[Group buy] ASICMINER 10GH/s Boards Shipping Now

[🏰 TradeFortress 🏰]

This is the first round of a series of auctions for Bitfountain products. 10 Block Erupter blades, the same as the ones used in ASICMINER's actual deployment, are available for bidding in this round. We start with this experimental auction to collect the user criticisms for improving our products, as well as the market reaction for deciding how to release the hashpower over the world.

1 unit = 10.752 GH/s, max speed (with overclocking) 12.829 GH/s.

Unlike other mining orders, this device ships pretty much as soon as you pay (after the auction ending of course). So you can mine the current network difficulty, instead of only getting the units in two months of lead time.

https://bitcointalk.org/index.php?topic=178275.0

Group Buy:

There are multiples of 100 shares. Each share costs up to 1 BTC. That is, I will bid up to 100 BTC in the auction, but I will try to get the units at the lowest price possible. If we buy the unit for 65 BTC, then I will send out a refund of 0.35 BTC per share.

1 share = 1% of mining proceeds of one Block Erupter blade, minus electricity costs, and a 5% maintenance fee.

I pay $0.255 AUD / kWh in power. There are no shipping costs.

Full refund if this does not go through (can't buy unit). If we get 50 shares and we buy a unit for 50 bitcoins (for example), then each share gets 2% of mining proceeds.

Interested? Send me a PM. Shares are transferable. Min purchase 5 shares.

[erk]

It astounds me that people just can't come up with a price for their products. If you want an auction use eBay.

[shibaji]

May be you want to read kano's post in that thread (https://bitcointalk.org/index.php?topic=178275.msg1862755#msg1862755) and some simplified computation based on that (https://bitcointalk.org/index.php?topic=178275.msg1862798#msg1862798).

[SebastianJu]

It astounds me that people just can't come up with a price for their products. If you want an auction use eBay.

Oh comon... you only are grumpy because you cant get it for low money like avalon sells them...

Btw... i would like to bid based on my calculations. Asicminer shares need 785 days to get investment back with dividends while even when such miner would be bought for 100BTC it would only need 178.6 days with difficulty 9,000,000 instead 7,000,000.
https://bitcointalk.org/index.php?topic=178275.msg1862882#msg1862882

Unfortunately i will get btc only some hours after the auction ends.

[shibaji]

It astounds me that people just can't come up with a price for their products. If you want an auction use eBay.

Oh comon... you only are grumpy because you cant get it for low money like avalon sells them...

Btw... i would like to bid based on my calculations. Asicminer shares need 785 days to get investment back with dividends while even when such miner would be bought for 100BTC it would only need 178.6 days with difficulty 9,000,000 instead 7,000,000.
https://bitcointalk.org/index.php?topic=178275.msg1862882#msg1862882

Unfortunately i will get btc only some hours after the auction ends.

You computation is 100% faulty. After 785 days, when full price of asicminer share is paid off (based on your computation), your shares do not become worthless - assuming 0% rise in value (which I doubt), you can still sell them and have a return of 100%. After 178.6 break-even on the board, the value of board is throwaway. Also you are assuming 0 rise in difficulty within these 178 days, which is dud.

Again, good luck and of course - lots of appreciation for supporting the network. Forget the computation and think about it holistically, it would be easier for you to purchase.

[🏰 TradeFortress 🏰]

ASICMINER shares will eventually decline in value because of the block reward halving. Eventually there would be no block subsidy and mining will purely earn transaction fees.

[shibaji]

ASICMINER shares will eventually decline in value because of the block reward halving. Eventually there would be no block subsidy and mining will purely earn transaction fees.

What do you think is the timeline for that to happen ?

[SebastianJu]

It astounds me that people just can't come up with a price for their products. If you want an auction use eBay.

Oh comon... you only are grumpy because you cant get it for low money like avalon sells them...

Btw... i would like to bid based on my calculations. Asicminer shares need 785 days to get investment back with dividends while even when such miner would be bought for 100BTC it would only need 178.6 days with difficulty 9,000,000 instead 7,000,000.
https://bitcointalk.org/index.php?topic=178275.msg1862882#msg1862882

Unfortunately i will get btc only some hours after the auction ends.

You computation is 100% faulty. After 785 days, when full price of asicminer share is paid off (based on your computation), your shares do not become worthless - assuming 0% rise in value (which I doubt), you can still sell them and have a return of 100%. After 178.6 break-even on the board, the value of board is throwaway. Also you are assuming 0 rise in difficulty within these 178 days, which is dud.

Again, good luck and of course - lots of appreciation for supporting the network. Forget the computation and think about it holistically, it would be easier for you to purchase.

But after that time the miner has its investment back, which means everything you mine after that time is pure profit. It doesnt have to be sold for 100% buying price. And if youre lucky the BTC-Exchange-Price is way higher. Which gives you way higher revenue then. The buying price doesnt matter at that point anymore.
Yes, i didnt put in rising difficulty, thats why i chose a higher diff from the start and i dont think that BFL ships soon and the other things that could happen. So i think it will not rise too high soon.

