Bitcoin Forum

UPDATE 5:00AM CST

Changed the Hashrate to reflect KnCminer's upgrade in the hashing capabilities of the boards. This means instead of 5 GH/s when this group buy began, or 5.77 GH/s when it was last updated, everyone will be getting 7.1 GH/s on each of their shares. Also, we miscalculated the price, but when I paid using BitPay for the first 4 systems (the only ones that are for users of this group buy) the price of BTC on BTC-e was slightly less than $90 USD, but that is my fault, and I will eat the cost for this, as I did for the other various features our group buy has that others do not have.

ie - Cooling, security, etc.

I would like to thank everyone for:

a) having faith in me as I only had 2 posts on BitCoinTalk when I made the groupbuy but was an avid Bitcoiner since the price was only ~$3 USD, though I didn't invest! (STUPID ME!)
b) having patience as KnCminer shipped our systems quite a while ago but due to the fact that we had many systems, they were stopped in Malmo Sturup, Sweden for further inspection.
c) having patience that though KnCminer promised us shipping on Day 2 of September 15th, which would be September 16th, they did not start shipping until Early October, and since I grouped all of ours together so we would "get them sooner" according to KnC's customer service, they did not leave there until Late-Mid Oct.

I would like to apologize to anyone if:

I was short with you.
I spent many weeks with little to no sleep working on either answering questions for people who called/texted/emailed me, then setting up the actual equipment and because of that, sometimes I was rather grumpy to say the least. I think managing a group-buy may be one of the most under-appreciated types of duty to undertake. So again, I am sorry. I did not mean to be rude, but as I had invested so much of my own time and money that sometimes I had a short fuse.

If everyone could once again double check and make sure that I have their e-mail address (in case bitcointalk.org goes down, I need to be able to contact you), their receiving address (I will hold your BTC until you confirm your address for me so we don't just lose coins), a name you would like to be called by (can be your first and last name, or bitcointalk username) so that we may make the process as smooth as possible.

Also, I was going to mine on Eligius but after watching them find blocks the last 2-3 days, it has taken them so long at times (up to 5 hours) with a pool hashrate of around 200,000 GH/s, that it just would be too inconsistent so instead, we are going to utilize BTCGuild which has had far better results (much more consistent), though they do take a fee, it is far more consistent and that will help us in the long run as opposed to not even getting rewarded for our high hashrates! Rememeber, if BTC difficulty gets too high, we can try to figure something out to switch the systems to mining other sha256 coins so we still make a large profit off these rigs. :D


Anyway, they're in my state and I'm picking them up shortly! Only 3 hours to go, I'm so anxious I can barely even contain myself! :D!


UPDATE 9:30PM CST

Our Bitcoin Miners are en route and should be here by Monday. Thanks to all of your fellow group buyers we were able to get numerous KnCminer's shipped to America! We have all of the Power Supplies ready to go! LEPA and CoolerMaster Based. Instead of using WIFI, just because it wastes packets (looses packets sometimes) we decided to keep everything wired so we can try to get as many shares per second :D! Once again, Thanks to everyone for being a part of this! We are helping to diversify Bitcoin by doing things such as this. The main reason I created this Bitcoin Groupbuy was so that the little guy wouldn't get left out in this huge ASIC race. Some of us may have more funds to play around with in Bitcoin and for that reason, I decided that I wanted to play my part in making it so that we can truly have a decentralized crypto-currency! We are the pioneers of a new age :)!

-Adeel

UPDATE 6:16pm cst 7/29/13
There is no other company on these boards that is working harder for their consumers. A 130,000 BTU Air Conditioning System has been installed. An Industrial dehumidifier. Samsung 16 Channel 720p HDTV Hybrid DVR Security System, Multiple Motion Detectors, Protect America’s Platinum Service, Multiple Door and Window Sensors. On top of that, I have already paid for extra machines so that we are towards the top of the list for when KnC ships. So order away.

-Adeel


UPDATE 10:49pm CST 7/23/13
New refund policy: If KnCMiner does not ship we will refund as long as KnC returns the money, however due to the fact that I have already refunded about 130 shares worth of bitcoins, it is just becoming a hassle so if you do not intend on riding it out until we receive our machines, PLEASE do not make this purchase. We have made great strides in regards to where the machines will be placed, how they will be cooled and what other measures we can take to best protect our extremely valuable investments. Thank you for your time.

UPDATE 12:05pm CST 6/26/13
Any reserves that are not paid for in 72 hours will be moved on to the following system unless you already contacted me. Pricing from KnC is based on a USD price, this was written when the trade price of btc was 113, please take account of this when making an informed decision to purchase.

UPDATE 11:25pm CST 6/23/2013:

First Jupiter Order Placed!
https://i.imgur.com/4NVkoyc.png?1

UPDATE 1:45pm CST 6/21/2013:

It was brought to my attention that I did not cover the issue of refunds. Refunds will be given to anyone who would like them, from both myself and John K until the order for your specific machine has been paid to KnC. At this point, a refund will only be available if KnC does not deliver and in that case we will have to get it from KnC and then disperse it among our buyers. Sorry for not including this earlier.

UPDATE 12:23PM CST 6/21/2013 :

Alright guys, I am sending my credentials to John K for escrow. First, we will need the pledging of 10% of the shares for each machine to pledge to use John's escrow. Second, we will accumulate the funds for one KnC machine at a time, when the funds for that KnC machine have been reached, John K will send the funds for that machine to KnCMiner and then we will begin work on the following machine. If you do not wish to pay the 2% to use escrow then you can still send money to the address listed below. No matter who you wish to send the funds to, me or John K, please indicate how many shares you would like, the transaction ID and also use the link below to add a signature to your payment. At this point however, all we need is pledges for machines, we don't even need payment just so we can utilize John's escrow service. I hope that this will help to alleviate some of the stresses felt by those in regards to our fund. Thank you for your time and considerations.
--Adeel


Greetings from Infinite Hash


What are we doing?

We will be providing an all in one solution for hosting. This will be sold at 5 GH/s a share at 1.14-1.15 BTC (this is based on the exchange rate when this was written of 113 USD/BTC, if it is higher at the time a machine is ordered, you will be refunded the difference, if it is lower, you will have to make up the difference). This will be the only amount that you will ever be required for a 1/70th stake on 1 KnC Jupiter Mining Rig. We will be buying KnCMiner Jupiters to meet our requirements. The reason for this is that we believe that they are the most sound investment in terms of mining rigs. We are using John K to escrow this deal.
 
You can send your money right now if you would like, or if you would like to wait until we get a response from KnC and would like to state your interest here, that is fine as well. Use the format “Interest “x” Shares. Payment expected at (Insert a date here or write (after Escrow)”. We will accept BTC or Paypal for payments.

The address that will be used for the purchase of shares is:

1uXsrMsT55esFgS9VfctP6E56QyRtakMh

Please post in this thread and also sign your payment. Click this link to learn how to sign for payments.

https://bitcointalk.org/index.php?topic=179769.msg1922342#msg1922342


We are a Bitcoin Mining company that is based in Oklahoma. Currently, we have the infrastructure to support 62 Jupiter systems and we will see how many Jupiter systems that we will actually purchase based on how many people invest. If necessary, we will make the provisions necessary to continue expanding our operation without jeopardizing the shareholders benefits in any manner. We will be continually buying new systems, and have talked to KnC in regards to this and they will be able to continually meet our needs so if you see that one machine has it’s shares sold, don’t worry, you can still buy shares. Currently we intend on releasing 3,348 shares @ 1.15 BTC if all 62 machines are accounted for.

Mining Contract Shareholder Benefits:
-Ideas such as overclocking through voltage increase will be discussed after the first few machines have shipped. Since we will have a 60,000 BTU unit controlling temperature, I do believe that we can slightly overclock with no real scare. Also, copper water blocks can be provided for machines, however, the shareholders for that machine must agree upon it, it must be possible with KnC’s design and this will be the one cost that we will not cover, though we will pay 16/70th of the cost if one machine group of shareholders agree.

This next idea is very important. After you purchase your share amount, you will NEVER pay any fees on the money that I send you again. Other people that are holding group buys like this usually have a 3-5% fee that is attached to amount earned. We have no such fees.

All electricity costs will be paid for by Infinite Hash.
All ISP (internet) fees will be paid for by Infinite Hash.
All cooling costs will be paid for by Infinite Hash.
All labor costs will be paid for by Infinite Hash.  
All security costs will be paid for by Infinite Hash.
All shipping fees will be paid for by Infinite Hash.
All shipping insurance will be paid for by Infinite Hash.
All customs duties will be paid for by Infinite Hash.


To add a little perspective to how much money this saves you in the long run, we are running 60,000 BTUs of air conditioning which is equivalent to 17574 Watts, which would cost $16,863 for cooling (@ $.11 kWh) . One Jupiter System is 1000 Watts = .11*24*365 = $963.60 per Jupiter. Labor costs really be quantified since I’m not sure what will go wrong and I’m not sure how much my time, or my brother’s time is worth (it can’t be too much though :D). Security costs, I will not disclose all security measures but we have Closed Circuit Television monitoring that cost $1239 to buy and was free to install because I had to waste 9 hours doing it :(

Overall,

Share Pricing:

   After taking a look at the marketplace and what others are offering, we believe that a fair price for these shares would be B 1.15 each, for a minimum hash rate of 5 GH/s and all of the fees and expenses that your share price covers. I say minimum because there is no way that we will pay you for less than 5 GH/s even if it has to come out of my own pocket, so KnC better deliver on the conversation that we had two days ago (Andreas knows what I’m saying). You will be purchasing 1/70th of a KnCMiner Jupiter, it’s above mentioned costs and all costs associated with the item. 54 shares will be for sale, while the remaining 16 will go towards the aforementioned costs. This was also done so that our rates were similar to the other providers on the boards, though we do not charge any fees. Also, one other cool thing that we will be doing, is offering shares for reduced values for large quantity purchases. The costs of this will be incurred by the company and not the shareholders, so don’t worry, if you buy less than 100, this will have no effect on your machine. We just thought we could give incentive to larger share orders, while also reducing the amount of people that we would have to send bi-weekly payments to. The extra 16 shares also are going to help re-pay all that we have invested thus far into infrastructure for these machines. We are not a fly-by-night sort of deal and we want to make sure that we are able to provide the best possible solution for both our shareholders, and ourselves.

Orders:
1-100 Shares : 1.15BTC

Each share guarantees you at least 7 GH/s of mining power. (This used to be only 5 GH/s but was changed to keep upgrading as KnCminer upgraded their systems!)

Summary of shares:
1.15 BTC = 1 share. (Escrow users +2% to all shares purchased/pledged through John K escrow)
1 Share = Minimum 5 GH/s and all costs related to that.
70 shares total shares per machine.
54 shares for sale per machine.

Shares that will be using the John K escrow service will cost 1.173 BTC per share because this is the one cost that we are not incurring on our own. This is a 2% fee that John K normally charges. If you are signing up through escrow, please only pledge your funds at this time, John K will post an address after the 10% needs of each machine are met.

