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Author Topic: India Mining 'Shares' - Group Buy and Hosting  (Read 4660 times)
skang
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May 15, 2013, 07:21:04 AM
 #1

India Mining 'Shares' - Group Buy and Hosting

Order status: Closed - First buy did not meet the target. Shall be updated when the Second buy is announced.


ASICMINER Blades are on sale : https://bitcointalk.org/index.php?topic=204030.0
For the first batch group buy, we are buying the above equipment.

How to buy?
1. Select your number of shares N. Each share costs 1 btc .
2. Send the total amount of  ( N ) to the given escrow address (provided by Benson Samuel) below.
3. Post or PM (if you want to stay anonymous) your order in the following format: <forum nick>; <N>; <sending address>

Ordering
Total amount of btc received by the end date would be used to order the blades.

Each order enters in a queue of purchase. The first 50 shares ordered will own the first blade and so on.
In case the total is not a multiple of 50, then the last (Total modulo 50) bitcoins would be refunded or queued for the next batch. [Also read point 11 below.]

In case the total exceeds 490, the above condition applies to 49 shares instead of 50.
In case the total exceeds 960, the above condition applies to 48 shares instead of 50.

Additional cost of PSU, custom duty paid etc. and other overheads will be equally divided amongst all shares and will be deducted equally over a period of 4 weeks from the dividends that will be paid out every Sunday. All fiat payments shall be calculated at the MtGox avg of that day. Paperwork and proof of all payments will be provided if required.

There is one common payment address: 19LNifCRnJWaUkTemSJJWFiQi5LB3rEEm2 All the coins go to Benson.



Terms and conditions:Read carefully.

1. Why a Group-Buy?
This Group-buy gives you the opportunity to invest in mining in small amounts.

2. Reminder
Only send payments from an address you control (i.e. you can sign with it). If you send from MtGox or other exchanges, you risk loosing your funds in case of a dispute, since you can't prove you sent them. If you bought chips pay attention that your address is in the list that shows the payments with the correct amount of chips. If something looks wrong you need to prove that you're the owner of that address. You have to be able to sign a message with your sending address to prove that you're the owner of that address.

3. Refunds
Your orders are binding after your funds have been used to pay for a purchase. Before that (while coins are piling up for the next batch), you can demand for a refund and will get it paid back in full. Note that after you got refunded, you will be blacklisted and we will not accept future orders from you (to prevent free risk-offloading to us).
In case ASICMINER stops selling of blades all collected bitcoins will be transferred back to the senders.

4. Dividends
The amount of bitcoins mined per share will be payed out on every Sunday after a deduction of 5% operation cost.

5. How many bitcoins will I earn per week?
This cannot be calculated to a definite amount since it depends on various factors.
Specs are below, do your own calculations.
Code:
Specs:
    Hashrate: baseline 10GHash/s, rated 10.752GHash/s, maximum 12.829GHash/s with overclocking and proper cooling

6. Pricing
We are charging 5% for operational costs of 24x7 electricity, aircooling with ambient temperature less than 20deg, security and management of payouts.

7. Reservation
No reservations. If you pay and give the details you're in. And as long as its possible to order blades there will be a new batch created everytime. The blockchain is the indisputable proof of your payment.

8. Verification
Only send from an address you can sign a message with. Otherwise a dispute cant be won. How to sign messages. Make sure you copied the correct address before clicking on send. Compare first, last and some middle digits of the copied address to prevent errors.

9. How to buy
A: The buying window ends for first buy ends on 18 May 10pm IST. Total collected by then will be used to order the blades and remaining btc if any shall be placed in next batch(given they are in stock), dates for which shall be updated. If required, user can ask for refund.
Consider that sooner the blades are ordered, sooner will they be arrive.

10. Escrow
Benson Samuel to escrow the payment for free! Tip him, thank him, hug him.

11. Security
ID deposited verified by Benson as per post below. Hosting shall be in a secure and private location. A shareholder with more than 10% shares can visit the facility for inspection if required. There is a 6 months warranty on failure of any electronic equipment.

Thank you!

"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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May 15, 2013, 07:33:02 AM
 #2

Posted this ad on FB as well.

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May 15, 2013, 08:18:33 AM
 #3

Interested. Watching.

BTC: 1G4FWK6U3qQb2ikgdcYZovLzyQ7xmWotBP  LTC: LUnQFuhQKNjhrsK4HSdcsn6Bf3wcT3tW2y  DVC: 1EKz74j7xNBYunJ77wQVD8DE843PwZaRFF
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May 15, 2013, 09:28:31 AM
 #4

Interested Smiley . Will give 1 btc
rezurect
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May 15, 2013, 10:12:27 AM
 #5

A share counter please..