[🏰 TradeFortress 🏰]

ASICMINER shares will eventually decline in value because of the block reward halving. Eventually there would be no block subsidy and mining will purely earn transaction fees.

What do you think is the timeline for that to happen ?

2017: 12.5 BTC per block
2021: 6.25 BTC per block
2025: 3.125 BTC per block

[By then you should be very happy if ASICMINER is still mining and nothing has gone wrong]

[shibaji]

But after that time the miner has its investment back, which means everything you mine after that time is pure profit. It doesnt have to be sold for 100% buying price. And if youre lucky theBTC. Which gives you way higher revenue then. The buying price doesnt matter at that point anymore.
Yes, i didnt put in rising difficulty, thats why i chose a higher diff from the start and i dont think that BFL ships soon and the other things that could happen. So i think it will not rise too high soon.

Why does this have any effect at all ? When you break-even, the exchange rate has 0 difference between you buying the hardware, and holding btc.

Anyway, if you are satisfied with your computation, of course, go for it - that is what matters finally.

[SebastianJu]

ASICMINER shares will eventually decline in value because of the block reward halving. Eventually there would be no block subsidy and mining will purely earn transaction fees.

What do you think is the timeline for that to happen ?

2017: 12.5 BTC per block
2021: 6.25 BTC per block
2025: 3.125 BTC per block

[By then you should be very happy if ASICMINER is still mining and nothing has gone wrong]

Dont forget the transaction fees are rising. Yesterday i checked how high they are now and its +2.14% on top of the 25BTC mined per block (average fee from blocks 231685-231679 on top of block reward) That will rise constantly.

But after that time the miner has its investment back, which means everything you mine after that time is pure profit. It doesnt have to be sold for 100% buying price. And if youre lucky theBTC. Which gives you way higher revenue then. The buying price doesnt matter at that point anymore.
Yes, i didnt put in rising difficulty, thats why i chose a higher diff from the start and i dont think that BFL ships soon and the other things that could happen. So i think it will not rise too high soon.

Why does this have any effect at all ? When you break-even, the exchange rate has 0 difference between you buying the hardware, and holding btc.

Anyway, if you are satisfied with your computation, of course, go for it - that is what matters finally.

If you have the invested BTC back then you have: A Miner, The Invested BTC. If you didnt Invest you have the not invested BTC only. But with a miner you can create more BTC. And then it matters how much worth they are, because you can create money with it while the buying price doesnt matter anymore.

[🏰 TradeFortress 🏰]

The first 10 ASICMINER units sold has a historical value too - just like how the first raspberry pis fetched a lot on eBay.

If the mining unit is sold, then 95% of the price would be divided among shareholders.

[SnitraM]

If I want in on this group buy, I'll need to transfer an amount of BTC to TradeFortress.

Can anyone tell me if TradeFortress is trustworthy or not?

[rammy2k2]

If I want in on this group buy, I'll need to transfer an amount of BTC to TradeFortress.

Can anyone tell me if TradeFortress is trustworthy or not?

+1

[lophie]

If I want in on this group buy, I'll need to transfer an amount of BTC to TradeFortress.

Can anyone tell me if TradeFortress is trustworthy or not?

Trustworthy is relative. Nerfario for example is known by real name, address and face and many knows him.personally. Still he screwed us all over.

Friedcat could have gone after GLBSE closed down with all our BTC. Or at least claimed he lost all BTC in GLBSE closing yet he did not.

Tradefortress is relativly trustworth IMO. Now how trustworthy IS my opinion to begin.with?

[🏰 TradeFortress 🏰]

4 BTC received / 4 shares sold.

[r3animation]

Just trying to figure this out but the 1BTC will buy us 1 share which is equal to 1% of the hashing power of 1 blade unit which is 10gh/s (give or take) which then means 100mh/s?

[puffmais]

i thought 5 were Minimum?

[maxmint]

I'm interested, thanks for getting this going.

Some questions though:
1. Will there be a public list of shareholders?
2. How will electricity costs be calculated? Are you converting your AUD costs to btc?
3. Do you have any mining experience? How do you plan to mine with the ASICMINER?
4. How often will shareholders get paid their "dividends"?

[🏰 TradeFortress 🏰]

Just trying to figure this out but the 1BTC will buy us 1 share which is equal to 1% of the hashing power of 1 blade unit which is 10gh/s (give or take) which then means 100mh/s?

Yes but if we buy the unit for less then you will pay less per share.

I'm interested, thanks for getting this going.

Some questions though:
1. Will there be a public list of shareholders?
2. How will electricity costs be calculated? Are you converting your AUD costs to btc?
3. Do you have any mining experience? How do you plan to mine with the ASICMINER?
4. How often will shareholders get paid their "dividends"?

1. If there is interest for that. I assume you want a public list?
2. Yes, converted to BTC. I can't pay my electricity bill with BTC (yet)
3. Yup. I will be setting up a local stratum proxy. Most likely btcguild as primary pool, but this is open to suggestions
4. They will be paid in a reasonable amount of time. At first twice a week or so, later when mining proceeds reduce once a week or once every two weeks.. Etc.

i thought 5 were Minimum?

Nothing is set in stone.