Topic: Talked boss into mining in our server closet (Read 2403 times)
It looks like I am going to have to ask for a loan to raise funds for a bitfunder offering. I will have to do some work on putting together a business plan and see if I can get some investors behind the idea. I think it is a great opportunity for everyone but raising BTC can be difficult at times.
also, what if your boss'es boss finds out, thinks this is a bad idea, why risk your job...
You didn't read that his boss agrees with him?
)So that means I can farm at work?
That will be awesome, even when I can farm using all of the computers available!
Most servers do not have good GPU's in them. Xeons are not very good miners either. I would go with a PC with a AMD/ATI crossfire dual/quad card combo...
AMD/ATI cards are better at mining than Nvidia Cards.
AMD/ATI cards are better at mining than Nvidia Cards.
Agreed. AMD ATi 5850, 5870 to 5970, 6950, 7850, 7870 , 7970 have pretty good hashrates compared to Nvidia/CPU
also, what if your boss'es boss finds out, thinks this is a bad idea, why risk your job...
You didn't read that his boss agrees with him?
) 
I envy those whose boss allows them to do this type of stuff. I don't think any that I knew would allow this type. Always too much on the corporate side of things.
I have been talking about Bitcoin for a long time and he has been looking for ways to reward me at work without giving me a raise. ;)
This is great, so technically it's a raise then? Congratulations! :D If you are looking into some GPU usage, look into alternate cryptocoins on scrypt as they seem to be doing in the okay zone for cards; and since electricity isn't an issue, you've got a great thing going!
I envy those whose boss allows them to do this type of stuff. I don't think any that I knew would allow this type. Always too much on the corporate side of things.
I have been talking about Bitcoin for a long time and he has been looking for ways to reward me at work without giving me a raise.
I envy those whose boss allows them to do this type of stuff. I don't think any that I knew would allow this type. Always too much on the corporate side of things.
Not sure if it will be profitable to mine btc with server because it doesn't usually have great gpu. Not sure if mining litecoin will make it more worthwhile. Maybe someone more experience can comment on this.
Mining litecoins has consistently been more profitable. Especially with the recent jump.
My boss isn't interested in litecoins so it is a lost point.
Is anyone interested in lending me 5 BTC for a startup on bitfunder? I would be willing to give you 6 BTC worth of shares in the operation that you could sell for a quick profit once it is listed if you desired.
I would also like to hear from anyone interested in having their ASIC or FPGA miners hosted at my office.
Not sure if it will be profitable to mine btc with server because it doesn't usually have great gpu. Not sure if mining litecoin will make it more worthwhile. Maybe someone more experience can comment on this.
Mining litecoins has consistently been more profitable. Especially with the recent jump.
So you have no experience with mining, even with a pc at home and you'll be using "borrowed" resources from your company. Not to be callous but why would anyone invest in your "company"? You should take some time to understand how the technology and the coin markets work before trying to raise money. You won't be getting your hands on an ASIC anytime soon anyway.
I have been GPU mining since 2011. I have a perfect understanding of how the markets work. That is why I know how valuable a space with free electricity provided by my boss and air conditioning is. I also could get my hands on an ASICMINER ASIC very quickly with a little funding help. Thank you for asking about my experience and knowledge.
So you have no experience with mining, even with a pc at home and you'll be using "borrowed" resources from your company. Not to be callous but why would anyone invest in your "company"? You should take some time to understand how the technology and the coin markets work before trying to raise money. You won't be getting your hands on an ASIC anytime soon anyway.
I think bitfunder would approve it. It would be a company and not a bond. As far as I know there are not any companies currently offering a piece of the pie for hosting services as well as mining and the additional hosting services could give us an advantage for buying new hardware over other mining companies. We do currently have a few 7900 series cards but I am more interested in ASIC mining going foward. Any GPU mining would be just to appease shareholders until ASIC miners arrived.
There is actually a rather good chance Bitfunder would approve it. The line between a Mining company and a perpetual mining bond is rather thin.
Read this link. Then proceed with questions. The reason there seem to be so few companies/securities on the market for this type of service at the moment arises from the collapse of a bunch of securities/companies built on this premise late 2012 which turned out to have invested in Ponzi schemes rather than equipment. It is understandable, they did the math on equipment and found the rate of return on the Ponzis more to their liking. Then the Ponzis collapsed, they couldn't pay share/bond holders and the only people to avoid scammer tags were none but the most corrupt, if any on that model did indeed avoid tags.
If you do this do it for yourself, your company, or some combination of the two. Once you have the business of mining down and the ASIC market has stabilized would be the time to maybe consider a security.
I would do it for myself if I had the funds. I was hoping to raise a few thousand dollars. If I do it with only my funds it will be a big empty server room with a lonely 5GH ASIC miner in the middle. I want to take advantage of the space and I think that will take either a loan or some kind of IPO at this time.