Cost of competitors:

No cost Hosting or Electricity options:

Cloudhashing 4GH/s = $499 for 2 year term. Cost per 5 GH/s = $623.75 (No product ownership, after 2 years, you no longer will earn anything from your investment.)
Picostocks: .33BTC per 1GH/s Share= $165 for 5 GH/s at current BTC/USD.

Hosting and Electricity must be provided:

Avalon 60GH/s = 75 BTC = 4 BTC per 5 GH/s = ~$450 current BTC/USD.
Butterfly Labs 5 GH/s = $274 USD + Shipping.
Both of these units still require the owner to host, cool, service and pay for the electricity costs.

Security:

First, I think that I may be a little paranoid after reading another forum member’s experience (https://bitcointalk.org/index.php?topic=239450.new) but I think that we must address the issue of security first. As far as that goes, we will have state of the art monitoring at all times, of which, I do not wish to describe online because you never know who is going to try to rob you. I am willing to divulge that one of the many tiers of our security will be closed circuit monitoring that will be recording footage 24/7/365. The systems will be hosted in a gated entrance area. This gate also has a police officer on standby in the case of any intrusions. We also have many other security provisions in place not only for the machines, which will have an estimated value of $600,000 if we are able to reach 62, but also the other goods that are in the area that are worth upwards of $150,000. Just know that I do live in a state where it is legal to have firearms and that these machines will be protected to the best of my company and my ability.

Environment:

   Systems will be hosted in an area that will be cooled with 60,000 BTU Air Conditioners that will allow us to control the temperature in the room to our exact specifications. We will also have a firm grip on the humidity in the room. The systems will not subject to any direct sunlight source and will be grounded. The systems will be grounded in the event of any electrical interference. Currently, we are trying to decide whether or not we should buy generators in the extremely rare event that we have a power outage. We would need 1 generator per 5 systems as they only support 5000w/hr however this may be something that shareholders may be interested in. If it is, we will collectively purchase these ( http://powerequipment.honda.com/generators/models/eb5000 ). I will always try to do my best to ensure that the environment that these are being run on will be at the optimal conditions for our machines.

A webcam can also be set up so that you may view the miners in action.
If you are interested in this, please send me a PM and if a few people agree that this is something they would like, I will implement.

Visiting the Site:

If you are a mining contract shareholder, and you live in the US, you are free to come visit where we are running the machines however you must first sign a waiver that states you will not disclose any security information to the public. Sorry if I’m beginning to sound paranoid, but this isn’t just my money, it is all of the investors money and honestly, their money matters more to me than my money in this venture. Please call or message me to let me know when you would like to come to make sure that I will be in the area and you can definitely come on by.

Dividends:

Payouts will take place twice a week.
No fees will be taken from any payouts, no matter the size.

Selling Shares:

If you would like to sell the shares, you will have to first contact me, there will be a 5% surcharge for this as it will keep people from abusing this option. If the employees are running around trying to figure out who to send payment to, we won’t be able to work on new solutions to further better the company.

Current Shares:

Update 6/25/13

System 1: Private local buyer
System 2: 54/54 shares mupartee Payment Confirmed.
System 3: 54/54 shares mupartee
System 4: 54/54 shares (Confirmed and paid for shares)
3 shares - xemu Payment confirmed.
4 shares - thehun Payment confirmed.
1 share - nobunaga Payment confirmed.
2 shares - schawmbi Payment confirmed.
1 share - shurken Payment confirmed.
6 shares - ottuzzi Payment confirmed.
2 shares - BGrx Payment confirmed.
2 shares - AntiKhris Payment confirmed.
7 shares - ricias Payment confirmed.
2 shares - RiseofTH Payment confirmed.
4 shares - damiano Payment confirmed.
20 Shares - soapmodem Payment Confirmed.

System 5:
54 Shares Private Oklahoma Buyer - Payment Confirmed

System 6:
54 Shares Private Texas Buyer - Payment Confirmed

System 7:
50 Shares Purchased by Nick em - Payment Confirmed

System 8:
50 Shares Purchased by Nick em - Payment Confirmed

System 9:
1 Share - David Payment Confirmed.
9 Shares - various members Payment Confirmed.
1 Share - Baloo_kev Payment Confirmed.





Who are we?

My name is Adeel, I am currently the COO of The Anwar Group. We have made and sold various businesses over the past few years however currently, we have one business that is still running, LimitlessBids.com. By checking the reviews of the site, you will see that I never screwed anyone over in any of my business dealings (if you want an example go to https://www.allpennyauctions.com/site/LimitlessBids.com/#reviews ). There is a reason for this. First off, I am still in school and business is my side operation, as I study to be a physician. My parents are Middle-Eastern and they wouldn’t care if I was a billionaire, I would still have to go to school ;), haha. Secondly, my father Azam Anwar, helps me in running all of the businesses that I run, or that he runs himself. He has an MBA and was the CEO of a Telecomm company. Along with his advice and the advice of my mother who is a physician (Dr. Zahida Azam) we usually are able to make sound business judgments. Furthermore, I noticed that another forum member sent his credentials to ‘John K’, I will be scanning a copy of my license and school ID’s, etc and sending them to John K so that he may release my information at any time should people feel like they are getting screwed. I know that it is very difficult to gain the trust of people on these forums after what everyone has dealt with (BFL, bASIC, etc) but this is not my primary income and I would definitely not do anything that would tarnish my reputation and make it so I can no longer pursue my career options. Also, you can login to paypal and then click this link to see that I have been a verified paypal member since 2002 ( https://www.paypal.com/us/verified/pal=aanwar@email.com ). If I am still unable to garner your trust, then you let me know what I can do to help bolster that, because these were all of the things that I could think of. If you still feel as though you are unable to trust me, then by all means, do not purchase any shares. I do believe I am offering a deal that will be beneficial to both, you, the shareholder, and me the share provider.

In the case of non-delivery:

All the evidence thus far would indicate that KnC will deliver. I am investing A LOT of my own money into this and also my family’s money. I have had long phone conversations with KnC and asked pretty much every technical question I could think of and they always provided a sound response, for this reason, I think that the investment in machines is a safe investment. Please do you use your own evaluation for the likelihood that KnC will deliver. Like all investments, there is risk involved here, I will always do my part, but I am not able to act on behalf of other companies. If KnC fails to deliver I will do whatever is in my power to refund your money. In the case that we have an escrow, I will refund your money, minus whatever John K would like for escrow.

In case of hardware failure:

Both myself, my younger brother and my father are extremely computer literate and engineering-inclined. If we are unable to solve the problem that the hardware is facing, the machine will be sent back to KnC for repair. Repair costs do not however come along with labor costs. If this is required, payment of 54/70th of that machine will come out of that machine’s following payable cycle. Labor costs include everything that we are able to do on our end and everything that we will to do optimally run these machines.

I would like to thank everyone that took the time to read this long winded entry. I wanted to make sure that I covered all the aspects of what you were getting into so you could make the best informed decision. Also, I think that by reading the post in it's entirety you will understand that I am not here to try to steal you Bitcoins or disappear. I posted my first and last name and my business's name, it isn't too hard to find me, since Limitless Bids is an LLC with a registered address.

With the utmost sincerity,

Adeel

6 days account? let's see what happens.

Forgot to add this to the original post.

Based on the current fees of other sellers, this is how much would be paid out per machine at the current difficulty per month.

2% = $600
3% = $900
4% = $1200
5% = $1500

Hey Everyone,

i just tried contacting the guys at KNC again and I'll give it about a week to see if they let us know in regards to the escrow. If not, we can maybe have John K set up an escrow per machine? Don't know. I messaged him today as well. I'll let you guys know what the deal is. Private message me with any questions. Thanks again.

Here is a good calculator for people wondering what the chances of making any profit is: http://www.coinish.com/calc/#

Assuming a 1.3% difficulty increase per week, and the machines arriving in three months (September), it will take around 38 days to break even.

1.3% increase per week seems way smaller the current average.

So after 38 days the next 692 days would be profit, that works for me! :D!

Shouldnt this be moved to the securities subforum?

No, they are buying a portion of a single Jupiter, therefore it comes under the group buy context. However these shares of the equipment may be valid for a transfer to company shares when their availabilty arises. Currently however, the sentiment seems very strong that people believe I am attempting some sort of scam, so I'm not going to be taking any more orders until John K. responds to my request to escrow this. I understand why people may feel the way they do after having many people come by, say pretty things and then run off with their money. I am trying to everything in my power to help to alleviate some of your concern. I truly do wish that I had been a part of this community from the get-go but sadly, this is not the case so instead I am trying to be as transparent as possible and provide as much background information about myself and my company as possible to help people make an informed decision. 
Adeel

I think it's a great idea, many people need something like this... I first saw this forum passed around Twitter, so others who like it will see it and come

Thanks man. Honestly, my thought process behind this was just that it would be easier for people to just set it, and forget it, so to speak. I also have conviction that our set up will be very hard to compete with in terms of security, power supply, system environment and on call support, 24/7.

Alright guys, we have the first machine taken care of, so we are on to the second machine.

Currently there are 2/54 shares on this machine pledged, so let's get some pledges on this, we need 6 to be able to use John's escrow. I will try to update this as often as possible. Have a great day guys! :)

xemu (reddit) : 2 shares

I'd like to pledge for 2 shares, as long as I can be guaranteed my 2 until my payment comes in in ~1 week: https://dl.dropboxusercontent.com/u/538662/coinbase.JPG.

Thanks!

Interesting...
Can you provide some photos of infrastructure etc.?

Toxic, there's nothing there yet.

Yes, your 2 shares will be guaranteed. Thus far we have 3 systems accounted for. I doubt we'll sell 60 systems in a week :p

System 1: Private local buyer
System 2: 54/54 shares mupartee
System 3: 54/54 shares mupartee
System 4: 4/54 shares
2 shares - xemu
2 shares - hylian

I'd like 10 shares, please keep me posted when you have news (when escrow is set up)

Escrow should be up today.

I confirm that the escrow contract should be up after I receive the ID's.
Thanks!

Fell asleep after two long days of working, sent the ID's soon as I woke :D! John K should have the escrow up soon. Yes, I gave my first and last name for this reason seleme, and my company name. I'm sure that people can find this out with a little digging.

Update 6/23/13

System 1: Private local buyer
System 2: 54/54 shares mupartee
System 3: 54/54 shares mupartee
System 4: 24/54 shares
3 shares - xemu
2 shares - hylian
5 shares - budaslap
4 shares - gh12as
10 shares - I.bitcoin

I got the ID's, and contract should be coming in 12 hours. I'm typing this at bed as I'm down with a high fever.

