Quote from: Merribourne on November 06, 2014, 07:59:18 AM

I've had chance to read Mark's book. It's very interesting.

I did ask some questions but I think they have been lost in the thread.

1. Simon, are you buying bitcoin and litecoin at current prices and do you personally own a lot of these coins?
2. How many bitcoins did BanxMining mine in October 2014?
3. If you are moving your mining operations abroad, how long will this take and how long will the mining be offline?
4. What is the get-out plan? If bitcoin continues to decline against the USD to, for argument's sake, $50 then surely you won't be able to mine it profitably so at what point will you call it a day?

Hi Merribourne,

Sorry about that, here are my answers for you.

1. I am buying as much as I can at the moment as it is a great price on BTC, I don't own that much LTC as I prefer to hold BTC personally but then I do do some trading between the two as the markets swing...
2. In October we mined just over 4 BTC but we haven't really started the full mining operation. These are the machines we currently have but as we start to sell more contracts this will obviously increase. Our marketing for BanxMining is about to come online in the next few days so we are about to really start ramping things up. We are currently waiting on a delivery of new machines as well which will ramp up our mining operation.
3. We are aiming for as little downtime as possible as we aren't actually shipping our miners over there but buying new machines to install over there and then will be selling of our machines over here so it should have little effect on the opperations.
4. with regards to that we are also mining alt coins based on which one is the most profitable each day so even if BTC hits a lower price we are still covered by the profitability of the alt coins we are mining. Some of these are SCRYPT and some of them are SHA.

I hope that answers your questions somewhat but feel free to keep asking more. If you head over to banxforum.com then you will be able to ask them in there and the whole team is monitoring the threads in there.

Thanks

Simon