Not that it will get a lot better this time with the rates like that Crap I hope it goes up soon.

As long as we have enough funds to get up and running at "13 rigs producing ~12.8 Ghash/sec" again... I don't think it is too much of a stretch to let you start pulling in profit from your shares.

Could you please updated Skepsidyne.com and/or the first post of this thread?

GLBSE will be down this Saturday.

Given the volatility of mtgox and bitcoins in general, I feel better having X shares of powerful hardware than x bitcoins.

I am confident in bitcoins as a currency and a platform/network, but I don't blindly hoard them. I agree that Tawsix could have certainly handled this better and still has the chance to improve... I just think this is one of the worst times to withdraw your in investments into BTC.

Where do you live, Hawaii? Break-even is around $.20/kwh on a decent rig. The days of running a farm with electricity rates that high are over. Liquidate your hardware now.

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.

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:

You said you will only "collect dividends normally once your shares are paid for," which hasn't happened yet.

And from the amended contract you posted at
https://bt.irlbtc.com/view/8167.msg284966#msg284966

Here is my calculation of dividends paid out to other shareholders:
34.235 BTC on June 13, 2011 https://bt.irlbtc.com/view/8167.msg212008#msg212008
35.895 BTC on June 24, 2011 https://bt.irlbtc.com/view/8167.msg273039#msg273039
19.435 BTC on July 5, 2011 https://bt.irlbtc.com/view/8167.msg324962#msg324962
16.235 BTC on July 11, 2011 https://bt.irlbtc.com/view/8167.msg350142#msg350142
22.195 BTC on July 23, 2011 https://bt.irlbtc.com/view/8167.msg390746#msg390746
16.865 BTC on July 27, 2011 https://bt.irlbtc.com/view/8167.msg404918#msg404918
25.76 BTC on August 10, 2011 https://bt.irlbtc.com/view/8167.msg447073#msg447073
16.39 BTC on August 17, 2011 https://bt.irlbtc.com/view/8167.msg464132#msg464132
13.3345 BTC on August 25, 2011 https://bt.irlbtc.com/view/8167.msg480531#msg480531
0.205 BTC on September 3, 2011 https://bt.irlbtc.com/view/8167.msg500715#msg500715
2.245 BTC on September 8, 2011 https://bt.irlbtc.com/view/8167.msg515533#msg515533
(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.

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.

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.

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.