Now offering Progressive ASIC Mining Contracts! Highest Yield Available!

[JMcGrath]

Looking for the Extreme Power of ASIC Mining without the high initial investment? Worried about the future profitability of Bitcoin Mining or GPU Mining? Wondering what will happen when the block reward is cut to 25 BTC or when difficulty soars?

Not to worry, Progressive Bitcoin Mining is now offering Progressive ASIC Mining Contracts in short and long-terms! Get the power of ASIC Mining without the high-investment cost or wait time if you didn't pre-order early, we have already taken care of that! An ASIC Mining Contract costs as low as just 0.25 BTC and gives you more than 125MH to start, with careful planning and reinvestment this increases to over 1GH within the year! (That's as much processing power as a BFL Jalapeno ASIC for only 0.25 BTC in 1 years time!)

Don't confuse us with other Bonds, Shares, or other Securities - this is the lowest risk and highest yielding offer available! Our team of network and hardware engineers, with the help of our financial analysts have been working on our strategy and reinvestment plan for over a year. Until now, we have been privately mining for nearly 2 years and continually adding mining resources. After deciding to offer public Contracts we quickly began placing pre-orders for ASIC Mining Hardware from the 2 main vendors. Our first order was placed back in June, with subsequent orders in July, August, October, and November! We expect to start our ASIC Contracts at no less than 360GH and end the first year at roughly 11.5TH, faster than any single miner or bond to date!

Our Contracts and Contract Holders remain 100% anonymous and we have taken every security measure possible to protect your identity and investments from hackers and thieves. My colleagues and I work at one of the largest Data Centers in the Midwest (USA). Security starts at our state of the art Data Center where proper credentials are required for access and cameras that cover every square inch. We will be operating out of our brand new facility of over 60,000 square feet as well as our backup site just minutes from where we live - both with tightly controlled climate, power and security. Many of our customers include Hospitals, Banks and Government Organizations and therefore must comply with HIPAA, PCI, DOT, DOC, etc regulations - rest assured your Bitcoins are in good hands! To further protect our customers, ALL Bitcoins and Databases are kept off-site on multiple backup flash drives and securely stored in a bank's safe deposit box!

The number of initial Contracts are Limited so please don't wait too long, other short-term Contracts will be available but will not offer the same long-term payments that our first members are being offered. Since the "soft launch" of our website about a week ago, we have already sold about 30% of our contracts without a post or advertisement! Things have been running very smoothly and we are very hopeful that all contracts will be fulfilled and ASIC Mining will start very soon.


For more information about our Contracts or to see exactly how they work please visit our website today:

Progressive ASIC Bitcoin Mining
http://www.progressivebtcmining.com/

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[JMcGrath]

The question has been brought up in another forum regarding Exchanges (ie GLBSE).

Progressive Bitcoin Mining, is 100% privately owned and operated. We have chosen avoid various exchanges completely so that people don't get screwed over like they did at GLBSE!

All of our BTC, Database, etc is kept off-site on several flash drives and locked in a bank safe-deposit box to maintain confidentiality of our Contract Holders and to guarantee we don't get hacked and have our BTC Stolen like so many others have! If you have any questions about this we urge you to read more on our website.

For your protection, and to ensure our legitimacy, we have been Verified and Partnered with Bitpay for Payment Processing. We have also been Verified as a business at Mt.Gox, BitInstant, and Paypal and remain in good standing with all of our partners.


Other questions that have been asked:

Q: When does a Contract begin? When and how often are Contracts paid?

A: To be fair to ALL Contract holders especially those in time specific Contracts, your Contract will not begin until our initial order of ASIC Hardware both Arrives and is Fully Operational. This ensures that everyone will receive everything they have paid for. Additionally, in the rare chance that we only receive a partial shipment or there is a delay in receiving the remaining ASIC Hardware from the initial order ALL Bitcoins accumulated during that waiting period WILL still be paid in addition to your first payment as a bonus, without starting your Contract!

