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Author Topic: Community Mining - Avalon ASIC chip Miner--33.840MH/s----> All Shares are taken  (Read 12626 times)
Foofighter
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May 26, 2013, 04:37:26 PM
 #1

Hey guys,

in this thread I want to introduce a Community Mining Project which will run with Miners made of Avalon ASIC chips.

About this project?
  • This project will be an investment project for you! You can buy shares from ASIC Miners, each share is equivalent to ~920Mh/s hashing power
  • The more shares are bought the more Miners will be bought
  • All shares and shareholders will be listed in this Thread
  • There will be weekly payments
  • Will will buy the ASIC chips in a group buy and we will probably buy the 20 chips Mining Units from Burnin ( one of his devices will provide 5,5GH/s hashing power)
  • This service will be available as long as it will be profitable for our investors
  • We are at no time the owners of the mining devices, we will only host and administrate the devices for you
  • Each Miner with the Mining power of 5,5 GH/s will be splitted into 6 Shares


Advantages:
  • no need to configure any hardware or software
  • cheap hashingpower
  • good community support, with frequend news

Please note: The first few investments will be taken to buy only ASIC chips, because these parts are the most time critical part of the Miner, in the case that there are no other investors I will pay the assambly service and other necessary costs on my own to provide the complete mining devices!

The costs of 1 Miner is:
1,72 BTC + 1,78BTC @100EUR/BTC


Actual weighteda average BTC Price from MTGOX:https://mtgox.com/index.html?Currency=EUR (Forum warning: Possible phishing link!) (Forum warning: Possible phishing link!)
Quote
Please replace the red coloured number with the current average MTgox Price for 1 BTC
Example:
1BTC=97EUR
(((100/97)*1,78)+1,72)/6 = (0,593BTC per Share)


The fixed price of 1,72 BTC is needed because the ASIC chips can only bought with a fixed amount of BTC, the variable part of the costs is for assambly, shipping, customs, cables and power supplies,USB Hubs etc..
Quote
Please note: We have decided in change #2 (see changelog) to use different Mining devices, currently we are ordering Burnin-20 and Klondike-16.
See here the Shares in which the devices are splittet:

Burnin 20chip device     =    6 Shares
Klondike 16 chip device =    5 Shares

We are looking to buy an even amount of both devices.
As the pricing of the clondike 16 is very good we can offer the clondike for the same share price as the burnin 20 chip device!

How can I invest in this project?

1. Choose the amount of shares you would like to invest and then just pay to the provided adress and verify your payment adress.
    There is only one payment adress:
Please only send your BTC from an adress which you can control and verify messages with!
Quote
no Shares left to pay!

2. Sign a Message with your USERNAME and used sending adress:
How to for software wallet:
https://www.youtube.com/watch?v=3oxM9_OCQKM
How to for online wallet:
https://www.youtube.com/watch?v=S88ciN9DsRk
Check your own verification: http://brainwallet.org/#verify (Forum warning: Possible phishing link!) (Forum warning: Possible phishing link!)

3. Post your investment in the following format:
Quote
<forum nick>; <Number of shares>;<sending address>;<the actual BTC price you calculated with>
<verification signature>

If you have any questions, dont hesitate to ask!

Project Status:

Working Miners:
0

ordered ASIC chips:
120

ordered Miner assambly:
still not available

Original Post in the service announcement section:
https://bitcointalk.org/index.php?topic=209865.msg2198570#msg2198570

Quote
Changelog of the FAQ and the Thread:
#01 - 26.05.2013
Adding Information that the first few investments will be taken as a whole to order ASIC chips, because they are the most time critical parts of the Miner.(I will pay the Assambly costs in case that there are no further investments.)

#02 - 27.05.2013
We have decided to split our risks a bit more and buy multiple different Mining devices and use multiples ASIC chip Groupbuys, Shareprice stays the same for burnin-20 and Klondike 16: see Announcement here:
https://bitcointalk.org/index.php?topic=216782.msg2289484#msg2289484 (Forum warning: Possible phishing link!) (Forum warning: Possible phishing link!)
Also we changed the FAQ you accordingly to this change in the project.

