Realtime


Trading has been permanently frozen for the site wind down.


Trading has been frozen on this asset by the asset issuer.

BFMINES  operated by bfassets since Jul, 7 2013  

Outstanding Last 24h 24h Avg 24h 24h Vol 7d 7d Avg 7d 30d 30d Avg 30d Tot Vol Mkt Cap Score
38272 2@0.0008 -- -- -- -- -- -- -- 0.00031 0.00031 0.0008 267 0 1    (1/0)



Outstanding Last 24h 24h Avg 24h 24h Vol 7d 7d Avg 7d 30d 30d Avg 30d Tot Vol Mkt Cap Score
38272 2@0.0008 -- -- -- -- -- -- -- 0.00031 0.00031 0.0008 267 0 1    (1/0)

CALL Options Available For Purchase
(an option to purchase shares)
Option ID Expiration Qty Strike Premium/ea Cost/ea
None available...

PUT Options Available For Purchase
(an option to sell shares)
Option ID Expiration Qty Strike Premium/ea Proceeds/ea
None available...


Trade History
Date Type Quantity Price Total
2013-10-06 13:09:59 Market Buy 2 ฿ 0.0008 ฿ 0.0016
2013-10-05 02:20:52 Market Sell 126 ฿ 0.00031 ฿ 0.03906
2013-10-03 22:59:06 Market Sell 244 ฿ 0.00031 ฿ 0.07564
2013-10-01 13:14:15 Market Sell 382 ฿ 0.00055 ฿ 0.2101
2013-10-01 13:14:14 Market Sell 60 ฿ 0.0006 ฿ 0.036
2013-10-01 08:17:54 Market Sell 50 ฿ 0.0006001 ฿ 0.030005
2013-10-01 08:17:53 Market Sell 22 ฿ 0.0006003 ฿ 0.0132066
2013-10-01 08:17:52 Market Sell 512 ฿ 0.0006004 ฿ 0.3074048
2013-10-01 06:09:40 Market Sell 15 ฿ 0.0006003 ฿ 0.0090045
2013-10-01 06:08:47 Market Sell 35 ฿ 0.0006004 ฿ 0.021014
2013-10-01 03:02:54 Market Sell 5 ฿ 0.0006004 ฿ 0.003002
2013-09-30 13:37:30 Market Buy 400 ฿ 0.001469 ฿ 0.5876
2013-09-30 13:19:23 Market Sell 40 ฿ 0.001 ฿ 0.04
2013-09-30 06:30:12 Market Sell 25 ฿ 0.000602 ฿ 0.01505
2013-09-30 04:46:11 Market Sell 2 ฿ 0.000602 ฿ 0.001204
2013-09-30 04:46:10 Market Sell 2 ฿ 0.000603 ฿ 0.001206
2013-09-28 18:43:46 Market Sell 90 ฿ 0.001 ฿ 0.09
2013-09-28 18:43:35 Market Sell 1102 ฿ 0.001002 ฿ 1.104204
2013-09-28 18:40:06 Market Sell 4 ฿ 0.001001 ฿ 0.004004
2013-09-27 10:50:31 Market Buy 390 ฿ 0.001879 ฿ 0.73281


Dividend History
Date Total BTC Shares BTC/Share Status



BFMines public trading halt Posted: 7 years ago

As previously announced, due to BTCT trading halt tomorrow, public trading of BFMines has now stopped.

If you are still one of very few contract holders that have not yet set your public withdrawal address, please do so immediately.

Pending final decision on viability of publicly trading contracts on another exchange, the primary source of information will be the web pages at http://bfmines.com/. I will also send out emails to contract holders on the address provided on your BTCT account on important updates, but consider the web pages as the primary source of information.

.b

 


TRADING HALTED ON BFMINES Posted: 7 years ago
TRADING HAS BEEN HALTED ON BFMINES BY THE ISSUER.

Update Regarding Exchange Closure Posted: 7 years ago

As announced, BTCT, the current trading site for BFMines, has decided to shut its doors shortly.

Please read carefully, you need to do one specific action.

BFMines' primary purpose is not to be a trading vehicle but a mining contract. As such, the closure of a certain trading platform does not impact the primary operation of the contracts.

