Bitcoin Forum

GROUP BUY 1  [SOLDOUT]
By popular demand, we have opened a second Group buy.  BOTH UNITS ARE CONFIRMED DAY ONE DELIVERY!
GROUP BUY 2  [SOLDOUT]

Please do you send any money or Bitcoins before messaging me first.  We are down to the last few and I don't want to have to send you back your coins or payment..etc Message me first to confirm we have a slot left.

Share Holder Google Doc https://docs.google.com/spreadsheet/ccc?key=0AkhCYA7Cr4o3dFhqOGF2U3VXeEVjVEo5T1lUQXBOX0E&usp=sharing

Both systems are on the same order and will arrive the same day.
A vote will be put up to both group buys to see if the two group want to merge their mining so that if one unit dies, both groups will continue to share profit on one unit that is still running while the other unit is being repaired.  This vote will be put up once the second group buy is complete.

Difference from other share offers:  
Due to exchange rate of BTC going to the current price of $74 USD, we have to change the cost per share to 1.75 BTC.  KNCMiner accepted prices based off of USD converted to BTC.  So it cost more BTC when the price of BTC drops.  Those that got in early will retain their existing shares.  
Ratio is 35 out of a total of 40 shares (1 less means higher cut).
Also we will continue to let the unit run for an additional 6 months more than other group shares.  
Also the group as a whole will have ownership of the unit.  During our group ownership, if an opportunity presents itself to sell the unit early, we will put it up for a vote.  If more than 60% agrees to sell the unit early.  We will sell and everyone will get their split according to the shares they own.   I personally feel this is the fairest deal and it’s what separates us from other offers.    
If you look carefully, you will notice the ratios are better than some of the other KNCMiner share groups.  I am able to house it at a friend’s data center so the unit will be properly cooled at a temperature of 67 degrees 24/7.  The unit will also be connected to a UPS at all times to ensure there’s no electrical issues.  

This group buy is intended to let forum members take part in the opportunity to purchase cheap hash-rate through the recently launched KNC Miner (https://www.kncminer.com) company located in Stockholm, Sweden. The unit that the shares relate to is the KNC Saturn advertised for 175 GH/s (https://www.kncminer.com/products/saturn-1500).  

I have structured the purchase so that members wanting to get access to the exceptionally cheap hash rate/GH that the Saturn offers can secure hash rate from one of the machines without spending the fullBTC35+ for a purchase.

Offering:

- 35 shares of BTC1.75 each are available.
- Each share is worth approximately 5ghs of hashing power
- Each share entitles the owner to 1/40 of the BTC proceeds from a KNC Miner Saturn mining 24/7 for 30 months*, payment will be made to the address of the shareholders weekly. (* Miner breaking after 12 month warranty, random acts of nature like datacenter burns down etc.,internet downtime, not covered in 24/7 for 30 months(should not be a problem))
- The 5 outstanding shares will be owned by OP as payment for power/maintenance of the miner, peripheral hardware needed (UPS, possible router etc) and use of OPs '500 first unit' pre-order number that will be used to purchase the device.
- After 30 months we will consider decommissioning the miner if it is no longer profitable to run.

IN CASE OF NON DELIVERY: I take no responsibility for the possibility that KNC Miner does not deliver the miner. I have done what I consider a thorough due diligence but as we all know, you can never 100% guarantee anything when it comes to pre-orders.

To purchase shares:

- Send BTC1.75 per share to address: 1BmMNnMMEgw6EpDBNx1d9ZdRaiZw5y1ycB

- PM me/and post the transaction ID (txid) in this thread. ONLY use sending addresses you fully control. I will use the sending address for BTC payouts for your share ownership and if you request change of payout address I will require that you can sign your share purchase address to make this happen OR I WILL NOT CHANGE THE RECEIVING ADDRESS. This is for your own protection.

If I have forgotten anything or you require more info etc. Please feel free to ask/post in this thread.


Should the Group Buy not sell all 35 shares within 48 hours I reserve the right to refund all share holders their purchase price -1% for transaction fees and management of the group buy.

(thanks to TheSwede75 and SilentSonicBoom for their similar group buy that I used as a template for my group buy)

Hi.

Interested in several shares.

Just checking, that if the knc group does not ship, funds are returned?

Also, if they are more than x weeks late, we can get a chargeback and refund?

Thanks, and look forward to sending funds.

Adam

In this process we all have to take a bit of a risk.  If KNC Miner does not ship the product and they do reimburse us and not run off.  We will refund all shares purchased, minus 1%.  

If they run off with the funds, we are all in the same boat and it would be unfair to ask us to refund your investment as we also lose our investment.  

If there is a delay in shipment and the group as a whole decides to ask for a refund.  We will do so.  But we can't refund your money if the whole group decides to wait.  You can sell or change ownership of your shares for a transaction fee of .01 BTC.  

Thanks Charles.

Will send btc soon.

Great!  We have 4 total now.  Need to get atleast half before I can proceed.  I'll just buy whatever's not bought.

hey charles,

just bought 10.

Now 14 /40 sold.

Thanks

Ditto above, if you really want to know what your group buy organiser really thinks of your chances:

https://bitcointalk.org/index.php?topic=228068.msg2400978#msg2400978

I wouldn't invest with this guy!

how many hashes is 1 share guaranteed?

According to KNC Miner's specifications One hash is guaranteed:
175/40 = 4.375 GHs

Megastore, I may be a bit new to this site but that doesn't mean there should be a lack of trust.  I do have a reputation thread but that's a little new also. 

https://bitcointalk.org/index.php?topic=208064.msg2178566#msg2178566

Bitcoinorama, blame this on the mania behind the process of aquiring a 1-500 position in the KNC Miner hysteria.  I too do not want to miss out on the opportunity to at least own a portion of a unit.  

