[BitFunder] IPO - BIT.ASIC - Professional Miners offer low entry price of 0.0084

[coinminers]

https://bitfunder.com/asset/BIT.ASIC

We are a team of dedicated Bitcoin mining professionals and long time supporters of the crypto-currency movement with a strong passion for the Bitcoin community and big ideas for the Bitcoin market place.

We are looking to expand existing mining operations. We have been mining for nearly 2 years and have a significantly large "Private / Dedicated" server room infrastructure, with controlled personnel only access, equipped with dedicated power generators capable of handling massive power loads, UPS power backups for maximum equipment uptime and protection from power surges, a 4 Ton cooling unit to support a large scale mining operation.

BIT.ASIC Equipment Purchased:

BIT.ASIC operates ASIC Bitcoin mining equipment which results in mining Bitcoins for income.

We have purchased the following Bitcoin ASIC Mining Equipment:

Order no. 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order no. 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order no. 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

BIT.ASIC's Offering:

BIT.ASIC's offering is comprised of 100,000 shares in total. 1 share of BIT.ASIC on BitFunder represents 1/100,000th of 100% of the monthly profits after all expenses.

BIT.ASIC shares offer no voting rights. Shares of BIT.ASIC on BitFunder do not represent real world shares of the company. The shares are solely a distribution mechanism for rights to profits.

The funds from the IPO will be used to create a recovery fund for the initial investment for hardware already purchased and secondly for purchasing additional ASIC Miners, market and mining research, licensing fees, and other necessary needs for developing a large scale ASIC Mining operation. The funds will be invested in G.AsicMiner-PT on Bitfunder.com or other Bitcoin mining shares that pay dividends until the funds are needed for the above usages. The funds may also be used to purchase Bitcoin mining machines
from Butterfly Labs or any other manufacturer of Bitcoin mining machines or any other source of Bitcoin mining machines which will increase the dividends for investors.

Should the asset be sold or closed, the full amount of the purchase price, liquidated income, and any mining revenue not distributed will be evenly distributed to the 100,000 shares.

As long as BIT.ASIC requires less than 3 employees, no salaries will be paid as expenses, and are only paid as dividend payments.

Mining Expenses:

Expenses will only be charged for the following direct mining equipment expenses: Utilities, equipment maintenance and repair, mining equipment space rental, internet access, mining equipment systems administration and maintenance, mining pool fees, and any other necessary direct miscellaneous mining equipment operational expenses. Total mining expense will not exceed 10% of the annual gross revenue.

Dividends:

Dividends will be paid once a week.

Buyback Rights:

The issuer reserves the right to buy back shares at a price equal to 105% of the highest price the asset was traded for over the prior 7 days.

About the Issuer:

We are a team of IT professionals & business owners with expertise in the fields of server hardware / infrastructure and web engineering.

Alongside our ongoing mining activities, we recently launched http://bit.co.in which offers the crypto-currency community a free address shortener. This is a launch pad for many ideas we have for the developing community.

We are actively involved in the forums.

Feel free to contact us at:

Forums: coinminers
Email: info@bit.co.in

[1715687668]

1715687668

[1715687668]

1715687668

[Mabsark]

65 GH/s
100,000 shares
65,000,000,000 h/s / 100,000 =  650,000 h/s = 0.65 Mh/s
0.0084 BTC per share
(1 / 0.65) * 0.0084 = 0.0129231 BTC per Mh/s

TAT.VIRTUALMINE shares cost 0.00795 BTC per Mh/s. Why should I invest with you, when you're currently more expensive than the competition and don't even have anything to mine with as yet?

Based on the value of your 65 Gh/s being a maximum of $5000 including shipping, you should be offering around 13 Mh/s for 0.0084 BTC or 0.00064615 BTC per Mh/s. So, allowing for you to make a profit, I'd say 1 mBTC per Mh/s is a reasonable price.

[Ukyo]

I can confirm that I was allowed me to login to their BFL account and verify all of their order information, numbers, etc.

