Community Mining - Avalon ASIC chip Miner--33.840MH/s----> All Shares are taken

[Foofighter]

Hi guys,

there was another change, as the investors got some troubles with the original verification step by step guidance, I posted an easier guidance.

I hope now is everything clear.

Please see this change also in the changelog in post #1. This is change No. #3

I also added an estimated amount of time from the ordering of the chips until we get the miners in our hands, see change #4

For more Informations, dont hesitate to ask!

regards
Foofighter

[Foofighter]

Hi,

added change #5, as this is an open project everone can see who has invested so from now on every investor shall post his investment mentioned in point 3 of #OP as a post and not anymore as a PN.

I also added two youtube tutorials for the verification process.

And updated the investors List and our total hashing power!

regards
Foofighter

[Foofighter]

Hi jimmijames,

just updatet the list, thank you!

regards

[gektek]

oh so that's how it works. Will be following suit as soon as my current rig mines enough for getting a share. One is better than none right?

[puffpuffpass]

how does the price per share work? does it go up based on market demand, or is it solely based on cost of equipment?

[Foofighter]

Hi,

the pricing is only based on the costs of equipment and its not planed to rise the prices.

Due to the fact that the prices are very competitive now we will have to see if the additional hardware costs like power supplys, cable, and so on are properly covered.

The purpose of the project is not to make any profits of it, so I see no general reason to increase prices, but later on there will be a cap on maximum Miners / Shares.

regards

[davecoin]

So you currently have no hardware, yet plan on offering 917 mh/s at 0.593BTC per share?

In theory, you are offering a hashrate of 1 BTC = 1546 mh/s.

Avalon batch 2 = 75 BTC, 66gh/s, 1BTC = 880 mh/s

ASICMINER blade = 50 BTC, 13gh/s, 1BTC = 260 mh/s

Just want to make sure I have this right.

[itxtutor]

So you currently have no hardware, yet plan on offering 917 mh/s at 0.593BTC per share?

In theory, you are offering a hashrate of 1 BTC = 1546 mh/s.

Avalon batch 2 = 75 BTC, 66gh/s, 1BTC = 880 mh/s

ASICMINER blade = 50 BTC, 13gh/s, 1BTC = 260 mh/s

Just want to make sure I have this right.

True. You need to know, he won´t make profit out of the miners. If you check the costs of one miner, you will come to the same value / GH.  The Chips are priced at 0,083 - 0,086 BTC / chip.  You need 20 chips for a burnin device or 16 chips for a Klondike device.

1 Asic chip can do 282 mh/s  -> That equals ~ 5,64 gh/s for a burnin device or ~4,51 gh/s for a Klondike 16 miner.

Assembly costs vary between 65-100€ (or maybe more ?!)

So it´s possible to offer this hashrate / BTC !

[ChronoX5]

Hi, I just read the original thread. As I understand it your original plan was to offer a fixed ROI of 110% but now you have reworked the offer so that you get a cut of about 5% (minus expenses) and the ROI is not capped. Is this correct?

Sounds like a very good investment and I would very much appreciate it if you got in contact with a respected forum member to verify your identity.

[ChronoX5]

Sounds like a very good investment and I would very much appreciate it if you got in contact with a respected forum member to verify your identity.

Akka has received documentation from Foofighter, see Post #5 in this thread.

Thank you and thanks to Foofighter and Akka!

Here's my order: (that 20,000 BTC selloff just cost me 6€ )

ChronoX5;6;1VK7eJ9MaG7W17Ekk1Jbvhm5MudQ77pJ2;96.39;G8H8BNmI/XCpZXqhx4OqpOnl+5qHGc06i71i3U7gvMegIM5LRQYlEtm4m75nC/4rg7+tx1Cmc9CPYg2nbGsdeMQ=

[Foofighter]

Hi ChronoX5,

just updatet the list, thank you!

So you currently have no hardware, yet plan on offering 917 mh/s at 0.593BTC per share?

In theory, you are offering a hashrate of 1 BTC = 1546 mh/s.