I started this group buy so that the risk is split among several people.  My intention is offer everyone involved a fair amount of return for their investment.  My comment on the linked page only served an opinion that shows the risk involved.  If I fully had fate in this product and it's delivery time, I would buy 10 units without a group buy.  But due to skepticism, I have chosen to go the path of a group buy to minimize risk.

seems fair enuff. . .

If you guys have questions for me, you can post here or visit me at the chat on:

https://mcxnow.com

This purchase is a go as we have the minimum amount of shares purchased.  The shares are still available for purchase if we have additional investors.  If not, I will own all unsold shares.  So I'll keep this Group buy open.  Prices may increase on the group buy at a later time as BTC prices fluctuates and value increases.  If you have an interest, please purchase now to secure your share at the low rate of 1 BTC for 4.375 Ghs of hashing power. 

thanks for the clarification

Excited to own 1 share! :) Looking forward to seeing how this turns out; well worth the gamble imo.

P.S. When's the last time you updated the number of shares sold? Curious how many are left at this point.

due to current exchange rate drop, any chance of accepting Paypal instead of BTC?

Yes, I can accept paypal.  Please send me a PM as I do not like to post my paypal info on the forum.  Please also note the price increase as BTC has gone down over 15% from where we started.

Thanks

I am very interested. I was wondering though does anyone know when they are supposed to ship?
Thanks

Im interested in a few shares. If i would like to buy through paypal it would be $112 USD?

From their customer service and online posting, the shipments are suppose to start in September/October 2013.

what this guy said

and i pm'd you there OP

Great, look forward to you guys signing up.  We still have a few slots left.

Just bought a share.
txid 79162a1d58844da56922b887e02ad3b6f888c6e064c75f858f8248639dc66f2

bought 1 share, will PM you shortly.

We're up to 22 of 40 Shares sold now.  Atleast I won't be owning more than 50% of the shares!  Don't want to have to make all the decisions..

4 shares:
tx id: 80a03b2608199b53e0b9351878a0565b8df677b7bd424a426f0dbe25e9703b16

Do you have a preorder in already? What is the number approximately? thanks.

Yes the order has been placed via a pre-order ticket in the 1-500 range.  Final numbers on the preorder will be released in a few days according to KNCminer.

We still have about 13 Slots left!  Hurry before they are filled.

Okay two more slots purchased, we're down to 11 slots left!

Hi, I want to reserve three shares, I'll pay tomorrow.  ;)

Okay I'll lock up 3 shares for you.

Payment sent (3.36BTC): 64a2623d86ef37745f6336245b482aca263b6f6802cb1e343760f3494e72041b

8 Slots left in this Group buy.  Get in now before it's gone!

Thanks, your  order has been added. 

We are now at 37/40 Shares available.  If interested, please place your order now before the final 3 slots are taken!

Charles,

I'll take the last three shares (via paypal) if they are still available.

thegoldbug

Okay this Group buy is SOLD.

If anyone drops out I would be interested in their shares. Can pay via Paypal instantly or BTC in a few days.

Back by popular demand!!  It's group buy 2!!  Get them now!

Still slots available!

Okay another slot taken.. now down to 35/40 available.  Sign up now before prices go up in the near future.

I'm probably taking the last 4 shares (most likely)
Will post with updates soon!

Is this over? I thought 36/40 available was 36 left of 40. I was interested in 2.

We currently have 24 Shares available.  With 4 Shares reserved for ivanlabrie. 

1 share for me :)
 6427a5ed30eb7f62b6cf2244585292f10636651eb6fa973d13c9677709288296

Thanks for joining the group buy.  Please remember to send over your Bitcoin payment address.

2 shares paid for, assign to this wallet: 1Gyv5zDUKByTSgUxKoUsZYoR1p2MTTSan7

Thanks!

wanna remove this post now? ;)

Down to 24/40 Shares left in Group Buy 2!  with 4 Reserved.

Third share purchased, 5 more to go.

Assign one to this wallet: 13jFjtuKoCfSd3bkLJQJg7EoBXWmebvA8x

what is op's trust credentials, i'm interested in buying shares, but why should we just trust OP, i'm not calling him a scammer but his OP providing documentation such as a photo os his ID or other such security measures to prove he's legitimate

The only trust I can offer is my word and activities here.  I won't be posting my IDs..etc I'd like to remain private.  There's a few that I've dealt with that have continued to deal with me.  I know trust is something hard for some to have so I will not try to win everybody over.  I can only assure that I will live up to my offerings.  It's a risk you will have to evaluate.  The group buy limits the risk for everyone.  If interested, please post here or message me.

Charles

Please reserve 1 for me, selling shares today to get btc

Hi just sent 1.25 for one share.

Transaction ID:
dd71f1f924cf232b82eca6f646ff7efb47e7f24a4611bfa10ce8cf96176bbd04

Thanks

Colin

Okay 25/40 Left. Get them while they are cheap.

We're down to 22/40 Available now. 

Shareholder Google Docs have been posted.  Please check to make sure your payment address is correct.

https://docs.google.com/spreadsheet/ccc?key=0AkhCYA7Cr4o3dFhqOGF2U3VXeEVjVEo5T1lUQXBOX0E&usp=sharing

Thanks!

I'll notify you as soon as I order more shares.

Thx for this Charles999

Can I order 5 shares?

Yes, you can.  There are still 22 shares available.

Charles

Down to 21 units left!  Early order que so buy it now.  Expected to arrive late sept to early oct. 

You mean it will be a 1-500 Saturn? How is it possible since the payment window for pre-order is closed? Do you have an agreement with Sam too? Or is the 2nd Saturn paid for already? Thanks.

