

From your first post in this thread:

Here is my calculation of dividends paid out to other shareholders:
34.235 BTC on June 13, 2011 https://bitcointalksearch.org/topic/m.212008
35.895 BTC on June 24, 2011 https://bitcointalksearch.org/topic/m.273039
19.435 BTC on July 5, 2011 https://bitcointalksearch.org/topic/m.324962
16.235 BTC on July 11, 2011 https://bitcointalksearch.org/topic/m.350142
22.195 BTC on July 23, 2011 https://bitcointalksearch.org/topic/m.390746
16.865 BTC on July 27, 2011 https://bitcointalksearch.org/topic/m.404918
25.76 BTC on August 10, 2011 https://bitcointalksearch.org/topic/m.447073
16.39 BTC on August 17, 2011 https://bitcointalksearch.org/topic/m.464132
13.3345 BTC on August 25, 2011 https://bitcointalksearch.org/topic/m.480531
0.205 BTC on September 3, 2011 https://bitcointalksearch.org/topic/m.500715
2.245 BTC on September 8, 2011 https://bitcointalksearch.org/topic/m.515533
(Did Tawsix already start collecting on Sept 8, or were an equal 2.245 BTC reinvested to pay for his shares?)

Total paid out to other shareholders:
34.235 + 35.895 + 19.435 + 16.235 + 22.195 + 16.865 + 25.76 + 16.39 + 13.3345 + 0.205 + 2.245 = 202.7945 BTC
(202.7945 BTC is about 270 shares at 0.75 BTC per share)

Please correct me if I'm misunderstanding something, but it seems like Tawsix should be collecting dividends equal to the ~270 shares he has earned, not collecting dividends equal to the 2304 shares that have been sold on glbse.

It might be ok to stop reinvesting back in the company (although that should probably be put to a vote), however if you stop reinvesting then you should be capping yourself at 270 shares, not pretending you've paid for 2304 shares.

While he certainly is not required to notify us of such (comparable to) "executive" decisions. It does not mean that he would not want to, or should not notify or discuss sch major decisions with us.

It was more of a reaction to Skye's blunt advice, which was apparently directed directly at Tawsix.

I think Tawsix has no responsibility to notify us if he decides to liquidate and distribute the money to shareholders if he feels it is best for shareholders.  Personally I think he should hold off a while as difficulty is bound to plummet and it may be profitable again.