-Ukyo

[coinminers]

65 GH/s
100,000 shares
65,000,000,000 h/s / 100,000 =  650,000 h/s = 0.65 Mh/s
0.0084 BTC per share
(1 / 0.65) * 0.0084 = 0.0129231 BTC per Mh/s

TAT.VIRTUALMINE shares cost 0.00795 BTC per Mh/s. Why should I invest with you, when you're currently more expensive than the competition and don't even have anything to mine with as yet?

Based on the value of your 65 Gh/s being a maximum of $5000 including shipping, you should be offering around 13 Mh/s for 0.0084 BTC or 0.00064615 BTC per Mh/s. So, allowing for you to make a profit, I'd say 1 mBTC per Mh/s is a reasonable price.

Compare our Mhs price with other mining stocks (RTM,PAMB,AMC,TAT.ASICMINER) and you'll see that we come in on the low end of the multiples with this offering.

One TAT.VIRTUALMINE share gives you access to the proceeds of 1 Mh/s. That's more like a perpetual mining bond with no upwards potential in mining power per share. If that's more like the type of asset/risk class that you're looking for then you should definitely go for it.

Speaking of ASICMINER, if you actually compare our price per Mhs with TAT.ASICMINER, or G.ASICMINER-PT, which both do give you access to a profit share rather than a fixed hashing amount, you'll see that for those two you'd have to pay ~0.04108167 per Mhs.(assuming 24TH/s, excluding hardware sales).

1 BIT.ASIC share gives you access to a share in our profits, so there is growth potential. Proceeds from the initial offering will be invested in additional revenue generating assets and hardware that you will directly benefit from. The same potentially goes for future proceeds from unissued shares.

[Mabsark]

65 GH/s
100,000 shares
65,000,000,000 h/s / 100,000 =  650,000 h/s = 0.65 Mh/s
0.0084 BTC per share
(1 / 0.65) * 0.0084 = 0.0129231 BTC per Mh/s

TAT.VIRTUALMINE shares cost 0.00795 BTC per Mh/s. Why should I invest with you, when you're currently more expensive than the competition and don't even have anything to mine with as yet?

Based on the value of your 65 Gh/s being a maximum of $5000 including shipping, you should be offering around 13 Mh/s for 0.0084 BTC or 0.00064615 BTC per Mh/s. So, allowing for you to make a profit, I'd say 1 mBTC per Mh/s is a reasonable price.

Compare our Mhs price with other mining stocks (RTM,PAMB,AMC,TAT.ASICMINER) and you'll see that we come in on the low end of the multiples with this offering.

One TAT.VIRTUALMINE share gives you access to the proceeds of 1 Mh/s. That's more like a perpetual mining bond with no upwards potential in mining power per share. If that's more like the type of asset/risk class that you're looking for then you should definitely go for it.

Speaking of ASICMINER, if you actually compare our price per Mhs with TAT.ASICMINER, or G.ASICMINER-PT, which both do give you access to a profit share rather than a fixed hashing amount, you'll see that for those two you'd have to pay ~0.04108167 per Mhs.(assuming 24TH/s, excluding hardware sales).

1 BIT.ASIC share gives you access to a share in our profits, so there is growth potential. Proceeds from the initial offering will be invested in additional revenue generating assets and hardware that you will directly benefit from.

You don't currently have any devices to mine with though and you'll be lucky to have a 5 Gh/s this month. So what profits will there be? Profits from ASICMINER shares? Why shouldn't I just invest with ASICMINER directly if that's the case? Also, you have no reinvestment plan outlined. What are you going to purchase and when?

Do you honestly think people are going to pay silly prices when BFL, Avalon and BitFury have shipped most of their orders? The reason the others are priced so high is because their hardware costs are more expensive. You will be using cheaper, more efficient hardware, yet charging far more.

I'll be skipping this one.

[jmutch]

Those order dates are late. Unfortunately by the time they come your calculations will most likely be worthless.

They haven't even gotten up to order 2000-3000 yet. how long do you think it will take them to get to your order?

[Eric Muyser]

Seems like you guys are trying to cash in on your orders. You've been mining for 2 years, but your orders are very recent. Maybe you're withholding the older orders, but no one would expect you to admit that. By the time you get those machines, your calculations are useless. Even if they were running right now, they're too expensive. You could have offered them cheaper, at the optimistically estimated price you'll see from them in a few months. Maybe then you'd get some hopeful gamblers. But with this greed...