All Contracts, of different types and duration, are paid bi-weekly (every 14 days). Your first payment will be made 14 days after all ASIC Hardware has been Functional and Mining. 1-Year is defined as 52 Weeks (26 bi-weekly payments), 6-Months as 13 bi-weekly payments, etc. All contracts will start and be paid at the same time and guaranteed to be paid within 36-hours of the payment date.

Q: What happens if the cost of mining becomes too high, mining becomes unprofitable, or we are forced to shut down for any other reason?

A: There are two possible scenarios and answers to this question. All Contract Holders have voting rights, in a situation like this we would determine all possible options and give everyone the chance to voice their opinion through voting. An E-mail would be sent to all members and Each Contract Held by that voter would count as a vote.

In the extremely rare and unforeseen circumstance that we would have to stop completely all assets would be sold. Any and all remaining funds, and proceeds from liquidation would be equally paid to ALL Contract Holders based on the number of Contracts, type, and remaining duration.

Q: Why are the number of Contracts (Total and Per Person) Limited? What if I want to purchase more?

A: The total number of Contracts being offered are setup in a way that we are able to purchase the Maximum Mining Power for the money spent. If we were to offer additional Contracts in small increments, we would not have the buying power to maximize our purchase which would result in a lower payment for everyone. We have limited the maximum number of Contracts per person to give everyone an opportunity to participate. We did not anticipate such a high interest and demand and therefore decided to look at ways to offer more Contracts, both total and per person! We will keep you informed of any new changes to this policy.

Until this is decided we have come up with an alternative for those that have inquired about purchasing a large quantity of Contracts. If you are interested in purchasing a substantial quantity of Contracts we will be accepting offers for VIP Members. A VIP Member is someone who has purchased a substantial quantity of Contracts and will receive up to a 5% bonus payment! If you are interested in becoming a VIP Member you MUST contact us first. The number of Contracts purchased by one or more VIP Members must be enough to contribute to the additional expansion of ASIC Hardware in the best interest of all Contract holders.


If you have any additional questions please see our website first. Most questions can be answered in our documentation or within the FAQ Section. If you still have any questions please feel free to contact us at any time! While we will do our best to actively watch this and all other forums, most questions can be answered quickest by either E-mailing us or by completing our support form on our website. We will update this thread regularly with any new Q&A, news or changes.

Progressive Bitcoin Mining Home:
http://www.progressivebtcmining.com/

Progressive Bitcoin Mining Support:
support@progressivebtcmining.com

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[JMcGrath]

(Reserved)

[MPOE-PR]

See here.

[JMcGrath]

Well, yesterday was a bit embarrassing - after our "soft launch" about a week ago we had worked out all of the bugs in payment processing. However, we had added a new field through Bitpay that allows us to collect Promo Codes when they are available. What we didn't realize is that by doing so, Bitpay had changed some of our credentials giving users an error when making a payment. As payments slowed down we realized something was wrong and our website admin has gone through and made all of the necessary changes and we are now receiving payments again.

On a more positive note, sales of Contracts are doing very well - much better than we anticipated. We have already ordered additional ASIC Hardware and are very close to ordering more! We are very excited about the new upcoming technology and we hope all of you are too. After receiving many requests to purchase more than the (25) Indefinite or (40) 1-Year Contracts we had previously limited, we decided to run some numbers and feel that we can raise this to satisfy our customer's requests without depreciating the value of our Contracts!

For the next week, or until we reach enough additional Contracts to add more ASIC Mining Hardware, we will be doubling the limit of Contracts per person! If you had inquired about purchasing more than (25) Indefinite Contracts or (40) 1-Year Contracts simply follow the regular checkout, enter the Promo Code below, and feel free to order up to twice the number of Contracts!

Promo Code: BTCTALKDOUBLE

The first 10 people to order the maximum (50) Indefinite OR (80) 1-Year Contracts will receive a Bonus Payment of 2% for the next year (26 bi-weekly payments) out of our own pocket at Progressive Bitcoin Mining!


We can't tell you how much we appreciate everyone's business and more importantly trust! I know trust is a hard thing to earn, especially with everyone on edge about the problems in the Bitcoin market in recent months. However, we look forward to providing the best services in our members interest and truly earning your respect, loyalty and trust in the coming months! Thanks again to everyone that has made the first few days a great success!

