This GB (when made active) will provide the option to purchase Wasp & Hive based modular miningware on a continuous bases. The purpose is to provide a method of rapid investment into Bitcoin (and eventually Altcoin) mining by providing the shortest possible path between purchasing miningware and actually getting that miningware hashing. This thread is an informative dialogue intended to provide information about what will be provided by SWMC when the Wasp and Hive miningware is made available. This thread is also intended to gage the overall support for this model of GB, gain valuable customer opinions and provide SWMC with a better understanding of what miningware purchasers believe to be important so SWMC can address those concerns in an informative manner. This GB is (being) designed to serve YOU better than that which you are accustomed to.

Since this thread hasn't been very active I thought that I would add this as an easier way to contribute and earn a portion of the trading fees from the new SWMC Hashing Exchange.

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SWMC Hashing Exchange Development Shares - 25% of the total of all future trading fees has been designated as compensation for those who contribute towards the development of SWMC's Hashing Exchange and website. This will offer a nice passive income source for SWMC Hashing Exchange contributors.
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Out of the 25% of trading fees, 15% of the trading fees are being sold as SWMC Hashing Exchange Dev Shares for financial contributions with the remaining 10% being available for sweat-equity opportunities. Although there are no set numbers of shares to be sold, the total funding needed is approximately $7500. The sale of shares will be ended once this goal is reached.

Click Here To Purchase Full Share: $150

Click Here To Purchase Patial Share: $75

All share values are in BTC. All shares sold will receive an equally divided portion of the total percentage of contributions based on the amount paid in USD for each share at the time of purchase.

Share value will be $150 with partial shares priced at $75 and will be credited based on the USD/BTC exchange value at the time of purchase. You will not be penalized for any fluctuation in the USD/BTC exchange value at the time of exchange. Share value portions will be based on the total USD value of all share purchases. (e.g. $7500/$150 = 50 Shares | (15% of trading fees = 0.15) 0.15 / 50 = 0.3% of trading fees per full share.)

Example of share earnings based on a total of 1000 BTC in trades:

Trading Fee: 0.2% (not necessarily the final trading fee)
Total Trading Fees Collected for 1000 BTC in Transactions: 2 BTC
Full Share Portion of Collected Fees: 0.006 BTC
USD Comparison at Current Exchange Value of BTC = $677 | 0.006 x $677 = $4.062
Daily Exchange Value of CEX.io: ~4000 BTC (4 x 1000 BTC in example)
Equal Comparison in BTC of Share Value at CEX.io Daily Volume: 4 x $4.062 = $16.248
Full Share ROI at CEX.io Daily Volume: $150 / $16.248 = ~9.23 Days
Total Value for 15% of Trading Fees at USD/BTC = $677: 50 x $16.248 = $812.40 Daily
Total Value for 25% of Trading Fees at USD/BTC = $677: $1354 Daily

Full Share ROI at CEX.io Daily Volume at USD/BTC at $1000:
0.006 x $1000 = $6 | 4 x $6 = $24 | $150 / $24 = 6.25 Days

Total Value for 15% of Trading Fees at USD/BTC = $1000: 50 x $24 = $1200 Daily

Total Value for 25% of Trading Fees at USD/BTC = $1000: x $24 = $2000 Daily

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There are No Limits on Shares per individual

Click Here To Purchase Full Share: $150

Click Here To Purchase Patial Share: $75

[EDIT: Link to spreadsheet to track share information.]

I thought that might be what you were referring to, that just means that the project is in an active stage of development. It does not mean that there are working prototypes or that the product design is finished or is available. To date, the only designs that are close to being production ready are the Coindesk A1 Wasp and the Hive backplane. Below are the specifications for the A1 Wasp:

I am not aware of any of the WPC projects going "Live." Could you provide a link to what you are referring to?

We're getting closer to the Wasp A1 rollout!

If the Neptunes hashrate is significantly higher than the originally promised 3TH/s, the return in BTC could be as high as 19-36 BTC. With a refund, we might meet ROI in fiat, but there will only be a slight increase in BTC. (Actually, there might be a loss for some since the exchange value for BTC was so volatile when payments were made, that there was a significant loss of value (in fiat) during the transaction time when those payments were processed. I actually had to subsidize the Neptune purchase with my own money in order to have enough. Wasn't planning on telling you guys this because I'm working towards a long term goal, but it seems appropriate to let you know now.)

I thought it would be helpful to get a good idea about the actual numbers involved (or an estimation at least) in making a decision.

I used the Jupiter stats to calculate a rough estimate of what we might expect the Neptunes hashrate to be by core count.

Jupiter: 550 GH/s / 768 cores = 716 MH/s per core

Neptune: 4 chips * 1440 cores * 716 MH/s per core = 4.125 TH/s

Remember, most Jupiters where exceeding the 550 GH/s and were actually hashing at ~600 GH/s

Jupiter: 600 GH/s / 768 cores = 781 MH/s per core

Neptune: 4 chips * 1440 cores * 781 MH/s per core = 4.5 TH/s

The Genesis Block estimation:

IF Neptune Hashrate = 4.125 TH/s

Starting in March: ROI reached within the first 30 days - 15 BTC (original price of Neptune) + 19.7 BTC by October, Total BTC = 34.7
Starting in April: ROI reached in June - 15 BTC (original price of Neptune) + 3.8 BTC by October, Total BTC = 18.8

If Neptune Hashrate = 4.5 TH/s

Starting in March: ROI reached within the first 30 days - 15 BTC (original price of Neptune) + 22.9 BTC by October, Total BTC = 37.9
Starting in April: ROI reached in June - 15 BTC (original price of Neptune) + 3.8 5.7 BTC by October, Total BTC = 20.7

At the current exchange rate of $659.97 we could purchase just over 19 BTC. That changes dramatically, down to only 15.3 BTC, if the exchange rate of BTC to USD is closer to $850 when we receive a refund. As you can see, worst case scenario, it is likely that we will have a net sum difference of just a little more BTC (~0.3-0.4?) if we were fortunate enough to get a refund in time (or at a time) to exchange the funds for BTC at ~$660.

