Author Topic: BFTBMining: Diversified Cloud Mining Project  (Read 4862 times)

Offline DrCharles

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BFTBMining: Diversified Cloud Mining Project
« on: June 26, 2015, 06:10:30 PM »
Introducing.... The Bit from the Block Project. The First Managed Mining (Diversified Mining) Option.

Celebrating over 6 months of operation!

https://bitcointalk.org/index.php?topic=851442.0

http://www.bitfromtheblock.com/

http://bitcoinified.net/mining-store/

http://timetominebitcoin.com

The Bit from the Block Mining project was created to provide an alternative managed mining solution that has never been seen before. Acting much like a mutual fund, the BFTB project aggregates mining power form several different cloud mining vendors as well as mining power from project owned hardware and sells it in one package as a diversified, managed, mining solution.

Essentially, project members can purchase mining power in as little increments as 1 gh/s at a time. The a single GH of mining power that is purchased through the BFTB mining project, is backed by mining power from all of the project mining exchanges as well as our hardware.

Taking this approach to cloud mining has several major benefits:

•All BFTB Mining power is diversified. All cloud mining vendors charge different maintenance fees for owning the hashpower in their remote data centers. By owning a single Gh in the BFTB project, you are getting the average maintenance rate of all vendors spread across the market. Some vendors have high fees, and others have very low, so having an average of those maintenance costs is very beneficial.

•Risk Aversion. Having mining power spread across multiple exchanges, and hardware, means that if we run into one bad apple vendors who ends up shutting down or dissappearing with mining power (which has been known to happen) the BFTB project can re-allocate project mining power to a new vendor and continue operations. This flexibility and liquidity is not something you would have if you purchased mining power from a vendor who shut down, in most cases you would lose everything you have with that vendor.

•Economies of Scale. By participating and purchase mining power in the BFTB, not only do you have a safer option in this riskly industry we call mining, but you also may end up with bonus payouts. The way this project is designed, you may purchase 1 gh/s of managed mining power but may end up getting the payouts of 1.5 Gh/s or more. As the project grows and mining power fluctuates between vendors, we have been able to accrue more mining power than shares sold. Rather than cashing out on this mining power and taking profits, we have been reinvesting everything back into the project. Purchasing hashing power in larger quantities allows for greater discounts than regular retail purchases. The BFTB project passes those discounts directly to project members through the form of dividends.

Mining Dividend Generation:
 90% of Gross Mining Revenue* is paid out in Dividends to project members
 10% of Gross Mining Revenue* is reinvested into additional hashing power.

How Can You Join?
 Currently the project is being hosting through the NXT Asset Exchange. The BFTB project started on Coinsortium but after numerous issues and losing the ability to withdraw funds, we moved to the asset exchange as a mid-term solution. The goal is to finish building our own cloud mining website to host project hash power sales as well as a live market feature to trade.

Option 1:
•First Download the Local NXT Desktop Wallet Cliet from the official website here: http://nxt.org/
•Create a Wallet and SAVE THE PASSPHRASE. If you lose the passphrase you will lose access to youy wallet.
•Download the Blockchain. This may take a while depending on your computer.
•Once you have downloaded the Blockchain, click on the "Asset Exchange" Tab on the left hand side.
•Once on the "Asset Echange" tab, in the upper right hand corner of the wallet, click the button "Add Asset".
•Add the BFTB Asset ID. The BFTB Project Asset ID is: 17932033886660099893
•Now fill your new NXT wallet with NXT and you can purchase mining power on the NXT Asset Exchange.

Option 2:
•First Download the Local NXT Desktop Wallet Cliet from the official website here: http://nxt.org/
•Create a Wallet and SAVE THE PASSPHRASE. If you lose the passphrase you will lose access to youy wallet.
•Download the Blockchain. This may take a while depending on your computer.
•Go to http://bitcoinified.net/mining-store/
•At Bitcoinified, you can purchase mining power directly with BTC or XPY. Once you have made a purchase, you must submit your NXT Wallet Address (and public key if you have not made any other NXT transaction yet) to the BFTB project either through PM, on the BFTB forums at http://bitfromtheblock.com/index.php/forum/index or by email to [email protected] and include the Transaction ID of your purchase so we can manually verify reciept of funds.

Options 3:
•Goto: https://wallet.mynxt.info/
•Signup: ONLINE WALLET and SAVE THE PASSPHRASE (no blockchain download needed)
•Click on + Plugin store and purchase "NXT Assets (pro)" for 99 NXT
•Now fill your new NXT wallet with NXT and you can purchase mining power on the NXT Asset Exchange (NXT Assets Pro - BFTBMining)
•Note: Once installed, a plugin will work with all the accounts in your wallet (i.e. you only need to install a plugin once)

How Much Per Gh?

Right now the BFTB is selling Bitcoin mining power at 25 NXT per Gh which is currently around ~.0011 BTC.
 Hashing power can either be purchase on the NXT Asset Exchange at prevailing market rate where purchases have to be made in NXT or at http://bitcoinified.net/mining-store/ where you can purchase with BTC or XPY or LTC (soon). Right now LTC purchases will be processed manually or through ShapShift.io

Mining Power Buyback:
“BftB” retains the right to buy shares without notice on the prevailing market at the prevailing market rate.
 We have no official buy-back policy and use only the current market trading price for valuation.