Hi Matt,

Both units were bought at the same time and paid for.  I originally wanted to keep one for myself but I I needed some funds to purchase something else :)  So the second unit is also a group buy. 

Thanks for your interest!

Charles

4 shares

d827fec467d32c25291c3430dcffc477b0888dba746e28db7f2b1a9ef175e8b3

18 Shares left!  These are going fast as we're one of the early orders.  Should arrive with the first batch group.

Thanks Charles, I bought 1 share at 1.25

User matt4054
Address 1CkXcmVR88F8TVouTnGfh2Yph3ckssELPL
Tx 7d46004bbe518e47190997824bf1ec24a088e44a9df1660a56896bbd448e2af4 (https://blockchain.info/tx/7d46004bbe518e47190997824bf1ec24a088e44a9df1660a56896bbd448e2af4)

We're currently down to 17 Shares.  We have to raise the price to 1.5 BTC per share as the price of BTC has dropped to $81 as of this message.  Price change does not affect current share holders in anyway.

Charles

GOOD NEWS Everyone!  KNC Miner just updated my order info and BOTH UNITS ARE CONFIRMED DAY ONE DELIVERY!

We also had to raise the BTC price per unit to 1.75 as BTC price has gone down from the original $125 price to now only $72.  :(
No changes for existing members!

"Status:Paid
Comment: This order has been scheduled for Shipping on day 1 of production
Check"

Charles,

This is great news indeed.

While I personally trust you (otherwise I wouldn't have sent the money in the 1st place), I have referenced your GB on the main ("official") topic of KnC Miner and all the replies where bashing at "who's that guy, you're throwing away your money he will run away with it", basically.

To quote you:


Maybe you could make your offer more attractive by staying "almost" private and only sharing real ID with a very, very trusted member of the community (who else than John K comes to my mind), what do you think about this? I'm pretty sure that you would be able to sell more share with a guarantee of this kind, and IMHO it doesn't "break" your privacy because John K. won't disclose your ID unless you run away with shareholder's money ;)

I'd be willing to buy a share but others on here show, somewhat, proof of purchase by uploading a screenshot showing the checkout / receipt of the hardware purchase. Do you have this or the receipt email you can upload with personal details removed? Its a small request for massive trust in you.

Edit: I'd like to reserve a share. if you can pm me a screenshot with personal details removed of the receipt then I'll pay asap

Cheers

Hi Matt,

Early on if I was not able to sell shares, I would have paid for verification services by John K.  But at this stage, the units are almost complete and I'm down to a low enough shares available that I am willing to keep them all if no one else decides to purchase.  Also a lot of the folks who purchased have actually dealt with me or currently working with me in one way or another.  I am confident that they do not have any second thoughts as to my intentions. 

Charles

Charles,

Thanks for your answer. I just saw that you had not sold any share in 10 days, and I also saw the reaction when I posted in the mentioned topic, so I was just suggesting something to help you sell shares.

If you're okay with the number of shares that you sold already, it's fair enough for me :)

Cheers

Hi Wired,

Here's the screen shots of the order.

http://postimg.org/image/w9e7gde79/

http://postimg.org/image/abhqmkz6t/

Charles

Thanks Charles, Just transferred for 1 Share

TX ID = 97b44cbf479ae45d6201cae51796b2438d026678492d79250807b6d52f2cd530
My Receiving address = 19Q8QuDUj39LmAJEyUimdd7aiFb6QxxZ4g

Lets get this 2nd unit paid

Actually it's already paid for, OP is simply turning it into a GB ;)

Sorry yeah i knew that  ::) I guess i meant, paid for him :P

Thanks! We're now down to 16 Units available. With a few reserved.  So probably only 10 available.

i want to buy 1 share. but i want to know when are the day 1?

I have just paid for 2 shares (3.5 btc). Tran id below

c92845b6f31feae9ed9ca6f1cf0e346db7314c3f814efba672714cab2c3ce1b0

Day 1 means it'll be part of the first group of shipments.  That's expected to be in September.  No exact date has been released yet.

Hi Charles might be worth updating the subject to reflect correct remaining shares, might help get the last ones sold if peeps know its almost done  8)

Okay final 10 shares left! 

Just transferred 1 share -

Transaction ID & Receiving address sent in PM/

Thanks for setting this up!

buy 1 share send btc allready

Charles,

Please add 1 more share for me (I already had 1),

1 share @ 1.75 btc tx 02b0dc82122794c9e8dde3514711358a24a9fed37c41ae4fa312e56aa9f2ffed (https://blockchain.info/tx/02b0dc82122794c9e8dde3514711358a24a9fed37c41ae4fa312e56aa9f2ffed)

Thanks!

Just bought 1 share via Paypal  ;)

Cheers.

Okay just 4 more Shares left!

Oh, I'm a bit puzzled... my shares don't appear in the list. Did you forget about them? I think I was already in for the first one. At least quite some time ago!

Please do NOT send any money or Bitcoins before messaging me first.  We are down to the last few and I don't want to have to send you back your coins or payment..etc

Message me first to confirm we have a slot left.

All shares are filled for Group Buy 1 and 2.  No more Day 1 Shipment group shares are available. 

Great to see you sold out all your day 1 shares mate.  :D

Thanks!  The shares started flying off the shelf once I updated more often.. haha

If anyone else besides minerpumpkin sees their names missing or shares missing, please let me know. 

Give me til tomorrow though.  I will be updating the information when I return home.

Thanks for joining!

Let's all cross our fingers and hope we get the delivery on time!

Amen! :p

We gonna succeed...if anything ROI won't take too long.