Estimation of Potential Gain with refund: Negligible

Estimation of Loss Potential with refund: Minimal

Estimation of Potential Gain if Neptune kept: Significant

Estimation of Loss Potential: (likely) Negligible

(Of course, things change fast. We don't yet know exactly how "Plan B" will compensate Neptune customers. And we don't know if KnC will be able to increase the 20nm chips hashing power at a higher percentage than they were able to do with Jupiters 28nm chips.)

I had considered asking if anyone was interested in refunding the Neptune, but hadn't decided yet whether I was going to or not. There are a few things that we should consider:

1. KnCMiner has, thus far, been very good about sticking to their commitment to "under promise and over deliver."

2. They have already indicated that their design will be not 30%, but 40% more energy efficient than the previous generation of KnC's ASIC chip.

3. KnC tapped-out their chip design in late Feb. They originally promised a Q1/Q2 delivery date, so they are still within the time frame promised for delivery of the Neptunes.

4. And, they have packed more cores into their design than they originally planned (1440 cores is the latest that I have heard) which likely means more hashing power than originally promised.

How these facts play out is yet to be seen. I am curious to see what their "Plan B" will actually provide. At first, they stated that they would provide 3TH/s of mining power via hosted mining free of charge for Neptune customers if there was a delay in shipping. My only question is, will KnC compensate for any increase in the Neptunes actual hashing power at the time of shipping? Now on that subject, a later news release stated that Neptune customers could convert to 3TH/s worth of hosted mining, without mentioning whether or not you would still be able to get your miner if you wanted it. It would create a sh@t-storm of pissed of Neptune customers if the take the free hosted mining conversion option at 3TH/s if the Neptunes ship out actually running at 4-6TH/s and KnC doesn't match that hashing rate for those customers.

I might be willing to convert everyone's contracts into the SWMC Hashing Echange, Wasps or something similar if you guys want to refund the Neptune, there is a good chance that the price per GH/s will be close to the same or, more likely, lower than what we paid for the Neptune assuming that the actual hashrate of the Neptune remains around 3TH/s. (I'll convert the hashing power to you at near cost if you want to roll those funds into the SWMC Hashing Exchange. [EDIT: Oh yes, I forgot to mention that I have set aside 25% of all future trading fees to be paid to anyone who participates in the development of SWMC's Hashing Exchange, that includes coding work or financial support. By rolling over the Neptune funds into SWMC's Hashing Exchange, you will be early adopters and you would fit into the financial support category, therefore you would receive a portion of that 25%. (for life) ])

In any case, I am willing to work something out with all of you if there is consensus.

Until the final specs are out, there is no way to know for certain. I will be working on a spreadsheet to provide a best guess estimate based on the currently advertised information from friedcat.

Yeah, right... Just like John K. does when he has vetted someone or like DyslexicZombei did when he vetted me....

No.. seriously though, all I can do is offer the facts as I know them. Bradley has shown me that he really cares about the Bitcoin Ideology, has always been upfront with me and has never lied to me or tried to take advantage of me. I know Bradley personally, I have his cell number and I know some personal information about him... He is undeniably a GOOD MAN, and I know that I can trust him...

That's what I have to offer you, just my knowledge of the man he is.

I will go through the vetting process for Bradley (at no charge to him) if he wants, doing so does not guarantee anything other than that if Bradley were to take off with anyone else's Bitcoin, there will be a way to track him down. This is the same for me or anyone else who has been vetted by a trusted source. Its one of the only ways that we can make assurances in this semi-anonymous culture.

Hey Bradley, getting vetted isn't too painful. It involves submitting identification documentation and an assessment as to whether or not the applicant is capable of doing what they claim they are planning to do. Just send me a PM if you would like to go through the vetting process with me.

James Tate

I can vouch for Bradley as being an honest individual that I trust, I believe it to be safe to deal with him.

Small Update:

Considering changing the chip from the Coindesk A1 to the upcoming ASICMiner chip. There are issues with the A1 that will make it difficult to reach the full 40GH/s turbo performance.

Glad to hear from you!

This quote comes close to the truth,

but instead, I offer my own...

"Every event has an infinity of causes and ultimately,
in the unrelenting expanse of time, an infinity of results.
This is the fundamental truth of all reality."
                                                     -- James Tate

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Batch 2
Order #140xx
Date of payment: 2013 December 02 **13**
Method of Payment: Bitpay
Number of machines ordered: 1
Country: USA

Just a quick update. Made significant progress today on the New Website layout. Further work has been done towards the Hashing Exchange and some of the other features as well.

Will continue to update as things move along.

~James

It's difficult to say, ETA is on the order of weeks, not months.