Escrow will be set up as soon as John K is feeling better. Let's get the ball rolling fellahs :)

System 1: Private local buyer
System 2: 54/54 shares mupartee Payment Confirmed.
System 3: 54/54 shares mupartee
System 4: 24/54 shares
3 shares - xemu Payment confirmed.
2 shares - hylian
5 shares - budaslap
4 shares - gh12as
10 shares - I.bitcoin

First machine order placed

https://i.imgur.com/4NVkoyc.png

The price is subject to change and is based on the exchange rate when each machine is purchased. 6995usd/54btc = price in btc. Just wanted to make this clear. We still pay for shipping.

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

The escrow address for Adeel06's KnCMiner Jupiter group buy is:

17CYWbhoYbGq93x1bJPhk8m4NyMnqJaLAk

Please state and agree to the conditions (if item is received damaged, item lost with tracking, customs fee etc) beforehand.

If possible, GPG sign your agreement to prevent any discrepancies later on and please ship with tracking to prevent problems during delivery.
GPG signing is not a requirement, and any verbal exchange in the form of private messages or posts on bitcointalk.org, or email is effective as a statement of condition.

Do note that I am only responsible for the funds up to the point it is sent to KnCMiner.
Any losses incurred by KnCMiner's or Adeel06's failure to ship/reship will not be borne by me, but I will release the following data to aid in litigation actions.

In addition to that, I confirm the receipt of:

1) Photo of Adeel06's School ID
2) Photo of Adeel06's Driving Licence

The fine print:
This Contract is solely generated for the purpose of facilitating the transaction between the seller and the buyer, which refers to the pseudonyms used on bitcointalk.org.
The escrow holder, John, assumes and gives no liability or guarantees on the satisfaction of all parties involved, although he agrees to mediate and facilitate the deal to the fullest extent he is capable of.  On the event that any problems arises, he will release the escrow to whichever party that presents him with the most convincing proof and/or after an open discussion with others or theymos. 
The verbal acceptance by both parties (or the failure to reject) and the sending of Bitcoins to the escrow address above constitutes the acceptance of the terms and conditions stated, and the activation of this Contract.

Please understand that I am assuming the risk of holding the escrowed Bitcoins, and I am using my own time to facilitate this transaction.   
I am imposing a fixed and nonrefundable fee of 2% for this transaction, to be deducted when the funds are moved, regardless of the completion status of the group buy.

Thank you.

John (the escrow holder)
24 June 2013
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I am pledging 1 share at this time. Thank you!

I found a contradiction.

You stated 'All labor costs will be paid for by Infinite Hash.', but then go on to say that I(the shareholder) will pay if you can't solve the problem?

What is your final position on this incase the issue were to arise a few months down the road.

What happens if you end up buying ONLY 3 machines? Does that make the whole operation a failure and you start paying less and less attention to it? Is there a break-even point on machines we should be aware about to keep your interest. It's human nature to be passionate and intrigued initially, but 3 months down the road is a long time from now ( in the computer world ).

Where can I find more information about KNC claiming they will hit there September deadline?

@John. Get well soon. If you need a backup to handle all the escrows, drop me a PM or email me. cheers
 8)

I can see how this may be viewed as a contradiction but what I meant is that all labor that can be performed by us is covered. If we only reach 3 machines, this project will not be overlooked as that is what my promise is in selling these shares. Thank you,
Adeel

What's in it for you? Where do you get money or motivation out of doing all of this?

We are accepting both escrow and regular payment now.

We get a portion of each computer. After paying for shipping and customs the amount is smaller than I intended but if these machines do perform as they should, it should work out for all parties involved.

Also TheFuneral, as far as a break even point goes, in the first month each machine according to today's difficulty would earn around $28,000 USD, which is a large amount and means that we would reach our break even point very fast. Since the difficulty will obviously rise by September/October, I am thinking that an estimate that takes into account all that could happen to negatively affect income from this project should place us at about a month after running the systems. If this actually is attained then the following 23 months are profit, something that would be great for all parties involved.

This brings up another question. When will the project end? You just said 23 months. Is that a fixed number or just a number you used for approximation? I assume we'd run this till all parties are losing money in which case we'd end it? What happens to the old machines? Would they be sent to us?

If it is no longer profitable we will discuss what to do. I can't send a machine to one person if 20 people paid for it, so we might sell them and divide the money equally per shareholder per machine.

I meant 23 months + that month, equaling 24 months or 2 years. If the machines are still profitable after 2 years, i will continue running them until they are not.
Adeel

Thanks for your prompt responses, I appreciate it.

What about the current demand? If I send the money today does that mean you then goto the site and buy it. Won't that put us on some queue and put us behind everyone else who already bought them? Did KnC already get enough supplies to support their current demand or would there be another batch? This seems common with ASIC devices.

I go to the site and buy a machine once we reach the $6999 price point for a jupiter from KnC. They told me that once they start they will be able to meet their demands. No problem on the fast response time.

i want to buy 3 shares and ready to send btc. what sentences should i put for the sign message? can i just say i own that address and then just mention my bitcointalk username? i am really new to this. by the way, all the funds are coming from one address in blockchain wallet. please help

nobunga, use this link https://bitcointalk.org/index.php?topic=179769.msg1922342#msg1922342 for understanding how to sign a message. It doesn't need to say anything special, just have your sending address, receiving address, and name so that he can identify who is sending the payment

Yeah, I need a receiving address so that I may send payment once the machines are in. Thanks for helping me out Ben, I was out of the office all day today. :)

so I'm currently getting BTCs to buy a machine, but does that mean "my" specific machine will be arriving later than the others who bought before me? Or if they have the demand met it'll all go out the first day?

Hi Adeel06

i just sent you 3 shares worth of btc. please confirm. my transaction ID is

67e5e8a2043b0802aefbb2544e15c447e47131d61a239549311c441a92638da6-000

Please send the receiving address as well nobunaga.

Unless there is a large time difference then there should be no problem, (like if you took until August) according to KnCMiner, thefuneral. Do you intend on buying a whole system?

It has been received and is currently unconfirmed, give it a little bit. I am adding you to the excel file.

I'm using coinbase to get BTC and that takes time. I would be getting a whole system, but I'm worried at this point I'd be far too late since I wasn't apart of the initial buying period.

this

Not sure what this is even supposed to mean, but thanks for your input. Judging from the people that are offering the same thing as me now, this idea was pretty novel. :)

I said that from the beginning, other people will see it and like it and they will come. Although I've been following Bitcoin news for over a year now, I'm relatively new to the forums, at least as a user, but I've been looking for something like this for a long time. I don't have a home as I am constantly traveling, and have no chance to mine for myself. This is a win-win situation. Sure, there has to be a fair amount of trust involved, but the same can be said for Bitcoin itself...

I'm using coinbase to get BTC and that takes time. I would be getting a whole system, but I'm worried at this point I'd be far too late since I wasn't apart of the initial buying period.
[/quote]


Funeral, there are large quantity sellers exchanging privately like this for example https://bitcointalk.org/index.php?topic=242722.msg2579569#msg2579569

Yeah trust is very important, and hopefully I have been able to show that I am trustworthy. You were definitely right, and also, people like you, that travel, are those that this benefits the most. Also it is helpful to those that can not afford a $7000 system

Only 20 shares have been paid for on that system, the rest are pledges. We are not stopping at. 4 systems either, but they have another 3 days to make good on their pledges. You can buy as many shares as you would like.

Adeel

Please reserve 6 shares for me and let's close this group buy #4 ;)
I'll pay you tonight at 20.00 UTC.

Thanks in advance
Bye

Alright Ottuzzi. Also I think some people were unclear on this, but when we make the actual purchase of the system, kncminer.com uses bitpay to accept payment but their actual systems are priced in USD. So we may have to refund some bitcoins or get extra per share, because when this thread was written the price per bitcoin was 113USD. Got some great news today too, 3 systems have been reserved by nick and he has already settled his 20 other shares on this system. Maybe we will be able to reach our goal of 62 systems by the time KnC starts shipping these babies after all :).

Adeel

UPDATE 6/26/13 12:08pm CST


To all paid members, the forums have now been set up even though they won't really get in too much use until it's comes closer to KnC's shipping date but I will be checking them for any posts anyone would like to make, also this allows other shareholders to contact each other if they would like.

-Adeel

Adeel06,

Did you get my pm about my receiving address? please confirm. can i also pay with paypal? is it 1 share = $113 for paypal?

Thank you,

Signing address:
1G5ZYxDn1SsjG4tZE9DGUJDvE3K5zsWdWo
-----cut below-----
Hi Adeel06,

   my transaction id is 5bd238b72834aeb39f30f7898d2fa889dd855463667b39d27ca411fa4193bbfc

Thanks
Bye
-----uncut above-----
Signature: HP0D9hqjjkA4Y+tBFuZE1GJ5BHmiFSCZ+IasHwlMGGYQOEOmVTScNsgR6dPkMEu45EijVxqvra10suA3bqLlPmM=

No. The price per share is based on the price of the kncminer, $6999/54 or ~130usd. This is just because when I made this post the shares were priced at 1.15 because btc usd was $113 per bitcoin. That has gone done and if it goes up beyond 1.15, shareholders will be refunded, if not the value must be met.

Adeel

Gotcha Ottuzzi. Added to excel file.

i noticed knc raised their jupiter to 400 gh. is that mean we are going to get 1.15 btc  = 5.7 gh/s as of now?

The price is not in btc, as this is not what kncminer charges. I pmed you about this, that 1.15 price was based off of the 113 USD/btc price. The amount of hashing power per share is increased, but not to 5.7 as this doesn't take the outstanding shares into account. It will be ~5.55 gh/s per share, but I'll have the calculations when I am on the computer and not an iPhone. Regards,

Adeel

Sorry, 5.7 is correct.
Adeel

To anyone who worries that I'm just going to run off with money, today Nickem asked for a 100BTC refund due to financial obligations. He was refunded promptly as shown in transaction id 844f76c33bb2d9ef05cdbd0c053b3378a0f8ebec7b26125a982402b8f8f263df . I'm here to stay, and look forward to earning BTC with my shareholders. :)

Signing address:
12YbiQDkP7aeycvLwGGtgacsX2Jk2M8PV1
-----cut below-----
Hi Adeel06,

My transaction id is 6685cee569b8320f7e49b161218f5ffb1dc38c981dc45cf6aec12f8e9d9154d4

Thanks,
RiseOfTH

Signature: H5a4twN99lZ3jmkpQ3mBxjv7KnwrdV+LmRF8DYjZmAf3HNhZM/FsRbQEs3bT7k7DUHRnHyNAZ97Yt1K6UHSgyV8=

Hi Adeel06,
I messaged you with my signed confirmation address and have paid my BTC.

Thanks,
Hylian

Signing address:
1VxVJmbsizN338osQc3WHSS8BHQuCzeX2
-----cut below-----
Apologies, but due to other financial obligations, I'm having to reduce my stake to two shares.

