Terraminer Iv - Cryptocurrency Items

Bitcoin Mining Coop

First and fore most; Yes I am new to this board. No I am not new to the ideas of reddit, mining or of a coop.
I was wondering if the members of reddit would be interested in forming a Coop. I just recently started one for another group of friends (no worries, no links or the like here) and it occurred to me to see about one for reddit, given its large user base and number of enthusiasts. What I did before was set up a site with a webstore applet (and a twitter feed, about us sections, rules section, etc) linked to paypal so that a legal chain of custody for the funding was established and recorded (bitcoin transfers being anonymous and all). This also established publicly on the site a set of terms and conditions for the Coop. What we came up with for ground rules were as follows;
Payout % will be based on % of hashing power purchased (in other words if you buy 1/100 of the machines power for yourself, you get 1/100 of the net pay out)
Payouts will take place on the 15th and 30th of each month after mining becomes active
Payouts will be in BTC transfer only, and all members are required to have a Bitcoin wallet address
Hashing power will be sold in blocks of 50 GH/s for the first machine (40 blocks in total)
A 3% upkeep and administration fee will be deducted before payouts take place
25% of total revenue will be reinvested for the purpose of increasing our network power. Members will be given equal stake in new equipment equal to there previous % at no charge.
The network will purchase Terraminer IV machines until/unless something with a better powecost ratio is on the market (these machines currently cost $3/GH before shipping and taxes, approximately $6,800 with shipping and taxes included)
The coop will never forcibly buy out anyone's stake in the network
A network member may request a buyout equal to 4x a normal payout. However they may not do so for the first 6 months of active mining
Mining will begin in April and a twitter account will be set up on behalf of the Coop by its manager so that he can keep everyone updated in a timely manner
Once all the stakes are bought, no new members may "buy in"
Members may not sell their share of the network to any one user to prevent general BS and ill feelings of back alley dealings
If the network should ever receive a request for buy out and do so, that share of the network is to be evenly split among remaining members. Members will not be charged for this and the reinvestment % will be used to conduct all transactions of this nature
So there you have it. These rules can be changed to suit need if anyone has ideas about them or additions they think necessary (just make sure your idea is concise and clear).
Thoughts? Opinions? Feedback?
submitted by Incarsus to BitcoinMining [link] [comments]

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