#03 - 28.05.2013/30.05.2013
edited the verification process part of the #1 Thread and made it a lot easier to understand, see the explanation with 2 links now.
also added Video Tutorials for making the signing process easier.

#04 - 29.05.2013
added an estimated time frame from the ordering of the chips until we get the final device, see FAQ for more Information.

#05 - 30.05.2013/31.05.2013
edited Point3 of how to make an investment, from now on it is mandatory to post this in the Thread because PM makes no sense - there are no anonymous investors in this project
corrected the value for the hashing power per Share from 917 to ~920


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Foofighter
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May 26, 2013, 04:38:35 PM
 #2

Frequently asked questions:

When is this service available?
Quote
You can already buy shares, but the first ASIC Miner will be estimated to arrive at mid/end of august.
We will continually order devices the more shares are bought, your shares will start working as soon as we got the devices. See the order in the investment table.
As our information is now, it currently could take about 12 - 17 weeks from the ordering of the chips until we get the mining device in our hands, please note this time frame is an estimation!

Which mining devices are we using?
Quote
We will buy ASIC chips from Avalon in the following group buys:
https://bitcointalk.org/index.php?topic=187660
https://bitcointalk.org/index.php?topic=189582.0

See here the Assamblers of the Burnin-20 and the Klondike-16:
https://bitcointalk.org/index.php?topic=179769.380
https://bitcointalk.org/index.php?topic=190731.0

Burnin-20:


Klondike-16:


How much Mining power has one of this devices?
Quote
Burnins 20chip device produces 5,5GH/s, the Klondike 16 produces 4,5GH/s.

How much Mining devices are involved in this project?
Quote
There is no fixed amount at the moment, as people are investing more monex we will buy the more devices.

Will it be possible to sell my Shares?
Quote
Yes you are allowed to trade your shares.

How are the mining earnings splitted?
Quote
At the end of a payout period, the power costs and a handling fee of 1,5% will be subtracted from the mining earnings. The earning will then be splitted proportionally to all investors.
After the initial Investment of an Investor is mined the handling fee for further mining earnings will be 5%.
If a Share which has already reached the initial investment is traded, the 5% handling fee will still apply.
Please note: As we are using different Mining devices with different Amounts of Shares and Speed, the whole Hashingpower of all devices is splitted into all Shares so everybody gets the same Speed/ Share.

What is the payout frequency?
Quote
We will make payouts once every week, at each payout we will post a notification in the thread and will summarize alle mining earnings, the power costs and the handlings fees.

What happens if a Miner gets damaged during the project time?
Quote
As this is a Community Mining Project, everyone will have to take the same risks, so if a mining device is damaged the whole mining power of the farm will be splitted propotionally to all investors until the Mining device is fixed or we got a replacement.

What happens if the project isnt providable any more, an increasing amount of Miners gets damaged or we are in any other way forced to stop the project?
Quote
In this case we will sell all Miners and split the profit propotionally between all investors, or the investors can have there Mining device send home to them depending if the amount of shares they are holding is equal to a full Mining device. (this option would require to pay additional shipping and packaging costs which have to be paid by the investor)
The option that a Shareholder can send his Miner to him will only apply 6 Months after the initial investment is payed out.


Why should we trust you?
Quote
As mentioned before a trusted member of the forum will be provided with my identity data and in cases of scam or fraud everyone of you will be provided with my data.
Also it would make no sense for me to scam you because this would mean only a limited profit, in the long run if we trust each other both parties can take much more advantage and make more profit.