Again, if anyone has any questions, comments or concerns please do not hesitate to contact us. There are a few of us working on communications throughout the day and we will get back to you as quick as possible!

Progressive Bitcoin Mining Support, Sales, and Web Admin:
support@progressivebtcmining.com
sales@progressivebtcmining.com
admin@progressivebtcmining.com

http://www.progressivebtcmining.com/

[JMcGrath]

Just a quick status update, the past few days have been great at Progressive Bitcoin Mining. ASIC Mining Contracts have so far been a great success and as we are just a short time away from their shipments things are heating up and everyone is really excited about their release!

We have received enough Contracts over the weekend to further expand and orders for additional ASIC Hardware have been placed, we are right on schedule to meet our original expectations for power, growth and Bitcoin earnings.

Indefinite Contracts have been a big success as well, however they are limited and selling fast! If you are interested in long-term earnings please be sure to get in before it's too late...

Also, since releasing the Promo Code in our last post more members have decided to opt for larger orders. There are only 4 more bonuses available for members wanting to purchase the maximum quantity of Contracts. If you have been holding out we urge you to act fast if you want to receive the 2% bonus payment for an entire year! If you are purchasing the maximum quantity please be sure to use the Promo Code to get your added reward! This is an exclusive offer to Bitcointalk members only!


If anyone has any questions please feel free to contact us at any time, the best way to contact us is by email but we will still watch all of the forums as often as possible.


Progressive Bitcoin Mining:
http://www.progressivebtcmining.com/

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[Bitcoin Oz]

/thread

[MrTeal]

/thread

In the last 14-day period they plan to earn 757.7BTC off of 1.359TH/s. For that to be true the total network hashrate a year from now would have to be about 90TH/s.

[Korbman]

On a more positive note, sales of Contracts are doing very well - much better than we anticipated. We have already ordered additional ASIC Hardware and are very close to ordering more! We are very excited about the new upcoming technology and we hope all of you are too. After receiving many requests to purchase more than the (25) Indefinite or (40) 1-Year Contracts we had previously limited, we decided to run some numbers and feel that we can raise this to satisfy our customer's requests without depreciating the value of our Contracts!

One thing I've learned while running my own business is that talk is cheap. As a potential investor, who are you ordering your devices from? Do you have any receipts for the transactions? In other words, prove that you are indeed generating interest...or are you just trying to bump your thread while pretending to do well


I'm not trying to be harsh or anything. People who have followed me or my fund know I love detail...and I'm critical of people who show nothing to their investors except what they write on a forum.

[JMcGrath]

I understand your skepticism completely and expected some criticism until we are fully established and our members can comment on our services. I take no offense and only wish to help everyone understand our system, returns and provide any and all information that I can to help ease any worries that you may have.

To better understand my personal background, I have been Bitcoin mining for almost 2 years now and fully understand the ins and outs of the way the Bitcoin network operates. My colleagues have various mining experience of about 1 1/2 years. Our team is made up of network engineers, system administrators, and other high-level IT positions. I know that it is hard to trust someone that you have not yet worked with, I wish I were a Hero Member of this forum and that we had started this earlier than we did but at the same time I believe it is the quality of the posts rather than the quantity. Although I may not have a lot of posts, I have worked with a lot of people here and elsewhere (mostly through PM) and have made hundreds of legit transactions with Bitcoins.

To answer some of your questions...

In the last 14-day period they plan to earn 757.7BTC off of 1.359TH/s. For that to be true the total network hashrate a year from now would have to be about 90TH/s.

I see now how that spreadsheet may look misleading and this is something that I will have to change when I get back to the office. I will have our website admin upload the updates later (hopefully this evening). To explain the discrepancy, we offer several different contracts with different reinvestment strategies. The total hashing power of the last 14-day period (after 1 year) is actually about ~11.6TH - not 1.359...