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Pinwheel
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May 15, 2013, 10:19:15 AM
 #6

Quote
How many bitcoins will I earn per week?
Specs are below, do your own calculations.
  Huh Sad

http://www.alloscomp.com/bitcoin/calculator

per Month ฿17.53, brake even in 3 months

if you mine terra then it may be even better. Mine terra then sale for BTC when terra high, buy LTC and wait. My current strategy. Even if I sale terra for btc it gives better profit then mining BTC direct. Even if difficulty will rise and btc rate will stay same 3 months guaranteed brake even.

Tom Waits: We should just start as soon as possible cause we might catch a rabbit before we have our pants on. (Juxtapoz)
rezurect
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May 15, 2013, 10:32:56 AM
 #7

Quote
How many bitcoins will I earn per week?
Specs are below, do your own calculations.
 Huh Sad

http://www.alloscomp.com/bitcoin/calculator

per Month ฿17.53, brake even in 3 months

if you mine terra then it may be even better. Mine terra then sale for BTC when terra high, buy LTC and wait. My current strategy. Even if I sale terra for btc it gives better profit then mining BTC direct. Even if difficulty will rise and btc rate will stay same 3 months guaranteed brake even.

Too wild an approximation. I did make the same mistake once.
You're assuming todays difficulty will remain const for 3 months.
Difficulty changes every 10- 12days need to be accounted.





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mira  ▀▀
██
 
██
   
██
   
██
   
██
   
██
▄▄
Cryptocurrencies have never been so easy
▬ ● ● ● ● ▬▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬ ● ● ● ● ▬▬▬▬▬▬ ● ● ● ● ▬
Facebook LinkedIn Twitter White Paper Google+   Youtube
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[/center]
skang
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May 15, 2013, 11:09:01 AM
 #8

A share counter please..

Shall be implemented when payment is received. Currently none.

"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
Pinwheel
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May 15, 2013, 12:15:31 PM
 #9

Quote
How many bitcoins will I earn per week?
Specs are below, do your own calculations.
 Huh Sad

http://www.alloscomp.com/bitcoin/calculator

per Month ฿17.53, brake even in 3 months

if you mine terra then it may be even better. Mine terra then sale for BTC when terra high, buy LTC and wait. My current strategy. Even if I sale terra for btc it gives better profit then mining BTC direct. Even if difficulty will rise and btc rate will stay same 3 months guaranteed brake even.

Too wild an approximation. I did make the same mistake once.
You're assuming todays difficulty will remain const for 3 months.
Difficulty changes every 10- 12days need to be accounted.



recent changes in difficulty was 10% in 20 days. that does not means you will mine less 10% every 20 days. If so then you will not mine anything at all in 200 days. As we see that never happens and most of those calcultors are wrong. People mining with GPUs and it is still profitable despite the fact that difficulty rose almost twice in recent months.

combined hash rate of mostly GPU mining teams from btcgiuld at present around 4000 ghs that is 179 btc per day.

I mining with two blades at 24-25 mgh and I even did not notice any change in amount of btc mined per day when diff increased from 10 to 11 mils. of course diff increase will affect profitability but in not such way as many think.

Buying 1.5 btc share in this group buy will pay much better compared if you buy 1 ASICminer share  for 1.5 btc.

Tom Waits: We should just start as soon as possible cause we might catch a rabbit before we have our pants on. (Juxtapoz)
skang
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May 15, 2013, 01:00:41 PM
 #10

Interested Smiley . Will give 1 btc

Deposit the money with Benson using the above address and you shall be listed.

"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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May 15, 2013, 01:03:37 PM
 #11

Interested Smiley . Will give 1 btc

Deposit the money with Benson using the above address and you shall be listed.


Please sign or add a comment when sending any payment.

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May 15, 2013, 01:25:43 PM
 #12

Definitely Interested.

My Concerns lie with this guys's comment


Don't think in Euros, think in Bitcoins.

That said, 50 BTC is still way too steep a price for such a low performance hasher. The rising difficulty will push ROI time way back into 4th quarter of this year at least, and by then nobody has good estimates or even guesses of difficulty. Too many unknowns, ASICMINER themselves being one of them.

At that price, the only ones benefiting are ASICMINER shareholders. Good for them I guess Wink

EDIT: for comparison, in "Avalon equivalents", you'd pay about 278 BTC to get one 3-module Avalon unit out of these blades (67k/12k). If you were to assemble an "Avalon-erupter" with 12Ghash/s from Avalon chips, you'd pay less than 4 BTC (without any other components though, so that comparison isn't entirely valid). Put simply, these are way overpriced.

