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Author Topic: [ANN] [nXtGen Mining] The next generation of mining!  (Read 119964 times)

GQM

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Introduction
I'd like to first start off by introducing myself. I'm known on most forum sites as GQM but my real name is Ryan Scott which you will soon discover if you journey over to the new site. I want to be as transparent as possible to gain trust within the community.

I originally listed an asset called neXgenMine on the AE last week. I had been following the launch of the AE a couple of days before it went live. I have decided to re-brand as nXtGen Mining and have now setup a website which will be used to update all asset holders. I hope to later integrate the AE directly with the website and may require some help from the community to do this. I know that there are a number of things which need to be developed and I hope to use nXtGen Mining to help in anyway possible.

I'm currently involved in a number of cryptocurrency related projects such as
http://CryptoJeweler.com
http://KnightsoftheSatoshi.com
http://LiberteMining.com
http://LiberteHosting.com

nXtGen Mining

nXtGen Mining offers users the ability to purchase mining assets to generate POS coins by utilizing crypto currency mining revenue to purchase those coins and distribute them through dividends. Currently we offer three asset classes which are listed below. nXtGenGHS & nXtGenKHS both produce NXT as the dividend, where as EnergyGHS produces EnergyCoin as the dividend.

To purchase the asset you will first need to obtain a NXT wallet. You can do so at http://nxt.org/get-started-nxt/download-nxt-software

Once you have your NXT client installed you can create and fund your NXT wallet. To further secure your NXT wallet make one outgoing transaction. Something as simple as registering a name for your NXT account ID or by purchasing some nXtGen Mining Assets ;)

On the left hand side of the wallet you will see a tab called "Asset Exchange" it is here that you will be able to enter the Asset ID's found below and begin trading in a truly P2P manner.

Another solution is to use the web based Asset Exchange which can be found here http://www.secureae.com/

Our YouTube channel contains some great content and tutorial videos to demonstrate visually how to use the Asset Exchange.
nXtGen Mining - YouTube Channel


Asset Information

Account ID: NXT-LQTE-D82C-VKU4-FEPFB

GHS Mining

Asset Name: nXtGenGHS
Asset ID: 9312536843540017349
Value: 1 GHS
Price: 25 NXT ($1/GHS)
http://ghs.nxtmining.com:9332/

KHS Mining

Asset Name: nXtGenKHS
Asset ID: 1875558765015850646
Value: 1 KHS
Price: 0.75 NXT ($0.027/KHS)
http://khs.nxtmining.com:22554/

Energy Mining

Asset Name: EnergyGHS
Asset ID: 964524364158165243
Value: 1 GHS
Price: 25 NXT ($1/GHS)
http://ghs.nxtmining.com:22554/

All GHS & KHS are sold as lifetime contracts

Please read our Terms of Service
« Last Edit: September 15, 2014, 07:51:06 pm by GQM »

nxthing

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Hi!
   What are your plan for this new start-up of your? What do I stand to gain investing on a daily basis plus why should I trust you?

farl4bit

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I will look into it, maybe I will buy some shares. Nice looking website btw!  :)

GQM

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Hi!
   What are your plan for this new start-up of your? What do I stand to gain investing on a daily basis plus why should I trust you?

Hi nxthing,

The plan is to mine both SHA-256 & Scrypt coins on P2Pool using merged mining to maximize returns. The benefit as an asset holder is that I will use the mining profits to purchase NXT. The profits will be calculated weekly and dividends will be paid out every Sunday. This saves you from having to purchase mining equipment and pay with your time and money, for electricity, by doing the mining yourself. Although I myself thoroughly enjoy this I quickly realized that not everyone does and they would rather pay for it as a service. I want to use this as a way to help defend the crypto coin networks well putting value into NXT and making a ROI for the investors. If the fees collected exceed costs I may look at doing contests or giveaways using those extra funds. The facility I have acquired although I do not wish to disclose the location directly, is located in Canada with unimaginably low rates due to a government subsidy. We also constantly upgrade our equipment to get the best $/GHS to keep you mining as long as the NXT community is around and you own your asset.