BFMines will continue to operate, expecting delivery of the first miner very shortly. Once the miners arrive, you will receive dividends as planned.

To accomodate continued operation, you need to update your profile and set your public withdrawal address. To do so, log in to BTCT and go to your profile.

Trading on BTCT will stop on October 7 on BTCT. 24 hours in advance, on October 6 2013, I will halt trading on BFMines on BTCT. I will also investigate whether public trading on a different exchange will make sense, or whether private listing is a better option.

One temporary change will happen as a result of this. BTCT offered a feature to schedule dividend payments into the future. When this feature disappears with the site, I will change the payout to pay in advance each difficulty period based on a 10 day difficulty period. Any remaining time in the difficulty period will be paid out next period. Any surplus dividends paid will be deducted from the next period.

This will only mean you get dividends sooner, so it is to the benefit of contract holders only. This is a temporary measure until I can find a solutoin to paying daily dividends. The advance payments will come from the operator's funds so will not affect the surplus capacity funds.

Until the future trading of BFMines is clarified, no further IPO contracts will be available for purchase.

Thank you for your patience and understanding in this transition. Do not hesitate to ask questions in the forum if you have them.

.b

 


Upcoming Statement on BTCT Closure Posted: 7 years ago

As you may likely have heard, BTCT has decided to close its doors shortly.

I will make a statement about this within a couple of days, but pending that, please refer to the statement made previously regarding a then potential closure of BTCT.

https://bitcointalk.org/index.php?topic=236310.msg2803879#msg2803879

I will leave trading open for now and announce any trading halts with a 24 hour notice. However, I will not release the unsold IPO shares to the market until the upcoming statement is public.

.b


Updated Contract Posted: 7 years ago

As previously announced, I have now posted the updated contract with the revised terms.

These terms are clarifications on intents of the initial contract and are solely to the benefit of contract holders. No negative comments have been received, neither directly nor in the public forum.

The major changes are as follows:

  1. Surplus mining capacity will always go to the benefit of contract holders, also after the bonus period.
  2. Backing of the contracts will have no less than 20% additional mining power.
  3. Minimum revenue guarantee removes miner's bad luck.
  4. Added explicit mention of transaction fees, which are included in dividends

The contract has been posted on the BFMines public pages on http://bfmines.com/contract and should be updated on the BTCT page as soon as possible.

Pending the update on the BTCT pages and to avoid any speculation about modification of the contract, I have also created a screenshot of the contract page here:

http://i.imgur.com/OAOFeVX.jpg

Finally, by request, I have also set up a newsletter for the public. If you'd like to get information from BFAssets directly in your inbox, you can sign up here:

http://bfmines.com/newsletter/

The newsletter will be free, open to anyone, and get updates around the same time news is posted on BTCT and the web pages.

.b


Two Weeks - Mining Start on Schedule Posted: 7 years ago

Today, Metabank has received the chips from Bitfury to start building the first miners used to back BFMines. According to an update from one of their customers, there are some issues with getting power supply units, but Metabank still expects to ship miners within two weeks.

And yes, I realize the jinx of 'Two Weeks' statements.

Based on this, however, it is reasonable and ever more likely for BFMines to get our equipment as per the schedule. Even if Metabank is delayed, our schedule calls for mining start in September, and it seems ever more likely that we'll get up and running well before that deadline.

In the event that Metabank ships as fast as they are saying and mining begins within just over two weeks from now, I am expediting the updates to the contract. If you have not seen the pending changes to the contract, I encourage you to visit the forums to read those updates as well as post questions or comments you may have.

The final version of the updated contract will be posted on August 5 to be added to the contracts page on BTCT effective immediately after that date.


Update on Upcoming Contract Changes Posted: 7 years ago

As previously announced, I'm working on adding improvements to the BFMines contract to include clarifications on transaction fees, a guaranteed minimum revenue clause (to cancel miner's bad luck and service interruptions), clarify that surplus mining capacity will benefit contract holders, and other undisclosed improvements.

I have posted a longer and more detailed update on how several of these changes are progressing.

https://bitcointalk.org/index.php?topic=236310.msg2776823#msg2776823

As a contract holder, you should review the changes and post and questions or concerns you may have. Feel free to post any comments or questions in the thread or email me on the address shown on the Details page.