It is over or can I entry yet?

Sorry no shares available.

This has been corrected.

I bought 2 shares (separately) but only 1 is listed on the Google spreadsheet.
Also, please correct username to matt4054

Thanks ;)

I bought 1 share via Paypal, you asked me confirmation via pm.

thanks.

FYI: I didn't get to finish the spreadsheet last night but I did update your shares.

Charles

Hey Charles,

I have received updates from KnC about future product releases after the first batch of miners.

I would like to ask (if you are interested) if you could ensure that you keep up to date with interest/registration/preorders etc so that we might continue your projects/hosting services into the future as new products come out, and investors rollover their earnings from the current projects into newer projects.



Thanks


Adam

I'm all for it too but as investors we should wait to see our first payment before giving more money.

Totally agree.

By the wording of the update, the new products sounded like they would well after release of the initial products.

I don't think anyone would pre pay for a 2nd gen product when the first gen hasn't even been shipped.

I agree with you guys.  I'd like to see the first batch that we ordered arrive and working first before we invest any more money into KNC Miners.  We are part of the first batch so we'll be one of the first to find out if their product works and can generate enough BTCs to cover our initial investments. 

Charles

Just to let everyone know, I'm still around, haha.  There hasn't been any updates from KNCminer yet but their website is promising to ship miners that are purchased today by October.  So I will assume our orders should be shipped in September, since we are part of the first group that ordered the units back a few months ago.

https://www.kncminer.com/

Here's an update on their design:

https://www.kncminer.com/news/news-30

Thanks for the update. Hope we start mining soon considering how fast the diff is rising.

Definitely...if it starts mining soon we'll get ROI real fast.

Just a casual end-of-month bump for this forum, I hope everything will turn out well with KNCminer.

Obviously, there is heavy speculation on the KNC thread, but I'm just crossing finger and hope that we will see the 1st mining revenue starting in October, that would already be 1 month late compared to "official" schedule, AFAIK.

Me too! HOpefully the bump in speed can help us recover our initial investment faster.

If I get any shipment info, I will post here right away! 

Thanks Chuck, you're da man.  8)

Good News Folks.  Really good news!  Both Shipment just cleared customs and should be in my hands to begin mining this week!  I will post when I have it running!

thanks for being patient!

OMG can't wait !

Cool.

Miners delivered almost on time.

Good luck with setup mr charles

Okay I now have both miners in my hand.  One came in with a loose fan that's out of place.  So I'm trying to find the right screw to unscrew it and get it running.  With some help from Ivan, I was able to get the second miner up and running.  I haven't updated any firmware on it yet but it's running smoothly at about 250GHS - 290GHS. 

I've seen a lot of post where others are experiencing issues when they upgrade to the latest firmware so instead of updating to the latest firmware today.  I"m going to let that one guy run for a bit.

I know some of you have suggestions on mining and mining pools so I will work with you on that and see what the best option is for us as a group. 

Neat!  While I was typing this, the unit has stablized at a speed of 285 GHs with minor fluctuation.  I will accept that!

I will post another update later this evening when I get the second unit up and running.

So now back to working on the second unit.

Pretty speedy :D From 200 to 285, I think that's more than enough...maybe flash the new firmware once there's a stable release out there.
We made it guys! Thanks for everything Chuck!  ;)

Okay Both units are up and running.  So far no hiccups!  Minor HW errors.. about 1 every few scroll pages.  I am currently using btcguild.com to mine with merge mining NMC also.

If anyone else has a better suggestion, please message me, along with instructions on what's best.  I'm pretty open to suggestions as long as it's a stable pool.

I will let the units run at my house for another hour or so to make sure it's stable.  Then I'll take it over to the data center.


So there's a few things, I'll need from all of you before the first payout.  First, please confirm your Payout addresses are correct. 

https://docs.google.com/spreadsheet/ccc?key=0AkhCYA7Cr4o3dFhqOGF2U3VXeEVjVEo5T1lUQXBOX0E&usp=sharing

Message me with any corrections.

Thanks

First of all, thank you Charles999 for your effort in making the miner work as quick as possible. Every hour of machine operating now will worth days in the future as competition will skyrocket.

As I suggested you, and I would like the other members to comment on this, we have to choose the best pool.
I suggest bitparking (http://mmpool.bitparking.com/pool) because it is merged with namecoin, ixcoin, i0coin, groupcoin and devcoin. That mean that we mine and get bitcoin as normal plus others SHA256 coins at the same time. Theses coins are very cheap (some not even yet listed on exchange) but if you add them all and price them well it can add between 3% to 6% (maybe more) to our revenues which cannot be neglected.
We should let the most skilled trader of the group exchange theses altcoins to make the best profit.

We also need a watcher like CGWatcher (https://bitcointalk.org/index.php?topic=159267.0) well setup.
It can restart the mining software, restart the operating sytem, it monitor and make statistic (we could all access to it) but more important, it switch to other mining pool when it's down and go back to it when it's up.
The watcher can do a lot of stuff but the main goal is to reduce the downtime. Every few minutes we save everyday will make a big difference after few months.

+1

I can also vouch for bitparking, with backup pool btcguild.com.

I've checked the spreadsheet, my address is correct.
Thanks again.

I think we agree on that front, main bitparking, backup btcguild.

And +1 to cgwatcher.

Also:

"Hello Ralf,

We are aware there have been problems with CGMiner in the latest firmware 0.93. These have been fixed and new firmware 0.94 will be released on our website later this afternoon. Please apply this as soon as it becomes available.

Regards,

Liam

 

Med vänlig hälsning  |  Best regards
Liam Vardy
Kncminer
www.kncminer.com
Office: +46 8559 253 20"

New firmware is supposed to be stable, but I wouldn't update is the original is working fine.