Is there a way to make an API call which will show all the Account ID's of active asset holders of a particular Asset ID? To avoid asset holders having to pay a fee to send me a message. I have looked though the wiki and only see ways to call active orders. May need to open a new thread in technical discussions for this one :)

For now I will need all asset holders to send a message to my issuing NXT Account ID from the NXT Account they hold the assets. I will need to do manual payouts for now until the system is developed a little further. This means verifying manually you still hold those assets on the payout date.
I can now use a script to pull a list of shareholders at a specific block

Later I will integrate the Cryptsy API or any other exchange used with the website and allow for a completely transparent stats dashboard. Using P2Pool will also allow transparency as all mining revenue is sent directly to a wallet address that can then be verified and its nearly impossible to hide funds. Also the 3% fee will be transparent through the P2Pool API calls which will also be integrated into the dashboard for a better UX. I'm a huge believer in keeping things decentralized and is why I support P2Pool and have now since September 2013 when I began running my own server for personal mining which is the one located at http://pool.nexgenmining.ca

In December I was asked by many newcomers of Bitcoin to host mining equipment for them. It wasn't until January when Ghash almost reached 51% I realized I needed to do something and formed Knights of the Satoshi Ltd. The intent was to defend the network from a 51% attack by offering the public another option in cloud mining. Since then the community has responded in a positive way and there is more competition then ever. I find this a good thing and just like exchanges we need more than one centralized option to buy cloud mining services. Knights of the Satoshi also donates and uses the pool fee to sponsor non-profits.

nXtGen Mining is a little different then Knights of the Satoshi and is offering assets equal to a lifetime contract instead of a fixed term contract. We have developed the resources to now begin offering this and wanted to keep the two business models separate. Through some of the networking I have done I feel confident that we will be able to manage and maintain a profitable venture for both asset holders and ourselves. Our margins although small are going to be mostly kept in NXT coin so nXtGen Mining will succeed as a company as long as NXT continues to prosper, which we believe it will. Due to this fact we will do everything in our power to help the NXT community grow in adoption.

As far as the trust thing I cannot answer that in an unbiased way. What may give you a little more confidence is that I live in Canada and we have very strict laws when it comes to consumer or investor protection, weather it is decentralized or not. I will run this as a company in the most professional way and to the best of my abilities. I don't expect people to trust me overnight but I will do everything I can to remain as transparent as possible and hope to build that trust over time. Trust cannot be bought, only earned.

I hope I answered your questions and if you have anymore from my massive message I'd be glad to answer them :)
« Last Edit: July 18, 2014, 03:01:30 pm by GQM »

GQM

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I will look into it, maybe I will buy some shares. Nice looking website btw!  :)

Hi farl4bit,

Thanks for taking a look at the site. I through it together myself this weekend. Had some time as its the May 24 long weekend here in Canada. Basically just an excuse for us to go up to the cottage and drink some beer :) I feel more productive in that relaxed environment.

Feedback is always welcome and I'm not the best copywriter but that will change overtime when I can have someone reword somethings :)

farl4bit

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Thanks for all the information.

I do think though that your shares of nXtGenKHS are expensive. There are asics's for scrypt coming and they will cost about 750 NXT for 1000 Khs (https://www.mining-asics-technologies.com/product/excalibur-5-asic-scrypt-miner-500-mhs-2-x-250-mhs/). Your company asks 10000 NXT for 1000 Khs.

GQM

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Thanks for all the information.

I do think though that your shares of nXtGenKHS are expensive. There are asics's for scrypt coming and they will cost about 750 NXT for 1000 Khs (https://www.mining-asics-technologies.com/product/excalibur-5-asic-scrypt-miner-500-mhs-2-x-250-mhs/). Your company asks 10000 NXT for 1000 Khs.

I do see your point and we will always look to be as competitive as possible. The trouble is that some of these machines are not expected till Q2/Q3. I have like many others had the delightful experience of dealing with BFL and due to that experience I'm very careful to hedge my investments and not buy from one source. Currently my plan is to start generating revenue within 1-2 weeks with the nXtGenGHS asset and 2-3 weeks with the nXtGenKHS. Due to the device you mentioned and others I don't expect immediate shipment of the units.