2.3 BTC paid direct today, transaction ID f3fec29e08c819bd7ab1c3b3139d2bc8980c733448a25f7483dfc8cd4cad9dde.

Regards,

gh12as
-----uncut above-----
Signature: H5OE6Sf3AAd+/3MCUf8xW2hEcZEaC9iHEIZNszpVLnJrTQkjJAObfqPAXVzgqaWpQTDl82aIIuqwL/T0jz3c7WY=

completely fine, i have noted this. thank you,


-adeel

hi adeel, good day, i'm interested to buy 3 shares here.  (1.15x3) = 3.9 btc for approx (5.7x3) = 17.1 ghash/s mining power.  i'm not using bitcoin client so i can't sign my message.  can i just send the tx id number, the sending address and the payout address?

thanks

I'm interested in purchasing 1-2 shares a week over the next couple months. What is the best way to go about this?

You can start a new wallet on block chain for free https://blockchain.info/wallet/ and it will let you sign for payments using that wallet. But, understand that the title to this thread was made back when BTC was over $100 so 3.9 BTC doesn't cover three shares anymore. Adeel updated the cost per share info when BTC started taking a dump... basically the Jupiter unit is $7,000 and each share is 1/54th the cost of the unit which is roughly $130 USD. Now that BTC is just below $70, it's closer to 1.9 BTC per share. I've already bought two units, and the payout will still cover itself in time, it will just take longer due to the drop in BTC value. But then again, that's assuming the value stays this low (or lower), and no one can say where the price will be in 6 months or a year. If you buy a few shares now, and in 10 months BTC is back up to $200, you'll be a happy man.

Signing address:
15zkzSxKuMr45aVYYp5vrxshsRyDufMGhw
-----cut below-----
Hi Adeel06,

my transaction id: fff94cf031ea65a932051da181cd51467f02e99731e77e2630fb54bcb3a9764d

Thanks,
shurkken
-----uncut above-----
Signature: HwahjEEeOcmgA1tv2isNF+pV9A04kqYsnOpbIcR3QIgvM0cbqIc5sMSPkKX5iZY1KuiZkhLh5nXC04ohYww7txc=

hi adeel. can you provide us the status on how much btc is per share and what is the running miner number for sell.  i'm interested in a few shares but i would like to know when will this miner be ordered.  thanks.

Hi Adeel,

Any updates on the status of shares sold / expected ordering dates and so forth?

Thanks.

Any shares available?

Yes shares are still available. We need the last 20 shares to be sold and we will be ready for the next machine's purchase. Nick requested a refund of his 20 shares and now we have to make up that number. Let me know if you guys have any other questions.

-Adeel

damn...pm me...

sent a question via pm yesterday - waiting on a reply!

Hi Adeel06,

i sent you a pm regarding refund. please reply me

Thank you,

I sent updates in regards to this. I apologize for not checking the forums daily however we are almost complete with the new systems' groupbuy. Also, we have taken a look at the site where we will be hosting these and taken care of cooling. That is why I haven't been on the forums much as of late, I have been working on the actual project.

-Adeel

Hows' it going guys? Just wanted to see if there are any new buyers. Also, it was recommended to me that we split the shares in half, so that there are 140 shares for a price of 67.50 USD instead of 130 USD. Would this be something that appeals to other members? Let me know

-Adeel

Yes, I like the idea of halving the shares to $67.5 per share. I am already committed to other group buys and been watching this one as well. I would buy a share here if it was less expensive. Thanks.

How many shares are available to buy right now?

And when will the units actually ship?

There are an unlimited (Upto 50+ machines) amount of shares left. Please let me know if you are interested.
We have already placed orders for machines, it all depends on KnC Miner on the shipment. They state that they are still on schedule for a September-October '13 shipment.

Damiano, the price is based on $130 USD so it depends on the current Bitcoin/USD price, so please do adjust based on that. Thank you,

-Adeel

System 4: 30/54 shares (Confirmed and paid for shares)
3 shares - xemu Payment confirmed.
4 shares - thehun Payment confirmed.
1 share - nobunaga Payment confirmed.
2 shares - schawmbi Payment confirmed.
6 shares - ottuzzi Payment confirmed.
2 shares - BGrx Payment confirmed.
2 shares - AntiKhris Payment confirmed.
7 shares - ricias Payment confirmed.
2 shares - RiseofTH Payment confirmed.
1 share - David Payment confirmed.

Updated share listing for machine #4

Have you placed the orders for all 62 machines already? Or are you waiting for people to pay in btc so you could then place the order?

   So are you doing half shares? 
and
 I can not seem to find your payment address?

Adeel, I am confused.

I have paid for my shares over a month ago and my name still figures in System 4 where only 30 of the 54 shares have been sold. Which orders have been placed and when? Did you place any order of another system since I paid for my shares?

No the Hun, we had 3 refund requests that really put a damper on things. Today I am proud to announce that we have now sold our 4th system and are starting work on system 5. The system has been ordered and the power supply will be ordered tomorrow. Thanks to everyone for sticking it out through this, as I know I wasn't on the forums much to update since I was working on the actual site to ensure that we could provide all of our shareholders with the best possible environment for these systems. I am also happy to report that I will be flying to Sweden sometime soon to meet with kncminer to learn more about how things are going on their end. I will report back to shareholders as soon as this is done. Once again, thank you all.

-Adeel

Could you post some pics of the "site" ?

When october rolls around and there are miners, yes. As far as me actually paying my customers, mupartee had me build him a litecoin rig and host it for him. You can contact him in regards to my legitimacy. :)

Where can I see the current list of shareholders of the 4th system?

Shipping address: 1FHsTFTHN9i3NNxjE9rCf4mpbpqgnEbuCY

--------------------------------------
1M4aeBYJv7gYKm6u4F42kjVddWjn6urp5t

https://blockchain.info/tx/0b4196dda8e9e39d854ac922a1e81f520c7e1148bfbc8e025cc729466c769438

HE2ODa7SZMEHSeOPR4QYcoczI2bi4pkEIRUXGAvDQv8QsdYGTBS9bZeajBpm99Ocaiyh0hI9qL5D411 ieqJlZ5M=
----------------------------------------------

Bumpity Bump  ;D

20 shares purchased via Paypal ~ TIDs: 4EB86124HL7329227, 6NT10467AR411723K

Receiving address: 14pDdmhD977PPEGx91EDShQBqXHBay88A6

I have some great news! So basically, we have received complete funding for the TAG Group. As such, contracts will cost 3-5 times as much as the prices that I am offering you guys here today. This website is for bitcoin investors and we offer better pricing than any of our other competitors still. Don't worry, your systems will be handled just as well as the systems from Infinite Hash and will also receive all of the perks, including revenue reinvestment, once our bitcoin miners start popping out bitcoins. Since I (Adam Anwar) am now CEO of the TAG Group, I have made a lot of changes for to better serve my customers. I would like to thank you for all being a part of this. I will continue selling these through bitcointalk.org until probably October, so get your hands on them before it is too late and the price jumps up to what it the market determines it should be at (cloudhashing.com 20gh/s $1000) though ours will of course be like 30-50% cheaper. This was basically just the beta test for our company and we love helping to support the bitcoin community to the best of our ability.

There is no other company on these boards that is working harder for their consumers. A 130,000 BTU Air Conditioning System has been installed. An Industrial dehumidifier. Samsung 16 Channel 720p HDTV Hybrid DVR Security System, Multiple Motion Detectors, Protect America’s Platinum Service, Multiple Door and Window Sensors.

We are also the first company in Bitcoin Mining as a Service that offers technical support for free and without having to make a purchase.
This will be one of the greatest deals in Bitcoin mining as a service and we hope to please all of our customers.

Hey guys, I just tore my acl last night so it'll be a little difficult to update til i get it surgically repaired but I will do my best.

-Adeel

Thus far I have placed an order for 8 Machines. We will be ordering more as interest grows.

Bump. Anyone need any information? PM me or email me. :)

-Adeel

Interesting. At 1.15BTC/5GH, if these are up and running by the beginning of October ROI is 3 months, but if they are up by the end of October they will never ROI.

n4ru,
You make a point but lets not forget that markets have a way of changing both for better and worse, lets say BFL actually delivers all those 1500 gh/s ASIC rigs (will never happen) Avalon decides to mass produce there rigs (will never happen) and I have a whole list of dubious manufacturers that will also never deliver. That + the fact that zombie networks ala FUD will not be worth the time and the hoards of GPU miners that will drop out of mining all together might also affect the BTC price and difficulty. For sure it will get harder but I have a problem with numerical predictions solely based on theoretical hardware coming to market.
I could be wrong but its worth considering...

On top of that, I have already paid for extra machines so that we are towards the top of the list for when KnC ships. So order away

Bumpity Bump :)

I am not sure how you are doing your calculations but you are not taking into account the increase of the price of BTC based on the increase of difficulty. It is a direct correlation that is delayed by a period of about 6 months so these systems will definitely be profitable.

-Adeel

Hi Adeel,

   I think he is referring to http://mining.thegenesisblock.com/ (http://mining.thegenesisblock.com/) that is a good calculator that try to forecast mining profitability in near future: try it... it's nice :)

Bye

Hi,

Correct me if I'm wrong but if I were to purchase some shares now it'll go for machine # 7 that hasn't been purchased yet?

Say that it gets funded within 10 days, what is the estimated delivery date?

So, what's the price per share now? Is it 1.15BTC or 1.55BTC or ????

1.55 btc is a little too high considering today's bitcoin price which is around $100. I'd consider buying a share here but not at the current price.

me too

As Adeel stated previously, since Knc bases the price of the miner on USD, the price is $130 per share ... which at current BTC mtgox price of $102, would come out to 130/102 = 1.27 BTC.  ;)

Thanks for helping me out soapmodem, I partially tore my ACL so I've been MIA for 3 days, my humble apologies, however he is correct, since bitpay takes money based on current USD prices, the price of 130 USD matters most for us and matters at the date when we purchase the actual system from kncminer.com. If you have any questions, feel free to shoot me an email at adeel06@gmail.com. Thanks guys,

-Adeel

Payment made by Paypal for 3 shares.

Transaction ID: 11N47467NE0571904

Pay to this address: 1JoZV2mkUAdAF8wTrYVpnftMuUQCjetXn4

Any updates or is this a bust?

I'm starting to think this is a bust.

You must have busted brains if you think you can make even ROI on the KNC machines now, they will ship in October at the earliest if you order today, assuming they are on schedule for delivery, which is a BIG assumption and will likely ship later like all these other pre-order group buys. By October/November, difficulty will have climbed to over 100 Million. You will be lucky to get your money back.

Guys, the first batch of units that Adeel put in orders for were 5 weeks ago or more, including the two that I purchased. I asked KnC about them and they're in the group that will be shipping at the end of Sept. or early October which is nearly the best you can ask for because everything depends on KnC delivering as planned. I'm also in talks with Adeel and he has a medical issue right now which is why he isn't able to be responding on here recently. This isn't a bust, just be patient. The option remains the same. If you want a share of a KnC Jupiter unit, this is one of the few last organized group buys that can still give you that chance. Everybody keeps speculating about ROI, but no one knows what will happen regarding that. As everyone says including the core developers for bitcoin, don't invest more than you are willing to lose. If you think this is a bust, it's not. If you think this is a risky investment, that's a decision you must make for yourself and stop whining about it. It is what it is.

