Friedcat will you be producing any small scale miners in the future like the BFL Jalapeno?
In business aspect, we will learn from the market what miners want the most. In technology aspect, with the current restrictions (mainly heat dissipation), the weight, hashrate, and price per each miner could be made very small, but the space consumption probably won't be as small as, say, a typical USB flash drive's. |
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How does ASIC mining differ in calculating how much the hashrate will rise each week ?
It will be done as the one before: when upgrade with ASICMINER, we directly push X weeks ahead, resulting in a jump of (1+0.89%)^X, then grow by 0.89% each week as usual. |
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friedcat, how your predictions from page 1 hold up? Have you made any charts with actual historic data and superimposed the results on predictions?
If yes, can you post it?
The actual results are closer to the very prediction of a persistent difficulty increasing. The data could be fetched from the dividends record in GLBSE. However, we have boosted the hashrate/share once like a transition. We will do a much more dramatic upgrade of hashrate/share when the ASICMINER project succeeds. After that, MOORE may be used as a window for selling some of the hashing power of ASICMINER. It is also possible that the MOORE will be under the management of ASICMINER instead of me the individual.  |
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friedcat, how does one go about selling the bonds back to you at 0.5?
(Yes, I only ask because there's a couple hundred selling under 0.5)
It is always valid. You could see it from the dividends record. I have been doing the buying-back mainly via putting bidding walls. There was also a large buying back that's directly from me via GLBSE asset transferring. |
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While investors are eager to learn about the progress, announcements of this kind have no positive effect on the progress of this endeavor. On the other hand, the announcements may offer important targets for competitors' engineering and marketing efforts.
As long as the RTL design and optimization techs are kept as secret, the spec as a row of data couldn't really help the competitors much. What technology node could do how much is easy to know for all people who get into working on the ASIC design. Plus, this is what I have already promised: Update
IPO: There are still three pending orders. Two of them amount at 1,000 BTC each. All other orders are either cancelled or traded.
If they are not canceled but done, we could collect at a total of >14k of BTC, which would be enough for our expenses, as long as no extreme condition with the BTC price happens. So we still hold the original plan.
Chip: With our recent (from starting of IPO and now) effort, we successfully further reduced the ratio of power consumption to hashrate. It finally makes inexpensive packaging of our chips practical. Before taping out, a detailed spec (size, power, performance, pins, I/O interface, etc) of our chips will be made public.
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Can you give a ballpark on the power requirements of the 50 ghash module?
friedcat may want to correct this with updated data, but based on their preliminary specs it'll be about 500 W ( https://bitcointalk.org/index.php?topic=91173.msg1062854#msg1062854). That's 50GH/s = 1.25 GH/s / chip * 40 chips. and 40 chips * 13.3 W / chip = 532 W Of course you'd also need to add power consumption of the periphery. We have done a lot in the past month and the power consumption is already much less than it.  I'm now collecting the tech details for announcement. While investors are eager to learn about the progress, announcements of this kind have no positive effect on the progress of this endeavor. On the other hand, the announcements may offer important targets for competitors' engineering and marketing efforts. Of course, this is just a short-and-random reply. It's not an announcement. The forehand progress report has been sent to the board already. It will also be announced when there is no slight deviation about the date and materials. |
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Can you give a ballpark on the power requirements of the 50 ghash module?
friedcat may want to correct this with updated data, but based on their preliminary specs it'll be about 500 W ( https://bitcointalk.org/index.php?topic=91173.msg1062854#msg1062854). That's 50GH/s = 1.25 GH/s / chip * 40 chips. and 40 chips * 13.3 W / chip = 532 W Of course you'd also need to add power consumption of the periphery. We have done a lot in the past month and the power consumption is already much less than it. I'm now collecting the tech details for announcement. |
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I think you meant "Hashrate of this week: 1.31611 MH/s", not 1.30450 MH/s, as the latter was last week's.