This spreadsheet is showing only the Indefinite Contracts @ 400 Contracts sold, rather than the 1,200 that we have actually issued. The BTC Payment column is taken from another spreadsheet page within the book that represents ALL of Progressive Mining's Contracts. (Including Indefinite, 1-Year, 6 and 3-month)

We tried to keep our numbers conservative, with all contracts sold (we are currently at about 44%) we should end the year with more than 11TH - I believe that 757.5 BTC is very conservative with that kind of hashing power.

One thing I've learned while running my own business is that talk is cheap. As a potential investor, who are you ordering your devices from? Do you have any receipts for the transactions? In other words, prove that you are indeed generating interest...or are you just trying to bump your thread while pretending to do well


I'm not trying to be harsh or anything. People who have followed me or my fund know I love detail...and I'm critical of people who show nothing to their investors except what they write on a forum.

I appreciate your opinions and thank you for your honest words of advice rather than just bashing our idea. Most of this information is available on our website, but perhaps I should have explained things better here on the forums.

We have multiple orders of ASIC Hardware from both Butterfly Labs (1 - Jalapeno, 2 - Single SC, and 2 - 'Little' SC) as well as (2) BTCFPGA's bASIC 54GH variation. I will post our E-mail confirmations of our pre-orders when I return to the office later this evening or tomorrow if I don't make it back tonight. I will verify when I get back, but if my memory serves me correct, our first order was in the 2100's or 2200's (placed in June) and purchased from Butterfly Labs.

As for whether or not we are doing well, this is somewhat hard to "prove" until we begin mining. Last I checked, very early this morning - we have currently sold 569 Indefinite Contracts and 483 1-Year Contracts. At this point we have accumulated 405.25 BTC and enough to purchase 180GH (or 210GH with a BFL 'Little' Single SC). All current Contract Holders will be voting soon on which company to purchase additional hardware from as well as the model(s) we will be ordering. Of the Contracts sold, 5 members have ordered the maximum 50 Indefinite Contracts and 1 Member has ordered the maximum 80 1-Year Contracts. They have all been notified and will be receiving a 2% bonus payment for 1 full year of payments.


I understand that a picture is worth a thousand words and I sincerely wish that I could post some pictures of actual hardware, but as I'm sure most of you know - NO ASIC Hardware has been shipped by any company to any customer. We will be posting pictures of everything the second we receive our new hardware, the anticipation has been killing us!

If there is ANYTHING I can do to help anyone better understand our goals and intentions, ease any worries you may have, or prove that we are who we say we are I am more than happy to provide any details you would like as long as it does not jeopardize our member's confidentiality. I know that trust is a hard thing to come by and must be earned, even more so with the nature of Bitcoins and the problems that have arisen in the past such as GLBSE's shutdown. I hope that we can earn your trust and prove to everyone in the coming months that we have nothing but the best intentions and that all of our decisions are in the best interest of you - our customers!

Please feel free to contact us at any time and we will answer any questions, comments or concerns that you may have. We are here to help and look forward to working with all of you!

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[Korbman]

Well thought out posts do indeed trump quantity. And I look for that over tenure on this site any day. You seem to have your head in the game about this, so I imagine this will go well.
That said, I wish you the best in your venture. I can't say I'll be joining in on the fun given I've got my own business to worry about  

I've got this thread watched, so keep posting detailed info. I'd like to see where this thread (and your business) goes  

--Korbman

[Deprived]

I see now how that spreadsheet may look misleading and this is something that I will have to change when I get back to the office. I will have our website admin upload the updates later (hopefully this evening). To explain the discrepancy, we offer several different contracts with different reinvestment strategies. The total hashing power of the last 14-day period (after 1 year) is actually about ~11.6TH - not 1.359...

This spreadsheet is showing only the Indefinite Contracts @ 400 Contracts sold, rather than the 1,200 that we have actually issued. The BTC Payment column is taken from another spreadsheet page within the book that represents ALL of Progressive Mining's Contracts. (Including Indefinite, 1-Year, 6 and 3-month)

So let me get this straight.

Your spreadsheet is showing the production from hardware financed by ALL bonds.  Then it's sharing that out between JUST the Indefinite Contracts - as though every penny of income raised by ALL contracts went just to them?