How are you going to provide the promised transparency?
Quote
Our Mining devices will be bought in two steps, first of all we need the chips then the chips will be send to the assambly service and afterwards we receive the mining devices and start mining.
As the chip buy is a public forum thread everyone can see how much chips we are buying, we will see how the assambly service will work but maybe this could also be done in a way that everyone sees where the money is going.
See here our ordered ASIC Mining chips:
https://bitcointalk.org/index.php?topic=187663.0
Batch 1: 21pieces - ID89
Batch 3: 19pieces - ID17
https://bitcointalk.org/index.php?topic=200067.0
Batch 1: 48pieces - ID105
Batch 1: 32pieces - ID116

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May 26, 2013, 04:39:04 PM
 #3


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May 26, 2013, 04:39:38 PM
 #4

reserved

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May 26, 2013, 04:55:54 PM
 #5

Hello ASIC Community Miners.

I have receiced an identity document and a recent bill from Foofighter to the same Person as on the ID including a receiving address. I also will receive the order confirmations.
So if the assembly is ordered and burnin provides order confirmations at his assembly service I can definitely check if he ordered the service or not. The Asic chip buy is already very transparent because Foofighter could provide verified payment addresses for the stated chip orders.

In the case Foofighter scams investor funds, I will provide every investor with Foofighters identity.

As scam I would evaluate a behaviour of Foofighter where damage to his investors is caused on purpose. Examples given:

Foofighter got the miners delivered but doesn't announce it or doesn't make payouts / stops his payouts respectively, is inactive in the forum for over 1 month.
If he announces his absence (vacation or hospital stay) the amount of time will be elongated respectively.

He is inactive in the forum for over 6 months and is also unavailable to reach in general.

I will exclude every circumstance where the chips deliverer or the assembly service of the ASIC devices is to hold accountable and Foofighter has no influence.
Example given:

Avalon doesn't deliver the ASIC chips.

Any circumstances beyond Foofighters control , (eg.: Foofighter house burned down, he gets shut down, the miners get robbed, etc.) in that case Foofighter has to prove that this was really the case.

One or more mining devices get damaged without inappropriate influence through Foofighter and cannot be repaired without additional costs.

The mining is not profitable any more, which means the power costs + the handling fees are higher or equal to the mining outcome, in this case Foofighter can only sell the miners and split the selling revenues proportionally to all investors, or the investors can have their mining device sent home to them depending if the amount of shares they are holding is equal to a full mining device. (this option would require to pay additional shipping and packaging costs which have to be paid by the investor)

Every other matter will be evaluated by common sense.

I have already provided this kind of service for other Projects:

yxts Avalon Gemeinschaftskauf: https://bitcointalk.org/index.php?topic=157128.0;topicseen

The beginning Candoos Avalon Community Mining, now listed as Cado.AvalonB3 on Bitfunder: https://bitcointalk.org/index.php?topic=158935.0

and

Candoos BFL Community Mining: https://bitcointalk.org/index.php?topic=160797.0

*I am personally not involved in this project and neither have I taken any payments from Foofighter or any other involved body, but I reserve the option to invest in this service myself.

** The purpose of this service is only to provide investors with some limited amount of security (Identity of the provider is known) while at the same time enable him to stay anonymous, which is understandable if you plan to host expensive mining equipment.
I don’t guarantee that this service is risk free and/or profitable.

***If somebody quotes this text it will be unchangeable bound to the forum.

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May 26, 2013, 04:57:45 PM
 #6

Orders that can be confirmed by me:

13-05-26:

Avalon ASIC Chips (SebastianJu) - 40 pcs.

13-05-27

Avalon ASIC Chips (t13hydra) - 32 pcs.

13-05-30

Avalon ASIC Chips (t13hydra) - 16 pcs.

13-06-02

Avalon ASIC Chips (t13hydra) - 32 pcs.



Sum: 120 pcs.

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May 26, 2013, 05:12:12 PM
 #7

If it's all the same, would you consider fractional shares for those with mere pocket change to throw in?
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May 26, 2013, 05:22:36 PM
 #8

If it's all the same, would you consider fractional shares for those with mere pocket change to throw in?

Hi,

from our point of view, fractional shares are not profitable enough to bring satisfaction to our Shareholders.

Also it would take a lot more investors to buy devices and would cause more workload.

I also think that around 0,55 BTC, is a pretty fair price for 1 share and should be affordable by everyone.