As a potential investor, you may want to review these changes to understand how and why BFMines contracts are a better investment than PMB-style investments. I have also written an article to describe exactly why BFMines offers a better investment choice than PMB-style assets:

http://coin.furuknap.net/why-bfmines-is-a-better-mining-investment-than-a-pmb/

.b


Contract Update Posted: 7 years ago

As per the previous announcement, BFMines has posted a motion to update the contract. In brief, this update includes the issuer’s ability to update the contract when those updates benefit contract holders only, it rebrands the asset as a mining contract rather than a mining bond, and also removes Metabank as the named hardware provider.

The motion has passed without a single No-vote (21251 Yes votes, 6 Abstain votes), and is thus to be updated on the BTCT site. The new contract will be effective as soon as BTCT updates it, which is a manual process.

The purpose behind the update is to make it possible to improve the terms of the contract. On writing, I was more concerned with protecting contract holders and in the process locked myself out from making the terms better.

I encourage contract holders, potential or existing, to review the discussion on the changes in the forum.

https://bitcointalk.org/index.php?topic=236310.msg2692532#msg2692532

This discussion also contains details about the upcoming intended changes, including:

  • Guarantee of minimum mining performance to cancel the effect of miner’s bad luck while retaining the chance to miner’s good luck
    This will have a positive impact on dividends of on average half the miner’s luck variance (5-10%)
  • Clarification on inclusion of transaction fees in the dividend payouts (whereas a PMB pays from a fixed forumla using the block reward only)
    This will have a positive impact on dividends equivalent to the transaction fees, currently around 1.1%
  • Clarification on the use of the excess mining power, which is to be to the benefit of the contract holders, not the operator.
    Although not directly paid out, this will have a positive impact on the stability, security, and longevity of the contracts, and will in some form or another go back to the contract holders.

I would also like to stress that any changes that are not, without a reasonable doubt, in the favor of contract holders will be accompanied by a buy-back offer as per the contract.

I have also published an article that better explains why BFMines is a better investment than traditional PMB assets.

http://coin.furuknap.net/why-bfmines-is-a-better-mining-investment-than-a-pmb/

.b


Motion posted on BFMINES: Motion to Update Contract Posted: 7 years ago
A new motion has been posted on BFMINES at: https://btct.co/security/BFMINES You should probably check it out. Don't waste your vote!

Motion to Update Contract Posted: 7 years ago

I will be posting a motion to update the BFMines contract today. The changes to the contract are done for a few reasons.

Technically, no motion is required as contracts to not have voting rights. However, I wish to include contract holders in the decision process.

The updated contract is shown on the BFMines home page at http://bfmines.com/contract/

In summary, the changes are the following:

  1. New Clause for Further Changes
    I'm introducing a new clause for implementing contract changes in the future. The clause will allow me to change the contract unilaterally only if those changes are to the reasonably perceived benefit of contract holders or are of no consequence (such as a name change, spelling corrections, and so on). If changes are required that are not to the benefit of contract holders, changes must be accompanied by an offer of a buy-back as per the terms in the contract.
  2. Rebranding as a Mining Contract
    Although I took care to explain mining bonds as part of the contract, it is apparent that not everyone has understood the differences between a traditional PMB and BFMines. As such, I have removed references to PMB and bonds in the contract, to be replaced with the term mining contract. To elaborate on the differences, I have written an article and I ask you to review that before casting your vote.
    http://coin.furuknap.net/comparing-bitcoin-mining-contracts-and-mining-bonds/
  3. Removal of Named Hardware Provider
    The initial contract stated Metabank as the hardware provider. However, to allow for replacement providers in case of issues with Metabank and to support future expansions as per the contract, I have removed the reference to Metabank and replaced it with a general reference to hardware.

No other major changes are done at this time, but changes that benefit contract holders are in the planning stages.

Although BFAssets is still the majority share holder, I will not trumph these changes. However, my recommendation is that you vote Yes to approve these changes.