The only reason you are "cheaper" than some of the other mining stocks is because they started low and demand pushed them higher. You can't just start at the top, and they also have much lower order numbers. You guys must know this. This is just free money to cover your expense on those orders that won't trickle down to your investors.

[usagi]

Seems like you guys are trying to cash in on your orders. You've been mining for 2 years, but your orders are very recent. Maybe you're withholding the older orders, but no one would expect you to admit that. By the time you get those machines, your calculations are useless. Even if they were running right now, they're too expensive. You could have offered them cheaper, at the optimistically estimated price you'll see from them in a few months. Maybe then you'd get some hopeful gamblers. But with this greed...

The only reason you are "cheaper" than some of the other mining stocks is because they started low and demand pushed them higher. You can't just start at the top, and they also have much lower order numbers. You guys must know this. This is just free money to cover your expense on those orders that won't trickle down to your investors.

I am very disturbed that they are trying to raise $100k to pay for $5k worth of gear.

Yes, where's the other equipment? And where's the contact info? It sounds like someone who has been around here for a while wants to anonymously cash in on their dead-in-the-water BFL orders and break into the top tier. I don't know if we should let that happen. It's too easy for a scammer to do the same thing.

[davecoin]

What other asic hardware do you plan on purchasing with IPO earnings?

Will you increase the amount of bonds when you purchase new hardware and will they be offered at the same price?

Thanks,
Dave

[coinminers]

I am very disturbed that they are trying to raise $100k to pay for $5k worth of gear.

I'm sorry, I may have mistyped or mis-spoken somewhere. Where now did I say that we'll keep 100k to ourselves to cash in on 5k of mining equipment.

I'm asking because that would obviously be an embarrassing and silly thing to propose on this forum an it wouldn't be worth a millisecond of anybody's time on here.

What do you mean by "where's the contact info"? Our contact info is right in the posting, plus you have our contact info on this forum. Let me know if you need anything beyond that.

[Deprived]

The funds from the IPO will be used to create a recovery fund for the initial investment for hardware already purchased and secondly for purchasing additional ASIC Miners, market and mining research, licensing fees, and other necessary needs for developing a large scale ASIC Mining operation.

I read that as meaning you'll be taking some of the IPO funds in return for your BFL ASICs.  If I'm wrong then what is this "recovery fund" for?

Regardless of whether my reading of that is correct or not, what proportion of IPO funds is going to the "recovery fund"?  Is it actually a proportion - or is it the first X BTC?  i.e. if you only sold 100 BTC worth of shares how much of that would be used for expansion and how much would go to the "recovery fund"?

[btcash]

Unbelivable that you already found fouls who bought 2,503 shares.
This asset is not worth 850BTC. E.g. other mainly BFL based assets:
- PAJKA.BOND offers already 28.57 Mh/s per Bitcoin and 142.8 after BFL delivers ( #100021710)
- COGNITIVE offers already 7.6 Mh/s per Bitcoin and 154.51 after BFL delivers (early order #1xxx)

[coinminers]

What other asic hardware do you plan on purchasing with IPO earnings?

Will you increase the amount of bonds when you purchase new hardware and will they be offered at the same price?

Thanks,
Dave

We're looking to sell up to 49,000 shares and thus raise about 412 BTC. We will fully re-invest all of this money into additional mining hardware, ideally up to 1.5 TH. If we raise less than that, then still all the money we raise will go into as much new mining hardware as we can possibly get our hands on.

Inbetween purchases the money will be parked in G.ASICMINER-PT or TAT.ASICMINER shares, just so it doesn't sit idle and so investors can already receive at least a small dividend.

We will absolutely NOT issue any additional bonds when we purchase the new hardware from these aforementioned funds.

Please note that we will be retaining majority ownership in this asset. It's not easy for us to let go of these shares and if people don't want to buy them at the price we're proposing we have absolutely no problem keeping them to ourselves.

This asset will operate and generate profits with or without investor buy in, but we believe we can achieve much more for everyone involved, including ourselves, by raising the funds as planned.

Does that answer your question?