Based on the product you mentioned it seems like it is $13,698.00 USD plus shipping and customs/duty which is 13% in Ontario, Canada. That makes the total cost 15704.74 USD for 500 MHS. That makes base cost $0.03140948/KHS which doesn't included yearly expenses. That being said I could possibly sell a future contract for 2-3 NXT currently but the ROI period wouldn't begin for another 2-3 months, would be my estimate, but we all know there is no guarantee on shipping for the most part. Although it has become better with all the competition now.

I would be glad to list a separate asset if there is enough interested from the community to invest into a futures contract but I'm trying to get things up and running as soon as possible because time is money in the mining industry.

Long term we will upgrade the facility with new equipment and liquidate the older gen equipment offering new assets when that happens and keeping the older assets still generating at a profitable rate.

Would love to hear your thought on some of the above statements as we want to offer the best rate of return possible.
« Last Edit: July 18, 2014, 03:09:14 pm by GQM »

farl4bit

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Ok, I understand your point. These asics-builders can sometimes not be trusted. But I do think they will be shipping. I am curious about the total of NXT 1000 Khs is generating in your current setup.

GQM

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Ok, I understand your point. These asics-builders can sometimes not be trusted. But I do think they will be shipping. I am curious about the total of NXT 1000 Khs is generating in your current setup.

Based on current numbers 1000 KHS could bring in 1048.32836 NXT/month but will change overtime and becomes harder to estimate. This is also without the merged mining profits taken into account which although small adds up and every bit helps with the ROI.

I will be lowering the price tonight to 8 NXT/KHS and have 12000 KHS ready for immediate mining. I have acquired some hardware to get things running so that investors can begin seeing a return immediately. I will payout the first dividend this Sunday.

The rigs are currently running at my old server http://ltc.nexgenmining.ca:9327

I'm working on setting up the new servers at http://khs.nxtmining.com & http://ghs.nxtmining.com which will have the merged mining enabled.

« Last Edit: May 20, 2014, 07:30:09 am by GQM »

farl4bit

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Thanks for your reply, how can I profit from the lowering of the fees? I already ordered at 10 NXT.

GQM

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Thanks for your reply, how can I profit from the lowering of the fees? I already ordered at 10 NXT.

I did not know that was you but I have compensated you accordingly. You now own 69 assets. Now that mining is active for nXtGenKHS any new price adjustments will be made for future mining contracts or changes in NXT price.

Thanks for your support :)
« Last Edit: July 18, 2014, 03:10:00 pm by GQM »

farl4bit

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Cool, thanks a lot!

Lagb

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Step 1: Done

Step 2: Done

Step 3: Up to you...    ;D
NXT-CHGW-7472-MB8R-C6SKT

MrV777

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Interesting. 
Too much math to do right now, but it looks like the ROI on nXtGenGHS to be maybe around 90 days.  Anyone else have thoughts or input on this?
If that's decently accurate, I would be willing to try this and buy a little, being a part of this  :)

Edit: For nXtGenKHS I think I'm doing my quick math wrong, because I can't calculate an ROI date...
« Last Edit: May 20, 2014, 01:31:41 pm by mrv777 »
NXT: NXT-BK2J-ZMY4-93UY-8EM9V
NXT nodes: 209.222.98.250, 216.155.128.10

tersagun

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Hello all,

just wondering if it will be only Bitcoin and LTC mining for the 2 rigs? And what does merged mining mean exactly?
Sorry for the obvious (probably) questions but not much familiar with mining in general. Does it mean the rig can mine both at the same time?

And why not mining the "hot" coins like one of those multipools? A Scrypt rig would only be optimal for mining LTC, for instance?

GQM

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Cool, thanks a lot!

No problem at all. I want to be as fair as possible and those who took the risk early shouldn't suffer the small details as things getting running.

I'm very excited for this venture.