The mining software is actually running on the KNCminer device itself.  I'm not sure how to go about installing cgwatcher onto the machine.  It's been running over 12 hours smoothly.  I have a ping set on it to email me if anything happens.  to either machine. 

If you guys hear of others installing cgwatcher onto the actual unit successfully, please let me know and provide instructions.  I really don't like to be the guinea pig. 

I'll also look into how to go about setting up a secondary pool in case the first one fails.  The software that comes with kncminer doesn't offer many options.

I looked at bitparking.com and they just recently encountered some DDOS and since things are running so smoothly at the moment with btcguild and it does offer NMC merge mining.  I'll keep it there at this time. 

"2013-10-06: The pool has been suffering a DDoS attack over the last 24 hours and service has been intermittent. I'm working with my service provider to resolve the issue."

I'll wait til things settle down at bitparking.com before making it the primary pool.

Charles

Here's the latest btcguild image.  It's generating about the right amount of btc for the 12 hours it's been running.

http://postimg.org/image/mxtb26zl7/

Sent a PM yesterday with a new payout address. What's the schedule for payouts and how is it working with both miners pointed at the same account on the pool? Should they each have their own account, or is all of the hash just being split by 80 instead of 40?

I think it's best to merge the two groupbuys together as they are equal and showed up the same day and time.  So it makes sense to just keep them together and split it into 80 shares.  That way if one miner goes down, we all share equally on the downtime.  The first payout will probably take about a week.  I will send out test confirmations to everyone soon.  Those that do not respond, I will hold their btc in a seperate account until there's a response.  Bitcointalk was down for almost a week so I'm sure some are not aware that we received our Miners.

I support this.

Thanks for the updates.

The fees of BTC Guild are crazy.
We should try bitparking once they are up. In the meantime I recommend Eligius (http://eligius.st/~gateway/) (GWK STM GBT NMC 105% PPS 0% fees).

See here for comparison :
https://en.bitcoin.it/wiki/Comparison_of_mining_pools

3% fee for pplns and merged mining at btcguild. 7.5% is for pps.

Okay So far we've been running without any hiccups for 2 and a half days.  I know btcguild charges 3% but I really like how smooth their pool is and how little errors I see coming from the miners.  They also have some pretty graphs.  So I figure 3% isn't so bad to pay for stability and all.  Also you get some Namecoins.  After we get a certain amount, I'll sell the namecoins off and add it to the payouts.

If there's no majority objection, I'll keep it on btcguild.com.  The weekend is getting close and I don't want to drive to the office if a particular pool goes down. 

I plan on getting everything ready and sending out some test payments to all the addresses I have listed.  After the test payments have gone out, I will need everyone to respond to confrm that they received the payment.  After this confirmation, I will send out your full portion of the earnings. 

If there is no response, I will hold the payments until a response is received. 

all sounds good to me.

Nice work.

All right, can we have an estimate of the earning ?

The total hashrate is about 541.05 according to the pictures. You said it will be divided equally among 80 shares so that's 6.763 Gh per share, correct ?

Yes, that's pretty close.  So far total earnings is about 4.8 btc to be split among 80 shares.  Keep an eye on the google docs spreadsheet, I will try to attach graphs.

We are lucky, KNC miner is very late for shipping the other machines giving us more time to hash at a lower difficulty.

Gogogo !

Okay a little bit of bad news and good news.  Firs the bad news. Well one of the miners had a hiccup while mining and we went without mining for a few hours on it.  It didn't seem to want to start mining again after I recycled the power so I decided to upgrade that unit to version .95.  After the upgrade, it seems to mine again.

The good news is it's mining a little bit faster about 15 GHS faster than before.  And the other good news is I've set that miner on bitparking.com's pool.  I think I have everything right.  I'm still waiting for the first payment to come through.

I'm leaving the second miner alone right now as I do not know how stable version .95 is yet.  Also the second miner has been performing very well with no hiccups.

Sounds like the right thing to do...good thing you're managing these units.

Adding 15 GHZ is a great. Thx for using the pool I suggested.

Any little improvement will make a big difference in the mid/long term.

OKay, I've sent a small test payment to all the group buy accounts.  If you receive your tiny amount from the address:

18eFPFEyZdWchdSHWk7pDs141aaSVbE9W7

Please message me so that I can send the first full payment.

I will not send any btc to those who do not respond.  I don't want to send to a dead btc account and lose your money.  So message me and you'll  receive your first payment in the next day or so.

Thanks

yes received 0.0001 :D

My mcxNOW wallet don't allow me to see the transaction that are less than 0.01BTC but my address and the transaction are correct in the blockchain so it is working.

i've recieved 0.0001 too. Everything is working.

yes received 0.0001

Was wondering where the hell that came from!! LOL

Okay, I updated the spreadsheet to show who's confirmed their tiny deposit and is ready for payment.  If your name is not checked off.  Please confirm that you received the tiny deposit I sent yesterday.  I will not send payment to the Bitcoin address on the list until I have received confirmation from you via message.  This is to protect you and me from any mistakes.  Looks like only 7 confirmations are missing at the moment.

https://docs.google.com/a/emcsd.org/spreadsheet/ccc?key=0AkhCYA7Cr4o3dFhqOGF2U3VXeEVjVEo5T1lUQXBOX0E&usp=sharing#gid=0

I received mine & sent a PM also.

Thanks again for running this!

Everyone who's confirmed their address should have their first payment already.  Let me know if there are any issues.

Charles

Thanks Charles.

Good to see the start of roi.

Just for the records, what exact period does this payment cover?

I believe the next payments will be approx 2 weeks apart, is this correct?