.b


BFMINES: Motion YES: 21251 - NO: 0 - ABSTAIN: 6 - OUTSTANDING: 33399 (21251/33393 = 63.6% Approval)
Title Motion to Update Contract
Voting Dates Begins: 2013-07-09 20:36:00 (GMT)    Ends: 2013-07-14 07:00:00 (GMT)
Motion

This is a motion to update the BFMines contract. The changes to the contract are done for a few reasons.

Technically, no motion is required as contracts to not have voting rights. However, I wish to include contract holders in the decision process.

The updated contract is shown on the BFMines home page at http://bfmines.com/contract/

In summary, the changes are the following:

  1. New Clause for Further Changes
    I'm introducing a new clause for implementing contract changes in the future. The clause will allow me to change the contract unilaterally only if those changes are to the reasonably perceived benefit of contract holders or are of no consequence (such as a name change, spelling corrections, and so on). If changes are required that are not to the benefit of contract holders, changes must be accompanied by an offer of a buy-back as per the terms in the contract.
  2. Rebranding as a Mining Contract
    Although I took care to explain mining bonds as part of the contract, it is apparent that not everyone has understood the differences between a traditional PMB and BFMines. As such, I have removed references to PMB and bonds in the contract, to be replaced with the term mining contract. To elaborate on the differences, I have written an article and I ask you to review that before casting your vote.
    http://coin.furuknap.net/comparing-bitcoin-mining-contracts-and-mining-bonds/
  3. Removal of Named Hardware Provider
    The initial contract stated Metabank as the hardware provider. However, to allow for replacement providers in case of issues with Metabank and to support future expansions as per the contract, I have removed the reference to Metabank and replaced it with a general reference to hardware.

No other major changes are done at this time, but changes that benefit contract holders are in the planning stages.

Although BFAssets is still the majority share holder, I will not trumph these changes. However, my recommendation is that you vote Yes to approve these changes.

.b


Contract & Prospectus
Locked! This asset has been locked by the Asset Issuer.
Ticker MINING CONTRACT: BFMINES
Moderator Score 1  (1/0)
Moderator Votes YES 1 / 0 NO    (1 ABSTAINING -- Users with 10 or more shares of LTC-GLOBAL are allowed to vote.)

Anonymous voted ABSTAIN with comment: Bonds of this nature may easily never return principle.
Shares Outstanding 38272 / 100000 Issued
Issuer bfassets <furuknap+bfassets@gmail.com>
Website http://bfmines.com/
Forum https://bitcointalk.org/index.php?topic=236310
Issuer Detail

BFMines is operated by:

Bjørn Furuknap

Cariari, San Jose, Costa Rica

furuknap+bfmines@gmail.com


Bjørn Furuknap is a well-known author, SharePoint expert, and Bitcoin investor and commentator. He has previously run and operated several successful (and some unsuccessful) businesses across a wide range of disciplines. With over 20 books and journals published both in print and eBook formats, hundreds of articles in numerous online and offline publications, as well as a track record of provactive but accurate commentaries, Furuknap has gained a reputation for brutal honesty often in the face of popular opinion.

References and Web Presence:

Professional Services Website: http://furuknap.net/

Cyrptocoin blog: http://coin.furuknap.net/

SharePoint blog: http://blog.furuknap.net/

Assortment of books published: http://uspjournal.com/

Facebook Profile: http://facebook.com/furuknap

Twitter: http://twitter.com/furuknap

Contract

Overview

BFMines is a perpetual mining bond (PMB) mining contract backed by physical hardware. The contract pays a dividend equivalent to 1 megahashes per second (mh/s) of mining power.

Note: The initial term used for this type of asset was perpetual mining bond, but as the term is somewhat misleading, I have rebranded it as a mining contract.

Please read the following article to understand what mining contracts are:

http://coin.furuknap.net/understanding-mining-bonds/

In summary, however, please note the following:

  1. This is a mining contract, not a share in a company. You receive no voting rights and no other income than the stated dividend.
  2. The mining contract is perpetual, which means it will continue to generate dividend until terminated following one of the below conditions. There is no defined termination date of the contract.
  3. The mining contract pays the equivalent of income from 1 mh/s. Any excess payments not explicitly stated in this contract is solely at the discretion of the operator and should not be expected.

