[PicoStocks] 100TH/s bitcoin mine [100th]

[midnightmagic]

Uh.

In the business plan, here: https://picostocks.com/businessplan/19 they make the strange claim on p.9, pp.1:

In contrast, Avalon will produce chips for the solo mining of a closely related venture
(ASICMINER).

This is quite the claim. I'm not sure what to make of it.

[gyverlb]

Uh.

In the business plan, here: https://picostocks.com/businessplan/19 they make the strange claim on p.9, pp.1:

In contrast, Avalon will produce chips for the solo mining of a closely related venture
(ASICMINER).

This is quite the claim. I'm not sure what to make of it.

The 100TH mine was initially the 72TH mine IIRC they planned to build their farm with bASIC. When the bASIC project started to sink they cancelled the 72TH mine and started the 100TH mine.

There were rumors that ASICMINER might have done something similar with Avalon (and there are still although they can easily be disproved by people having purchased both Avalon chips and ASICMINER chips).

I don't know if there was a basis for these rumors though (maybe the 100TH people were mistaken). At least I remember that in late 2012 ASICMINER was clearly planning on mining with their own in-house designed chips. Maybe the business plan was copy-pasted from an earlier version and the mistake remained. I don't see how they could benefit from spreading this rumour: the source of the chips doesn't matter much, the hashrate/$ and hashrate/W are by far the most relevant parameters.

[RHA]

Yes, it's of no importance.

[kaerf]

chips should be done today?

https://bitcointalk.org/index.php?topic=183368.msg2174517#msg2174517

Quote from: rPman on May 16, 2013, 08:22:36 PM
bitfury, what's with the timing of the receipt of the sample chip? seems it was about May 16? ...
how are you?

Yes, the original was 16, now 20 - 2 FF-plate and 24 - 16 normal TT-plate.
FF will go to korpusirovku (fast-fast corner) chips on the very first test - when - still do not know.
possible to FF and dispute lose - xs they guzzle more work faster but judging by model. And can
not lose - we'll see ....

[kaerf]

BTW, YiFu from Avalon had lots of good things to say about Bitfury at Bitcoin2013. Apparently they communicate every so often and he was impressed with Bitfury's technical prowess.


Also...wow, last trade @ 0.195.


Tytus/Bitfury/buzzdave, are there any more concrete dates now that chips have supposedly been fabbed?

[gebir]

Last Report
Title:   Wafer production and chip packaging
published:   2013-05-22 16:35:16

Code:

Wafer production and chip packaging 
First wafers will be completed on 2013-05-25 (few days delay). We have succeeded to request expedited packaging of first chips from the first wafers. We expect receiving packaged chips after 2013-05-30. These will be used to verify the function of the chips and test provisional board design. We believe board assembly with all 100th mine chips before 2013-07-01 is feasible.
 
Created on 2013-05-22 16:30:00 by Leszek Rychlewski; Published on 2013-05-22 16:35:16 by koji; 

 

[Dexter770221]

Current hashrate is ~100TH, so if mine will start in a month there's a chance to hold almost 50% of total hashrate. This looks very promising Can't wait first dividends

[Vycid]

Is this asset subject to any kind of dilution? Can I count on the purchase of 1 share being, always and forever, 1/518271th of the company?

[dhenson]

Wow, been watching this for a while. Price is almost .2, 5 x IPO.

Crazyness.  Is this Asicminer 2.0 or since the haven't committed to maintaining Network Hash % are we to expect longer ROI?

[kaerf]

This security is different than AM. Unless tytus changes his plans, the hash rate will not change, so one share will always be 200MH/s.

That said, it might be much more lucrative to convert this security into an AM like security with future plans to expand hash rate and/or sell devices. The profit from selling shares could far surpass actual mining revenue. Obviously, as an investor, that is a self-serving statement and ultimately tytus is unlikely to convert.

What are the long term plans for the 100TH security?

1. We will discuss with FinCEN the legal aspects of bitcoin mining in US :-)
2. Dave is preparing tha data center for "cyber" attacks
3. There is no theft protection ... we will think about this

Will the capacity be expanded?