Regards,

Adam

I was thinking, it might be best to payout everytime we get close to 9-10 BTC.  If we send a lot of small payments, we'll run into a lot of transaction fees.  So next payment will probably be about a week and a day or so.

received 0.0001

If you own 1 share, the transaction fee represent 0.088% of the amount so it is not an issue. I guess it is some work to send all transactions one by one, just do it when you have time.

Transaction fees are not much, but they add up...
Chuck, you got pm bro.

I was wondering, maybe we should sell the units asap?

http://www.ebay.co.uk/sch/i.html?_odkw=KNC+bitcoin&_fspt=1&_osacat=0&_from=R40&LH_PrefLoc=2&_trksid=p2045573.m570.l1313.TR0.TRC0.XKNC+saturn&_nkw=KNC+saturn&_sacat=0

We can buy more btc than we can mine probably...thoughts guys?

Yes if we can make more than the expected ROI.
I'll put some math later.

So here is the maths :

The maximum expected profit is 2140usd, the total price for the two machines was 5990usd

See estimation (http://mining.thegenesisblock.com/a/b3fbb9aa30)

Total price + max profit = 8130usd

So 4065usd for one machine which is 2542gbp.

Considering the lowest price from ivanlabrie link (http://www.ebay.co.uk/sch/i.html?_odkw=KNC+bitcoin&_fspt=1&_osacat=0&_from=R40&LH_PrefLoc=2&_trksid=p2045573.m570.l1313.TR0.TRC0.XKNC+saturn&_nkw=KNC+saturn&_sacat=0) was 2668.09gbp, selling the machines on ebay is a good option.

We would instantly get our money back plus the expected profit.

What do you guys think ?

EDIT : About the expected profit, it is hard to estimate it. On my estimation (http://mining.thegenesisblock.com/a/b3fbb9aa30) I used a difficulty increase of 117% per month because it is the actual trend. It could be less but it could be more. An other thing is the electricity cost, because of it, we should start to loose money in about 7 months unless we have free electricity.

Problem would be if the guy mines and then does a paypal chargeback, and we get screwed after 45 days.

Fuck Paypal, only do in hand transaction with cash.

I have to admit that this purchase of shares looks like my only bitcoin mining hardware investment that will break even.

These shares look like they will even make a profit so the question is how greedy should I (we) be?

A 20 percent profit (over a 6 month period) sounds great.

Unfortunately, there are a probably a number of us with loses in other bitcoin hardware investments and I'm sure we would all like to make as much as practical on this investment to help offset some of those other losses.

I would vote for selling if we could get a guaranteed return of 20% on our investment.  Let the new buyer take on the risk of worrying about rising difficulty rates.

Sure, we might miss out on more profits but keep in mind there is a LOT of hashing coming online quickly and by selling we miss out on the potential loses.

Just my two cents.

thegoldbug

We need 41+ shares to win the vote to sell or attempt to sell.   I will list on ebay if we get enough votes. 

I'm just been checking out the auctions on Ebay for Butterfly Labs hardware and most of the gear is selling for a lot more money that it will ever earn.  I estimate that a 60Gh/s unit would earn about $900 and yet they are selling for more than $1300 (yes, people are bidding on them).  A lot of the 60Gh/s units are listed for much more but no suckers on those yet.

http://btcinvest.net/bitcoin-mining-profit-calculator-v1.php?diff=267731249.48242&dcosts=600&diff_mincrease=95&blpbtc=25&dhsmhs=60000&btcusd_mincrease=0&btcusd=135&dpowcon=60&dleadtime=0&pcost=.08&calcweeks=40&action=calc

There is one Saturn listing in the USA for a Buy it now price of $4250 and the seller has 3 of them ALMOST in hand (supposedly by end of the auction).  The invoice price was $3897.  

He is only asking for 9% more than his invoice.

It will almost breakeven at that price using these assumptions but a week lost in assembly and shipping will really cost the buyer.

http://btcinvest.net/bitcoin-mining-profit-calculator-v1.php?diff=267731249.48242&dcosts=4250&diff_mincrease=95&blpbtc=25&dhsmhs=285000&btcusd_mincrease=0&btcusd=135&dpowcon=200&dleadtime=0&pcost=.08&calcweeks=40&action=calc

If we were to list ours at Cost + shipping, then our profit would be whatever BTC we got this week plus another 5 or 7 days during the auction and that should work out to a nice percentage return.  If we don't get a buyer we haven't lost anything, our Saturn will still be mining away.

Agreed, I say we list it for sale soon. An auction sounds good to me, and meanwhile we keep mining with it.

Ebay listing for a Saturn for sale in Ireland is up to US$5,532 and has 8 bids.

Those 3 Saturns I mentioned for $4250 on ebay yesterday are gone today.

It appears we could sell our Saturn for a very good price and make far more than 25% return on our money (in what 6 months or less).  That's a huge return.

But we need others to vote in favor of this! 

I am in favor of selling with a reserve price so we don't lose any money. That's better than what mining BTC can guarantee at this stage.

yes, of course we need to use a reserve price that protects us otherwise one of us would buy it from the group :)

Looks like we have 18 of the 43 shares we need. 

How about it everyone else?

KNC is starting to really ship machines according to the forum.

sell sell sell!

We must sell before too many KNC hardware arrive on the market.

Charles999 please send an email to the other member to explain the opportunity we have.

my vote +1 for sale  :P

u guys r lucky to have a machine at hand so u can decide whether to sell or keep mining. Our GB is still waiting for the unit to come  :-\

I might be interested in purchasing it for USD, and then yall wont have to deal with paypal/ebay

That would be nice...I still think btc would be the best option.

