dividends

[imbiat]

Mar 13, 2014 21:00:03 GMT -6 fasbit said:

Dividends from Pool mining will be as such:

5/7 - Paid Dividends
1/7 - Hardware Allocation
1/7 - Overhead and Profit - Fasbit

All revenue will be posted to Public Wallet.
/fasbit

I like the fee structure you've set up, I have a few shares of FAS and about 3.75 miners worth of GRID. I like the reinvestment in growth and would support throwing another day to growth and hardware on some schedule that you determine. (an extra day every other week or once a month?)

Have you heard about the ghash ltc mining pool giving double rewards for the next 7 days (well 6 and a half now)? That would be about .4 - .5 ltc per day per mhs. They have 0% fee and a single .001 ltc fee for withdrawl. I've been mining with 2 or 3 mhs since 10am ET and I have about .9 ltc already. You have to sign up for a cex.io account to use the ghash.io pool. Let me know if you have any questions if you think it would be a good place to put some of your hash. 

[gmrpr7]

Adding an extra day for hardware growth sounds like a good idea. I'm curious on how people would vote if this proposal were put on cryptostocks, but I'm pretty sure they wouldn't like it. Although that doesn't mean it's a bad idea either.

[fasbit]

Mar 13, 2014 23:18:24 GMT -6 imbiat said:

Mar 13, 2014 21:00:03 GMT -6 fasbit said:

Dividends from Pool mining will be as such:

5/7 - Paid Dividends
1/7 - Hardware Allocation
1/7 - Overhead and Profit - Fasbit

All revenue will be posted to Public Wallet.
/fasbit

I like the fee structure you've set up, I have a few shares of FAS and about 3.75 miners worth of GRID. I like the reinvestment in growth and would support throwing another day to growth and hardware on some schedule that you determine. (an extra day every other week or once a month?)

Have you heard about the ghash ltc mining pool giving double rewards for the next 7 days (well 6 and a half now)? That would be about .4 - .5 ltc per day per mhs. They have 0% fee and a single .001 ltc fee for withdrawl. I've been mining with 2 or 3 mhs since 10am ET and I have about .9 ltc already. You have to sign up for a cex.io account to use the ghash.io pool. Let me know if you have any questions if you think it would be a good place to put some of your hash. 

Yes... I have all of FAS hardware pointed at cex.io.  I set it up about an hour before it started... (their customer service guy owns shares of FAS... so its nice to get the inside scoop early!!!)

[imbiat]

Mar 14, 2014 5:48:44 GMT -6 fasbit said:

Mar 13, 2014 23:18:24 GMT -6 imbiat said:

I like the fee structure you've set up, I have a few shares of FAS and about 3.75 miners worth of GRID. I like the reinvestment in growth and would support throwing another day to growth and hardware on some schedule that you determine. (an extra day every other week or once a month?)

Have you heard about the ghash ltc mining pool giving double rewards for the next 7 days (well 6 and a half now)? That would be about .4 - .5 ltc per day per mhs. They have 0% fee and a single .001 ltc fee for withdrawl. I've been mining with 2 or 3 mhs since 10am ET and I have about .9 ltc already. You have to sign up for a cex.io account to use the ghash.io pool. Let me know if you have any questions if you think it would be a good place to put some of your hash. 

Yes... I have all of FAS hardware pointed at cex.io.  I set it up about an hour before it started... (their customer service guy owns shares of FAS... so its nice to get the inside scoop early!!!)

ghash just updated their payout schedule to reduce the payouts as they get closer to 51% of the ltc network, now they plan to pay 2x rewards as long as the pool is under 40 ghs, 1.25x rewards when the pool is 40-60ghs, and 1x rewards if the pool is over 60 ghs. i may not stay once the pool is well into the 40s, but i'll monitor and come back if it drops below 40.

[fasbit]

yea... what a crock.... if that were the case they should have just capped entry at a set level.... and allow no more into the pool...

[imbiat]

Mar 14, 2014 18:31:38 GMT -6 fasbit said:

yea... what a crock.... if that were the case they should have just capped entry at a set level.... and allow no more into the pool...

they've made it even worse now, only 2x rewards when the pool is under 25ghs, but the pool does seem to be correcting down under it.

[gnarl]

Feb 24, 2014 12:03:34 GMT -6 fasbit said:

I am not opposed to going for high returns, but imagine getting 50 emails from 50 investors who all want me to mine their favorite coin. Even assuming we could come up with a universally agreeable method to pick one coin, and we have enough hash power, it only makes sense to directly mine the wallet and not use a pool, so there are wallet sync and set up issues to deal with and there are currently over 400 alt coins that trade on an exchange somewhere. These are factors to consider because I am not willing to go change the miners more than 1 time per day. If we pick a coin it will need to be mined for 24 hours steady. If the profitability changes quickly, then it wasn't the right coin to mine. Coin hopping is a rough business to be in. But it is probably better suited for the individual at home, not a scrypt farm.

