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29
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Economy / Securities / Re: [PicoStocks] 100TH/s bitcoin mine [100th]
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on: May 30, 2013, 04:35:09 PM
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Div/share per month calculation. Maybe I missed it here. Can someone give the formula?
I believe there are approximately 500,000 shares outstanding for the 100TH project and 108,000 bitcoins mined per month for the entire network. The profitability of this investment depends on when the project is fully operational and how fast the total network hash rate increases. You can create your own projections based on the information provided. |
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30
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Economy / Auctions / Re: [2 DAYS ONLY] 300 direct shares of ASICMINER
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on: May 30, 2013, 04:26:11 PM
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OP didn't make the transfer request to friedcat before dividend release dates. Even though payment was made prior. PM and email only take seconds, so I don't know what caused the delay.
OP; please respond. As mentioned, dividends were not received by bitcoiner49er or myself even though payment was submitted prior to the dividend date. It was my understanding that purchasing the shares prior to said dividend date would entitle the buyers to dividends immediately. I received my first round of dividends on 5/29, and have not received dividends from 5/15 or 5/22 (though payment for the auction was sent and confirmed on 5/13). I presume that means that our share of dividends was received by the OP and has not yet been forwarded to the new shareholders. Would really appreciate some transparency on what is causing the delay and for this situation to be rectified. |
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31
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Economy / Securities / Re: [PicoStocks] 100TH/s bitcoin mine [100th]
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on: May 29, 2013, 02:47:16 AM
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I think he meant 100k. He doubts 100TH will mine 100K coins per month due to competition (increased hashing power from others).
I doubt the diff will be so low by july. Simply by putting the 100TH mine online will cause difficulty to shoot up.
However...IF the diff is really that low and 100TH manages to meet its timelines, then 100TH needs to think about limiting how much hashing power comes online in case the mine gets too close to 50% total network speed. Not sure if ASICMINER is purposefully limiting their hash rate to below 30% or if they're just having deployment issues, but tytus et al should probably choose a safe operating percentage.
I hope that's the case! 100k coins per month would be impossible anyways... One block is solved every 10 minutes so 25x6x24 =3,600 bitcoins mined per day and 108,000 bitcoins per month. I think the best case scenario is that the project launches without any delays and and the total hash rate raises to 240 TH, meaning that the 100TH project would have 103 TH / 240 TH = 42.9% of the total hash rate and would generate approximately 46,332 bitcoins per month. I don't expect 100 TH to have that high a percentage of the network though. |
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32
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Economy / Securities / Re: [PicoStocks] 100TH/s bitcoin mine [100th]
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on: May 29, 2013, 02:31:46 AM
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Your financial projections and formulas for calculating the total network hash rate are incorrect (20% increase on 218 TH = ~262 TH, not 241 TH). The network is currently at ~100 TH and has increased at 20 TH/month for the past few months. Your projections start in August at 218 TH and 208 TH respectively, with the "100TH" mine planning to deploy ~103 TH, a realistic minimum projection for the total network hash rate would be ~240 TH. This could be much higher given that what's in the pipeline from ASICMINER, Avalon, Bitfury, BFL and others. The expected start date and network hash rate projections are the main factors in evaluating this company as an investment. I'm surprised that the share price is trading at nearly 6 times the IPO price without much significant positive news. I'm hoping to invest in this venture once more details of the mine are made clear, but for now this is a highly speculative investment and I would advise prospective investors to do their own due diligence and financial projections. Not trying to call you out or anything; I had made a similar post to your blog outlining some factors you may have wanted to account for in your analysis but it looks to have been deleted. Cheers |
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33
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Economy / Securities / Re: [PicoStocks] 100TH/s bitcoin mine [100th]
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on: May 29, 2013, 01:47:05 AM
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Oops, I missed the discussion on the thread ...
We are getting requests asking why we are "dumping" prices by offering shares from "73i6" (1AQxJQZtTNzUhviMjB8jqxxqL3Kbnm73i6 / Pico).
The main reason is that we want to increase liquidity because at low liquidity the price is too volatile. We can of course offer shares at higher prices but there must be a rational explanation of the valuation.
I believe the mine will be very successful in the first months but after that the revenues will drop (very) rapidly. The same will happen to the stock valuation. So this investment is quite tricky. To estimate the market cap of the 100th mine we have to predict how many BTC will be mined. 100k BTC are mined per month in total. I doubt the mine will make 100 BTC in the first two months. Other competitors will also fight for the mining revenues (BFL, maybe 28nm chip from helveticoin, and new batches of our chips). Also the chips have not been tested yet, so the investment is still very speculative.
We will update our projections in 3-4 weeks when we (hopefully) have functional boards.
So with the mine planned to commence on July 1st, you only expect to earn 100 BTC in the months of July and August before reaching full mining capacity on September 1st? Would appreciate it if you could clarify that sentence. The bolded statement should be very worrying to investors... |
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34
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Economy / Auctions / Re: [2 DAYS ONLY] 300 direct shares of ASICMINER
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on: May 24, 2013, 11:44:48 PM
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Still haven't received dividends or confirmation satoshis from 5/15 or 5/22.
Payment performed 5/13: 3b7cf5f58a3563fc2afd9c77c875a3d33d45ef0407c8077c44830b5edf86b65b
My Bitcoin address: 14Gh59iGk8bXFJ7LhoNB79yfLfKVtmumhB
Not sure what the issue is...
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38
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Economy / Economics / Re: Hoarding Vs. Spending
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on: May 21, 2013, 02:23:38 AM
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Agree with the OP and I believe this is what is constraining the growth of Bitcoin.
People need to realize that in order to break through to the next 'level' of Bitcoin valuation, the infrastructure and ease of use need to be improved for less tech-savvy people. This requires an investment from the people who know Bitcoin best.
The issue is that many of the people who have profited so immensely from being an early adopter are hoarding their coins instead of using them to improve Bitcoin, relying on others to do the legwork in getting Bitcoin mainstream.
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Regardless, AM is over 20% of the network at the moment which is great. Hopefully they will be able to keep said percentage with the influx of hashing power that is coming.
