That was too good not to comment in full. they've successfully raised almost 10 million over two years,
And were left with a negative balance sheet prior to this investment.... Ie they blew it all merged with a larger hardware company
Not yet, still only ~10% share ownership of Spondoolies. have a solid multi year business plan
Not really, "we'll buy some miners of Spondoolies... when they exist... and mine with them". Hardly revolutionary. [have] a huge mining facility
*Lease a mediocre mining facility with preowned infrastructure. and are virtually debt free.
That's a bit subjective. That means like everyone else here they want to turn a profit.
Meanwhile they've lost 8 figures cumulatively. They're following their business plan and based on their publication will uplist to the NASDAQ this year
Like fuck they will, they're no more likely to uplist to NASDAQ than I am. and release the SP50 after they fill their own data center.
With what money? They had to scrabble together $300k from a LEASING company on terrible terms just to order ~6-10 SP50s from Spondoolies. Their loyalty is to their investors and stock holders.
Of which they've lost all their money. If you want to make some money on this deal - I know we all do - Invest in their stock.
Sounds like a great buy. Negative balance sheet, negligible revenue, continued forecast losses... buy now at only $20m market cap!!! They are the only publicly traded company in this space
The only thing that means is they've paid SEC specialist lawyers a fuck tonne over the last few years. |
|
|
|
I see there is an announcement for A4, but no word for A3 that is sha 256 ASIC Again "soon" tm And as far I remember Inno will set a mad MOQ corresponding to +1M USD I don't think Inno is really a miner manufacturer or really wants to be. They're actually what the Avalon team originally set out to be - chip designers who design a chip, send it out and immediately get working on the next one. Its possible you'll still be able to attain chips from one of their OEMs. |
|
|
|
Frightening really, I know of individuals digging into their own pockets to the tune of 100,000 USD to 200,000 USD to buy equipment for themselves in the early days. Here to be struggling to raise a meager 750,000 USD through some Micky Mouse OTC company is shocking. Could of easily tapped +/- 7 x long standing customers for a bail out and kept their points. Does not bode well for the future.
There are so many conditions on BTCS' "investment" that I can't make head nor tail of it, pages of terms in the additional documents. There aren't any additional details on the Spondoolies part of it but there may be additional conditions. Also Spondoolies will be getting an additional ~$300k in sales from BTCS on top of the direct investment. |
|
|
|
I'm surprised by how much BTC this forum has gotten though donations.
Most of it was received when the price of BTC was very low. Do you know any new VIP member or Donator join the forum recently? 50 bitcoin is quite a large amount of money. I believe that one of the bitmain accounts is the most recent donator account and got the status fairly recently. I'm not sure who is the last VIP account however I believe it has been a few years since the last VIP received their status. Spondoolies-Tech paid 10btc to get a title (while owing massive amounts of money -_-), BitmainWarranty paid 10btc because there were multiple phising attempts every week and fluffypony paid 10btc to increase monero's credibility. |
|
|
|
And the majority of the related SEC filing ITEM 1.01 Entry Into A Material Definitive Agreement.
Private Placement
On December 16, 2015, BTCS Inc., a Nevada corporation (the “Company”), entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with certain institutional investors (the “Purchasers”), pursuant to which the Company issued to the Purchasers for an aggregate subscription amount of $1,450,000: (i) 5% Original Issue Discount Senior Secured Convertible Notes (the “Notes”); and (ii) warrants (the “Warrants”) to purchase 6,766,668 shares of the Company's common stock, par value $0.001 per share (the “Common Stock”) at an exercise price of $0.375 (subject to adjustments under certain conditions as defined in the Warrants). The aggregate principal amount of the Notes is $1,450,000 and the Company received $1,377,500 after giving effect to the 5% original issue discount. The Notes bears interest at a rate equal to 10% per annum (which interest rate is increased to 24% per annum upon the occurrence of an Event of Default (as defined in the Notes)), have a maturity date of September 16, 2016 and are convertible (principal, and interest) at any time after the issuance date of the Notes into shares of the Company's Common Stock at a conversion price equal to $0.30 per share, subject to adjustment as set forth in the Notes. The Notes provides for two amortization payments on the six-month and seven-month anniversary of the issue date with each amortization payment being one third of the total outstanding principal and interest, if the amortization payments are made in cash then the payment is an amount equal to 120% of the applicable amortization payment. The Notes become payable within three days of the Company consummating a fully underwritten offering.