This is not planed. This would complicate the deal. There is still sufficient variability of profitability due to the unpredictable network hash rate and btc price. It is possible that the mine generates revenues that are higher that the presented optimistic scenario.

If so, what kind of share dilution will there be? Was funding for these 3 projects separate or all under the umbrella of the "100th"? With Asicminer, they have a separate company, bitfountain, that owns the majority of shares, but I believe future development and hashing power is added to the total capacity of ASICMINER. Is this project similar or are the other business activities separate ventures?

Funding is independent. Even if there would be no funds raised the project would continue as planned. The IPO* was intended mainly to test the shares as a distribution channel. However after publishing the FinCEN guidelines we believe the shares could be less risky for US miners than possession of mining equipment :-)

[Vbs]

This security is different than AM. Unless tytus changes his plans, the hash rate will not change, so one share will always be 200MH/s.

That said, it might be much more lucrative to convert this security into an AM like security with future plans to expand hash rate and/or sell devices. The profit from selling shares could far surpass actual mining revenue. Obviously, as an investor, that is a self-serving statement and ultimately tytus is unlikely to convert.

This. You're buying a fixed 200MH/s per share (minus operating costs). The profitability will depend heavily on the starting day of the operation, since you won't be entitled to any extra capacity down the line, unless you buy more shares. The network difficulty is expected to be ~10x what it is today in ~6 months.

I don't think they will be changing the security to the AM model, it seems when they have more capacity to sell they'll just issue more shares.

[ronaldlee0917]

Current hashrate is ~100TH, so if mine will start in a month there's a chance to hold almost 50% of total hashrate. This looks very promising Can't wait first dividends

bitcoin per 10 minutes = 25
bitcoin per month = 25 * 6 * 24 * 30 = 108000
Assume we will just have 30%(clearly an underestimation) of the total hashrate, we will get 108000 * 0.3 / 500000 = 0.0648 btc per share
I expect 0.05-0.08 dividend per share for the first few months after deployment which should be able to cover the cost of the stock at the current price. With PE < 1, the price is still quite cheap imo.

[furuknap]

I saw (and comment on) this today:

http://www.reddit.com/r/Bitcoin/comments/1ew9mt/is_100th_next_asicminer_jumps_40_in_a_week_up_500/

Might explain the sudden burst in attention and price hike.

.b

[dhenson]

If BFL starts shipping 400 units per day <smirk> then these shares are currently at a pretty good price.  If BFL doesn't ship en masse soon, they are undervalued.

Probably worth throwing a couple BTC at IMO.

(disclaimer, I bought a few last night and this is just my opinion based on back of the envelope number crunching)

[furuknap]

If BFL starts shipping 400 units per day <smirk> then these shares are currently at a pretty good price.  If BFL doesn't ship en masse soon, they are undervalued.

https://forums.butterflylabs.com/bfl-forum-miscellaneous/2838-may-22-2013-update-discussion-thread-4.html#post34834

tl;dr: Mass shipping should start in two weeks.

.b

(I also now hold some 100TH shares)

[kaerf]

aww tytus...you had to make that wall didn't you? i was fun watching it shoot up  


at least there is more liquidity now.

[furuknap]

aww tytus...you had to make that wall didn't you? i was fun watching it shoot up  


at least there is more liquidity now.

Uhm... Seriously? The issuer dumps shares at below bid?

NOT good.

[dhenson]

aww tytus...you had to make that wall didn't you? i was fun watching it shoot up 


at least there is more liquidity now.

Umm... wtf over?  Could someone please claim ownership of this wall?

[gyverlb]

aww tytus...you had to make that wall didn't you? i was fun watching it shoot up  


at least there is more liquidity now.

The 5th largest shareholder sold a little more than 10% of his/her shares.
With that move this shareholder nearly recovered 50% of the initial investment while reserving 85% of it for future price increases. Seems to be a very sane move.

But what I wonder is: what makes your think it was tytus?

[kaerf]

sorry, did not mean to out him.

anyway, looks like the wall is slowly fading away.