btt

[creativex]

Thanks Carnth. I've done my homework and though I'd like it if the price/Gh was lower I don't believe there's a better value out for gen 2 equipment. Bitfury gear should still be hashing when knc gear is no longer profitable.

Cheers.

[cw92]

Mind sharing the rough price and total hashrate we'd get from the order?  Just trying to see where we would stand come October. 

[creativex]

Mind sharing the rough price and total hashrate we'd get from the order?  Just trying to see where we would stand come October.

Hi cw92. I'll do one better and share the exact hashrate and price. 800Gh/s @ 123.6225 57148afaeb3c6f2a217c34b40ce24ae986edfed53a92e9a3a165e85220b47556

Cheers.

[Carnth]

Mind sharing the rough price and total hashrate we'd get from the order?  Just trying to see where we would stand come October.

Hi cw92. I'll do one better and share the exact hashrate and price. 800Gh/s @ 123.6225 57148afaeb3c6f2a217c34b40ce24ae986edfed53a92e9a3a165e85220b47556

Cheers.

You should have gotten a lower price.... 123.456789 would have been more acceptable. 

[creativex]

Agreed, I'm getting after Dave for this.

[creativex]

**NEWS ITEM**

bASIC-Mining taps Bitfury US for 800Gh/s

bASIC-Mining is pleased to announce the purchase of it's first generation 2 ASIC mining hardware. An order for 800Gh/s has been placed with Bitfury US for October delivery. Bitfury's impressive performance both in producing and delivering what is now the market's leading equipment made this an easy decision. Upon receipt of this equipment bASIC-Mining's hashrate will rise to approximately 2,235,000Mh/s.

Additional information about this purchase as well as all of bASIC-Mining's current hardware will be made available at http://www.basic-mining.com

Cheers.

CreativeX

https://btct.co/security/BASIC-MINING

[bobboooiie]

Seems like a great choice but why only 2 of them ?

[creativex]

Hi bobboooiie. They're under some pressure to lower prices. I don't know if they'll do so, but they appear to be selling rather slowly based on inventory listed on their website. Also while exchange rates seem to have plateaued for the time being I'd not like it if we left a pile of BTC on the table as rates continue to move in our favor. Lastly burnin mentioned work he's doing on a high performance board based on bitfury chips and I'd like to see what he comes up with.

Cheers.

[guitarplinker]

Hi creativex, I'm always happy to see more equipment come online with bASIC and 800GH/s will be a large amount.

Do you mind me asking how much you paid for them? I checked both BTCT, this thread and the bASIC site and couldn't find any numbers.

Edit: I think I found it, 123BTC for them in total?

[creativex]

Hi guitarplinker. They were 123.6225BTC total.

[xhomerx10]

Seems like a great choice but why only 2 of them ?

 What's wrong with you guys?!  AS it is, we might break even on this purchase IF it comes early in October.  Based on the current rate of increase in network hashing rate there is nothing out there for sale that will be profitable.  Bitfury seems to be the best choice but people have not grasped the fact that they are playing a losing game and all of these companies producing ASICs are still able to sell them.  There are unscrupulous people offloading their 5G BFL Jalapenos for over $1000 because there are uneducated consumers buying in on the hype.  I wish we would all step back and see the reality of the situation.  We are in a good position with BTC in the bank right now.  Letting the market settle out is an excellent plan.  NOOOooo you people would rather pressure Creativex to spend it all now on VAPOUR!  He might as well disburse the pot of BTC to the shares and let bASIC-mining die as to do that.  Creative has a good plan - let him execute it!!

 Sorry, I had to vent.

Take care
  

[creativex]

Hi xhoomerx10. I agree there is a risk that we'll never break even on this gear, but this is a less risky way to keep up with difficulty increases than buying from the secondary market as we'd then be purchasing equipment with dramatically lower efficiency and a less certain future. As it stands bitfury should wear the efficiency crown for shipping products until hashfast ships and if any of these companies fail to deliver or deliver significantly later than expected we should benefit.

Cheers.

[guitarplinker]

Seems like a great choice but why only 2 of them ?

 What's wrong with you guys?!  AS it is, we might break even on this purchase IF it comes early in October.  Based on the current rate of increase in network hashing rate there is nothing out there for sale that will be profitable.  Bitfury seems to be the best choice but people have not grasped the fact that they are playing a losing game and all of these companies producing ASICs are still able to sell them.  There are unscrupulous people offloading their 5G BFL Jalapenos for over $1000 because there are uneducated consumers buying in on the hype.  I wish we would all step back and see the reality of the situation.  We are in a good position with BTC in the bank right now.  Letting the market settle out is an excellent plan.  NOOOooo you people would rather pressure Creativex to spend it all now on VAPOUR!  He might as well disburse the pot of BTC to the shares and let bASIC-mining die as to do that.  Creative has a good plan - let him execute it!!