Nice.
I think bitfunder would approve it. It would be a company and not a bond. As far as I know there are not any companies currently offering a piece of the pie for hosting services as well as mining and the additional hosting services could give us an advantage for buying new hardware over other mining companies. We do currently have a few 7900 series cards but I am more interested in ASIC mining going foward. Any GPU mining would be just to appease shareholders until ASIC miners arrived.
There is actually a rather good chance Bitfunder would approve it. The line between a Mining company and a perpetual mining bond is rather thin.
Read this link. Then proceed with questions. The reason there seem to be so few companies/securities on the market for this type of service at the moment arises from the collapse of a bunch of securities/companies built on this premise late 2012 which turned out to have invested in Ponzi schemes rather than equipment. It is understandable, they did the math on equipment and found the rate of return on the Ponzis more to their liking. Then the Ponzis collapsed, they couldn't pay share/bond holders and the only people to avoid scammer tags were none but the most corrupt, if any on that model did indeed avoid tags.
If you do this do it for yourself, your company, or some combination of the two. Once you have the business of mining down and the ASIC market has stabilized would be the time to maybe consider a security.
I'm going to have to disagree, I think this is a great opportunity for you to get started working with the tooling, and begin to get your hands dirty with the technology (apps, tweaking the miners, playing with overclocking, posting on forums, etc.).
I started out just about 3 weeks ago with a couple of 7870 GHz editions that I found on craigslist for $180.00, slapped them into some old HP desktops that I had laying around the office, and got them pulling ~420 MH/s each with minimal heat (running stable @ ~60c).
I also added a 5770 pulling 210 MH/s ($65.00 on craigslist) , and then later a pair of 7970s (1 @ 150.00, 1 @ 300.00 on craigslist) each doing ~600MH/s.
So for an investment of 700.00 over a 3 week period, I'm pulling down ~1850 MH/s, all running at my office under my desk without anyone else in the office even knowing they exist.
I started out just about 3 weeks ago with a couple of 7870 GHz editions that I found on craigslist for $180.00, slapped them into some old HP desktops that I had laying around the office, and got them pulling ~420 MH/s each with minimal heat (running stable @ ~60c).
I also added a 5770 pulling 210 MH/s ($65.00 on craigslist) , and then later a pair of 7970s (1 @ 150.00, 1 @ 300.00 on craigslist) each doing ~600MH/s.
So for an investment of 700.00 over a 3 week period, I'm pulling down ~1850 MH/s, all running at my office under my desk without anyone else in the office even knowing they exist.
Might be decent practice, but it would make a horrible security.
I agree. I would not consider offering this without my boss knowing exactly what is happening and us having the additional space electricity and cooling ability to handle it.
If you are serious consider getting some Asic miners or even Used FPGA miners, rackmounting them is rather trivial and the rest of the servers will thank you for saving them from an early death.
That is what I would like to do with the BTC I raise from an offering on bitfunder. I would like to buy some of the ASICMINER blades as well as placing orders with Butterfly Labs. Then pay out the mined BTC as dividends to shareholders and keep 5%-10% for myself. Once I show that it is making money then my boss will invest some of the company profits into shares to collect BTC dividends.
The problem you run into is that Bitfunder or one of the other exchanges approve it and them???
Mining can be profitable. Mining bonds tend to leave people feeling burned though. Traditional venture capital firms like yCombinator tend to make shitty investments when they move into the BTC space, but They might have some loose money to throw at a mining farm.
Also I haven't checked in a while to see how Avalon is shipping, but I believe the Avalon ASIC units required minimal modification to become rack ready (think the height is 4U).
If you really want to mine something with off the shelf hardware though, at the moment it would be hard to avoid setting up some Radeon 6990s which though hard to find are some hashing beasts. Point them at BTC, LTC, doesn't much matter.
I think bitfunder would approve it. It would be a company and not a bond. As far as I know there are not any companies currently offering a piece of the pie for hosting services as well as mining and the additional hosting services could give us an advantage for buying new hardware over other mining companies. We do currently have a few 7900 series cards but I am more interested in ASIC mining going foward. Any GPU mining would be just to appease shareholders until ASIC miners arrived.
I'm going to have to disagree, I think this is a great opportunity for you to get started working with the tooling, and begin to get your hands dirty with the technology (apps, tweaking the miners, playing with overclocking, posting on forums, etc.).
I started out just about 3 weeks ago with a couple of 7870 GHz editions that I found on craigslist for $180.00, slapped them into some old HP desktops that I had laying around the office, and got them pulling ~420 MH/s each with minimal heat (running stable @ ~60c).
I also added a 5770 pulling 210 MH/s ($65.00 on craigslist) , and then later a pair of 7970s (1 @ 150.00, 1 @ 300.00 on craigslist) each doing ~600MH/s.