Whatever the case, if BTC is $300 six months from now, good luck turning back time to purchase a few shares...

Hey guys, I'm sorry for being away for so long! I was worried that all hell would have broken loose by now, but thank god everything is okay over here :). To everyone who sent payment while I was away, can you please send your payment info, receiving address and transaction ID to me in a private message. Anyway, due to the fact that I am in Oklahoma, the hospital I had my surgery at is actually a Cardiac response hospital and they made me have to live without a cell phone due to people with pacemakers. I have some other news to report, this system will be the last system that we sell shares for in regards to this group buy. We have been selling a large amount of systems locally for a higher markup and have decided that after this system, we will no longer sell anymore on bitcointalk. For this reason, if you are interested in getting in now, please do. These systems will be run for 2 years or until they are no longer profitable and then we will hopefully sell the system and split up the money from the sale as per your share holdings. Also, if you purchase shares over the amount that is available for the last system, you will be refunded. Thank you for your time and considerations,

-Adeel

Also, I am going to post some pictures tonight of some of the equipment we already purchased. We have installed 2 central air conditioning units and also purchased a separate portable 12,000 BTU unit so that we can make sure the systems are always run at the optimum temperature. There is also a dehumidifier in the location to ensure that the systems don't  have to operate in a wet environment.

Also, in the future if there is any trouble contacting me, feel free to message mupartee and ask him to call me.

-Adeel

Is there any shares left and what would be the price i need to pay for them?

Interested to get some shares too. Still available at 1.15 BTC?

There might be some shares left, I've asked Adeel to figure that out. There were some outstanding requests that were made while he was in the hospital, but some haven't paid, so he has to get confirmations in order to know exactly what's available without overpromising. The price is not 1.15btc, the price is approximately $7,000 / 54 shares which is about $130 per share, so whatever that equates to for the dollar to BTC exchange rate when the purchase is made using the BitPay exchange rate https://bitpay.com/bitcoin-exchange-rates because that's what KnC uses to process the payment. At this point right now for example ($110/BTC) that would be 1.18 per share.

No I don't. But bear in mind that I was using the current BitPay price quote just as an example, but realistically most/all of these units were purchased many weeks ago as noted in his earlier replies, so despite the fact that BTC has risen in the last week or two, the previous exchange rates prior to the last 1-2 weeks unfortunately was lower. I made my two purchases when bitcoin was hovering around the $80 mark and essentially lost 1-2k because of it :/ and that will likely be the same for anyone else who bought at that time.
A current BitPay exchange quote would only really matter for any remaining shares that are currently not paid for, as one bitcoin now is worth more than one from several weeks ago.

Yeah it ended up being around 1.55 BTC at the time i paid for them at 130 USD. I took ben's advice and bought the systems early so we'd be in better position to get them, which in my opinion is well worth it. Along with all of the other expenses i have already purchased for our group buys and for my other bitcoin business that will be up shortly. I have been trying my hardest to try to get on the forums often but its difficult because of my injury.

Adeel

Yes, we are still at the front of the list for late Sep and Early Oct. Finally, due to the fact that my other infinite hash business that will be up shortly, this is the last week that people may buy shares in this endeavor. If it does not reach the 54 shares needed, then I will simply use the rest of the shares for my other company which will be selling them at a much higher rate. I tried my hardest to make this project as amazing as possible for my customers. Not only have I bought 2 central air units, i also purchased a separate 14,000 BTU PORTABLE unit that also dehumidifies. Along with that I have purchased 2 steel racks to old our systems, so to date I have invested well over $15,000 just so that our systems will be in the BEST possible environment. So if you are interested in purchasing more shares, please contact me as soon as possible as the rates on InfiniteHash.com will be far greater in their purchase amounts.

https://i.imgur.com/nRXEFug.jpg
Deloghni 12,000 BTU Portable A/C

https://i.imgur.com/vzT1mx7.jpg
Carrier Central 5 TON Air Conditioning Unit

https://i.imgur.com/onUPOSV.jpg
Carrier Central 4 TON Air Conditioning Unit

https://i.imgur.com/v4ELliV.jpg
One of the 2 Completely Steel Fabricated Racks that our systems will be held on for optimal cooling.

Along with this we have purchased:
Multiple High-end surge protectors incase of an Thunderstorms with Lightening.

Sorry for taking so long to upload everything guys, again, my injury has been a hinderance.
But this is the proof that we have been spending money for our customers, while we haven't earned a dime yet for our work. This all came out of my own pocket. So to anyone who says that this is a "bust" or anything else silly like that, please look at what we have already done thus far without asking out customers for another dime. Pretty sure none of the other services here on Bitcointalk would spend well over $15,000 on parts for their customers.

-Adeel Anwar
Infinite Hash.

BUMP. We will no longer be offering shares very soon so get in while you can. Remember we have very early ship dates for our systems.

Nickem just purchased 100 shares for 2 of our systems that were early ordered.

I'm in for one share.

Okay, I got you down.

-Adeel

I would just like to note that i will still be accepting share payment, but only upto a point as I already have another business that will be utilizing whatever unused shares their are on this system and the many others I have ordered for our company. These will be priced at a much higher rate than the shares that are available here on Bitcointalk.org. So basically, I'm just leaving this open to help you guys out, as I don't really need anymore sales from here. We are looking to blow Cloudhashing.com out of the water. InfiniteHash.com will be the leader of Bitcoin Mining Contracts by the end of this year.

I would like to buy in at 1.55btc. Depending on how i feel when I see the first divi's I would like buy a few more. Are you guys ok with that?

Nope, the rest of the mining will be used for www.infinitehash.com when it's up. I have bought the early systems so they should be in shortly. Any and all purchases are just to benefit the bitcointalk community as of now and even the ones before!

Adeel

https://bitcointalk.org/index.php?topic=286588.0

Readability of OP should be improved now! :)
Thank you all again for sharing suggestions and my apologizes again for *firewworks*!!! ;D

Cheers!
-anykeywhy-

A lot of people have been asking when our order date was, look how low our order numbers are! Some peoples order numbers are in the 5,000's!

https://i.imgur.com/zMRZdvV.png


I got flamed a lot for this in the beginning and everyone said I was just a scammer, blah blah blah. Now here's proof of just 4 of our systems ordered, which I took the liberty of paying for our of pocket, before the members on the forums even had put up enough money for the buys. Along with that the $15,000 worth of equipment above can be seen as well. I basically worked my ass off these past 3 months for you guys, and I hope it all ends up being worth it, for all of us!

Hi,
Count me in for 2 shares, should pay by tomorrow.
So I should expect the miners to be hashing around mid october rite?
Thanks

I will allow you to pay until tomorrow. After that, I am no longer accepting new buyers.

Hi,
Just sent 3.1 BTC for 2 shares.
Payment address to 1M3FCNYEiRx9MggCbRQ571CKmdySkHJp8W.
The transaction id is b727e050c93f7fa01f5b3c3cb03723cb7bb44409cfa8503d2d29f78328622056.
Please confirm.

Thanks

Confirmed. Group buy CLOSED.


Adeel

THANK YOU TO EVERYONE WHO PARTICIPATED IN THIS GROUP BUY! This was a beta for www.infinitehash.com . You guys were awesome! Hope to be sending payments as soon as possible.

Adeel

When are you planning to launch the website?

We are shooting for this Monday, but there are tons of little nuances we're still working on, so I'm keeping my fingers crossed. Did not think it would take 3 months of work to finally launch this business, but boy was I wrong. Haha :)

Can i get an update on the website cause i might want to purchase a contact considering the miners should be shipping soon.

Thanks

Hey guys, wanted to post a few updates. Our power supplies have arrived, they are the coolermaster v1000's and are fully modular. This will give us enough power to run all the jupiters and even give us some overhead incase we decide to overclock. In regards to website, we have run into a slight delay with coding but it should be ready to roll by next week. I would like to once again thank our supporters!

Adeel
InfiniteHash.com

Great job Adeel!
Looking forward to mining soon !

Thank you Dave! The suspense is killing me :)

Any updates on foreseeable delivery of the miners?

When I called KnC two weeks ago, they said the end of September, but seeing as how they are just now populating their PCBs, I don't see that as possible. I will update once I speak to them again. One thing of note is however that we have a pretty high up spot in their shipping list, which is great news!

Hi Adeel09
Has the miners for this groupbuy been shipped already since KNCMiner already started shipping their orders. Really excited to see them in action.
Thanks

The systems that are for sale on InfiniteHash.com not this beta, have prices as follows:

2 GH/s

Earns You Up To ~$415 - $830* **

(Up To 2.8-5.6 BTC)*

One Year Contract

Pre-Order Customers Begin Mining In October

All Others Begin Mining 24 Hours After Placing An Order

24/7/365 Access To Client Control Panel

Save 33% Compared To CloudHashing!

 Join Today for $150.00 (Cross out the $150) $109.99

Free Technical Support

5 GH/s

Earns You Up To ~$1,012 - $2,025* **

(Up to 6.95 – 13.9 BTC)*

One Year Contract

Pre-Order Customers Begin Mining In October

All Others Begin Mining 24 Hours After Placing An Order

24/7/365 Access To Client Control Panel

Save 29% Compared To CloudHashing!

Join Today for $350 (Cross out $350) $249!

Free Technical Support

10 GH/s

Earns You Up To ~$4,050 - $8,100* **

(Up to 27.9 – 55.8 BTC)*

Two Year Contract

Pre-Order Customers Begin Mining In October

All Others Begin Mining 24 Hours After Placing An Order

Free Technical Support

Infinite Re-investment Program

24/7/365 Access To Client Control Panel

Save 27.5% Compared To CloudHashing!

Join Today for $625 (cross out 625) $459.99!

20 GH/s

Earns You Up To ~$8,100 - $16,200* **

(Up to 55.8 – 111.6 BTC)*

Two Year Contract

Pre-Order Customers Begin Mining In October

All Others Begin Mining 24 Hours After Placing An Order

Free Technical Support

Infinite Re-investment Program

24/7/365 Access To Client Control Panel

Save 25% Compared To CloudHashing!

Join Today for $1000 (Crossout $1000) $749!

Earns You Up To ~$20,250 - $40,500* **

50 GH/s

(Up to 139.6 – 279.2 BTC)*

Two Year Contract

Pre-Order Customers Begin Mining In October

All Others Begin Mining 24 Hours After Placing An Order

Free Technical Support

Infinite Re-investment Program

24/7/365 Access To Client Control Panel

Save 33% Compared To CloudHashing!

Join Today for $2500 (cross out $2500) $1699!

Earns You Up To ~$40,500 - $81,000* **

100 GH/s

(Up to 279.2 – 558.4 BTC)*

Two Year Contract

Pre-Order Customers Begin Mining In October

All Others Begin Mining 24 Hours After Placing An Order

Free Technical Support

Infinite Re-investment Program

24/7/365 Access To Client Control Panel

Save 36% Compared To CloudHashing!