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May 26, 2013, 06:13:21 PM
 #9

Hey guys,

in this thread I want to introduce a Community Mining Project which will run with Miners made of Avalon ASIC chips.

About this project?
  • This project will be an investment project for you! You can buy shares from ASIC Miners, each share is equivalent to 917Mh/s hashing power
  • The more shares are bought the more Miners will be bought
  • All shares and shareholders will be listed in this Thread
  • There will be weekly payments
  • Will will buy the ASIC chips in a group buy and we will probably buy the 20 chips Mining Units from Burnin ( one of his devices will provide 5,5GH/s hashing power)
  • This service will be available as long as it will be profitable for our investors
  • We are at no time the owners of the mining devices, we will only host and administrate the devices for you
  • Each Miner with the Mining power of 5,5 GH/s will be splitted into 6 Shares


Advantages:
  • no need to configure any hardware or software
  • cheap hashingpower
  • good community support, with frequend news

The costs of 1 Miner is:
1,72 BTC + 1,78BTC @100EUR/BTC


Actual weighteda average BTC Price from MTGOX:https://mtgox.com/index.html?Currency=EUR
Quote
Example:
1BTC=97EUR

(((100/97)*1,78)+1,72)/6 = 0,593BTC per Share


The fixed price of 1,72 BTC is needed because the ASIC chips can only bought with a fixed amount of BTC, the variable part of the costs is for assambly, shipping, customs, cables and power supplies,USB Hubs etc..

How can I invest in this project?

1. Choose the amount of shares you would like to invest and then just pay to the provided adress and verify your payment adress.
    There is only one payment adress:
Quote
18f7yGxM1KqgfyZTHRP5mXmzFEaszX7BU9

2. Post or PM (if you want to stay anonymous) me your investment in the following format:
    
Quote
<forum nick>; <Number of shares>;<sending address>;<the actual BTC price you calculated with>
2.1 ensure the sending address is under your control, so you can sign with it in case of disputes.
2.2 How to sign/verify messages?.
    if your wallet application does not let you select the sending address and sends from multiple, please post only one of them (and keep the address for a while)
    Sign your username as message.
 SIGNING/VERIFYING
  • Copy the sending address from which you sent with to the group buy. If you mean that the sending address doesnt look like yours its probably a change address. This address is yours of course when you sent
  • bitcoins with it. If you dont know the address then go to the transaction, where you sent bitcoins, and check the details. There is a transaction-id. Copy this t-id and put it into the form field at blockchain.info. Then you can see the sending address(es) you sent the bitcoins with.
  • Choose "sign messages" in your wallet.
  • Copy the sending address in the field at the top where the address has to be.
  • Put your forums username in the message field. (If possible use only your username and not more signs or words to prevent errors while sending the info via pm or while verifying.)
  • Click at sign.
  • The signatur IS NOT stored in bitcoin network (blockchain) and isn't automatically transmitted to me. The signation only creates data, the signature, that is the long string at the bottom that ends to =. In order i can verify the sending address you need to send me the signature.
  • See next point.
  • Create a pm and set up two code tags. Like this here:

Example-Code-Tag (Created with BBCode, that is the number sign on top of PMs or Posts while creating them):
Quote
This rectangle is a code-tag created with the hash-button above
the textfield when creating a pm or a post.
Put the message and the signature in such tag.
  • The code tags are important so that while sending the pm no wrong signs come to it that could make the message or the signature faulty.
  • In the first codetag put in the signed message, for example your username. IMPORTANT: Upper- and Lowercase does matter. You have to verify the exact same text you used for signing.
  • In the second codetag put in the created signature. Please be careful to copy all signs of the signature. For example use ctrl+A to mark all signs, then ctrl+C to copy them.
  • Go to Verify signed messages via website and put in your username (your message) and your signature into the fields. To be sure all is copied correctly first go in the field with the mouse, click ctrl+A to mark all the old text, then click ctrl+V to overwrite all marked text. Klick "Verify Message" and see that the sending address comes out that you signed the message with.
  • If that happened successfully send the pm.
  • As soon as i verified the signature and message and got the correct sending address out of it you will be verified.
  • Who is using armory knows that the result of signing is different. Its a block of text. Simply send me that block. I can verify it.
(Source of the verification steps: https://bitcointalk.org/index.php?topic=187660)

If you have any questions, dont hesitate to ask!