Avalon batch 2 = 75 BTC, 66gh/s, 1BTC = 880 mh/s

ASICMINER blade = 50 BTC, 13gh/s, 1BTC = 260 mh/s

Just want to make sure I have this right.

yes thats right!

regards

[Eric Muyser]

each share is equivalent to ~920Mh/s hashing power

When only the first batch has arrived, in order for that to be true, you wouldn't split the 5.5 GH device between all shareholders, only the one who bought the 6 shares. Otherwise as more people buy shares, you are watering down (reducing) the hashing power per share (giving the new shareholders hashing power before their shipment has been delivered).

If I buy 6 shares now, do I get hashing power when the first shipment you ordered is delivered (avalon batch 1)? or do I wait until the shipment I get into is delivered (batch 2 or 3)? Honestly I would prefer to wait and guarantee ~920Mh/s per share. Because once you start actually giving out dividends, a bunch of people will want shares and the shipments will take longer and never catch up to the demand.

In essence, you would be hosting them for us (you should charge a % fee).

That means the first avalon you pre-ordered is all yours, Foofighter, not shared. We wait Is that how it will work?

[Foofighter]

each share is equivalent to ~920Mh/s hashing power

When only the first batch has arrived, in order for that to be true, you wouldn't split the 5.5 GH device between all shareholders, only the one who bought the 6 shares. Otherwise as more people buy shares, you are watering down (reducing) the hashing power per share (giving the new shareholders hashing power before their shipment has been delivered).

If I buy 6 shares now, do I get hashing power when the first shipment is delivered? or do I wait until the shipment I get into is delivered? Honestly I would prefer to wait and guarantee ~920Mh/s per share. Because once you start actually giving out dividends, a bunch of people will want shares and the shipments will take longer and never catch up to the demand.

In essence, you would be hosting them for us (you should charge a % fee).

Hi Eric,

it seems you missed some points on the FAQ.

The Hashrate per Share is a guaranteed value, as you can read in the FAQ

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.

This means if the first 2 devices arrive, we can cover 2 x 6 or 5 Shares depending on which device it is.

As mentioned somewhere in the Thread there wont be an unlimited amount of Shares, I think we can offer 100-120 Shares at the moment but this is just some value, if there is much more demand we can surly find a way to increase the amount of shares.

There is already a hosting fee see here:

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.

[Eric Muyser]

Thanks Foofighter, that's perfect!

I wish someone would do this with Bitfury's (600% more GH per dollar, less power).

[Foofighter]

Thanks Foofighter, that's perfect!

I wish someone would do this with Bitfury's (600% more GH per dollar, less power).

Just have seen the Bitfurys Asic thread , but this sounds for the moment to risky for me, there is still no proof and also no excrow allowed.

[truy]

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.

[Eric Muyser]

Thanks Foofighter, that's perfect!

I wish someone would do this with Bitfury's (600% more GH per dollar, less power).

Just have seen the Bitfurys Asic thread , but this sounds for the moment to risky for me, there is still no proof and also no excrow allowed.

No proof, but you can hold the coins in your own new wallet if you purchase through their site (6-10% fees).

[Foofighter]

Thanks Foofighter, that's perfect!

I wish someone would do this with Bitfury's (600% more GH per dollar, less power).

Just have seen the Bitfurys Asic thread , but this sounds for the moment to risky for me, there is still no proof and also no excrow allowed.

No proof, but you can hold the coins in your own new wallet if you purchase through their site (6-10% fees).

Hi Eric,

yesterday we started an interest Thread for a Groupbuy and hosting, maybe you are interested:
https://bitcointalk.org/index.php?topic=223857.0

Please all further discussions about this Topic, in the new thread.

regards

[runam0k]

runam0k; 6; 1H4FVh66xggigFeCtSqtXdU4rAyd4YUbXP; 92.59; IASaHTJwh16vmFgK07Nh2mA7Q0hbksNR1U6YKJdk4DkaEZxuJtO0wipfcTSlRrIYt783YdCY1xqmCi+mtnms0QE=

Thanks

[Foofighter]

Hi guys,

table is updated, thanks!

regards
Foo