Join Today for $5000 (cross out $5000) $3199!

For Friends and Family only (10%+ on Hashrate other than whats shown)

Half of a Mining System: $7,999

Earns 2.5x more than the 100 GH/s system above:

Earns You Up To ~$40,500 - $81,000* **

Infinite Reinvestment Will be utilized

250 GH/s

$101,250 – $202,500

Full Mining System: $14,999

500 GH/s

Earns 5x more than the 100 GH/s system above:

Earns You Up To ~$202,500 - $405,000* **

Infinite Reinvestment Will be utilized

$202,500-$405,000

*Estimations based on the following:

Difficulty of 65,750,060.15 as of 9/2013

With Difficulty Increasing At 1.685% Per Day

BTC/USD Exchange Rate Of $145

24 / 7 Bitcoin Mining

 100% Pool Luck


Along with this, we have a 30% reinvestment program, that we will be pooling together everyone's funds so that they may receive an increase in their hashing rate, in proportion to the contracts that they bought. These prices are for the KnCminer systems only which have shipped by the way. Also, for Bitcointalk users, I am willing to give a 10% discount, however this is with the agreement that you will help advertise the site and show your gains. We have multiple cointerra's that are being added as well, and our prices kill cloudhashing. Once the Cointerra's come out, our prices will drop, but we paid alot to get day one shipping from KnCminer. We also have paid a lot for the infrastructure which includes tons of security, tens of thousands of dollars of cooling and more. We also may overclock our systems which means you'll get even more than what you paid for.


Let me know if you are interested!

-Adam Anwar
CEO Infinite Hash


PS: You can email me whenever you'd like at adeel06@gmail.com

https://bitcointalk.org/index.php?topic=307136.new#new

We have an auction available for our current kncminers that we purchased ourselves. This has nothing to do with the group buy but it is for KnCminers that have already shipped since we paid extra to get early shipping. If you are interested in bidding on one of these auctions, let me know,

-Adeel Anwar

Any updates on shipping status? Are you still going to launch the website?

Yes, the website was coded by me and I also run 2 businesses so it took time. However. we had Day 2 shipping on Bitcointalk.

I am curious.  

70 shares per machine / 400GH (estimated hash rate at time of order) = 5.7 GH a share

Jupiters have been upgraded to 550GH so now it would be 7.85 GH / share

Am I correct on this?, or are you going to pocket that extra hash power?

(bold emphasis by Adeel06)

However, I wouldn't rely on 550GH. I've mostly seen customer reports of 500GH so far.

I think it was 1 share out of 54 shares from a Jupiter whatever hashrate Jupiter provides- lower or, higher. Adeel has already changed once I guess 5.7 GH/s from 5 GH/s. So hoepfully, he will be generous enough to adjust hashrate accordingly :)

It's 70 per machine, but only 54 are for sale per machine

Any updates? Have the machines been shipped? when will the website be ready?

When will you guys be recieving payouts apprx?

Not sure, we haven't heard any news for a while and we don't even know if the miners have arrived...

Edit: I can see Adeel has been logging in but he isn't answering to my messages. It would be nice to have an update since other people who have placed orders at Knc are already mining

Unfortunately, not with these order numbers yet: https://bitcointalk.org/index.php?topic=249065.0

When was our order placed? Why doesn't Adeel06 show up on that list?

Looks like this is the order from Adeel, I copied form the previous post.

Thanks. So it was apparently ordered on the 26th of June but there is no order from that day on KnC's thread. Also, Adeel's lack of communication starts to make me suspicious.

Seems like KnC is shipping order numbers in  the low 2000's so order # 26-27 should have been shipped already and the other 2 should be shipping this week.

https://bitcointalk.org/index.php?topic=249065.340

Would be nice to get an update soon.

I have written a message to mupartee who at the time said he was in contact with Adeel, but he hasn't logged in since 29/09 so I probably just wasted my time...

Those order numbers should have shipped by now

Jesus Christ. I am very sorry that I work very hard to make sure the rest of our operation is up to snuff. By the way, our order numbers are 1800+ and according to KnC's site, they are up to order #700 currently. I am awaiting shipment more than anyone on these forums because I spent tens of thousands of dollars, and not just on the systems. I am not some scam artist, but I do apologize that I haven't gotten on the forums since KnC's been making me stay up until 2am to get on the phone with them, then they don't even bother answering. (This has happened multiple times). I will call them again tonight. I sent customer service a letter.

-Adeel

Hey Adeel,

Good to see you back,
From what I read people who complain get there orders shipped faster :)

Try here

https://bitcointalk.org/index.php?topic=249065.340

Good luck and keep us posted

If anyone wants to pick up shares of this GB at a discount let me know.  I have 4 and am in need of btc badly

My loss your gain

Direct communication and activity would of solved a lot of peoples fears

Now you get it

I have directly communicated with everyone who has e-mailed me. I did not check the forums since there were no updates to make. I have been staying up until 2am for KnC to quit screwing us, and am doing the same tonight. Damiano, how much of a discount are we talking here because I can buy your shares if you want.
 

-Adeel

How's 5.40BTC sound ?

.80BTC discount which is still a bit over $100.000 usd

Edit:  I'm pulling or trying to pull out of all group buys (I got sweet deal on a baby jet with nov delivery) need to recover what I can right now

Adeel,

thanks for checking in. Have you tried contacting Bitcoinorama, the spokesperson of KnC (https://bitcointalk.org/index.php?action=profile;u=104810) ? Maybe on his thread so you make sure he answers?

Got through to KnC, and I usually speak to Andreas Kennemar. Was told they have been shipped, but because of the fact that I bought so many more than this group buy, they got held in Malmo, Sweden. We should be in business by Monday in my assumptions. I have stayed up late nights because like I said previously, I spent a lot more of my own money than the group buys to make sure we get our products.

-Adeel

I got in touch with who I needed to at KnC. Everything is good to go! Thank you to everyone in this group buy for helping make this all possible for each other! We have finally reached the end of our journey, and the beginning of a new one :)! I want to make a running list of all shares and receiving addresses so that we can make sure that everything is up to date. Also, I would appreciate it if I could have everyone's e-mail who has participated in this group-buy. Don't worry, I have your userid's and receiving addresses' already but I would also like to have your e-mail addresses in case bitcointalk goes down again or something? I would just feel safer having another way to contact every single person involved in the group buy.

Thank you for your time and considerations,

Adeel

First of all, why the hell would I pocket the extra hash power? Do I seem like some scumbag?

Secondly, as I just noticed, at June 26th when we paid for our miners, we ended paying about 70 USD/BTC not even 90/BTC like I charged everyone here... So instead of even ASKING for the extra money. I've just been letting it slide. I run a BUSINESS, and I TOOK THE BIGGEST RISK HERE.

So... are we mining?

TheHun,

They are set for pickup at 8:00AM our time, because of the waste of time associated with UPS driving only 30 minutes in 6-8 hours, they don't seem to understand that time is money apparently, and didn't with my 27 phone calls to 1800-PICK-UPS. So right now I'm just sitting here anxiously awake, awaiting 7:15AM so I can drive over there :). I will post pictures of their hashing rate today, if they don't produce at least 500 GH/s I'll be really pissed because some of the people on KnCminer's forums have been getting 420-480 GH/s... and that doesn't fly. Anyway, at least they're in state.

-Adeel

I guess the guys at UPS don't understand the math behind Bitcoin :)

Anyway, thanks, that's good news. Regarding hashrate, do you think it is possible/worth overclocking? What is the risk/reward ratio in doing so?

According to what I was told by KnC, they have made it relatively impossible to overclock using their GUI. I can try to get some coders on it, though, if the chips burn out at a higher rate, I think KnC would not replace them, which would be bad news for us. ;/

Sorry if I double e-mail some people. I also refunded some people that bought shares and am going to have to go through and make sure that those people don't try to pull a fast one on me and get paid for something they asked for a refund for in the first place.

Greetings Everyone!

First I want to make a special thanks to the people who are helping me set these miners up, including cooling, etc.

My father, my younger brother, Robin I and Chris M. Thank you so much for your time and efforts helping us getting these miners up and running as fast as humanely possible while also ensuring everything is good to go. A special thanks to everyone who spent their hard earned bitcoins just to be a part of this group buy. I know that it is hard parting with bitcoins, but other mining cooperatives like ourselves are the reason for this increase in BTC price, so thank you for helping Bitcoin grow! Hopefully the price will continue rising over the years and one day all of our efforts will be worth it. By the way, most of this message was already worked on, don't worry, I'm not taking time off from our miners. I just want to give an update on everything that we did to have the best possible scenario for our miners. I apologize that I did not take pictures of every single box, since most of them have been thrown out over time, we were supposed to have had our miners for over a month now and we pre-planned for a mid-September Shipment date as KnC had initially promised, though they also promised like 250 GH/s, so I'm fine with the extra month wait for 2 times more hashing power!

(Remember, no one was charged for any of this extra equipment)

First, we had to decide on whether we wanted to go wireless or wired with our routers for the miners. My brother and I decided on having wired units since wireless units could cause a loss of packets of information which in turn would mean a loss of shares that are mined, which basically means less bitcoins for us. For each miner we bought a brand new ethernet cord.

Next, in terms of electricity, most wires are 16 gauge wires (this is the thickness of the actual conductive material in the wire). Instead of using those, we special ordered 14 gauge wires so that more electricity could pass through the cords. This is another one of those small things, that we all decided to do, just to make sure that there are no lack of power issues. For each miner we bought it's own dedicated 14 gauge wire running into it.

Next, we needed to find a power supply that would suffice for this mining. As it turned out, our first purchase of power supplies was indicated on the KnCminer forums as being a bad choice for Jupiters (Corsair based). We instead switched to V1000's that are CoolerMaster Based and LEPA's with Gold Ratings. These will be able to supply constant electricity to the miners so they may run, without the fear of a fire, etc.

These things were all purchased and unboxed prior to the miners arriving so that when they finally did arrive, we could pretty much plug and play, or so we thought.


In the shipping from Sweden to America, first the boxes were opened by customs in Malmo Sturup, Sweden, next they made their long trip over to the Central of the United States. While in that travel, every single miner had some sort of problem associated with it. These problems were small, but almost every single internal fan was knocked off in the shipping process.

The way we have it set up is, that first, all of the fans that were knocked off during shipping, were repaired, or put back on to the units. We have it so all of the hot air is traveling in one direction, towards the front of the miners. The air conditioned air blows into the back of the miners, at which point it is heated by the internal elements that make up a KnCminer (ASIC chips, pcbs etc), this air is then pulled out utilizing a Lasko Box Fan. We decided to go with these fans because of the fact that they could be set up on the miners with more ease. The other fans we looked at would not allow for a simple contraption with a steel pipe holding the fan up at it's optimal height pulling air out of the miners.

