I dont understand the reason to buy this (and others like it).
I can can get 2 TH right now on CEX.io for that price can't I? Is my math wrong:
1.2 TH unit (1.6 TH in turbo which probably draws more power) = 8499.
So:
8499/$500 = 16.998 BTC
Current CEX.io price of .0085/gh so: 16.998/.0085 = 1999 GH
And if you use pbmining: 16.998/.0056 = 3035 GH..
It just doesnt make sense to me. Am i missing something?
And if i am not.. Here is a link to where you can get 3 TH immediately for the price of the 1.2 TH unit:
http://pbmining.com?ref=robocoderDisclaimer, this is my referral URL - please use if i just gave you a way to get more than twice the hashpower with no preorder. All my money goes to ARF anyway..
CEX.io? Really... have we not all agreed to not use that as it consolidates way too much hashing power in a single groups hands?
Isn't this about nTek and not promotion of CEX.io as that is WIDLY off topic?
http://www.reddit.com/r/Bitcoin/comments/1uta1v/the_real_issue_is_cexio_not_ghashio/The real issue is CEX.IO, not GHash.IO! (self.Bitcoin)
After researching the issue further I've come to the conclusion that it is not actually GHash.IO that is the real issue.
True, unlike most other pools, GHash.IO only publishes 250KB blocks (at most). This demonstrates either short sighted selfishness or simply an ignorant attitude to the recent increase in network transactions and the occasional "traffic jams" caused by that.
The real issue in terms of the 51% problem is CEX.IO. In their fresh from the oven statement (
https://ghash.io/ghashio_press_release.pdf) they claim that one of the solutions is to allow users of CEX.IO to point the datacenter mining power to another pool.
That does not help with the problem. Either CEX.IO operators or an attacking hijacker can theoretically take control of the datacenter hashing power and point it anywhere.
The pool (GHash.IO) is not the issue nor are individual miners. All of that is irrelevant. In case of foul play it is trivial for individual miners to start pointing their miners to other pools. The centralized hashing power in the hands of CEX.IO is another story, and that is the real issue.
Long term the most realistic solution is that CEX.IO gets competition. More cloud mining services, more datacenters. Short term I think that people should not invest in mining through CEX.IO.
As a quick update...Everything is still going according to plan. We will have the first batch of A1 (1.2Th/s or greater) nTek miners delivers and or online before the end of May. We will also fully honor the ROI agreement that was shared here openly.
We are nothing like BFL as we are offering ROI compensation to our customers well before they ever even asked us for this. We are nothing like KnC who tried to convert the hardware orders to cloud hashing only if you agreed to not getting the hardware in return. In fact we are still going to deliver all miners to the small batch of first customers and in addition give the ROI compensation detailed on our Blog and this forum. We are delivering both so for anyone to say we are like BFL, KnC, HashFast is not accurate. I understand we must prove this so we will soon be doing just that.
I can see already some new Scrypt miner companies sprouting up and using this same model of offering ROI compensation if they have any delays of delivering. This is great to see that taking a big step like this has helped others in the community see that the digital currency hardware industry does not need to be the way it has. The companies that will survive through all the stuff going on now with drop in BTC value and rise in difficulty will ONLY be the companies that innovate. Innovation will come through new ways of using digital currency and it not being just about money alone but rather what can people can do to improve other areas of life, science, health, the environment etc...
Our main goal is to prove to our small group of early customers and the rest of the community that mining hardware sales can be done differently. Once our first batch is out we will move towards in "IN STOCK" policy but still keep the ROI agreement for larger orders only when necessary. There will be no more pre-orders and I hope this sets a new precedence for the rest of the industry. We never intended for this to be anything like a pre-order. We went off of what Bitmine.ch told us in January that we could take their PCB design and have a working miner within a week from PCB builders in California.
Eventually we had to redesign the PCB completely but in the meantime it was not fair to our early customers who paid in January at the value of 1.2TH/s back then. $8500 was a fair price for 1.2TH/s in January but of course it is not now...This is why we offered the ROI compensation agreement because it makes that higher cost paid in January go down really low. Many of the early customers are in fact going to received more BTC then what they paid for the miners originally. For other customers who did not want to wait when we first offered the ROI agreement in March; they were given refunds.
Again sorry for not giving a public update recently but I just wanted to let everyone know that we are still working hard and nothing has changed or will change with the plan.
Feel free to post questions here so I can reply to the group all at once. Makes things easier...
Thank you for reading!
Ry
