https://lh6.googleusercontent.com/-YkWjvHtiAq0/UfmRhyOA_wI/AAAAAAAAGQw/s7a7VT0AnZo/w200-h240-no/hashing+from+the+ashes.png

Fenix. Hashing from the ashes of the infamous Bakewell scam.

A group of four ex-Bakewell shareholders banded together to recover the two Avalon ASIC mining units belonging to shareholders. The units are currently hashing at ~140 GH/s.

This same group has been unanimously voted in by the shareholders to become the advisory board for Fenix. The board's function is to suggest operating strategies for Fenix. Major decisions will be put to a shareholder vote.

The board of Fenix has the vision to become a major Bitcoin mining outfit, to manage the company in a completely ethical and transparent manner, and to do its best to expand the company for the benefit of shareholders.

All current and future Fenix equipment is the property of Fenix shareholders.

Links to the mining pool and addresses of the dividend and growth funds will be posted in this forum thread.


Description

This asset is being listed for the following purposes:

1. As a means of paying dividends from the proceeds of Bitcoin mining.
2. To allow shareholders a way to trade their shares.
3. To facilitate the purchase of additional mining equipment to expand Fenix.

Shares

This asset will begin with 24,000 issued shares.
Each existing Bakewell share can be exchanged for 4 Fenix shares.
Instructions on how to transfer shares have been sent to all known shareholders.
Any Bakewell shareholder who has not yet claimed ownership of shares is welcome to post in this forum thread, and we will contact you with instructions.

Dividend payments

Dividends are paid twice weekly and based on 70% of total mining proceeds from all equipment owned by Fenix minus expenses described below.
A monthly financial report will be posted in this thread.

Expenses

The following expenses will be deducted before dividends are paid:
1. Electricity costs
2. Incidental repairs and replacement costs
3. Any applicable taxes, customs duties or other fees. (Paid)
4. Any unforeseen expenses to maintain efficient operation

Expansion & Growth

30% of mining proceeds after the above expenses have been deducted will be retained for expansion, e.g. purchase of new equipment.
The board may attempt to maximise this growth fund by careful investment, subject to shareholder vote.

Hosting

The mining equipment is hosted for Fenix at a trusted non-US facility.

Voting

As Bitfunder has no voting mechanism, issues for voting will be announced in the forum thread, and voting will be by signed message.

Equipment Liquidation

When the board determines that mining equipment is no longer profitable to use, it will be sold. Sales proceeds will then go into the growth fund. If there is no longer any equipment in current use, the growth fund will be distributed as a final dividend, pending a shareholder vote.