Front of 2 KnCminers -
https://i.imgur.com/96lQ3zm.jpg

Back of 2 KnCminers -
https://i.imgur.com/RCDZ2qd.jpg

Other assorted equipment -

Treadnet Switch (Don't have the boxes for the 2 routers anymore.)
https://i.imgur.com/QiEE75Y.jpg

20" Lasko Fan
https://i.imgur.com/siCizuW.jpg

CoolerMaster V1000 and LEPA 1000 Gold Power Supplies (Don't have many of these boxes, but found 6-7 of them for photos)

https://i.imgur.com/tQAiOIg.jpg

https://i.imgur.com/Oa3aZ7I.jpg[/img14gauge wire box[img]https://i.imgur.com/yao2bAY.jpg

100ft ethernet cables
https://i.imgur.com/O3aOKlf.jpg

https://i.imgur.com/7Z0SfpI.jpg

25ft ethernet cables
https://i.imgur.com/SXfJv0M.jpg

Also, as I previously stated, we have decided on BTCGuild instead of Eligius even though they charge a fee. This is because they are solving more than the amount of blocks they should, and the pool luck has stayed at or above, or around 100 since I started trying to figure out where to mine, while Eligius has gone far below 100, dropping all the way down to 43% luck, which just is unacceptable for a large mining operation. If anyone has any questions regarding this, please PM me here. Thank you.

The first 2 pics are the 2 Jupiters that were set up first, I will now go back to working on certain small nuances that are necessary, if anyone needs me, PM Me.

That's great Adeel! Keep up the good work and let us know when they start hashing!

Any news?  

Are we hashing?

I have 2 saturns and get nowhere near the hashrate on BTC Guild as on Eligius (480 GH/s versus 527GH/s, respectively). Also, at Eligius my Accepted Shares rate is over 90%, whereas at BTC guild it comes in at about 65%.

Eligius and Bitminter seem to be the best hashrate-wise, at least for me. P2Pool is terrible, EMC terrible. Slush's Pool and Ozcoin pretty good.

Yes we are hashing, we have been since yesterday, but I left them pointed to BTC guild as they find blocks on a more consistent basis. Sometimes eligius doesn't find a block for 2-3 hours. Below are some examples:

Block Time                  Round Duration (Time it took to find last block) in HH:MM:SS
2013-10-22 08:57:53   03:02:57
2013-10-22 07:02:47   01:55:06

Obviously other times they hit blocks faster, but with BTCGuild, on average, they hit a block every 30-40 minutes. Plus we're on their VIP server so in the event they get DDOS'ed, the VIP server won't go down so these puppies should never stop mining! :)

Also, BTCGuild spits out excel files of our earnings so we can prove we aren't shafting anyone. This is the most important thing to me because I have seen how other people have gotten screwed by bitcointalk groupbuys constantly and I feel as though if this currency is going to keep growing, we need more honest people doing honest hard work that is verifiable as opposed to people who continually are scheming on how to make a quick "coin" and robbing honest hardworking individuals.

 Adeel + family and friends have a big job setting up everything and finding creative solutions for broken ventilators, mis-matched wires and the likes.
As a field engineer myself I've been there. Everyone is hungry for info, me too but lets be patient.
Adeel, take your time and get our boxes tuned and humming!
Im also eager to see our first returns but let engineers set it up right first.
That said, looking forward to our first operational update soon..

Best of luck to team Adeel!

Oh, that works. Awesome.

Thanks to you and your family and friends for their efforts. :)

Awesome to see a fellow host succeed :)

Oh we are definitely operational already Dave! Coins are being made at the moment :D! We had people over so that as soon as I got home from the UPS facility, we could get straight to work. I even made my friend open a box on the ride home to see the shipping damage >:). I will post more pics later tonight or tomorrow since it's my parents anniversary today.

Adeel

Thanks you Bob, congratulations to your groupbuy as well! :)

Thank you soapmodem. Since they never get on the forums I will extend your thanks to them :)

I'm sure you watch the updates but just in case you missed it: https://www.kncminer.com/news/news-56

Nope, I was trying to figure out what we should do though, stick to .96, or have to restart the miners for .97. They are not giving us many issues at this point because we have a really cool set-up that most other miners don't (not being arrogant just saying my dad is one hell of an engineer, i wasnt even smart enough to think of it! ;P) so i don't know if we should switch this moment. I am going to wait and read reviews on the 97 firmware first.

By the way, restarting the miners means downtime, and we don't like downtime because thats' lost money early in the miners life where it creates the most profitability.

Just read another KnC group buy where the group buy runner kept the hashrate at the rate that KnC supplied from their end, when he made the purchase. "[REOPENED]KnCMiner Saturn 1.7BTC=6.25GHs | 2/2 Shares Rig Arriving Tomorrow". Really pisses me off that people do this kinda crap. We had an initial reading of only 5 GH/s, then KnC claimed faster speeds, we once again moved up to 5.77 GH/s, then KnC claimed faster speeds again, but instead of updating it again at this point, we already were waiting for our boxes to arrive and wanted to know what the hashrate would be to the pool that we joined etc. Now that we have figured that number out, we once again gave a new rate of 7.1 GH/s per share, while other group buys still have the initial speed. Sad. I don't think this is a huge scam compared to the others I have read about, but every "dollar" (bitcoin) matters and to screw people out of even small amounts is just uncool. Especially when I think that some of these people may be like my mother and not have too much technical understanding of bitcoin and it's intricate processes.

Anyway, I'm working on some stuff for the miners today. I will have updates when possible. Trying to improve airflow quality even further so we can try to squeeze the maximum possible out of these babies. :)

-Adeel

There is a 3-9 hour warm-up period when we install new firmware where the miner will produce lower hashrates at the pool level until it has acclimated itself.

Not sure why this happens, but it happens to everyone with a kncminer, as shown here http://forum.kncminer.com/forum/main-category/main-forum/10016-97-firmware-feedback  

We will continually be checking but at this point, some systems got no gains, while others did gain performance 5-10 GH/s.

I will keep you guys posted.

-Adeel

Any news on earnings/payouts?

Yes, they are performing...decent enough, however it wasn't good enough for us to remain on BTCguild with their 3% share, so I'm now going to move them all over to Eligius, as their network has grown substantially since we got our miners and their pool luck has increased drastically. We are waiting for 2 weeks from Friday to send initial payouts, because I still have many people who have not bothered to send me their e-mail address, so we will give them an extra ~4 days of time to get in touch with me.

Their money will remain untouched in a wallet but it bothers me that it even has to come to this, wish they cared about their initial investment enough to just message me once more to confirm that they're alive.

-Adeel

I wanted to know what everyone's opinions are based on Eligius vs BTCGuild.

Pros to BTCGuild:
Access to Excel print out which is easily legible
Our network mines at around 4.2 TH/s
Find blocks more consistently as they are at 900 TH/s (network rate)

Cons to BTCGuild:
3% of all of our BTC is going into BTCGuild's wallet as their fee.

Pros to Eligius:
No fee taken out of of our BTC

Cons:
A lot more variance than BTCGuild, so sometimes long periods of time go by where a block is not found.
Our network hashrate is somehow 4.0 TH/s (.2 TH/s or 200 GH/s slower)
Finds blocks inconsistently as the network hashrate is ~390 TH/s (network rate)

I would like thoughts and opinions on the matter as we are all in this together,

-Adeel

Im for BTC Guild.
If you add up Elgius under utilization of our hashrate and general lack of luck BTC guild still looks a bit better IMO.

are you sure about that dave?
If that is true and there is some underperformance in eligius, then sure, BTCGuild.

However, why not consider other pools?
slush's pool is very stable and has a much lower fee.
pool.itzod.ru is a pool with specs very similar to eligius, but much smaller. Although if there aren't any performance issues i don't see why not move there.
Maybe others? Maybe try several until you find one with the most stable income?

My opinion is simple. The smaller pool (as long as it mines at least 1 block per day on average), the better.

I'm OK with about 5% overall variance (which corresponds to about 1 block per day) and the main idea here is supporting decentralized network, not only caring about your income.

Mining on big pools defeats the main idea of Bitcoin - decentralization. What's the point of a decentralized payment system if more than a half of transactions are processed by 2 largest pools?! If miners keep supporting Guild with their hashrate, we can end up with renaming Bitcoin into Guildcoin.

P2Pool is the best choice as it combines decentralization and low variance. I would vote for it if KNCminer's software is compatible.

TL;DR: Big pools are evil. Keep the network decentralized.

Our GB's jups seem to be most happy/profitable on BTC guild, that is until I get enough hashpower to put together my own pool.

Why dont we have a GB pool? All the GBs from the various people all on their own 0% fee pool... im sure we could get enough hashpower, and I can get the web hosting we need for it.

Baloo, others who have 150-180 BTC invested aren't as okay with variance. I agree however with keeping the network decentralized but it would be time consuming convincing Nickem and Mupartee of the switch ;)

Bob, that's actually a great idea. Especially with how big our future network will be (Peta not Tera), this would save us all time and money.

Adeel

I see what you mean but I fail to understand how amount invested makes their situation different from mine.

I often see people here on the forums arguing the opposite, like "They have a lot of coins, so they can afford to lose some, while I spend mine for living."

I vote for having our own pool too.
Until then, why not try a pool with a good hashrate but less fees? High fees are intentional to drive people away from those pools and decentralize mining.

Well as of now, our own pool would only be ~4 TH until Mid November when it would be 6.5 TH, then January it would be around 8-12 TH/s so at the current difficulty there would be a lot of variance in our pool earnings and some may have a problem with that.

Adeel

I said they might have a problem with variance, you were the one who stated the idea, which would mean you already did not have a problem with variance..? I never said any person mattered more or that any persons coins mattered more, this is an open forum for discussion on what is the best course of action.

Also, while I agree with the DECENTRALIZED network being the MOST important issue to myself, this isn't the case for those that are simply in this for profit. This has been brought to my attention numerous times by another user and I have to take that into account though it goes against my own rationale.

This is pretty much a 24 hour a day job, whenever a miner goes down, I have to wake up in the middle of the night to repair the issue. This also allows me to speak to users about what their feelings are towards certain ideas. In the end, I try to use my best judgement for any and all matters or conflicts that need resolution.

I don't have a problem with variance as well as other risks simply because I never invest more than I can afford to lose in a single investment.


Sorry, I must have misunderstood you. I thought you were saying that variance matters more for the investors with 150-180 BTC. Like they have a problem with variance because they invested a big amount.


Exactly. You asked for opinions, so I expressed mine.
By the way, how about splitting the hashrate (along with income) between different pools? E.g. if a group of holders of 70 shares in total wants to switch to some other pool, you dedicate one Jupiter to them.


It's arguable whether you have to give preference to the network support or profit of individuals in this situation. No strict agreement was made about the pool(s) at the time of investment, so formally you may choose it by on your own decision or even mine in different pools.


Thank you for your great job!

So how are we doing? is there any wallet/account where we can track progress?