The Notes contains certain covenants, such as restrictions on the incurrence of indebtedness, creation of liens, payment of restricted payments, redemptions, payment of cash dividends and the transfer of assets. The Notes also contains certain adjustment provisions that apply in connection with any stock split, stock dividend, stock combination, recapitalization or similar transactions. In addition, subject to limited exceptions, the Purchaser will not have the right to convert any portion of the Note if the Purchaser, together with its affiliates, would beneficially own in excess of 4.99% of the number of shares of the Company's Common Stock outstanding immediately after giving effect to its conversion. The Purchaser may not convert into or otherwise beneficially own in excess of 9.99% of the number of shares of the Company's Common Stock outstanding immediately after giving effect to its conversion.
In connection with the Company’s obligations under the Notes, the Company and its subsidiaries (the “Subsidiaries”) entered into a Security Agreement, Pledge Agreement and Subsidiary Agreement with Calvary Fund I LP, as agent, pursuant to which the Company and the Subsidiaries granted a lien on all assets of the Company (the “Collateral”) excluding permitted indebtedness, for the benefit of the Purchasers, to secure the Company’s obligations under the Notes. Upon an Event of Default (as defined in the Notes), the Purchaser may, among other things, collect or take possession of the Collateral, proceed with the foreclosure of the security interest in the Collateral or sell, lease or dispose of the Collateral.
The use of proceeds from this financing are intended for further investment in Spondoolies Tech Ltd, the purchase of computer equipment, and for general corporate purposes.
Pickwick Capital Partners, LLC (“Pickwick”), a registered broker-dealer, served as the non-exclusive placement agent and placed $300,000 of the Notes. Pickwick earned a placement agent fee equal to 5% of the proceeds the Company received from the Notes it placed, for an aggregate cash payment of $14,250 and a Warrant to Purchase 70,000 shares of Common Stock at an exercise price of $0.30 (the “Advisor Warrant”). The Company also reimbursed the Purchaser $30,000 for legal fees and expenses from the private placement.
The issuance of the Common Stock is exempt from the registration requirements from the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and Rule 506(b) of Regulation D thereof. The Company has not engaged in general solicitation or advertising with regard to the issuance and sale of the Common Stock and has not offered securities to the public in connection with such issuance and sale.
The foregoing description of the terms of the Securities Purchase Agreement, the Notes, the Security Agreement, the Warrant, the Pledge Agreement, the Subsidiary Agreement, and the Advisor Warrant do not purport to be complete and are qualified in their entirety by reference to the provisions of such agreements, the forms of which are filed as exhibits 10.1, 10.2, 10.3, 10.4, 10.5, 10.6, and 10.7 to this Current Report on Form 8-K.
Spondoolies Investment
On December 15, 2015, the Company entered into a Series B Preferred Share Purchase Agreement (the “Spondoolies Share Purchase Agreement”) with Spondoolies Tech Ltd. (“Spondoolies”), by way of a joinder agreement (the “Joinder Agreement”) pursuant to which the Company purchased 14,546 Series B Preferred Shares of Spondoolies (the “Series B Shares”) for an aggregate purchase price of $750,000 (the “Investment”) or approximately 3% of Spondoolies’ equity on a fully diluted basis. After giving effect to the Investment and the Company’s prior investment of $1,500,000 on May 12, 2015, the Company owns approximately 9.6% of Spondoolies’ equity on a fully diluted basis.
The Series B Preferred Shares are convertible into Spondoolies’ ordinary shares by dividing the original issuance price of the Series B Preferred Shares ($51.56) by the initial conversion price ($51.56) (the “Conversion Price”). Until Spondoolies consummates a “Qualified IPO” (as defined substantially as an initial firm commitment underwritten public offering of Spondoolies’ ordinary shares with net proceeds to Spondoolies of not less than $40 million), the Series B Preferred shares are subject to anti-dilution protection in the event Spondoolies issues ordinary shares or securities convertible into or exercisable for ordinary shares at a price per share or conversion or exercise price per share which shall be less than Conversion Price then in effect, subject to certain customary exceptions. The Conversion Price is subject to adjustment in the event of stock splits, stock dividends, combination of shares and similar recapitalization transactions. The Series B Shares are also entitled to certain preemptive rights, and a liquidation preference in the event of dissolution of Spondoolies. The Series B Preferred Shares are automatically convertible into ordinary shares of Spondoolies upon the occurrence of a Qualified IPO.