Thanks. Sorry for the typo. The calculation is indeed based on 1.31611 though. |
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14th Payment
Calculation time: September 12, 05:32:20 forum time
Number of difficulty change: 1
Number of block reward change: 0
Time interval:
Starting from: September 5, 13:05:22
Ending at: September 6, 18:10:24
Total time: 104702s
Difficulty: 2,440,642.61
Starting from: September 6, 18:10:24
Ending at: September 12, 05:32:20
Total time: 472916s
Difficulty: 2,694,047.95
Hashrate of this week: 1.31611MH/s
coupon/share = (1.31611*10^6)/(2^32)*(104702*50/2,440,642.61+472916*50/2,694,047.95)=0.0033468
Number of Shares: 4048
Total Payment: 13.5478464
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Weekly NAV Growth: (986.794-1069.393)/1069.393=-9.99%
Weekly NAV Growth: (934.061-986.794)/986.794=-5.34%
That is two disappointing weeks in a row. Are you actively trading shares? I see some decent opportunities here and there for market making. What is your plan to have better performance in the future? Thanks for your question. Yes they are. Sorry for making it a de-facto static mining assets pass-through during the last few weeks. The trading started to become less frequent after the ASICMINER project temporarily took my focus of watching closely to the market. It will resume since the design & bargaining phase is finally ending. About the future: 1. Almost all our holding assets (except one) have ASIC upgrade paths. Therefore the possibility of retain and bounce of the price is significant. My only concern is some operator became less responsive. It seems that more aggressive use of shareholder rights is needed. 2. MU will probably invest in ASICMINER when the time and the price is right. 3. Other business model than mining will be considered more. 4. Active arbitraging and market making will be done more frequently than before. |
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Weekly Financial Disclosure
Time: 11:53 AM, Beijing time
Date: September 12, 2012
Funds of Last Week: 137.520BTC
Number of Total Shares in Circulation: 5000
Assets:
JLP-BMD
Holding: 1569shares 149.023BTC
Dividends Paid: 1.096BTC
YABMC
Holding: 1000shares 109.500BTC
Dividends Paid: 2.700BTC
PIMP
Holding: 2030shares 267.960BTC
Dividends Paid: 5.699BTC
MOVETO.FUND
Holding: 109shares 117.581BTC
Dividends Paid: 0.000BTC
BFLS
Holding: 50shares 35.000BTC
Dividends Paid: 0.587BTC
Cognitive
Holding: 179shares 113.468BTC
Dividends Paid: 0.724BTC
BTC
Holding: 152.335shares 152.335BTC
Holding After Dividends: 141.529BTC
Calculated Dividends: 1.096+2.700+5.699+0.000+0.587+0.724=10.806BTC
NAV: 149.023+109.500+267.960+117.581+35.000+113.468+152.335-10.806=934.061BTC
Weekly NAV Growth: (934.061-986.794)/986.794=-5.34%
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Thank you, friedcat.
Although now I'm a bit confused. (Either due to my poor reading or ignorance no doubt.)
I thought 30,000 shares were offered for general purchase through GLBSE and 170,000 were offered via bulk private/direct sales.
Did it turn out that a lot of those 'private/direct sales' were handled by using GLBSE as a facilitator?
Almost all of them are handled with GLBSE, except those 5,600 shares (also in GLBSE initially). |
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Out of interest... how many manually maintaned shares are there that arent handled in glbse?
I consider that a fair/reasonable question. Yes it is. It's 5,600 shares from one investor. It was originally handled by GLBSE, then returned back to us for manual maintaining. |
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which is pretty relevant so makes that api number useless, no?