Cheers

We changed mining pools numerous times, this is because of KnC once again, if you read their forums you will see the problems their firmwares have caused.

Their website is :

http://forum.kncminer.com/forum/main-category/main-forum/

We've had to change from BTCGuild to Eligius because 3% was too high, then .98 won't work with Eligius, so we went back to BTCGuild. Then we got a very good offer for a different pool but I'm going to keep the name private for now.

-Adeel

Payouts will go out tomorrow. Everything can be double, triple or quadruple checked :)
-Adeel

Hello Everyone!
Here is the Excel file I created showing everything!
I want to be as transparent as possible.
I have uploaded the Excel file and you can download it here:

http://www.filedropper.com/round1ofpayouts1021-1104

They payments are going out soon!

It has been awesome working with you guys thus far!
I hope we continue to mine like champions!

If you all have any questions, please do not hesitate to email me or PM me on the forums.

All earnings have been sent except for 3 people (Nobunaga, BGrx, & BitcoinValet whom have been contacted via PM)

Let me know if you all have any questions!

Have a good night!

Got the dividends! Glad to see everything going smoothly, keep it up. 8)

Received. Thanks for excellent work :)

Thank you very much :)

Do you think we will make a ROI (in fiat, in BTC most probably not)?

what is this thread all about ?

In fiat, yes I do. But that is because I have some information that I cannot share with the general public as of yet. But lets just say that... we will all be more than happy with our returns.

This thread is all about our beta groupbuy. Since KnC screwed us, and mined with our equipment for 2 months, then also went on to sell thousands more units than the promised us back in Late June, we were given the short end of the stick. But rather than fight a long drawn out legal battle with them, we have our sights set on them, to say the least. InfiniteHash has made two strategic alliances, one with SHA256 based miners and another with Scrypt based miners. Neither of which are on the market in terms of what our capabilities are. Our scrypt based miners leave everything else behind in the dust and took over 12 months of research and development to finally attain the numbers that we wanted for our customers.

For example with our Scrypt (Alt-Coin) Miners - We are able to not only provide a wattage that far surpasses our competition, but along with that without for say, "SAI" who has a motherboard attached to a southbridge as their photography (scam) I can post links if needed. Our ASIC based Scrypt miners have such a low voltage output/wattage output that they can easily be put on a USB (4 chips) and in a board setup (16 chip, 32 chip/per board) etc. Depending on our customers needs.

We are all about customer service, and strive to be the complete antithesis of BFL, Avalon, Terrahash, AsicMiner for a point, and even KnC.

As far as SHA256 based miners go, we are currently working on finalizing a deal that would be beneficial to both companies as it would be a partnership and would allow for a large quantity of ASICs for the masses, at rates that are unbeatable. Also, unlike KnC, when we start taking orders (or pre-orders, haven't decided), I would like you to know that the time between May and October is a nice 6 months. (From the date they started taking preorders, to the date they actually began shipping/hosting their products.

We are doing this so that altcoins, along with Bitcoin can continue to grow, along with this, we are offering numerous services that I can't go into too much detail but lets just say, there's so such thing a hot wallet anymore, along with another 40 services that will be implemented. I can't give more detail than this at this time, sadly.

We are all about customer service, and strive to be the complete antithesis of BFL, Avalon, Terrahash, AsicMiner for a point, and even KnC. We know that this community has allowed us to grow, and will continue to allow us to grow and for this is the reasoning behind our companies philosophies.

Regards to all,

We are all about customer service, and strive to be the complete antithesis of BFL, Avalon, Terrahash, AsicMiner for a point, and even KnC.

To all those that did receive their Bitcoin Dividends, and also, not the 5 GH/s that you were initially promised, but the full 7.1 GH/s that you received. It would be appreciated if you could please add trust to my bitcointalk account as I do believe I am one of the few group buy vendors, who not only came through, I continued increasing the hashrate as well for my customers.

Also. Since Robin, Chris, Raheel, Sarah and the rest of the team did not get paid for any of the efforts, along with the extra untold amount we spent to ensure the equipment would be mining to it's best efficacy for the long haul (2 years).

It would be appreciated if any donations could be sent to this address:

1uXsrMsT55esFgS9VfctP6E56QyRtakMh

Any donations will be divided amongst them, and them alone. I won't be receiving anything for this at all. As you can read earlier in these threads how much man power, and technical skill it took to get the miners performing at the rate they are today, and performing they are. Regards,

Adeel


Reason for edit: Bold the receiving address 1uXsrMsT55esFgS9VfctP6E56QyRtakMh

Distributions for Round 2 are now complete (11/04/13 - 11/18/13)

The 3 people who did not receive their portion last round had their previous round added to this rounds sum, and it was sent as one transaction. Sorry for not sending it earlier. The previous rounds per share amount was ~BTC0.141

Here is the Excel file with all of the earnings for round 2:

http://www.filedropper.com/round2paymentinfo-110413-111813

For those that are too lazy to open the excel file, the per share amount was ~ BTC0.105 for this round.



The next distribution will be on December 2nd, 2013.




Have a good night everyone!

got mine, viva bitcoin!

A little +trust on the page by the members of this group buy would be awesome......the amount of money we spent, we are far below anything conceivable as even... :(. If you have received your payments a +trust would be appreciated. It would only take about 1-2 minutes of anyones' time here. I'd also like to thank my employees that have been helping on this venture thus far, your work is invaluable and you will be rewarded when it is possible.

-Adeel

Added trust to you before you even made this post  ???

How is the venture going so far? What's the status report so to speak?

Haha, for some reason it says 0 trust still!  ??? I guess Bitcointalks' Forum Engine doesn't like me.

-Adeel

Great, couldn't be better in my estimations! We've had ~100% uptime so far! :) Our next venture will be related to this but on a far larger scale hopefully. We'll see how everything goes.

-Adeel

I think it only shows positive it the trust reviews are from people also in your trust network

So how did our miners do these last 2 weeks?  ;)

Is there anyone around here?

Oops I just realized the dividends were paid 2 days ago  ;D

Thanks Adeel!

The difficulty increase is killing our earnings but this was obviously to be expected. I also believe large mining operations help drive the price of bitcoin up, in the same manner that a company that mines oil expects to make a profit off of the oil they mine, in the future the price of bitcoin will continue increasing and this will be reflected in the pricing in the future.

Yes this was to be expected; in this world a delay of a few weeks can make a huge difference on your earnings. However, if we look at it from the fiat perspective we have already made a decent return.

Hey everyone!

Sorry for not distributing the earnings from the machines yesterday. They should be arriving soon so you can celebrate the new year!

Round #5 for 12-16-13 to 12-31-13 came out to BTC.053636

Here is the excel file containing the earnings for round #5: http://www.filedropper.com/round512-16-13upto12-31-13


=======


Some people requested round #4's excel file, here it is: http://www.filedropper.com/round4-12-2-13to12-16-13

TheHun,

Yes we have made a decent return already thus far, but the cost of electricity is becoming overly cost prohibitive and as it stands right now, I'm already in the red, which really sucks but I wanted to ensure the miners life for the longest possible time. Sadly, that isnt' happening.

Regards,

Adeel

It's been amazing, all of the group buy owners have made significant profit and our next venture which we are releasing the terms of shortly will make even greater returns for all of our investors in the next round! Stay tuned.

-Adeel

I'd like to hear from the shareholders not the organizer: How has the venture been for you? What's your status report as a shareholder? Have you made ROI yet, in fiat as well as btc?

It has been a good journey, I made ROI and good profit with fiat. I doubt I could hold the btc I spent as I sold my other BTC holding much lower.

Not to sound rude but I actually have had the most difficulty in attaining the ROI because I decided to not charge any fees from my group buy purchasers with the hope that in the future they'd be able to see what a hard working company we are and be interested in our future products. We spent ten's of thousands of extra dollars to ensure that the Jupiters' have the longeivity that they deserve and that is why we haven't had the downtime that others have had. Along with the fact that we work around the clock to ensure the miners are never down or mining below what their performance should be. With the utmost regard,

Adeel

I can confirm that the management has been very professional and that the fiat ROI has been very satisfactory. If we haven't/won't make a return in BTC it is in no way Adeel's fault, but a combination of delays on KnC's side and enormous increases of difficulty.

Thank you hun, it makes all of this work feel like it's worth it :).

Adeel, its been a good investment and thank you for the professional approach, I have made ROI ++ and I thank you for that. If you were to arrange another venture I would be an investor for sure as well as recommend you to others.

Hi Adeel,

As bitcoin mining difficulty is skyrocketing and electricity cost may overcome mining bitcoins profit sooner than later, we need to know the policy when we will stop having coins and how to do with existing hardware-- selling to existing stakeholders (if someone is interested to buy hardware that has cheap/free electricity- solar/wind) and distribute revenue.

However, it has been a great journey with ASIC mining.

Thanks,
RiseOfTH

Very good point, although I don't think we'll get very much for them when we get to that point (even with free electricity the return won't be very high)

Are we still hashing, Adeel? Haven't received payment since Feb. 26. :-\

Same as we!

These shares weren't a limited period contract, they were for the lifetime of the miners. Still lots of BTC to be made..

Getting a little nervous, as his account hasn't been active for 2 full months - since January 27. Where oh where has Adeel gone?

I have just emailed him. I got two email addresses from the first post of this group buy.

Lets see

Alright, thanks. He'll probably turn up, maybe just busy ... I think he said he was in med school or something. Seemed like a decent guy.

If not, I have his phone number and personal info from our initial contact, and John K should still have his contact info as well, so let's give it a few days and then we can determine the proper course of action from there.

Payments look to have resumed, rec'd yesterday - April 1.

Course of action? Jesus. The payments switched to monthly so that you guys could get more money because the transaction fees are smaller if the payments are made on a monthly basis rather than biweekly. I also lost 50 coins on GOX and because of that, I'm pretty much running these badboys for free, paying for electricity, cooling, security, etc and not taking a dime from you guys… I'm sorry for being so MIA lately though. Had some serious personal issues but it's all resolved, peace and love my fellow bitcoiners. <3

-Adeel

We are going to continue mining until I can no longer fiscally cover it and at that point we will all try to decide where to sell the miners so we can still get a good return or if we can get some sort of cheaper electricity. If we all pooled our money together for some turbines and got some of the KnC Titan's we'd still be in the profit for years to come in my opinion but I don't know if that interests everyone else. Let's discuss this and figure it out.

-Adeel

No Soapmodem, they were until it is no longer financially sound to continue mining. We expected that to be around 1-2 years from the date due to KnC's initial quote of only "1500" miners being sold, which obviously didn't happen and caused us all to get the shaft. Bleh, oh well. Live and learn.

You didn't notify us of that, and you'd been missing for 2 full months. So you can probably understand the concern on our part. No biggie though, everything's on track. :)

I do apologize for that and for having you all so worried. I'll take better care of updates in the future.  Regards,
Adeel

If anyone is interested Adeel's titan group buy https://bitcointalk.org/index.php?topic=563800.new#new