So I m not moving my Cheap coins from gox or btct so soon.

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May 15, 2013, 07:42:37 PM
 #13

Good Going Guys..! All the best.
Am watching too.. I think electricity is cheap in India as compared to what i have here.

With Summer starting.. uptime is a concern. I heard some places are getting 8 hour power shutdown.
Heard Gujarat has continuous power supply.
It might be a better idea to host someplace where there is very less power shutdown.

And to add to pinwheel's comments, as and when difficulty increases, the btc price also increases. So that pretty compensates to the loss in production to some extent if not completely.

just my 2 cents.!

Always buying and selling btc in bulk.!
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May 16, 2013, 06:45:27 AM
 #14



1. does the hardware carry warranty. what if you burn it when overclocking.( which wont be covered in warranty) How will you compensate the shareholders ?
2. lets say something goes out of plan ( customs, power supply costs, other costs, etc.  ) how will you deal with it, will you ask the share holders for it ?
3. do you plan to operate it 24x7 ? all the share holders are expecting that (well if we pay , we want max returns ). How do you plan to do that ? you are in UP , right ? UP is has loads of powercuts.
4. I think your 5% commission is not practical. electricity, air conditioning.
5. <more will come>

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May 16, 2013, 10:42:03 AM
 #15


1. does the hardware carry warranty. what if you burn it when overclocking.( which wont be covered in warranty) How will you compensate the shareholders ?
2. lets say something goes out of plan ( customs, power supply costs, other costs, etc.  ) how will you deal with it, will you ask the share holders for it ?
3. do you plan to operate it 24x7 ? all the share holders are expecting that (well if we pay , we want max returns ). How do you plan to do that ? you are in UP , right ? UP is has loads of powercuts.
4. I think your 5% commission is not practical. electricity, air conditioning.
5. <more will come>


Practical questions but have already been answered in the OP:
1. 6 months warranty for the hardware, provided by friedcat. Decision to overclock, mining another coin etc lies with the shareholders, each has veto power.
2. Going by past deliveries to Pinwheel, things go smooth with ASICMINER. In case of overhead, as already mentioned in OP,
Quote
Additional cost of PSU, custom duty paid etc. and other overheads will be equally divided amongst all shares and will be deducted equally over a period of 4 weeks from the dividends that will be paid out every Sunday. All fiat payments shall be calculated at the MtGox avg of that day. Paperwork and proof of all payments will be provided if required.
3. Yes it runs 24x7 as already mentioned in OP. We have power 24x7 and backup for emergencies.
4. We do not aim to earn much from this but build reputation for future hosting services. Perhaps, that is our inherent interest here.
5. <more welcome>

"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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May 16, 2013, 10:43:38 AM
 #16

Interested Smiley . Will give 1 btc

Deposit the money with Benson using the above address and you shall be listed.


Would be nice to see how many people are interested before deposits.

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May 16, 2013, 11:55:00 AM
 #17


Practical questions but have already been answered in the OP:
1. 6 months warranty for the hardware, provided by friedcat. Decision to overclock, mining another coin etc lies with the shareholders, each has veto power.

Just to clarify..
The ASIC blades after batch 2 already comes overclocked. So there is nothing you need to manually.
Just click on a button called HIGH in initial config screen and there you go.. It runs at ~120W on 1.20V (overclock)

Always buying and selling btc in bulk.!
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May 16, 2013, 01:57:31 PM
 #18

Interesting! Please check your pm!
skang
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May 16, 2013, 03:11:25 PM
 #19

Interesting! Please check your pm!

Replied !

"India is the guru of the nations, the physician of the human soul in its profounder maladies; she is destined once more to remould the life of the world and restore the peace of the human spirit.
But Swaraj is the necessary condition of her work and before she can do the work, she must fulfil the condition."
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May 16, 2013, 08:55:23 PM
 #20

GLBSE helped anyone to create shares/bonds to get money from others.
With that help i created shares in the name DISHWARA & did mining with money i got from releasing shares.

After GLBSE shutdown, the contracts shares/bonds just thrown away & everyone made their own version of contracts.
Some bought back, some still paying dividend, some ran away, became scammers & some (gigavps) changes the contracts when ever he wants & how ever he wants.

After seeing all this mess, i am wondering, by what basis Indian group mining shares work.
There is no contract, There is no voting options....many no's.
I really don't have any idea how it will go, which made me to stay away.

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