No wonder the returns look so good.

[Vandroiy]

/thread

I lol'd

Man, that site is funny. What'ya guys saying, new #1 Bitcoin investment lulz? Does this top the Dank Bank?

Q: What is a VIP Member?

*A: This is the one exception to the limit of Contracts per person. If a member would like to purchase a substantial quantity of Contracts an exception may be made at our discretion. The member must contact us first, if the quantity the member or members would like to purchase is enough to further expand our initial estimates we will allow for additional shares to be sold. A VIP Member will receive up to a 5% bonus payment each pay period for the duration of thier contract!

So, uh... *pfft* the shares are limited, BUT! If you buy even more, they're not limited anymore! And they yield more! It's not just an exponential money-maker, it's an above linearly scaling exponential money maker!! OHaruhisama, confine the page before I suffocate from laughter

Okay, that was enough Bitcointalk for today. This stuff makes my brain go drunk on its own.

[JMcGrath]

Well thought out posts do indeed trump quantity. And I look for that over tenure on this site any day. You seem to have your head in the game about this, so I imagine this will go well.
That said, I wish you the best in your venture. I can't say I'll be joining in on the fun given I've got my own business to worry about  

I've got this thread watched, so keep posting detailed info. I'd like to see where this thread (and your business) goes  

--Korbman

Thank you for the kind words, someone with a good attitude like yourself will do well also, best of wishes to you too!

So let me get this straight.

Your spreadsheet is showing the production from hardware financed by ALL bonds.  Then it's sharing that out between JUST the Indefinite Contracts - as though every penny of income raised by ALL contracts went just to them?

No wonder the returns look so good.

You are obviously missing some key information here, perhaps you should read how the Contracts work before making assumptions like this.

Each type of Contract, whether Indefinite, 1-Year or otherwise has a different payment type. A 1 Year Contract for example has a heavier reinvestment structure during the first half, then increases its payment during the second half. An Indefinite Contract on the other hand has a slightly lower annual payment but yields steady and consistent results for the entire duration. Yes, ALL Contracts are pooled together but payments are NOT ONLY for Indefinite Contracts - they are equally dispersed based on the number of contracts issued. I'm not sure why this is so hard to understand...

Lets just say that 1,000 of each contract has been sold. Indefinite Contracts are .5 BTC while 1-Year are .25 BTC, therefore an Indefinite Contract has a heavier weight. So in this scenario (1,000 of each sold) the payment would divided by 3,000 then dispersed equally. The payment after 1 Year will also increase as the 1-Year Contracts are reacquired and either renewed or taken out of the total pooled funds.

At our estimate of 11.6TH after one year and using the example I just used would produce a total of 1136.25 BTC...

1136.25 / 3,000 = .37875 PER Contract
.37875 * 2,000 = 757.5 FOR Indefinite
.37875 * 1,000 = 378.75 FOR 1-Year

To determine payments from there, you would need to factor in the reinvestment strategy of the type of Contract so:

A single 1-Year Contract would yield about .340875 in the last 14-day period, while an Indefinite Contract would yield about .53025 during the last 14-day period after one year.


Keep in mind this is a quick example using 11.6TH with 1,000 Indefinite and 1,000 1-Year Contracts. This does not show the yields from short-term contracts, and does not represent the actual number of Contracts being sold during the initial investment period - just an example to show you how it works.

What IS accurate about this example though is that it is showing difficulty at over 150,000,000 which we believe to be a fairly conservative evaluation.

[MrTeal]

That just doesn't make any sense, and 9000% return simply isn't possible through mining unless you're paying early contracts with money brought in from future contracts.

[JMcGrath]

Look, I am not going to continue arguing with people that just want to argue for the sake of arguing (not that you are personally) but are you trying to tell me that early CPU Miners didn't make enough profits to pay for their equipment 1,000x over? How about early adopters in the GPU rush, a few 5970's would have made a fortune if you got in early! I see no difference in ASIC Mining, early adopters will reap the benefits and the more equipment you have the more you will make.