[coinminers]

The funds from the IPO will be used to create a recovery fund for the initial investment for hardware already purchased and secondly for purchasing additional ASIC Miners, market and mining research, licensing fees, and other necessary needs for developing a large scale ASIC Mining operation.

I read that as meaning you'll be taking some of the IPO funds in return for your BFL ASICs.  If I'm wrong then what is this "recovery fund" for?

Regardless of whether my reading of that is correct or not, what proportion of IPO funds is going to the "recovery fund"?  Is it actually a proportion - or is it the first X BTC?  i.e. if you only sold 100 BTC worth of shares how much of that would be used for expansion and how much would go to the "recovery fund"?

You raise a good point. We put this in as a precautionary note. We have decided not to exercise this option, in other words, every BTC raised will eventually be re-invested into additional mining hardware. We will not take out anything to cover the expenses that we have incurred up to this point.

[coinminers]

We are happy to announce that we have raised enough Bitcoin to begin increasing our total hashing power. Our primary goal and our commitment to investors is to reinvest the capital raised into mining hardware to build a large scale mining operation. As promised we have acted on this goal and with the purchase of the new mining rig we have nearly doubled our hashing power in just 13 days from the IPO launch. We will continue to re-invest funds raised in that fashion.

BIT.ASIC Equipment Purchased to date:

We have purchased the following Bitcoin ASIC Mining Equipment:

Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

NEW Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

BIT.ASIC operates ASIC Bitcoin mining equipment which results in mining Bitcoins for income.

About the Issuer:

We are a team of IT professionals & business owners with expertise in the fields of server hardware / infrastructure and web engineering.

Alongside our ongoing mining activities, we recently launched Bit.co.in which offers the crypto-currency community a free address shortener. This is a launch pad for many ideas we have for the developing community.

We are actively involved in the forums.

Bitcoin Talk user profile: coinminers

Butterfly Labs user profile: bit.co.in

Feel free to email us at: info@bit.co.in

[Deprived]

Just to be clear on this.

100k shares

You deduct for expenses.

50k of the shares you keep for yourself.

So if you sell only 10k shares they get 10% of profits between them but would have put in around 50% of capital (the existing orders were equivalent to about 10k share of value).

At best investors get half of 'profit' - which there'd be absolutely zero of when you only have pre-orders and are keeping half of income yourself.  Yeah - they'd get some money back but never as much as they put in.

10% management fee is fine.  50% is pretty much theft - and it rises to 90% if you only sell 10k shares (as the percentage of profit is based on NUMBER of shares whilst the percentage of capital coming from shares rises from a lower base - only ever reaching 50% given to investors if you sell 50k shares).

[coinminers]

News Update: BIT.ASIC - Professional Miners has purchased an additional 60GH/s to increase hashing power to (185GH/s)

We are happy to announce that we have raised enough Bitcoin to further increase our total hashing power. Our primary goal and our commitment to investors is to reinvest the capital raised into mining hardware to build a large scale mining operation. As promised we have acted on this goal and with the purchase of the new mining rig we have nearly tripled our total hashing power in just 28 days from the IPO launch. We will continue to re-invest funds raised in that fashion.

BIT.ASIC Equipment Purchased to date:

We have purchased the following Bitcoin ASIC Mining Equipment:

Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

New Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

[coinminers]

I was almost buying the 'professionals' story.

But you keep buying hardware from BFL.  Why would you do that when KnC is likely to deliver before your first BFL order arrives, and is selling cheaper?

We have been looking at KnC and also TerraHash. Had TerraHash not closed their order book a few days ago this most recent order may actually have been with them.

KnC we've been on the fence, they're a bit more expensive and we're not very clear on their reputation and ability to deliver yet. BFL has way more of a history and is already delivering.

Where are you taking the claim from that KnC is likely to deliver sooner?

[coinminers]

In 3 months of shipping BFL hasn't even worked through the first DAY of orders.  Orders that are now 1 year old.  You guys are going to go grey waiting on those orders.

According to http://bfl.ptz.ro the most recently delivered & confirmed 5Gh/s order is from Sep 18 2012. The first order day on there is June 12 2012.