The foregoing information is a summary of the Joinder Agreement and Spondoolies Share Purchase Agreement, is not complete, and is qualified in its entirety by reference to the full text of the Joinder Agreement and Spondoolies Share Purchase Agreement, which are attached as exhibits 10.8 and 10.9 to this Current Report on Form 8-K. Readers should review the Joinder Agreement and Spondoolies Share Purchase Agreement for a complete understanding of the terms and conditions associated with this transaction.
Sale-Lease-Back Agreement with CSC Leasing Corporation
On December 16, 2015, the Company entered into a Master Equipment Lease with CSC Leasing Corporation (“CSC”). Pursuant to the Master Lease and equipment lease schedules generated from proposals (“Leasing Proposals”), the Company will lease equipment from CSC. In connection with the purchase of computer equipment, the Company advanced CSC $325,000 for the purchase of computer equipment which, when installed, the Company will lease from CSC for approximately $11,000 per month for 36 months after CSC reimburses the Company approximately $302,000 for the cost (net of a two month security deposit) of the equipment advanced by the Company to CSC.
The foregoing information is a summary of the Leasing Proposal and Master Lease, is not complete, and is qualified in its entirety by reference to the full text of the Leasing Proposal and Master Lease, which are attached as exhibits 10.10 and 10.11 to this Current Report on Form 8-K. Readers should review the Leasing Proposal and Master Lease for a complete understanding of the terms and conditions associated with this transaction.
|
|
|
|
BTCS Closes $1.45 Million Financing
Arlington, VA – (Marketwired – December 22, 2015) – BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company which secures the blockchain through its transaction verification services business, completed a $1,450,000 financing on December 16, 2015 led by Cavalry Fund I LP.
“The successful closing of this round of financing is an important milestone for BTCS,” stated Charles Allen, chief executive officer of BTCS. “It enabled us to invest an additional $750,000 in Spondoolies-Tech Ltd. (“Spondoolies”), increasing our ownership from 6.6% to 9.6% ahead of our pending merger, and sets the stage for the rollout of their next-generation SP50 servers.”
“The new capital we received from BTCS is expected to accelerate our SP50 server rollout. With an estimated 400% efficiency improvement over its predecessor, the SP35, getting the SP50 to market should provide us a strong competitive advantage in 2016,” stated Guy Corem, chief executive officer of Spondoolies.
The Company also achieved many key milestones in 2015:
Completed capacity expansion to 3mw at North Carolina facility
Signed definitive merger agreement with Spondoolies
Established equipment finance facility with CSC Leasing Corporation
2,481% growth in bitcoins earned for the nine months ended September 2015 compared to full year 2014
Allen continued, “With our third quarter revenues increasing 17% over our second quarter results and 1,872% for the nine months ended September 30, 2015 compared to the same period in 2014, this financing comes at an ideal time for us, strengthening our position as we move forward with our merger with Spondoolies and execute on our plans to ramp our transaction verification services business.”
Net proceeds from the financing were $1,377,500. The new capital was raised through a convertible note, which is convertible into shares of BTCS common stock at a conversion price of $0.30 per share. The note has a nine month maturity and included warrants to purchase 6.77 million shares of common stock at an exercise price of $0.375. RK Equity Advisors, LLC acted as financial advisor in connection with this transaction, with broker-dealer services provided through Pickwick Capital Partners, LLC.
Contemporaneously with the financing, the Company advanced $325,000 to CSC Leasing Corporation to facilitate an international purchase of transaction verification servers through a sale-lease-back arrangement. This arrangement is expect to grow the Company’s transaction verification services business by over 100% in January from 891 TH/s (trillion calculations per second) to approximately 1,800 TH/s. As a sale-lease-back arrangement, the Company will receive the advanced funds back after the receipt and installation of the equipment.
Full details of the financing transaction and CSC Leasing Corporations sale-lease-back facility are available in the Company’s 8-K filed with the Securities and Exchange Commission on December 21, 2015.
*forward looking statements, SEC disclaimers etc*
|
|
|
|
why is this thread in "hardware"  They have no proof, no release date, nothing. "sales tu public start shortly" ? really ? how shortly ? this month ? next month ? next year ? next 2 years ? Same as any other hardware announcement ever? This is originally what this subforum was for. |
|
|
|
That's neighborhood of what I was thinking, yeah. 22W is pretty hot for air cooling unless it's probably at least a 10x10mm package, possibly double-side heatsinked? If that power range is right, it's very likely not footprint-compatible with the old chips.