Oh BTC is an option as well- but I would be using the current exchange rate to calculate.

I would be up for selling if we can get 15-20% return.

Hi,

I hear that you guys may be thinking of selling your Saturns. Just to confirm what bobsag3 was saying:

We'll buy out your Saturns at $3200 each, USD or BTC if you guys want to bail.

bobsag3 is one of the DZ MC leaders as well as an Official Black Arrow US Reseller. Our Miners Cooperative has bought at least $70K worth of miners worth about 7 TH/s+  in 2 months and I've successfully engineered 3 Miner Buyouts for Rounds 2, 5, and 6 of our co-op's activities.

BTW: This offer is good till Monday, if your co-op is interested. We can even escrow the buyout at 1% extra at BTCrow if you guys want. [Disclaimer: I'm an official Escrow Affiliate at BTCrow]

We'd have to split the escrow fee, if we went that route, however.

If not: no worries!

Cheers,
DZ

Edit: You likely don't need to go thru Escrow but that's up to you guys. I've done over 260 BTC worth of co-op transactions from just this one co-op wallet (I have 3 so I can do multiple simultaneous GBs) without a single incident: https://blockchain.info/address/1C5R7t1XdVPxUBFUnBWJnRPx7ZMZBgnv7L

I've also vetted 9 or more GB Coordinators and/or miner hosts as part of my GBEC services, for free, including firsttimeuser, bobsag3, thomas_s, -Redacted-, and Dabs, among others.

Okay an offer has been placed on the table.  If group members are interested in this offer, please message me your opinion on this.

Charles

Just putting this out there.

I wouldn't mind selling  BUT

I am looking for a return on my BTC.

It's no use to me to get a dollar return  if I get a BTC loss.

I agree, there were a number of BFL machines that sold today on Ebay for a lot more on a $/GH/s basis.

Based on those sales, I'd say we should be able to get $4,000.

BTC has increased a significant amount in the last week so it's not like we have to take the first offer.

I still say put it up on ebay with a higher minimum price and see if it sells.

Problem with ebay posting it for 3.8k nets you a bit over 3.2k after ebay and paypal take their cuts.

Yep, maybe bitmit...

I think the offer is a bit low as well, considering the initial investment and the profits we might get from mining.
Maybe we can make a bit more before selling, or just list it at bitmit and here for a bit more.

Ebay is where the price goes crazy. Even if we are taxed by Paypal and an exchange USD/BTC this is where we can get the best price.

As the price of Bitcoin is going up to the roof continuously right now (but not forever, remember that every jump lead to a drop). The current price of a KNC Saturn is underestimated.

I think that one single KNC Saturn is worth much more than 5000USD.

1BTC is now 192.5USD. We should convert 10K USD to at least 52 BTC, that's 0.65BTC per share for everyone.

I am for having some guts and put 6500USD per machine right now with buy it now option and let it go. Believe me, people on ebay buy things blindly, I sold some bitcoin hardware for 3 times the price while no ROI possible even at normal price.

We get the USD and wait for the price of BTC to fall to convert it. It should not take long.

13000USD converted at a 160USD/BTC rate is more than 1 BTC per share.

EDIT : We have to be quick as the current BTC climbing trend make people biased on the value of the mining hardware and it will not last long.

+1 Sell now for USD, Convert later when BTC drops.

I really dont think you guys understand the ebay fees. As a powerseller myself, if I sold each saturn for 4k, I would see just about 3300 after ebay and paypal fees. Not including shipping, having paypal place my account on hold, or anything else that comes with the hazards of selling BTC gear on ebay. My Corperate Paypal account, that does 100k+ year, was locked for 3 weeks (still holdin unto 10k of my money) for selling some singles. I have 300+ feedback, no chargebacks or anything.

The offer on the table is a nice clean break, and we offered to pay in BTC anyways.

Everyone please ignore his comment, he obviously want to get our hardware for very cheap. At least, if people on bitcointalk are so desperate to get a KNC miner that should comfort us in putting a high price.

I have 10 jupiters either here, or en route. I am looking to pick up hard ware at a resonable price so that I can pass that on to by own GB owners. I made a fair offer, it is not nessisary to insult me or my intensions.

Bob,

Your offer is fair and we do appreciate it.  It doesn't look like our group would be selling as it's below our selling point.

Thanks

No problem. If you guys change your mind/ want to sell in a week or so, Feel free to let me know. I completely understand you looking out for your GB'ers and will bow out for now then :).

i think we have to sell rigth now! :´7
if in this moments selling we can get our investment in btc is a great news.

I have some people interested, I am negotiating the price. They are paying in bitcoins.

I just sold one machine for 6250 USD (I'm not kidding) but it is not the final price as there is a bit of fees and the cost of shipping. I am waiting for the buyer to confirm the address and for Charles999 that he will send the package.

As soon as I can, I'll transfer the money on an exchange and trade for about 2 weeks to get the maximum of Bitcoin per $$. The price of Bitcoin if falling as predicted so it's a good thing to have USD instead if BTC. All traded Bitcoins will be transferred to Charles999 and he'll distribute to the group (unless you want me to do it).

EDIT : It is on hold for now because we'll not ship anything until the seller is able to prove his identity and address. I have some other buyers interested in case this one doesn't cooperate.

Amazing! You go bro :p

Sounds great.

Can you give us an update on this pending sale?

thanks

PENDING Status.  Seeking verification. 

Hi Charles,

Can I ask that you put a post up stating your policies on the sales/pending sales.

Is it up to a group majority?

Do we get a vote on it?

Is it your decision on price/risk etc?

If you could clear up these points, that would be great.

BTW, I don't mind a sale, as long as the BTC price results in a reasonable profit.

