The first Community owned Mining Pool.
Hashrate.org is pleased to announce that it has issued shares on the AE, under the ticker name HRNXTPool (ASSET ID: 17166680677145186899). These shares will be put up for sale for the public starting (at the latest) Aug 1st. This will make it the first community owned Multipool, where anyone can buy some shares and profitwithout ever having to own a piece of mining hardware or ever having to operate a miner.
These shares will entitle the owner of the share to dividends made up of two things:
a) The pool will be implementing a 2% fee as of Aug 1st. Each share will entitle the shareholder to 0.001% of half of that fee. The other 1% will be used to pay for pool operational costs. As of Aug 1st all miners mining on Hashrate.org will be charged the 2% fee.
b) an equal share of the profits of 'community owned pool' (COP) hardware.
Share Distribution
The proceeds of the Community-Owned Pool (COP) IPO are being invested in mining hardware that will be pointed at the pool. A private invester, jl777 has arranged to purchase 60% of the shares of the IPO initially. The pool operator (pf) has also purchasing 5% of the shares of the IPO. 2% of the shares are being given to the NXT Marketing Committee. 1% of the shares are also being given to a community member, RLH, on behalf of the pool operator.
There are 100,000 total shares, of which 60000 belong to jl777, 5000 to pf, 1000 to RLH, and 2000 to the NXT Marketing Committee. The remaining 32000 shares will be issued on the AE starting Aug 1st on a weekly basis (one quarter per week).
Private Mining Pool
The proceeds from the IPO are being used to set up the COP. This will to help boost the pool's hashrate and help increase the amount of BTC that is mined from other altcoins and injected into the NXT ecosystem on a daily basis. This pool is housed in a private colo cage in an established data centre and will consist exclusively of ASIC mining hardware that is the most power efficient (on a W/GH metric) on the market. This will help ensure that the hardware can run for the longest possible time at a profit. No hardware will be ordered at any time that is a pre-order. The pool is already in the process of being built and should begin to come online well ahead of Aug 1st. The plan is also to move the pool directly into the same colo cage, giving it effectively LAN access speeds to the stratum server.
The profits from the COP will initally be split 60% dividend /40% reinvestment (after the operational expenses for the colo facility have been deducted) between paying out a daily dividend and a wallet account reserved for buying additional mining hardware. This will allow the pool to add an additional nearly 2 TH of miners every week, compounding. The COP will be used to mine on the Hashrate pool, and if the COP hashrate exceeds all of the available SHA coins they will be partially used to mine BTC via P2Pool and merge mine all of the available BTC-related SHA coins (such as NMC, DVC, IXC, etc). The right to modify this payout ratio from 60/40 is reserved solely for James (jl777), as the majority shareholder. He may choose at any time to increase the payout percentage, but it will not go below 50%.
Any unsold IPO shares are considered not payable in terms of the dividend. Any proceeds that the pool generates fprior to Aug 1st will be split equally into 68000 parts.
Expected Pool Size
The pool should be in excess of 30TH through the money generated from the IPO. Re-investing 40% of it's own profits will allow the pool to grow at an extremely quick rate. The pool is housed in a tier 1 data centre facility more than capable of handling any amount of growth.
Profitability
Mathematical guarantees are difficult and inaccurate at best. This is not to be considered investment advice. This is not to be considered a traditional investment, but fractional ownership of the assets in question. Most calculations that we have put together equate into the pool being capable of mining just over 7 BTC/week once the remaining 32000 shares have been sold on the AE. 40% reinvestment in additional hardware has 5 42U racks being filled entirely prior to the end of Q3, 2014. The hardware will be used to pay out for as long as SHA cryptocurrencies can be mined profitably using latest-generation ASIC hardware, and as hardware becomes no longer profitable it will be retired from use.
A big thank you goes out to jl777/James, for helping provide me with the means, motive and opportunity (not to mention good advice and inspiration) to make this happen for our community. THANK YOU JAMES!!
Author
Topic: [ANN] Hashrate.org - HRNXTPOOL- Over 1.09 million NXT Dividend so far. (Read 132881 times)