Project Status:

Working Miners:
0

ordered ASIC chips:
40

ordered Miner assambly:
still not available

Original Post in the service announcement section:
https://bitcointalk.org/index.php?topic=209865.msg2198570#msg2198570

estimated profit for 1 miner?

Why are you just staring at this? Just send it! 1MHZjADM41ttjbPUiTPYWGYGm45XLf8ZeS
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May 26, 2013, 06:25:34 PM
 #10

what is the expected ROI? 4 months?
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May 26, 2013, 07:53:10 PM
 #11

depends on the future development.  Everyone should make his own assumptions.

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May 26, 2013, 08:02:11 PM
 #12

Please note, i added a Changelog on the end of the first post, in this Changelog I will write every changes of the project or additions to the FAQ.

See #1 changelog entry for more Information.

Best regards
Foofighter

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May 26, 2013, 08:34:06 PM
 #13

sent PM with further feedback... Smiley

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May 26, 2013, 08:42:37 PM
 #14

@ironcross360 + woverine.ks

Nobody knows how the difficulty will increase in the future, but your can play around on your own, here is a good mining calc:
http://www.alloscomp.com/bitcoin/calculator

regards
Foofighter

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May 27, 2013, 09:12:55 PM
 #15

Hi,
just ordered the next Asic chips for 2 more devices.

We have also decided that we will use another Asic CHip group buy which is located in Europe, its the groupbuy of t13hydra:
https://bitcointalk.org/index.php?topic=189582.msg2289091#msg2289091

Also we decided to use more then one Mining device, we are planning to use the 20 chip device from burnin, the Clondike 16 chip design and maybe if the design got released soon the clondike 32 or 64 too.

We did this in order to split up our risks of the Project, there will be no disadvantage for any investor and there will still be 1 price for 1 share but different amounts of shares per device:

Burnin 20chip device = 6 Shares
Clondike 16 chip device = 5 Share

The mining power of the whole system will be splitted into the amount of share available so everybody has the same mining power/ share.

As the pricing of the clondike 16 is very good we can offer the clondike for the same share price as burnin 20 chip device!

We are looking to buy an even amount of both devices.

Please see this change also in the Changelog and edited into the #1 post.

@yxt
thanks so far for your feedback, i will reply asap

@to the first investors
Thank you very much for your trust in this project!

Best regards
Foofighter

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May 27, 2013, 10:28:04 PM
 #16

give me 1 miner

Why are you just staring at this? Just send it! 1MHZjADM41ttjbPUiTPYWGYGm45XLf8ZeS
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May 28, 2013, 05:57:59 AM
 #17

give me 1 miner

No problem, just pay for 5 or 6 Shares and you have got your Miner.

Best regards

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May 28, 2013, 06:35:09 AM
 #18

Looks like a nice project, but I'm wary of investing in anything which relies on Avalon shipping in a timely matter. Although they came out strong with batch 1, they seem to have dropped the ball (several in Batch 1 have still not received any units, and Batch 2, although officially "shipping" keeps getting pushed further and further back. I'm too worried that it will be 6 months or more before any Avalon chips ever get shipped.
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May 28, 2013, 07:28:08 AM
 #19

Hi,

I understand your concerns, but I think about it that way:
We make the order in Group buys, the only thing Avalon got to do is forward the order to TSMC -> get finished chips from TSMC and forward them to group buyer.

I can not image that in this simple chain of things to do something can go wrong, although there is everytime the possibility given.

regards

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jimmijames73
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May 29, 2013, 06:17:04 AM
 #20

I think I could be interested, do you need a minimum number of investors to get this project off the ground?
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