Because the manually maintained shares came from original sold one. It is for people who would prefer us than a third-party to do the book-keeping of shares and payments for them. Therefore if the second round of fundraising do not happen, the number of shares in circulation queried by the API could only decrease. |
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By the way, the number of the total ASICMINER shares in circulation (not reserved in the account ASICMINER) could be accessed by anyone without the need of paying small dividends or screenshots or any hassles: https://glbse.com/api/quantity_trading/ASICMINERIt is necessary to mention that the number returned by the API doesn't have the manually maintained shares with private contracts included. |
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Jutarul... i dont think that a investor was it. Because he sold exactly everything till 0.1BTC. That means he has to pay the fee, which means a small loss, and he couldnt sell all his shares this way because he could only sell to offers that are open. So i doubt its an investor that feared something. Friedcat seems to me still has the highest probability.
And why should friedcat start a motion about it? Thats not necessary. Because it was clearly stated that 200,000 shares will be sold to the public. And the already sold shares doesnt have a higher value when the rest isnt sold. Because the rest of the 200K are still owned by bitfountain and they would get the dividend for them like the rest of the shareholders of the 200K. Which means there isnt a motion needed because there is no devalue of the already sold shares.
I have sold no more shares after I announced the close of the IPO and the execution of all pending pre-orders. And that was more than 1 week ago. If we will ever sell the rest ASICMINER shares, it would be after a fully appreciation of the price and we are in need of money to do large expansions. In this round, the fund raised is enough to cover the NRE cost and offer necessary backups, thus selling more is just diluting Bitfountain with not much benefits. By the way, the number of the total ASICMINER shares in circulation (not reserved in the account ASICMINER) could be accessed by anyone without the need of paying small dividends or screenshots or any hassles: https://glbse.com/api/quantity_trading/ASICMINER |
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Maybe only friedcat sold shares for everyone that bids at least 0.1BTC for a share? Or a shareholder sold his shares because he knows he can still get more shares for 0.1BTC from friedcat? But i tip on friedcat because selling the shares for exactly 0.1BTC wouldnt make sense for a shareholder.
Anyway... i sent a pm to you, friedcat, on thursday but didnt get an answer while i see you online all the time.
Thanks!
Sebastian
I'm sorry for replying late. As I promised, timely reply will resume from today. And I will reply to all unanswered PMs and mails. |
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13rd Payment
Calculation time: September 5, 13:05:22 forum time
Number of difficulty change: 0
Number of block reward change: 0
Time interval:
Starting from: August 29, 06:14:34
Ending at: September 5, 13:05:22
Total time: 629448s
Difficulty: 2,440,642.61
Hashrate of this week: 1.30450MH/s
coupon/share = (1.30450*10^6)/(2^32)*(629448*50/2,440,642.61)=0.0039166
Number of Shares: 4048
Total Payment: 15.8543968
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Weekly Financial Disclosure
Time: 09:04 PM, Beijing time
Date: September 5, 2012
Funds of Last Week: 134.382BTC
Number of Total Shares in Circulation: 5000
Assets:
JLP-BMD
Holding: 1569shares 156.727BTC
Dividends Paid: 1.092BTC
YABMC
Holding: 1000shares 107.200BTC
Dividends Paid: 2.884BTC
PIMP
Holding: 2030shares 302.470BTC
Dividends Paid: 5.856BTC
MOVETO.FUND
Holding: 109shares 129.383BTC
Dividends Paid: 0.000BTC
BFLS
Holding: 50shares 39.550BTC
Dividends Paid: 0.591BTC
Cognitive
Holding: 179shares 113.674BTC
Dividends Paid: 0.673BTC
BTC
Holding: 148.616shares 148.616BTC
Holding After Dividends: 137.520BTC
Calculated Dividends: 1.092+2.884+5.856+0.000+0.591+0.673=11.096BTC
NAV: 156.727+107.200+302.740+129.383+39.550+113.674+148.616-11.096=986.794BTC
Weekly NAV Growth: (986.794-1069.393)/1069.393=-9.99%
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Update
Tomorrow I will only have the internet access in the evening (Beijing time), so please expect about a 6-10 hours delay of dividend payment. Thanks.
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