UPDATE 5:00AM CSTChanged the Hashrate to reflect KnCminer's upgrade in the hashing capabilities of the boards. This means instead of 5 GH/s when this group buy began, or 5.77 GH/s when it was last updated, everyone will be getting 7.1 GH/s on each of their shares. Also, we miscalculated the price, but when I paid using BitPay for the first 4 systems (the only ones that are for users of this group buy) the price of BTC on BTC-e was slightly less than $90 USD, but that is my fault, and I will eat the cost for this, as I did for the other various features our group buy has that others do not have.
ie - Cooling, security, etc.
I would like to thank everyone for:
a) having faith in me as I only had 2 posts on BitCoinTalk when I made the groupbuy but was an avid Bitcoiner since the price was only ~$3 USD, though I didn't invest! (STUPID ME!)
b) having patience as KnCminer shipped our systems quite a while ago but due to the fact that we had many systems, they were stopped in Malmo Sturup, Sweden for further inspection.
c) having patience that though KnCminer promised us shipping on Day 2 of September 15th, which would be September 16th, they did not start shipping until Early October, and since I grouped all of ours together so we would "get them sooner" according to KnC's customer service, they did not leave there until Late-Mid Oct.
I would like to apologize to anyone if:
I was short with you.
I spent many weeks with little to no sleep working on either answering questions for people who called/texted/emailed me, then setting up the actual equipment and because of that, sometimes I was rather grumpy to say the least. I think managing a group-buy may be one of the most under-appreciated types of duty to undertake. So again, I am sorry. I did not mean to be rude, but as I had invested so much of my own time and money that sometimes I had a short fuse.
If everyone could once again double check and make sure that I have their
e-mail address (in case bitcointalk.org goes down, I need to be able to contact you), their
receiving address (I will hold your BTC until you confirm your address for me so we don't just lose coins), a
name you would like to be called by (can be your first and last name, or bitcointalk username) so that we may make the process as smooth as possible.
Also, I was going to mine on Eligius but after watching them find blocks the last 2-3 days, it has taken them so long at times (up to 5 hours) with a pool hashrate of around 200,000 GH/s, that it just would be too inconsistent so instead, we are going to utilize BTCGuild which has had far better results (much more consistent), though they do take a fee, it is far more consistent and that will help us in the long run as opposed to not even getting rewarded for our high hashrates! Rememeber, if BTC difficulty gets too high, we can try to figure something out to switch the systems to mining other sha256 coins so we still make a large profit off these rigs.
Anyway, they're in my state and I'm picking them up shortly! Only 3 hours to go, I'm so anxious I can barely even contain myself!
!
UPDATE 9:30PM CSTOur Bitcoin Miners are en route and should be here by Monday. Thanks to all of your fellow group buyers we were able to get numerous KnCminer's shipped to America! We have all of the Power Supplies ready to go! LEPA and CoolerMaster Based. Instead of using WIFI, just because it wastes packets (looses packets sometimes) we decided to keep everything wired so we can try to get as many shares per second
! Once again, Thanks to everyone for being a part of this! We are helping to diversify Bitcoin by doing things such as this. The main reason I created this Bitcoin Groupbuy was so that the little guy wouldn't get left out in this huge ASIC race. Some of us may have more funds to play around with in Bitcoin and for that reason, I decided that I wanted to play my part in making it so that we can truly have a decentralized crypto-currency! We are the pioneers of a new age
!
-Adeel
UPDATE 6:16pm cst 7/29/13There is no other company on these boards that is working harder for their consumers. A 130,000 BTU Air Conditioning System has been installed. An Industrial dehumidifier. Samsung 16 Channel 720p HDTV Hybrid DVR Security System, Multiple Motion Detectors, Protect America’s Platinum Service, Multiple Door and Window Sensors. On top of that, I have already paid for extra machines so that we are towards the top of the list for when KnC ships. So order away.
-Adeel
UPDATE 10:49pm CST 7/23/13New refund policy: If KnCMiner does not ship we will refund as long as KnC returns the money, however due to the fact that I have already refunded about 130 shares worth of bitcoins, it is just becoming a hassle so if you do not intend on riding it out until we receive our machines, PLEASE do not make this purchase. We have made great strides in regards to where the machines will be placed, how they will be cooled and what other measures we can take to best protect our extremely valuable investments. Thank you for your time.
UPDATE 12:05pm CST 6/26/13Any reserves that are not paid for in 72 hours will be moved on to the following system unless you already contacted me. Pricing from KnC is based on a USD price, this was written when the trade price of btc was 113, please take account of this when making an informed decision to purchase.
UPDATE 11:25pm CST 6/23/2013:First Jupiter Order Placed!
UPDATE 1:45pm CST 6/21/2013:It was brought to my attention that I did not cover the issue of refunds. Refunds will be given to anyone who would like them, from both myself and John K until the order for your specific machine has been paid to KnC. At this point, a refund will only be available if KnC does not deliver and in that case we will have to get it from KnC and then disperse it among our buyers. Sorry for not including this earlier.
UPDATE 12:23PM CST 6/21/2013 :
Alright guys, I am sending my credentials to John K for escrow. First, we will need the pledging of 10% of the shares for each machine to pledge to use John's escrow. Second, we will accumulate the funds for one KnC machine at a time, when the funds for that KnC machine have been reached, John K will send the funds for that machine to KnCMiner and then we will begin work on the following machine. If you do not wish to pay the 2% to use escrow then you can still send money to the address listed below. No matter who you wish to send the funds to, me or John K, please indicate how many shares you would like, the transaction ID and also use the link below to add a signature to your payment. At this point however, all we need is pledges for machines, we don't even need payment just so we can utilize John's escrow service. I hope that this will help to alleviate some of the stresses felt by those in regards to our fund. Thank you for your time and considerations.
