Operating Contract

Returns to members and fees

If equipment maintenance expenses are less than 10%: 10% will be kept for electricity and administration fees.

If equipment maintenance expenses ever accounts for more than 10% of income: electricity fees will be deducted in full from the generated bitcoins before being shared to members. No administrative fees will be accessed.

40% of total bitcoins generated will be reserved for replacement and expansion.

The remaining mined bitcoins will be distributed to members based on contribution.

Repairs and Replacements

40% of generated bitcoins that are kept aside will be kept for: repairs of broken mining equipment if possible and interesting costs-wise, replacement of broken equipment and purchase of new equipment.

Equipment ownership and sale

Equipment is owned by the members. If mining ever becomes worthless (because of major price drop in BTC) and a general motion (51% of votes weighted on a contribution basis) to dismantle the operation is agreed on, selling of the mining equipment with 100% proceeds converted to bitcoins and split among shareholders will be undertaken by Namworld with no sale fees perceived.

Issuing Shares

If shareholders agree (51% of votes weighted on a contribution basis), issuing shares for expending operation will be considered. Overall mining/share should stay the same. However, it may be wise to do so when the Bitcoin price is high and thus buying new equipment would cost less than before.

BTC Mining on GLBSE

Buy or sell your parts in the mining operation.

Important reads

The verbal agreement for BTCMining.ca operation.

Important taxes information and tips.

Information about the BTCMining.ca co-owned mining operation.