Disclaimer:
 All investment opportunities come with risk and Bit from the Block “BftB” is no different. Please do your own research and due diligence before investing. We make no promise of returns and every investment carries risk so invest to suit your risk tolerance and invest only what you can afford.
 All shares for sale on this platform are in the form of revenue shares and do not represent any ownership in the company.
 We make no guarantee of results or profitability and want you to fully understand the risk when investing.
 If in doubt Do NOT invest.
« Last Edit: June 26, 2015, 06:17:30 PM by DrCharles »

Offline DrCharles

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #1 on: July 10, 2015, 03:06:53 PM »
Dont forget... unlike most cloud mining opreations, BFTB has the option for project members to liquidate their holding on the open market to anyone willing to purchase your GHs.

Simply go to the "Asset Exchange" tab in your local wallet.
Click on "My Assets" and Select "BFTBMining"
From their, you will have the option to post your mining power for sale on the market at your desired rate.

BFTB has started buying back GH on the open market when certain conditions are met. :)

Offline Sukarti

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #2 on: July 10, 2015, 03:15:58 PM »
Proof of Solvency/Proof of Mining?

Transparency of any sort?

Offline DrCharles

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #3 on: July 10, 2015, 03:38:29 PM »
Proof of Solvency/Proof of Mining?

Transparency of any sort?

Every time a dividend payment is sent, a breakdown of mining revenues is provided on our project forums at www.bitfromtheblock.com

In the next couple of weeks, the BFTB website is due to be re-designed to reflect our mining addresses so all income will be able to be watched on the blockchain. In addition, a micro-datacenter is being built in Charlotte, North Carolina to house our project hardware, nothing massive but enough to support our current operation and pictures will be provided once set up is complete. 

The biggest issue we have now is that the asset was structured on the NXT asset echange without decimal places so dividends have to be accrued until at least 1 NXT per GH can be paid. This was a lapse in foresight on my part because we were in a hurry to make it off the Coinsortium platform before it folded and we lost our project member database.

The goal will be to soon have the whole project run through out own website rather than having to piggy back off of the NXT platform, although so far NXT has been functioning great for us.

Offline DrCharles

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Offline wiggl3r

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #5 on: July 12, 2015, 11:12:47 PM »
wtf is this NXT thing you keep talking about, why cant you just have a BTC address to send to in order to do payments?

Offline DrCharles

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #6 on: July 13, 2015, 12:02:20 PM »
wtf is this NXT thing you keep talking about, why cant you just have a BTC address to send to in order to do payments?

By utilizing the NXT Asset Exchange platform, we have the luxury of operating over a secure platform and being able to issue dividend payments to all members at the same time. In addition to the secure platform and easy dividend payments, the NXT Asst Exchange allows users to buy and sell mining power on the open market so it allows members a place and opportunity to liquidate their holdings should they choose to. Again, all of this over a secure platform without the risk of operating/updating/maintaining our own database for now.

mid-term to longer term goal is to of course have our own secure database powering the project and coming from our website at www.bitfromtheblock.com

The NXT Asset Exchange was chosen because we had to get off of the Coinsortium platform before it folded so it was an emergency decision but it has played out well for BFTB so far.

Offline DrCharles

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #7 on: July 15, 2015, 02:48:10 PM »
Started moving some of the BFTB project miners down to the new Charlotte facility today. I wasnt able to get the truck to move the actually server racks and I was too lazy to break them down to move and have to rebuild them in Charlotte so I just set the first couple miners up on a flimsy fold out table.

Once the server racks, PDU, UPS, additional router and switches get installed we will be fully operational and all remotely hosted on redundant commerical T1 lines with both dedicated central AC and a Tripp Lite 12,000BTU spot cooler for the room. After that, a little time spent on cable management and getting things to look neat and we are good to go for our first small mining facility. There are still (2) more Antminer S5's and (2) more Spondoolies-Tech SP20E's to move down to Charlotte as well as I am also working a deal to acquire one more KnC Titan miner.

Looking a little messy right now but only because I set the miners up during breaks in my corporate sales meeting yesterday :)



Offline wiggl3r

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #8 on: July 15, 2015, 03:48:00 PM »
Super cute little operation, once it becomes more sizable I might consider throwing in some coins.

Keep up the good work, Dr.

Offline DrCharles

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #9 on: July 15, 2015, 04:20:01 PM »
Super cute little operation, once it becomes more sizable I might consider throwing in some coins.

Keep up the good work, Dr.

Great I look forward to having you join the project :) We currently manage just a little over 20 Th/s in BTC mining power coming from a mixture of cloud mining vendors as well as the hardware and averaging about 225 Mh/s for LTC mining coming from the Titan.

As it stands right now, BFTB has enough electrical/cooling capacity to support another ~10 Th/s in hardware (assuming S5's) at the Charlotte facility with a further 10 Th/s capacity outside of the Charlotte facility (my residence).

Although small.... we are legit and I think that is worth far more than most other cloud mining offerings at this point.

Offline DrCharles

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Offline DrCharles

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #11 on: July 20, 2015, 12:42:09 PM »
The BFTB Newsletter plugin is now active in the website. Everyone registered on www.bitfromtheblock.com should be receiving their first test newsletter this morning. Please do not forget to register to receive the weekly project update without needing to visit our project forums.

Offline DrCharles

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #12 on: July 26, 2015, 12:44:53 PM »
Please see the link below for the Week 40 BFTB Mining Project update.

http://bitfromtheblock.com/index.php/forum/project-announcements/877-week-40-project-update

 Best Regards,
 DrCharles

Offline DrCharles

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Re: BFTBMining: Diversified Cloud Mining Project
« Reply #13 on: July 30, 2015, 10:50:14 AM »
Just another reminder... I will be at KeyNote 2015 next week in Los Angeles. It would be cool to meet some project or community members.

http://www.keynote2015.com/

Offline DrCharles

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