It may be helpful for you to back up your information with sources so I can compare those to the ones I'm going by and stand corrected in case yours are way superior to mine.

[EskimoBob]

Why cant you add your fkn cost to your orders?
Is this correct?

5 GH/s Bitcoin Miner 1        $274.00
25? GH/s Bitcoin Miner 2     $2,498.00
50 GH/s Bitcoin Miner 1     $2,499.00
Shipping & Handling (Express Shipping - Only)    $611.00
Grand Total                 $5,882.00

[EskimoBob]

And for fuck sake, please put together a balance sheet etc reports so we can see what this adventure is worth right now.

It's not that hard and I can probably do it for you... for few BTC

[coinminers]

We could not be happier with the reception and support we have received by the community. BIT.ASIC would like to thank everyone for their questions, feedback and investments made thus far.

First Month Highlights:

* 10,000 shares were snapped up by the community and are in the hands of shareholders

* We have increased our total hashing power from 65GH/s to 185GH/s with the funds raised thus far, these are purchased and confirmed orders. We also raised enough to place our next order to further increase the total hashing power from 185GH/s to 285GH/s - details regarding this new purchase will be released soon.

* Dividends Paid since the June 3rd IPO:

Date Shares Price Per Total
2013-07-03 17:23:35 10,000 ฿0.00000058 ฿0.00580000
2013-06-29 15:48:55 10,000 ฿0.00000334 ฿0.03340000
2013-06-20 11:52:12 10,000 ฿0.00000174 ฿0.01740000
2013-06-13 14:13:56 5,000 ฿0.00000287 ฿0.01435000
2013-06-06 11:43:53 5,000 ฿0.00000282 ฿0.01410000

[CMMPro]

So....1 USB miner could produce more of a dividend then what you are spreading weekly between 10,000 shares right now?

Am I reading that correctly?

[coinminers]

So....1 USB miner could produce more of a dividend then what you are spreading weekly between 10,000 shares right now?

Am I reading that correctly?

The current dividends are just from parking money in ASICMINER shares and are by no means reflective on what we're going to be paying out in future.

[coinminers]

News Update: BIT.ASIC - Professional Miners has purchased an additional 100GH/s to increase hashing power to (285GH/s)

We are happy to announce that we have raised enough Bitcoin to further increase our total hashing power. Our primary goal and our commitment to investors is to reinvest the capital raised into mining hardware to build a large scale mining operation. As promised we have acted on this goal and with the purchase of the new mining rig we have more than quadrupled our total hashing power in just 31 days from the June 3rd 2013 IPO launch. We will continue to re-invest funds raised in that fashion.

BIT.ASIC Equipment Purchased to date:

We have purchased the following Bitcoin ASIC Mining Equipment:

Butterfly Labs Orders:

Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

NEW Order # 100069703, pay-dated 7/1/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

KnCMiner Orders:

NEW Order #3246, pay-dated 7/3/2013, for 1 KnCMiner (100 GH/s Mercury Bitcoin Miner) (Purchased and Confirmed)

[Slipage]

I am very disturbed that they are trying to raise $100k to pay for $5k worth of gear.

I'm sorry, I may have mistyped or mis-spoken somewhere. Where now did I say that we'll keep 100k to ourselves to cash in on 5k of mining equipment.

I'm asking because that would obviously be an embarrassing and silly thing to propose on this forum an it wouldn't be worth a millisecond of anybody's time on here.

What do you mean by "where's the contact info"? Our contact info is right in the posting, plus you have our contact info on this forum. Let me know if you need anything beyond that.

How about some better contacts details to verify your Id.
A free mail address and forum user name won't cut it with me Incase you suddenly disappear.

Eg, psychical address , ph number, eBay feedback, previous successful dealings ... Not hard since its all business ?

[coinminers]

https://bitfunder.com/asset/BIT.ASIC

News Update: BIT.ASIC - Professional Miners has purchased an additional 400GH/s to increase hashing power to (685GH/s)

We are happy to announce that we have further increased our total hashing power. Our primary goal and our commitment to investors is to reinvest the capital raised into mining hardware to build a large scale mining operation. As promised we have acted on this goal and with the purchase of the new mining rig we have significantly increased our total hashing power in just 51 days from the June 3rd 2013 IPO launch. We will continue to re-invest funds raised in that fashion.