Thanks again :)

GQM

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Step 1: Done

Step 2: Done

Step 3: Up to you...    ;D

Awesome thanks for your support. Just out of curiosity which assets did you purchase? I'm looking at using some personal mining gear for the GHS just to get things rolling :)
« Last Edit: July 18, 2014, 03:10:23 pm by GQM »

GQM

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Interesting. 
Too much math to do right now, but it looks like the ROI on nXtGenGHS to be maybe around 90 days.  Anyone else have thoughts or input on this?
If that's decently accurate, I would be willing to try this and buy a little, being a part of this  :)

Edit: For nXtGenKHS I think I'm doing my quick math wrong, because I can't calculate an ROI date...

So one thing that I do want to make clear with mining is that its very hard to predict a ROI as the difficulty of these coins changes at sometimes an unexpected rate. This can affect mining revenue. Its easy to predict a rough monthly ROI but the further you look into the future the more uncertain it becomes. Currently some of the difficulties are plateuing due to some of the prices. If Bitcoin goes over $1000 again this could change as more miners join the network. The important thing in mining is not just mining when its "profitable" but always, if you believe in the technology.

Ex. When I started mining Bitcoin late 2012 I spent only $900 and was mining 1 Bitcoin every day and a half roughly. So after 2 months I had 20 Bitcoins but at that time it was only worth $10-13 a Bitcoin. I continued to mine at a loss and was paying for electricity out of my own pocket, people at work and friends I talked to about it thought I was crazy and said I was wasting my money. Couple months later Bitcoin went to $100 and I had more than doubled my money, if I had sold ;), and exactly 1 year from when I started mining Bitcoin had surpassed $1000. I see mining as a 6-12 month ROI.

My goal it to maximize profits by merge mining to increase revenue. Based on some of the rough math I have done it would take some time to see that ROI but roughly 5-6% per year and that is after the 3% fee is removed and without merged mining revenue taken into account as this is even harder to predict. You also have the ability to sell your assets for market value thus regaining some of your revenue. This is very similar to CEX.io but we are going to be using P2Pool and setting up multiple nodes as we grow to distribute the network and keep it decentralized. Plus most importantly help support the NXT community :)
« Last Edit: July 18, 2014, 03:10:48 pm by GQM »

GQM

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Hello all,

just wondering if it will be only Bitcoin and LTC mining for the 2 rigs? And what does merged mining mean exactly?
Sorry for the obvious (probably) questions but not much familiar with mining in general. Does it mean the rig can mine both at the same time?

And why not mining the "hot" coins like one of those multipools? A Scrypt rig would only be optimal for mining LTC, for instance?

Hi tersagun,

Currently I working on setting up the new servers which will be able to run P2Pool with merged mining enabled. Basically we will have a GHS & KHS pool. Any coins that are SHA-256 and can be merged mined with Bitcoin will be done on the GHS P2Pool and all scrypt coins which can be merged mined will be done on a separate pool.

What merged mining allows us to do is submit the same work to the other blockchains of coins with the same algorithm, most of it won't be accepted but its no extra work so why not do it. Similar to how BitMinter pays out Bitcoin and Namecoin we will be merge mining Bitcoin, Namecoin, Devcoin and a couple others. Scrypt coins have a few more options but this all takes some time to setup as it requires some system resources to do this as you need the client running for each block chain. So I'm now waiting for the blockchain to download on the new servers.

I wanted to start generating dividends for investors so have decided to use my old servers to start mining as they already had the blockchain running and downloaded :)

I've also been in touch with Bliss Devices as they claim they can mine Scrypt-N with their Scrypt ASIC. Lots of options in the markets right now but I'm always weary these days.

GQM

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Thanks for all the information.

I do think though that your shares of nXtGenKHS are expensive. There are asics's for scrypt coming and they will cost about 750 NXT for 1000 Khs (https://www.mining-asics-technologies.com/product/excalibur-5-asic-scrypt-miner-500-mhs-2-x-250-mhs/). Your company asks 10000 NXT for 1000 Khs.

I received an email back from the company today and they stated they are aiming to ship units purchased until the end of this month by August. That probably means late August :) So ROI wouldn't start for at least 3 months and by then difficulty could change making it harder to predict a ROI. If the community wants a futures contract I will gladly sell it at what the community thinks is fair.
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