A total of 100,000 contracts will be issued backed by no less than 120 GH/s of mining power. The excess mining power will be held in reserve to account for operational cost, hardware failure, or other problems. Revenue from the excess mining power will not be paid out to contract holders.

Each contract pays exactly 100% of 1mh/s of BTC mining power. All expenses related to the operation will be carried by the operator.

Changes to Contract

This contract may be updated at any time by the operator if it is to the reasonably undeniable benefit or of no consequence to contract holders. Changes that do not work in favor of existing contracts may be implemented only if the changes are accompanied by an offer to buy back contracts at the terms specified in this contract.

Operation and Buyback

The mine will operate perpetually and pay daily dividends, to be scheduled at or around the time of difficulty changes.

The term perpetual is unlikely for practical reasons, and as such, there exists provisions to close the contracts for one of the following reasons:

  1. The operator becomes incapable of operating the contracts over an extended period
  2. The overhead of operating the contracts becomes greater than its profits
  3. Permanent and irreparable damage to hardware
  4. The operator must close the contract for other reasons

If the contract must close for any of the above reasons, the operator or a duly appointed representative, in case the operator is permanently unavailable, can buy back contracts at no less than 110% of the average trading price at BTCT over the previous 7 (seven) days.

Please note that this buy-back is a right of the operator, not a duty. Any buy-back is solely at the discretion of the operator.

In any case of permanent and irreparable damage to hardware, the operator will pursue any means available to replace hardware as quickly as possible at no cost to contract holders. However, if replacement hardware cannot be obtained at reasonable costs, the operator may choose to suspend operation and dividends and start liquidation of the contract as explained above.

Pre-Release Terms:

Please note that these terms apply only until the mining hardware has been delivered. Upon delivery, these terms will be removed from the contract.

The contracts are backed by miners that have yet to be released. The scheduled release is September 2013.

All funds received as part of the IPO process at BTC Trading Corporation (BTCT) will be held in escrow until said mining hardware is delivered and made operational (the release date). In case the mining hardware fails completely, all funds will be repaid fully at the listing price of 0.004BTC/bond.

No dividends will be paid until delivery. On the release date, the IPO funds will be released from escrow.

Upon delivery, any excess capacity from the mining hardware will be used to pay contract holders additional dividends for six months. The additional dividends is intended to compensate contract holders for not receiving dividends until the mining hardware has been delivered.

Expansion of Operation

This contract will always be backed by real mining hardware or equivalent mining assets. In case of expansion of the contracts, those contracts will be offered at a rate not lower than the lowest trading price at BTCT over the previous 30 days. Any expansion will be backed by mining hardware or mining assets.

Caveats

Please be aware of the following before investing:

A mining contract decreases in value as Bitcoin mining difficulty climbs. The biggest return on investment will happen early in the contract’s existence and gradually decline as the Bitcoin mining climbs.

Mining contracts are not shares, they are effectively contracts where the mining operator mines bitcoin on your behalf, to be rewarded in dividends based on mining power. The price paid for a mining contract will under normal circumstances not be repaid so your sole income will be from the dividend paid daily.

Due to the buy-back clause of this contract, please be careful of paying too much for this mining contract, especially when there are sudden price spikes. The operator may choose to buy back contracts at 110% of trading price so if you pay more than this, you may theoretically lose anything you pay above that.

Pre-release only (will be removed once mining hardware is operational): This contract does not pay dividends until the release date. To compensate for this, the first six months of operation will give approximately 20% higher dividends depending on the final performance of the miner. In case the hardware fails completely, the contracts will be repaid for 0.004 BTC per bond.

Executive Summary

BFMines is a perpetual mining bond (PMB) backed by ASIC miners from Metabank. The bond pays a coupon/dividend equivalent to 1 megahash per second (mh/s) of mining power.

The listing price of each bond is 0.004BTC.