BIT.ASIC Equipment Purchased to date:

We have purchased the following Bitcoin ASIC Mining Equipment:

Butterfly Labs Orders:

Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

Order # 100069703, pay-dated 7/1/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

KnCMiner Orders:

Order #3246, pay-dated 7/3/2013, for 1 KnCMiner (100 GH/s Mercury Bitcoin Miner) (Purchased and Confirmed)

NEW Order #4345, pay-dated 7/23/2013, for 1 KnCMiner (400 GH/s Jupiter Bitcoin Miner) (Purchased and Confirmed)

Current Total Hashing Power Purchased: 685 GH/s

BIT.ASIC operates ASIC Bitcoin mining equipment which results in mining Bitcoins for income.

[coinminers]

We are happy to announce that we have finally received our first Bitcoin Asic Mining Rig from Butterfly Labs.

Butterfly Labs Orders: check out the images tab for screen shots and pictures of hardware we have received that are currently in production.

* Hardware Received on 8/27/13 for Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased, Confirmed, Hardware Received, and Actively Hashing around 5.5GH/s) this asset started mining on 8/27/13

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

Order # 100069703, pay-dated 7/1/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

KnCMiner Orders:

Order #3246, pay-dated 7/3/2013, for 1 KnCMiner (100 GH/s Mercury Bitcoin Miner) (Purchased and Confirmed)

NEWEST Order #4345, pay-dated 7/23/2013, for 1 KnCMiner (400 GH/s Jupiter Bitcoin Miner) (Purchased and Confirmed)

* Total Purchased Hashing Power: 685GH/s

** Total Hashing Power: 5.5GH/s - Actively Mining

*** Dividends: will be paid every Sunday

About the Issuer:

We are a team of IT professionals & business owners with expertise in the fields of server hardware / infrastructure and web engineering.

Alongside our ongoing mining activities, we recently launched Bit.co.in which offers the crypto-currency community a free address shortener. This is a launch pad for many ideas we have for the developing community.

We are actively involved in the forums.

Bitcoin Talk user profile: coinminers

Butterfly Labs user profile: bit.co.in

Feel free to contact us at:

Email: info@bit.co.in

Facebook: https://www.facebook.com/bitcoinshortener

[coinminers]

We are excited to announce that one of the manufacturers BIT.ASIC has early orders with has finally revealed their revised hashing power estimates.

KnCMiner announced on Sep 30th 2013 that their 28nm standard cell ASIC mining chips (which are being designed exclusively for KnCMiner by ORSoC) has the following hashing capabilities:

- The Jupiter that was expected to mine at 400 GH/s now has a hashing speed of 550 GH/s to ~576+GH/s.

- The Mercury that was expected to mine at 100 GH/s now has a hashing speed of ~137 GH/s to ~144+GH/s.

Why is this important to BIT.ASIC and its Investors?

We have purchased a total of ~905 GH/s where the majority of the hashing power is coming from KnCMiner. The following is a complete list of Bitcoin ASIC Mining Equipment Purchased:

Butterfly Labs Orders: check out the images tab for screen shots and pictures of hardware we have received that are currently in production.

* Hardware Received on 8/27/13 for Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased, Confirmed, Hardware Received, and Actively Hashing around 5.5GH/s) this asset started mining on 8/27/13

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

Order # 100069703, pay-dated 7/1/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

KnCMiner Orders:

Order #3246, pay-dated 7/3/2013, for 1 KnCMiner (100 GH/s Mercury Bitcoin Miner) (Purchased and Confirmed) with the Sep 30th news update from the manufacturer this unit is now estimated to perform at 137+ GH/s

Order #4345, pay-dated 7/23/2013, for 1 KnCMiner (400 GH/s Jupiter Bitcoin Miner) (Purchased and Confirmed) with the Sep 30th news update from the manufacturer this unit is now estimated to perform at 550+ GH/s  - they demonstrated this unit performing at 576 GH/s on their YouTube channel

* Total Purchased Hashing Power: ~905 GH/s

Stay tuned for shipping and delivery updates which will be coming soon!