Even if the return doesn't come out to thousands of percent higher with unforeseen events, there is a very significant return potential.

We aren't forcing anyone to purchase Contracts - if you don't believe that you can make a gain that is your choice... If you have a spreadsheet, plug in the correct numbers and see for yourself! Starting with a few hundred GH and continually reinvesting a portion of your profits into more hardware will net a significant gain no matter what numbers you use. The only speculation is how high difficulty will rise and what the valuation of a Bitcoin will be worth...

That is one thing that NOBODY knows, I am not pretending to *know* what the difficulty will be in a month, 6 months, a year - whatever... I also do not *know* what the valuation of a Bitcoin will be - we can only use our best educated guess based on the information that we DO have. The numbers represented are based conservatively in comparison with a lot of people's predictions and I guess only time will tell. I think difficulty of 150M and $15-20 per Bitcoin is very reasonable over the next year though.

[MrTeal]

Look, I am not going to continue arguing with people that just want to argue for the sake of arguing (not that you are personally) but are you trying to tell me that early CPU Miners didn't make enough profits to pay for their equipment 1,000x over?

No, not if they sold them at market prices as the mined them. How much electricity do you think Laszlo spent mining the 10,000BTC he spent on $20 worth of pizza? Mining can be profitable, but not that profitable. You're saying your conservative estimates net three (3) times the yearly return that Pirate's ponzi did.

How about early adopters in the GPU rush, a few 5970's would have made a fortune if you got in early! I see no difference in ASIC Mining, early adopters will reap the benefits and the more equipment you have the more you will make.

Even if the return doesn't come out to thousands of percent higher with unforeseen events, there is a very significant return potential.

We aren't forcing anyone to purchase Contracts - if you don't believe that you can make a gain that is your choice... If you have a spreadsheet, plug in the correct numbers and see for yourself! Starting with a few hundred GH and continually reinvesting a portion of your profits into more hardware will net a significant gain no matter what numbers you use. The only speculation is how high difficulty will rise and what the valuation of a Bitcoin will be worth...

That is one thing that NOBODY knows, I am not pretending to *know* what the difficulty will be in a month, 6 months, a year - whatever... I also do not *know* what the valuation of a Bitcoin will be - we can only use our best educated guess based on the information that we DO have. The numbers represented are based conservatively in comparison with a lot of people's predictions and I guess only time will tell. I think difficulty of 150M and $15-20 per Bitcoin is very reasonable over the next year though.

I just don't see how you can possibly arrive at those numbers without relying on new income. Without you showing your spreadsheet it's hard to critique, but even if I reinvested every penny earned into new Singles or Little Singles and set completely unrealistic numbers I couldn't get anywhere near your numbers.
https://docs.google.com/spreadsheet/ccc?key=0An53xDWxWQFOdF84bGFZZlBUZFlJRDFCblUtcUM1WHc
That starts with the purchase of a Single ($1300) and reinvests everything. It also ignores the cost of shipping. I got a 18x increase in hashrate by continual reinvestment similar to your spreadsheet, but only if the numbers are ridiculous, I make simplifications at the start (difficulty would chance faster than every 14 days so the better earning periods would be shorter) that make the numbers look better, and ignore the cost of running the hardware. That's also not taking any cash payout.

[JMcGrath]

I'll have to take a look when I get home tonight (on my cell and driving lol) but just glancing at it I can see a few differences. Your starting hashrate is different and conversion rate appears to be different as well.

The problem I think, is that we are not comparing spreadsheets in an apples to apples comparison. We already have over 300GHof our own plus additional investor purchases. Most of "our" earnings is being contributed to  Contract holders to begin with as well. All of this information is not shown on the spreadsheet you pulled from the website, that was only meant to be a base guideline. It also does not take into account the short term contracts that will contribute to the total growth...

I will have a closer look when I get back, but I appreciate the educated discussion rather than just trying to slam our idea and leave in attempt to cause drama. Thank you for that

[m_yaw]

any updates on the spreadsheet discussion?

[MPOE-PR]

Yes. It was established that over 9000 went out of fashion more than 100 years ago.