I am not up for playing the BTC price over the next few weeks, or hoping for a drop in price to buy BTC later.

Thanks

Adam

Selling the machines will result in a better profit than mining with it. Consider that the last 2 payments were most of what we could get from mining as the difficulty increase too fast.

We have a buyer for both machines.
He'll pay in USD. That amount will be converted to BTC after a drop. I can't tell exactly when the drop will be but the trading should take about 2 weeks. Since we talked about selling the units, there has been 2 BTC drop under 130 USD/BTC so it happen pretty often.

He didn't pay yet because of verifications regarding international payment.

any news about selling the kncminers?

None yet!  Waiting for confirmation from superresistant.

Meanwhile we are mining, right ?

Of course ! nothing is lost.

any update?

One has been sold for 16BTC, the escrow DannyHamilton confirmed the payment, it will be shipped on monday.

The other is in negociation.

Looks like we have a potential deal for 15BTC for one unit. If anyone has any objection, please message me privately.  I will need to hear all objection by the end of Sunday night.

Charles

Charles,

Can you post the following so all shareholders can make informed decisions:
1) cost of Saturns in US$ and in BTC (at the time of purchase)
2) number of shares held by all
3) amount of dividends paid to all shareholders (after expenses for those that want to look at ROI in BTC)
4) projected dividends to be paid up to time of sale
5) sales price of both Saturns in BTC (and estimated US$ at time of sale)

This should allow us all to easily calculate how much BTC and US$ we stand to gain or lose.

thanks

Thanks for the PM Charles.

The math all looks good to me.

I'd like to see those numbers too please

Can I see the numbers too please.

Could someone post the numbers for all to see.

Yes please :)

We have a buyer for the last one.

15.5 BTC negotiated. I'll keep updates.

It is obvious that Charles999 and I are trying to get the best out of the SATURNS.

I don't know what did Charles999 send you as a calculation but I'll update my own calculation sheet and send it to the group soon.

EDIT : PM sent to all. If you didn't get it, please PM me.
EDIT : Please keep the calculator secret at least until we sold everything.

Thanks and keep up the great job both of you are doing.

Okay both units have been shipped.  One unit should reach one of the buyer on Tuesday evening and the other unit Wednesday due to small city.

Charles

Great news!

Could someone let me know how much BTC we'll get for each share after the units are sold?

thanks

Colin

Easy, something like 31btc to split amongst 80 folks.

Well that's what I thought, we paid BTC1.75 per share, and we've sold getting 0.3875 (31/80) each??

Your comparison is biased. I sent you a PM and I also posted my reply on the bottom of the calculator so everyone can see.

Update: We''ve successfully concluded our first sale.  I will wait for our second sale to complete before dispersing all funds.  The second unit should be cleared tomorrow evening. 

superresistent has done a great job in securing the sales for both units.  we all thank you for working so hard on this.

Charles

Thanks guys! I think we can send a tip to both of you... :)
Charles, you got pm bro.

Thx everyone. It's done, we've got everything. Charles will now pay everyone.

Great Job Superresistent!  Both our units have been sold and funds received!  I will get everything processed tonight after putting the kids to bed. 

Okay all payouts were sent today.  I based the final payment on the following:

Two units sold at: 15 btc each.  30 BTC
7.64 BTC mined I just estimated cuz there's still some delayed mining left, so 7.64 is about right when you factor in the misc alt coins.

So total final payout was 37.64 BTC

Each share was worth .4705 BTC

Overall we had a total of 53.14 BTC which at current BTC price of $333 is equal to $17695

So each share got you back $221.  Those that paid with paypal basically gained about %100.

I wish we had a chance to mine longer but due to difficulty rising so much, it didn't make sense to keep mining.  Thanks to superresistant, we were fortunate enough to sell the two units above what we could have mined.  I think both superresistant and I calculated that we would have been able to mine another 13 BTC total on each unit.  But we sold it for 15 btc each so that's a win!

Thanks everyone for participating in the group buy.  It was my first and I enjoyed it quite a bit, including all the wait time to get our units!  We actually got it on time but who woulda expected BTC difficulties to go up so high!  Right now, I wouldn't buy any new hardware as difficulty is too high to make a profit.

Thanks again!
Charles

Awesome work Charles (and Superresistant), i would happily join another group buy you put together.

Any interest in doing a group buy again on the new Neptune?

I don't see a price for the new 3Th/s machine but since we are previous buyers we have the opportunity to buy-in.

I'd be interested.

Yes, I am creating it today.  I've already purchased and paid for the units.

Charles

GROUP BUY is up for Neptune units.

https://bitcointalk.org/index.php?topic=347845.0

I'll not be part of it this time but I wish you good luck.

Hi Charles just wondering when the next payment for Jupiter buy is coming through?

Cheers

Hello Charles,


I don't want to sound rude, but why aren't we being paid weekly proceeds like agreed by the contract?

Cheers,

Matt

EDIT: ok now that I read the backlog, I've seen you've sold the units and paid out the proceeds of the sale to the shareholders. I'd suggest you add a clause to your next GB however, because what you did was technically a breach of contract. Don't get me wrong, I totally get that it made sense, but just saying to avoid you trouble with nitpickers.

I don't know if anyone will see my reply here, but I owned one share of this group buy (jrlepage on the spreadsheet) and I missed the whole "test payment" thing a few months back. Honestly I kinda just forgot about this after the long wait assuming the miner may never arrive, and didn't realize we were going to have to do another confirmation.

Does anyone know if Charles can still send my payout? My address is correct on the spreadsheet and everything... I sent him a PM, just panicking slightly.

Just to follow up on my last post, Charles got me straightened out and I received my payout. Thanks!