Please read the following article to understand how perpetual mining bonds are:

http://coin.furuknap.net/understanding-mining-bonds/

In summary, however, please note the following:

  1. The term bond is somewhat misleading because the debt never matures and it does not have a face value as such. It may be better to think of this as a mining contract but the term perpetual mining bond is understood in the mining community as having this particular behavior.
  2. This is a perpetual mining bond, not a share in a company. You receive no voting rights and no other income than the stated coupon/dividend.
  3. The mining bond is perpetual, which means it will continue to generate coupon/dividend until terminated following one of the below conditions. There is no defined repayment date of the bond.
  4. The mining bond pays the equivalent of income from 1 mh/s. Any excess payments not explicitly stated in this contract is solely at the discretion of the operator and should not be expected.

A total of 100,000 bonds will be issued backed by no less than 120 GH/s of mining power. The excess mining power will be held in reserve to account for operational cost, hardware failure, or other problems. Revenue from the excess mining power will not be paid out to bond holders.

Each bond pays exactly 100% of 1mh/s of BTC mining power. All expenses related to the operation will be carried by the operator.

Business Description

Perpetual mining bonds (PMBs) are a way for investors to be involved in mining without having the added hassle of operating their own mining equipment. A PMB pays dividends or coupons measured in rate of hashing power rather than a fixed percentage.

PMBs are great for non-technical investors or other investors who does not want to bear the risk of hardware failure or operational issues, deal with vendor support, or learn the intricacies of running and optimizing the software and hardware.

This particular PMB follows a standard pattern common to many mines, but is priced initially at a lower price than competing bonds. In addition, the asset has initially an added bonus for investors due to not starting operations until well after the IPO.

Finally, the funds from this asset are held in escrow until the mining hardware is operational to further secure your investments from any potential issues.

There is also an optional buy-back clause that will protect your investment in case of critical failure, and although every effort will be made to secure continued operation, please note that this buy-back clause is optional to the operator.

Definition of the Market

Bitcoin mining is a rapidly growing venture and a multi-million dollar business. Mining operators buy or build specialized hardware that solves cryptographically difficult problems to verify transactional data on the Bitcoin network. For solving these problems and thus ensuring transactions are safely conducted, miners receive rewards both in terms of a block reward and any transaction fees.

For investors that do not want to operate their own mining equipment, buying mining bonds is the next alternative. Mining bonds give investors a fixed mining rate and pay investors coupons or dividends based on this rate.

The market is growing rapidly as more people want to get involved with mining. For investors looking to sell their mining bonds, buyers will want to pay a pro-rated price based on the expected lifetime revenue of the bond. However, in a liquid market, bonds are easily tradable and may even rise in value under certain conditions.

Please note that valuation of mining bonds is a speculation in Bitcoin mining difficulty, which is exceedingly difficult to predict. Even though difficulty may rise sharply at certain times, it may also flatten out or even drop if buying and operating hardware becomes less profitable.

At any time, however, the bond will retain its coupon/dividend payments, so a mining bond will never lose all its value.

Products and Services

BFMines offers no other products and services.

The asset operator offers professional services in other disciplines.

Organization and Management

The mining hardware is hosted and operated by dedicated personnel who have extensive mining operation experience and hosting location suited for the task.

The asset operator, Bjørn Furuknap, is ultimately responsible for the operation of the mine and the asset. Please read the details of this asset for more information about the asset operator.

The asset operator has made provisions to ensure the continued operation of the asset in case of permanent unavailability. These provisions include making a last will and testament that contains instructions for continuing the operation or termination of the asset. These instructions are made available to an independent entity that will disclose them to competent personnel for execution.

However, the mining hardware is not operated directly by the asset operator, so in case of the demise of the asset operator, the mining hardware will continue to operate until a replacement has been found or the asset has been terminated.

Marketing Strategy

Marketing of this bond will be done through the official web pages and other social media channels, including but not limited to Facebook, Twitter, Reddit, Bitcoin-related forums, and through BTCT.

After all bonds have been sold, no further marketing will be done.

Financial Management

The bond has a simple payment plan that does not include financial details. The bond pays the equivalent of 1mh/s mining power as coupon/dividend.

No future predictions about the Bitcoin mining difficulty are made by the asset operator.

Pre-Release Only (will be removed after the release date): During the first six months after rlease date, the operator will publish monthly reports on the revenue from the excess mining hardware capacity.


ʡ = Recent Notification or Pending Motion, ʬ = Recent Contract or Prospectus Change