Once a day is plenty, any more than that is like herding cats, and will quickly drive you nuts.

Picking the 4th or 5th most profitable from coinwarz/wheretomine/coinchoose can ride just under the multipool effect and get good returns.

Looking forward to hearing how you're going to set it up.

[debitme]

I have a few questions that pertain to dividend and the reinvestment strategy, as well as hit on some other topics I would like to know about.
1) What is the hashrate of each device? Are we getting ones with upgraded firmware that will allow up to 400 kh/s? What will the total hashrate be of all of the miners? (so that we can estimate our hashrate per share.) I assume we are running in scrypt only mode?
2) What can reasonably be expected to make per day per MH/s with the coin switching strategy that is going to happen? At middlecoin.com, I was making around .03 btc per day for 2.1 MH/s.
3)How long will this operation continue for?
4) How will the reinvestment program work? How much MH/s is expected to be added per week? Will these be more gridseed units bought? Where will they come from? Other group buy?
5) Will you get all of them setup before worrying about shipping for those who want delivery?
6) How much money was converted to USD from the IPO? Was any kept in bitcoin? How much is left over and where is it going?

On a side note, I think the whole day on mining per week for fees is extremely high. I understand it is my decision to invest at what has been presented, and truth be told I will either sell or take my units because the fee is so high, but there were no hints that it would be 1/7th of mining per week prior to this. I understand there are overhead costs, but each unit using less than 10 watts of power doesn't take much, and stands and what not should just be paid back before paying dividends or paid out of the initial IPO. I also believe that you should take some management fees, but after setting these up, they will take basically no extra management, besides the weekly new equipment added. So fees should be taken, but I believe that 1/7th is wayyyy to high, and if they aren't decreased I would urge people to really consider how much of the money is being taken for management. I know at that level I will just manage them myself.
I hope you understand I am not bashing here, I could not find answers to those questions anywhere else so I figured I would ask. I also wanted to address the fees issue as just by a rough calculation, that is roughly 400 dollars a week being taken in management fees.

[fasbit]

Mar 15, 2014 20:53:53 GMT -6 debitme said:

I have a few questions that pertain to dividend and the reinvestment strategy, as well as hit on some other topics I would like to know about.
1) What is the hashrate of each device? Are we getting ones with upgraded firmware that will allow up to 400 kh/s? What will the total hashrate be of all of the miners? (so that we can estimate our hashrate per share.) I assume we are running in scrypt only mode?
2) What can reasonably be expected to make per day per MH/s with the coin switching strategy that is going to happen? At middlecoin.com, I was making around .03 btc per day for 2.1 MH/s.
3)How long will this operation continue for?
4) How will the reinvestment program work? How much MH/s is expected to be added per week? Will these be more gridseed units bought? Where will they come from? Other group buy?
5) Will you get all of them setup before worrying about shipping for those who want delivery?
6) How much money was converted to USD from the IPO? Was any kept in bitcoin? How much is left over and where is it going?

On a side note, I think the whole day on mining per week for fees is extremely high. I understand it is my decision to invest at what has been presented, and truth be told I will either sell or take my units because the fee is so high, but there were no hints that it would be 1/7th of mining per week prior to this. I understand there are overhead costs, but each unit using less than 10 watts of power doesn't take much, and stands and what not should just be paid back before paying dividends or paid out of the initial IPO. I also believe that you should take some management fees, but after setting these up, they will take basically no extra management, besides the weekly new equipment added. So fees should be taken, but I believe that 1/7th is wayyyy to high, and if they aren't decreased I would urge people to really consider how much of the money is being taken for management. I know at that level I will just manage them myself.
I hope you understand I am not bashing here, I could not find answers to those questions anywhere else so I figured I would ask. I also wanted to address the fees issue as just by a rough calculation, that is roughly 400 dollars a week being taken in management fees.

1) > 300kh/s is the basic version.  When I get them I will find out if a firmware update will allow higher rates.
2) > Pool Hash rate will be determined after the pool size known. 
3) > This is a permanent pool.  The idea is to grow the hash rate overtime, to give miners long term revenue.
4) > Can't say how many "mh/s" because I don't know how many will be left in the pool.  I can tell you that 14.25% of revenue will be re-invested to increase hash rate.
5) > Shipping out miners will come first.
6) > None left in BTC.  100% converted to USD.  Balance left over will be used for pool hardware. (USB Hubs, Rack chassis, etc)  
Side Note:  I think 1/7 is low...  The design is to allow people to mine without owning or running the hardware themselves.  If that is not worth 14.25% to you, then you can run the miners yourself.  That option is available to you at no additional cost.  Are you in this for long term (how much did I make this year?)  Pool will be better.  Are you short term? (how much did I make TODAY?) Taking the miners will be better.   The pool will allow your share of hashrate to increase overtime.
### EDIT - As far as your calculations on how much the mgmt fees are: If one half of the miners stay in the pool (100 miners) our hash rate will be 30mh/s at $4.25/day/1mhs that equals about $900/wk in revenue and mgmt fees of $128.50 for the week.   