 Sorry, I had to vent.

Take care
  

I agree! Even though shares are going down, don't think hasty! Sure if we buy more hashing power it might cause the shares to go up but think of a few things:
1) creativex doesn't have the equipment in hand
2) Since he doesn't have it in hand, there are chances we may never break even with them, thus wasting the money in the pot

Buying more equipment won't be the solution when share prices go down, if they do again. Just watch and see.

I'm fine that creativex hasn't bought any equipment for around 3 weeks, that isn't a very long time. He seems to buy smart, which is something most people here don't seem to understand/agree with but I think it'll pay off in the future.

[Ytterbium]

I think waiting is the right move for the most part, at the moment. The price of hashpower should crash to 'sustainable' levels by February/March at least.

Although ... it might be a good idea to contact BTCGarden and see if you can't get a hold of some of their 1.5Ph/s they're planning on producing in a couple months. For 800BTC they might cut a good pre-order deal. The other option might be cointerra raw chips, which I think are like $5.5/Gh. But you'd need to get a rather complex board assembled in order to use them.

[xhomerx10]

I apologize to everyone for my last rant.  Obviously there is some psychology and other market factors at play and I am only looking at it from a mathematical perspective.  I believe that you have a good long-term strategy Creativex and it is also important to refresh the mining equipment as the previous generation becomes obsolete.  Even if we break even, we are keeping up with the increasing difficulty so there wont be a need to play catch-up when things settle out.

 Perhaps we should increase the percentage of mining that goes back into equipment purchases until thing settle out.  Just throwing it out there.

 Take care

[creativex]

You're fine, this is a stressful time with a dreary outlook for mining profits in the near term. I've learned to use maths as a guide but to not rely on strictly numbers to make my purchasing decisions. Accepting as fact that each vendor will deliver on their claims has proven to be a mistake time and again...someone will likely miss their target in a major way. I believe we've placed an order with the most reliable vendor of gen 2 equipment available and the only one that's delivered anything to date.

Altering the 70/30 split would require a shareholder vote and I'm not yet convinced that doing so is necessary. We'll still have 665ish in our growth fund after this purchase and we'll continue to pile up more while waiting on our additional 800Gh/s. If we continue to see these quickening +30% retargets then we may have to make a change, but I'm hesitant to reduce our dividends unnecessarily.

Cheers. 

[Ytterbium]

You're fine, this is a stressful time with a dreary outlook for mining profits in the near term. I've learned to use maths as a guide but to not rely on strictly numbers to make my purchasing decisions. Accepting as fact that each vendor will deliver on their claims has proven to be a mistake time and again...someone will likely miss their target in a major way. I believe we've placed an order with the most reliable vendor of gen 2 equipment available and the only one that's delivered anything to date.

Altering the 70/30 split would require a shareholder vote and I'm not yet convinced that doing so is necessary. We'll still have 665ish in our growth fund after this purchase and we'll continue to pile up more while waiting on our additional 800Gh/s. If we continue to see these quickening +30% retargets then we may have to make a change, but I'm hesitant to reduce our dividends unnecessarily.

Cheers.  

Only 17 blocks to 86 mill difficulty.  When I got my B2 Avalon the diff was less then a quarter of that  o_O

[JimiQ84]

Exciting news, if new machines truly arrive in october, we should see double return from them (BTC wise).

[elefter]

Altering the 70/30 split would require a shareholder vote and I'm not yet convinced that doing so is necessary. We'll still have 665ish in our growth fund after this purchase and we'll continue to pile up more while waiting on our additional 800Gh/s. If we continue to see these quickening +30% retargets then we may have to make a change, but I'm hesitant to reduce our dividends unnecessarily.

Cheers. 

I trust you to know if we need to add more than 30% to our fund but i am open to it...

[xhomerx10]

You're fine, this is a stressful time with a dreary outlook for mining profits in the near term. I've learned to use maths as a guide but to not rely on strictly numbers to make my purchasing decisions. Accepting as fact that each vendor will deliver on their claims has proven to be a mistake time and again...someone will likely miss their target in a major way. I believe we've placed an order with the most reliable vendor of gen 2 equipment available and the only one that's delivered anything to date.

Altering the 70/30 split would require a shareholder vote and I'm not yet convinced that doing so is necessary. We'll still have 665ish in our growth fund after this purchase and we'll continue to pile up more while waiting on our additional 800Gh/s. If we continue to see these quickening +30% retargets then we may have to make a change, but I'm hesitant to reduce our dividends unnecessarily.

Cheers. 

 Thanks creative,

 I trust your judgement.  I also like the way you run the business with transparency and an open mind.   I read in a Forbe's magazine article that listening to input from others can dramatically improve your decision making process.  I like that you never give negative feedback to other's input.

 Take care