[coinminers]

We are excited to announce that KnCMiner has confirmed a shipping timeline for the BIT.ASIC orders totaling between 680 GH/s to 720 GH/s.

KnCMiner Orders: The following orders are confirmed to ship by October 15th 2013.

Order #3246, pay-dated 7/3/2013, for 1 KnCMiner (~137+ GH/s Mercury Bitcoin Miner) (Purchased and Confirmed) with the Sep 30th news update from the manufacturer this unit is now estimated to perform at 137+ GH/s which was previously thought to produce ~100 GH/s

Order #4345, pay-dated 7/23/2013, for 1 KnCMiner (550+ GH/s Jupiter Bitcoin Miner) (Purchased and Confirmed) with the Sep 30th news update from the manufacturer this unit is now estimated to perform at 550+ GH/s - they demonstrated this unit performing at 576 GH/s on their YouTube channel - this unit was previously thought to produce ~400 GH/s

[supermono]

I read Ukyo's announcements about the BitFunder policy changes, and saw the news announcement from October 9 on the asset page ( https://bitfunder.com/asset/BIT.ASIC ). Any updates? Havelock would be a great exchange to move to; unfortunately, I heard they are not accepting new assets right now. Cryptostocks and 796.com both are accepting assets though, and I think are actively recruiting former BitFunder issuers to move to their exchanges, so you could likely get a good deal from one of them in terms of waived listing fees etc.

[coinminers]

I read Ukyo's announcements about the BitFunder policy changes, and saw the news announcement from October 9 on the asset page ( https://bitfunder.com/asset/BIT.ASIC ). Any updates? Havelock would be a great exchange to move to; unfortunately, I heard they are not accepting new assets right now. Cryptostocks and 796.com both are accepting assets though, and I think are actively recruiting former BitFunder issuers to move to their exchanges, so you could likely get a good deal from one of them in terms of waived listing fees etc.

Yes, we're exploring CryptoStocks. It's looking good so far and we're also practicing the mechanism to transfer shares for existing shareholders.

[coinminers]

We are happy to announce that we have received one of our KnC Miners today: Hardware Received on 10/18/13 for Order #3246, pay-dated 7/3/2013, for 1 KnCMiner (140-150 GH/s Mercury Bitcoin Miner) (Purchased and Confirmed) with the Sep 30th news update from the manufacturer this unit is now estimated to continue performing at 140-150 GH/s which was previously thought to produce ~100 GH/s

Full List of Hardware ordered:

Butterfly Labs Orders: check out the images tab for screen shots and pictures of hardware we have received that are currently in production.

* Hardware Received on 8/27/13 for Order # 16897, pay-dated 1/18/2013, for 1 Butterfly Labs (5 GH/s Bitcoin Miner) (Purchased, Confirmed, Hardware Received, and Actively Hashing around 5.5GH/s) this asset started mining on 8/27/13

Order # 100049260, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100031677, pay-dated 4/2/2013, for 1 Butterfly Labs (30 GH/s Bitcoin Miner) (Purchased and Confirmed)

Order # 100067004, pay-dated 6/16/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

Order # 100069703, pay-dated 7/1/2013, for 1 Butterfly Labs (50 GH/s Bitcoin Miner with 10 GH/s upgrade totaling 60 GH/s) (Purchased and Confirmed)

KnCMiner Orders:

Hardware Received on 10/18/13 for Order #3246, pay-dated 7/3/2013, for 1 KnCMiner (140-150 GH/s Mercury Bitcoin Miner) (Purchased and Confirmed) with the Sep 30th news update from the manufacturer this unit is now estimated to perform at 140-150 GH/s which was previously thought to produce ~100 GH/s

Order #4345, pay-dated 7/23/2013, for 1 KnCMiner (550+ GH/s Jupiter Bitcoin Miner) (Purchased and Confirmed) with the Sep 30th news update from the manufacturer this unit is now estimated to perform at 550+ GH/s - they demonstrated this unit performing at 576 GH/s on their YouTube channel - this unit was previously thought to produce ~400 GH/s

* Total Purchased Hashing Power: ~905GH/s

** Total Hashing Power: 145-155 GH/s - Actively Mining

*** Dividends: paid every Sunday


(Note: Some of these numbers have been updated since our Bitfunder news post because we've had some more time to tweak and observe the hashing power on our KnC miner.)