 

[debitme]

I appreciate you taking the time to answer and put your input in, and to address it professionally, all too often the hard questions get asked and operators resort to defamation instead of professionality. I am a pretty large stakeholder in this operation, and constantly have orders in for more shares, and you may have convinced me to keep my miners in the pool with that statement. I have not made up my mind yet, mostly because I personally think the fee is high, but I like what you are doing.

P.S. I am just a couple of hours north of you in Kansas City won some good btc betting on Iowa State to win the Big 12 tournament tonight.

[gmrpr7]

Electricity costs vary in every state. I would actually only make about $5 a day extra by mining myself because electricity is double in LA. In my case Fasbit is actually doing me a huge big favor. The gold gridseeds are the newest version (the old version had a red heatsink). They run anywhere from 300 to 350 KHs because ASICS tend to vary widely in performance. Also profit is very hard to calculate due to market conditions and coin profit volatility (ie multipools).

P.S. debitme: My bro is moving to Kansas City (Kansas, not Missouri)! I'm gonna go visit fasbit's operation someday. You should too.

[galvin]

gridasics.proboards.com/post/215
Based on this post it sounded like when round 2 starts, our current shares will be liquidated into miners. This is no longer the case?

[fasbit]

Mar 16, 2014 11:00:07 GMT -6 galvin said:

gridasics.proboards.com/post/215
Based on this post it sounded like when round 2 starts, our current shares will be liquidated into miners. This is no longer the case?

If you own shares, and don't take the miners, then you will always own the shares. You can sell them or keep them. Im not sure what you mean about liquidating the shares since only YOU can liquidate the shares.

[gmrpr7]

I'm starting to think we should just dump Coinwarz and just mine whatever @btc_Girl is recommending on twitter. She has crazy good luck or powerful influence in the market. I turned .08 BTC into .750 BTC on Spaincoin. @jebus911 and @asplinux are also good at tweeting before bubbles. If anything some kind of investment fund sponsored by fasbit could take advantage of this someday. Just an idea.

Kinda joking, but kinda not.

[imbiat]

Mar 15, 2014 20:53:53 GMT -6 debitme said:

I have a few questions that pertain to dividend and the reinvestment strategy, as well as hit on some other topics I would like to know about.
1) What is the hashrate of each device? Are we getting ones with upgraded firmware that will allow up to 400 kh/s? What will the total hashrate be of all of the miners? (so that we can estimate our hashrate per share.) I assume we are running in scrypt only mode?
2) What can reasonably be expected to make per day per MH/s with the coin switching strategy that is going to happen? At middlecoin.com, I was making around .03 btc per day for 2.1 MH/s.
3)How long will this operation continue for?
4) How will the reinvestment program work? How much MH/s is expected to be added per week? Will these be more gridseed units bought? Where will they come from? Other group buy?
5) Will you get all of them setup before worrying about shipping for those who want delivery?
6) How much money was converted to USD from the IPO? Was any kept in bitcoin? How much is left over and where is it going?

On a side note, I think the whole day on mining per week for fees is extremely high. I understand it is my decision to invest at what has been presented, and truth be told I will either sell or take my units because the fee is so high, but there were no hints that it would be 1/7th of mining per week prior to this. I understand there are overhead costs, but each unit using less than 10 watts of power doesn't take much, and stands and what not should just be paid back before paying dividends or paid out of the initial IPO. I also believe that you should take some management fees, but after setting these up, they will take basically no extra management, besides the weekly new equipment added. So fees should be taken, but I believe that 1/7th is wayyyy to high, and if they aren't decreased I would urge people to really consider how much of the money is being taken for management. I know at that level I will just manage them myself.
I hope you understand I am not bashing here, I could not find answers to those questions anywhere else so I figured I would ask. I also wanted to address the fees issue as just by a rough calculation, that is roughly 400 dollars a week being taken in management fees.

Good questions and I'm glad to see answers but I feel you are being misleading in #2. You were making .03 btc per day for 2.1 MH/s on middlecoin a while ago, but not this month, altcoin pools (clevermining, wafflepool, and hashcows included) have been averaging much closer to .0085 per MH/s per day for the last month and it has been closer to .006 - .007 per MH/s per day for the last few weeks. 

I don't think we can ask for a target amount of profit, I'm sure that Fasbit will try their best to make the best profit they can, to maximize the % they get for overhead and running the pool.

I do not think the fee is too high since this to will be managed for me, including the growth. I have a fair share on this project as well and plan to leave my miners in the pool. I just don't have extra room to setup more miners even as small as these are.