TekStart Bitcoin Miner - 1.5TH/s expands to 10TH/s

g8bluSti -> We are trying to avoid the same mistakes as BFL!

This is legit guys.

Honestly, I have never seen such a bunch of skeptics. Did Avalon and BFL do that much damage? I would be interested because we don't want to make the same mistake.

Here's the deal ... ever since the telecom/dotcom bust of 2001, the VC/angel community has punished the hardware community by snubbing its nose to legitimate companies with great semiconductor ideas. They were then spoiled by the eBay/Google/Facebook/Apple software apps. On one hand, I don't blame them. If you invest $1 in hardware, you may get $3 back at best. In software, you can get $10 to $20 (or more).

So why would you want to invest in hardware? Simply put, you can't run software without hardware. The VC's don't see it that way or refuse to see it.

As a result, we (the hardware collective, like the Avalon's, BFL's, BitFury etc.) cannot get the $2M to build this stuff. Therefore, we have to resort to some sort of investment play. Avalon and BFL chose to pre-sell. Where they failed is that they do not have experience in this market like we do. So when they designed and built this and it didn't work - DOH! We have to get help testing and debugging it. I don't know these guys personally, but I think it's the classic S/W engineer vs/ H/W engineer battle. We see it every day. S/W guys think H/W is easy. H/W thinks the S/W guys are idiots. Until the day, one of them has to work on the other side of that "wall". Then they learn a quick lesson. But that's a topic for another day.

We are a US (CA) based hardware team with >150 years experience. We don't have $2M in the bank and we're not putting our collective homes up for collateral to the bank. At least not the married ones.

So let me clear up a few misconception on the eBay ad:

- We are looking for an investor with deep pockets. To build a 10TH/s system is not for the faint of heart. The $425K amount is just to take the FPGA protoype to ASIC and produce the first box (the investor gets to keep the box and generate revenue with it).
- Once that works, then we will either pre-sell the 10TH/s boxes for $95K each and then go to production, OR we will have the same investor take this to the next level and pony up the remaining $2M needed to go to production of the boxes. The investor would then either take a fixed number of boxes for themselves, or market the boxes themselves. Anything is a possibility.
- IN ADDITION, we will also sell our ASIC chip (10GH/s) on the open market to all who wish to build custom boxes (a la the Avalon method). Currently, the projected price is $50 per chip.

An alternative strategy is to presell the chip order and foprget about systems altogether. That said, the investor would need to come up with about $1.2M (instead of $2M).

Let me know if this is interesting to you. You know how to reach us.

Cheers