So for an investment of 700.00 over a 3 week period, I'm pulling down ~1850 MH/s, all running at my office under my desk without anyone else in the office even knowing they exist.
I started out just about 3 weeks ago with a couple of 7870 GHz editions that I found on craigslist for $180.00, slapped them into some old HP desktops that I had laying around the office, and got them pulling ~420 MH/s each with minimal heat (running stable @ ~60c).
I also added a 5770 pulling 210 MH/s ($65.00 on craigslist) , and then later a pair of 7970s (1 @ 150.00, 1 @ 300.00 on craigslist) each doing ~600MH/s.
So for an investment of 700.00 over a 3 week period, I'm pulling down ~1850 MH/s, all running at my office under my desk without anyone else in the office even knowing they exist.
Might be decent practice, but it would make a horrible security.
If you are serious consider getting some Asic miners or even Used FPGA miners, rackmounting them is rather trivial and the rest of the servers will thank you for saving them from an early death.
That is what I would like to do with the BTC I raise from an offering on bitfunder. I would like to buy some of the ASICMINER blades as well as placing orders with Butterfly Labs. Then pay out the mined BTC as dividends to shareholders and keep 5%-10% for myself. Once I show that it is making money then my boss will invest some of the company profits into shares to collect BTC dividends.
The problem you run into is that Bitfunder or one of the other exchanges approve it and them???
Mining can be profitable. Mining bonds tend to leave people feeling burned though. Traditional venture capital firms like yCombinator tend to make shitty investments when they move into the BTC space, but They might have some loose money to throw at a mining farm.
Also I haven't checked in a while to see how Avalon is shipping, but I believe the Avalon ASIC units required minimal modification to become rack ready (think the height is 4U).
If you really want to mine something with off the shelf hardware though, at the moment it would be hard to avoid setting up some Radeon 6990s which though hard to find are some hashing beasts. Point them at BTC, LTC, doesn't much matter.
If you're just using server CPUs, add my vote to mine LTC instead.
I do not want to have to talk to my boss about LTC after finally convincing him to give some Bitcoin investing a try. I think trying to raise funds to buy a few ASIC miners is the way I want to go. Is it necessary to go through an exchange like bitfunder or do you think I could raise funds on the forum for this?
How much can you offer for remote hosting? (Power available/space/cooling). With the unhousehold friendly BFL mini-rigs cost some people may be interested in hosting off-site if your fees/% take is reasonable. Something in the order of electrical + rent fee and 5% of mining proceeds to cover on-demand management. That's likely to be your lowest cost to generate worthwhile revenue but you need to be able to host and provide cooling for many units to truly entice most bosses I would think....
It is a large server room. It could host more equipment then I would feel comfortable operating and it has air conditioning units setup that were part of the building when we moved in. We are also located in the southwest and pay business electrical rates so it is very cheap. My boss said $0.03 per kwh.
Would anyone be willing to lend me BTC for a listing on bitfunder or another exchange in exchange for shares in the operation or a promise to repay when the IPO sells?
I'll just suggest that you reconsider this mining on the company dime with CPUs or GPUs. CPUs are just going to be plain underpowered and GPUs are probably just going to throw more heat into the server room than the trouble is worth.
If you are serious consider getting some Asic miners or even Used FPGA miners, rackmounting them is rather trivial and the rest of the servers will thank you for saving them from an early death.
I doubt anyone is going to be excited in mining bond investments after last year's drama... Or lending for mining in general... If you need to know why it is time to read MOAR...
I'm going to have to disagree, I think this is a great opportunity for you to get started working with the tooling, and begin to get your hands dirty with the technology (apps, tweaking the miners, playing with overclocking, posting on forums, etc.).
I started out just about 3 weeks ago with a couple of 7870 GHz editions that I found on craigslist for $180.00, slapped them into some old HP desktops that I had laying around the office, and got them pulling ~420 MH/s each with minimal heat (running stable @ ~60c).
I also added a 5770 pulling 210 MH/s ($65.00 on craigslist) , and then later a pair of 7970s (1 @ 150.00, 1 @ 300.00 on craigslist) each doing ~600MH/s.
So for an investment of 700.00 over a 3 week period, I'm pulling down ~1850 MH/s, all running at my office under my desk without anyone else in the office even knowing they exist.
If you are serious consider getting some Asic miners or even Used FPGA miners, rackmounting them is rather trivial and the rest of the servers will thank you for saving them from an early death.
That is what I would like to do with the BTC I raise from an offering on bitfunder. I would like to buy some of the ASICMINER blades as well as placing orders with Butterfly Labs. Then pay out the mined BTC as dividends to shareholders and keep 5%-10% for myself. Once I show that it is making money then my boss will invest some of the company profits into shares to collect BTC dividends.
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