I don't know why everyone keeps quoting "for air cooling", they'll design their systems to run with their ridiculous immersion cooling first and foremost. What is possible with air cooling is an afterthought and doesn't need to hit the same specs. |
|
|
|
How do you change the subnet from .0. too .1. I've tried everything
That's in your router's settings, google "your router's name" and "change subnet". |
|
|
|
I have two BTC-Garden's 600 gh. Can someone help me get a copy of the pi firmware. The person who sold these to me had a bad sd card and the firmware will not work. Help!!!!
Here. Hey Dogie, does that/your mega version work with the pi2? Unlikely. The stupidest thing they ever did was release a new pi which wasn't backwards compatible. |
|
|
|
According to their press releases the datacenter is running on green power - solar or probably mostly wind. The solar is almost at constant voltage, so a string built for that voltage directly, will not need any power management parts, but ... no sun no fun. The wind turbines are usually working at 600-700V AC, which is too much for a string, just because it will be too long for the SPI communication - there is a 17ns per chip propagation delay (for the 55nm chip), which makes the longest chain 300-400 chips max if it is a single string for both power and communication.
If you're referring to the one in Georgia, Georgia is about 80% hydro and 20% geothermal. |
|
|
|
I still don't follow what you are saying. Nothing I said was incorrect. You are arguing that you shouldn't have been auto banned for posting a link that you knew caused you to be autobanned? *edit* Bringing this over to this thread for context { self moved to a new thread }@SaltySpitoon: I disagree. That's not what happened in my case. You gave relatively specific directions to where you believed theymos's dox could be found, because you seemed to believe that people have posted his dox w/o real consequence. I gave relatively specific directions to where theymos' dox could be found to correct your information, with the impression that what you posted was OK. Neither of these circumstances involved trolling, or posting it for the purposes to annoy someone. This is looking like theymos is indiscriminately banning people, excessively I would say, in order to assert his power and prevent his dox from being disseminated -- not for moderation principles of trolling, spam, et al. Excuse me, could I ask is there a auto ban system on the forum? and how it works? It is theorised / claimed that attempting posting the link in the blockchain where someone put theymos's dox, or posting his phone number ends in an autoban for 3 months. Really? Apparently so. Should be over very soon if it was for 3 months. |
|
|
|
I don't see Bitfury ever being listed on the NYSE, as they're too "secretative", they're too SMALL, and they are not a US company anyway (depository shares at MOST, similar to what some Canadian companies like Pengrowth do, but more likely on NASDAQ than NYSE).
If you look at the case docket in the Bitfury vs exCFO case, they have incorporations all over the place, including at least 2 in the US that I remember. |
|
|
|
I have two BTC-Garden's 600 gh. Can someone help me get a copy of the pi firmware. The person who sold these to me had a bad sd card and the firmware will not work. Help!!!!
Here. |
|
|
|
I can get one, maybe two, miners, on one circuit, depending on the load. What are other "home miners" doing to get 5 or 6 miners in the same room? I understand "the professionals" are wired to do this, but what are "home miners" doing?
I'm in the US with 120V home wiring.
Wiring up 240V circuits. |
|
|
|
The chip is crazy and amazing.
pics or it didn't happen  *picture of hashrate graph*. Seriously guys, use some sense. They posted the first real life test results from an ENGINEERING SAMPLE and suddenly everyone is claiming they just deployed 100PH of them. |
|
|
|
Just when I was hoping difficulty increases would stabilize a little bit
ROFLMAO!!!!! Not this year. Perhaps middle of NEXT year, with a drop at the halfing for a short while. You've OBVIOUSLY not been paying attention to "new gear in production" or "new gear available SOON" announcements. They have been having these announcements all the time. Wasn't KNC suppose to come out with some 0.05Gh/W miners also in 2014? Bitfury has its own PR weirdness which is why we have to be cautious with promises. Talk is cheap when you're paying close to 7 figures a year for PR. |
|
|
|
|
This thread was not a good idea.
|
|
|
|
I saw your note where I should just reflash the SD card. So I tried that, and now I can't even get it to connect to the internet.
I don't know what default IP they have set on that image, or if its DHCP as standard. Have a look at your router's DHCP client list, it might have moved. ugh... I hope zoomhash either lets me open up the case or will accept this back and return my money.
Its less of a case opening and more of a dismantling with 32 screws to get the modules out. |
|
|
|
We are longer in the business than all existing producers or other resellers (afaik).
As was minersource. you link to an R-Pi2 set, while the R-Pi2 is not even supported atm.
The product in the link changed. |
|
|
|
|
Show Posts