[Blank]

I think I understand but could you clarify what is going to happen to the asset on Bitfunder. Will the asset still remain open or will it all be frozen or de-listed on November 1st, as an European i would prefer to keep my shares on Bitfunder if that is still an option. Also what are you going to do with the people that cannot claim before the 1st of November? it's only about 4 days away so there will probably be a significant amount of people missing this deadline.

[sparky999]

I have transferred my shares and sent email, when will I get confirmation?

[coinminers]

I think I understand but could you clarify what is going to happen to the asset on Bitfunder. Will the asset still remain open or will it all be frozen or de-listed on November 1st, as an European i would prefer to keep my shares on Bitfunder if that is still an option. Also what are you going to do with the people that cannot claim before the 1st of November? it's only about 4 days away so there will probably be a significant amount of people missing this deadline.

We are going to try to keep paying dividends for all shares on Bitfunder after November 1st but the problem is that Bitfunder may simply delist us. So I recommend you transfer into our direct management until we find another solution.

[coinminers]

I have transferred my shares and sent email, when will I get confirmation?

Will send confirmation shortly. The next dividend payout will already go to your submitted address.

[coinminers]

URGENT - If you do not verify ownership of your shares via this method by the BitFunder imposed deadline which is November 1st 2013, your bonds and accrued dividends may have to be absorbed by Bit.co.in. We will most likely have no way to contact you or pay you your dividends if you do no follow these instructions.

The following limitations apply:

1. You must initiate this transfer request before November 1, 2013 - which is the BitFunder imposed deadline

How to Transfer Shares:

1. On BitFunder transfer all your BIT.ASIC shares to the issuer account: Bit.co.in

2. Send an e-mail to info@bit.co.in and note the following:

a) Make the subject of your email: BIT.ASIC
b) Your BitFunder account name
c) Your Bitfunder wallet address
d) The quantity of BIT.ASIC shares you transferred to Bit.co.in
e) Your payment address for future dividend payments

3. Please do NOT send your request more than once, and do NOT include other requests, questions or comments.

Transfers will be transferred in batches, and confirmations will ONLY be sent after each batch. Please Do NOT send emails requesting updates.

NOTE: BIT.ASIC is not responsible for any lost value, arbitrage, or trading opportunities due to delays in processing transfer requests. BIT.ASIC is not responsible for any limitations or discontinuations of services or access to liquidity imposed by the host exchanges.

[Atompeace]

Hello Bitfunder,

I am sorry that I am late, but I got back from holidays today and checked my bitfunder-account just to get shocked about the shutdown. Didn't know about that.
So I will transfer my shares to the account stated TODAY - although it's 5 days late - this should still work.

I hope you understand my panic and it's still possible to transfer the shares to direct divident payment?
Please confirm.

Thanks alot!

[lagmo]

Got caught out too, will transfer as soon as possible.

[coinminers]

Hello Bitfunder,

I am sorry that I am late, but I got back from holidays today and checked my bitfunder-account just to get shocked about the shutdown. Didn't know about that.
So I will transfer my shares to the account stated TODAY - although it's 5 days late - this should still work.

I hope you understand my panic and it's still possible to transfer the shares to direct divident payment?
Please confirm.

Thanks alot!

Not a problem. Yes, as long as Bitfunder is still accessible we can verify transfers into direct payments.

[roussillon]

OK I ask for transfer after an email contact today.
Hope All will be ok.

[dawie]

I only got to transfer my shares today.  Luckily BitFunder site is still up.  Hope I still made it in time?

[digit]

Hi, i emailed you guys about my change of shareholder address, but this weeks dividends have still gone to my old address.

[alexius89]

any updates about the KNC Jupiter and or the ordered BFL items?

Is it possible to tell us the current Mining adress?

[coinminers]

Hi, i emailed you guys about my change of shareholder address, but this weeks dividends have still gone to my old address.

What's your email?

[Atompeace]

Hi.

I mailed you but I never received any dividends. Why so?