I was on Cryptostocks a few weeks ago, and as I was buying some shares of a friend’s offering I ran across BAMMining. I purchased a few shares just to support them and ended up part of a shareholder driven business.
They not only listen to their shareholders but also actively ask for input and feedback in making decisions. These things could just be advice or questions about which ASIC miner they should purchase to which pools and coins to mine. Many claim that they are like this, but BAMM actively involves their shareholders. I found it to be a very good thing and made me want to know more about BAMM. I got in touch with Allen Muhowski and asked him some questions about BAMMining.
Could you tell me how you came up with your company’s name? Also could you tell me a bit about your company such as how and why you started it?
Allen: In 2010, I hooked up with my business partner and my current engineer working in the IT department at a Tech school in our area. When we were “working” we began talking about Bitcoin mining and experimenting a bit and at the time I pretty much dismissed Bitcoin as just something that wasn’t worth the time. In the meantime, we decided to start an MSP with the focus of automation for most of our day to day activities. This allowed for much play time in the back of our shop, and play we did. My engineer stayed pretty consistent on mining the whole time and accumulated a decent amount of BTC. I had been following the Bitcoin movement, and eventually started hobbying into it. At this point, it was nothing more than a hobby and buying and selling GPU’s and other hardware at distributor discounts worked out pretty nicely for us.
Recently, as the ASIC evolution/revolution of Scrypt mining is almost upon us, I decided that we wanted to do more than a hobby into the era. After researching much of the currently unknown companies and appliances, I decided to form B.A.M. Mining – yes I know this is cheesy, but B.A.M. stands for Ben, Al, Mark – my engineer, myself, and my partner.
The Cryptostocks offer is more about spreading short term risk amongst a community that could ultimately benefit long term, and that is the main reason that we chose this route.
Being a new mining company what challenges have you faced and how do plan to keep up with the large demand that the bitcoin community has? What are the advantages your company brings that makes your product better than others?
Mainly, no forum name recognition has been the biggest hurdle. Not even much of an online presence to speak of, except for a couple shitty websites. I think one of the biggest advantages that we will have is that I have a conscience. When shareholders request something be done, or want information, I always try to be quick to respond. This is the same way I run my other businesses. Keeping customers/shareholders happy is the key to success as far as I am concerned.
Allen, could you tell everyone your website and any info you would like to say about the information provided there?
Our website is one of our biggest downfalls as I simply don’t have spare time to spend developing the site. I am working with a friend that has been testing things out in a subdomain, so hopefully, our website can stop being so shitty. But anyway, the website is www.bammine.com, and the forum there provides a lot of good information, discussion, along with access to view our current holdings.
How has Bitcoin changed your life?
As far as changing my life, my slight OCD has pretty much let it consume me on and off. It has opened my eyes to more possibilities, and I end every night by reading through the latest Bitcoin news instead of focusing on the depressing local and national news.
What are your plans for your company that you are ready to speak about now?
The nearsighted focus of BAMM is to acquire ASIC miners for testing, reporting, and hopefully profiting. The long term goal is to build up a decent sized data center with the flexibility that will allow us to maneuver ourselves in whichever direction is needed to profit.
Do you have anything specific you would like to say or add.
Well, I could give you a ton more. In short, I feel that Bitcoin as a commodity is much more valuable than Gold or Oil because 21,000,000 is hard coded. When I hear people tell me that BTC is worthless because it is not real, I reiterate the fact that I would like to see them have one million barrels of oil delivered to their front door.
Could you also tell me about your IPO and how it has gone so far for you?
The IPO has been selling pretty steadily, but not as fast as we wanted it to. I think this has been due to a couple things:
1. My lack of forum identity
2. Whatever is going on behind Cryptostocks/Vicurex
3. All the scams that have been going on past and present.
As far as these things are concerned, the only way to overcome them is to keep moving forward, keep promises that have been made, and just perform.
Talking to Allen has given me an insight into many things. One being the challenge of getting any new business off the ground can be especially difficult.
The second how much having a presence in the crypto currency community is extremely important. Without it, to new or too little and it can make that building process even more difficult.
Their savvy in engaging their shareholder and the community to help guide their decisions is also a smart step as it adds to the knowledge pool from which they can pull.
They have even started selling GPU’s and other gear at lower prices to be able to put more money into their mining operation.
I will occasionally post great deals that I find through our distributors, but for the most part it will work like this:
1. Member finds a product that they want to purchase on Newegg/TD or whatever site.
2. Member forwards link of desired product to firstname.lastname@example.org
3. We look to see if we can get a product for matching price while adding any profit to BAMM capital investment pool.
4. We send info back to Member along with a payment request from Coinbase account.
5. If Member decides to move forward with a purchase from BAMM, they send payment to Coinbase followed by email with delivery instructions.
6. A day or 3 later, Member receives hardware, and profit goes to BAMM fund instead of Newegg.
If you want lists of specific products available, make a request. For instance, I can get a listing of all GPU’s or PSU’s available from different distributors.
Coming up with ideas as this adds several ways to generate income that should help with their bottom line and in turn their investors returns.
I am going to be watching closely BAMM’s development.
Last modified (UTC): April 11, 2014 17:44