--Adeel
Greetings from Infinite Hash
What are we doing?We will be providing an all in one solution for hosting. This will be sold at
5 GH/s a share at 1.14-1.15 BTC (this is based on the exchange rate when this was written of 113 USD/BTC, if it is higher at the time a machine is ordered, you will be refunded the difference, if it is lower, you will have to make up the difference). This will be the only amount that you will ever be required for a
1/70th stake on
1 KnC Jupiter Mining Rig. We will be buying KnCMiner Jupiters to meet our requirements. The reason for this is that we believe that they are the most sound investment in terms of mining rigs. We are using John K to escrow this deal.
You can send your money right now if you would like, or if you would like to wait until we get a response from KnC and would like to state your interest here, that is fine as well. Use the format “Interest “x” Shares. Payment expected at (Insert a date here or write (after Escrow)”. We will accept BTC or Paypal for payments.
The address that will be used for the purchase of shares is:
1uXsrMsT55esFgS9VfctP6E56QyRtakMhPlease post in this thread and also sign your payment. Click this link to learn how to sign for payments.
https://bitcointalk.org/index.php?topic=179769.msg1922342#msg1922342We are a Bitcoin Mining company that is based in Oklahoma. Currently, we have the infrastructure to support 62 Jupiter systems and we will see how many Jupiter systems that we will actually purchase based on how many people invest. If necessary, we will make the provisions necessary to continue expanding our operation without jeopardizing the shareholders benefits in any manner. We will be continually buying new systems, and have talked to KnC in regards to this and they will be able to continually meet our needs so if you see that one machine has it’s shares sold, don’t worry, you can still buy shares. Currently we intend on releasing 3,348 shares @ 1.15 BTC if all 62 machines are accounted for.
Mining Contract Shareholder Benefits:
-Ideas such as overclocking through voltage increase will be discussed after the first few machines have shipped. Since we will have a 60,000 BTU unit controlling temperature, I do believe that we can slightly overclock with no real scare. Also, copper water blocks can be provided for machines, however, the shareholders for that machine must agree upon it, it must be possible with KnC’s design and this will be the one cost that we will not cover, though we will pay 16/70th of the cost if one machine group of shareholders agree.
This next idea is very important.
After you purchase your share amount, you will NEVER pay any fees on the money that I send you again. Other people that are holding group buys like this usually have a 3-5% fee that is attached to amount earned. We have no such fees.
All electricity costs will be paid for by Infinite Hash.
All ISP (internet) fees will be paid for by Infinite Hash.
All cooling costs will be paid for by Infinite Hash.
All labor costs will be paid for by Infinite Hash.
All security costs will be paid for by Infinite Hash.
All shipping fees will be paid for by Infinite Hash.
All shipping insurance will be paid for by Infinite Hash.
All customs duties will be paid for by Infinite Hash.
To add a little perspective to how much money this saves you in the long run, we are running 60,000 BTUs of air conditioning which is equivalent to
17574 Watts, which would cost
$16,863 for cooling (@ $.11 kWh) . One Jupiter System is 1000 Watts = .11*24*365 =
$963.60 per Jupiter. Labor costs really be quantified since I’m not sure what will go wrong and I’m not sure how much my time, or my brother’s time is worth (it can’t be too much though
). Security costs, I will not disclose all security measures but we have Closed Circuit Television monitoring that cost $1239 to buy and was free to install because I had to waste 9 hours doing it
Overall,
Share Pricing: After taking a look at the marketplace and what others are offering, we believe that a fair price for these shares would be
B 1.15 each, for a
minimum hash rate of
5 GH/s and all of the fees and expenses that your share price covers. I say minimum because there is no way that we will pay you for less than 5 GH/s even if it has to come out of my own pocket, so KnC better deliver on the conversation that we had two days ago (Andreas knows what I’m saying).
You will be purchasing 1/70th of a KnCMiner Jupiter, it’s above mentioned costs and all costs associated with the item. 54 shares will be for sale, while the remaining 16 will go towards the aforementioned costs. This was also done so that our rates were similar to the other providers on the boards, though we do not charge any fees. Also, one other cool thing that we will be doing, is offering shares for reduced values for large quantity purchases. The costs of this will be incurred by the company and not the shareholders, so don’t worry, if you buy less than 100, this will have no effect on your machine. We just thought we could give incentive to larger share orders, while also reducing the amount of people that we would have to send bi-weekly payments to. The extra 16 shares also are going to help re-pay all that we have invested thus far into infrastructure for these machines. We are not a fly-by-night sort of deal and we want to make sure that we are able to provide the best possible solution for both our shareholders, and ourselves.
Orders:
1-100 Shares : 1.15BTC Each share guarantees you at least 7 GH/s of mining power. (This used to be only 5 GH/s but was changed to keep upgrading as KnCminer upgraded their systems!)
Summary of shares: 1.15 BTC = 1 share. (Escrow users +2% to all shares purchased/pledged through John K escrow)
1 Share = Minimum 5 GH/s and all costs related to that.
70 shares total shares per machine.
54 shares for sale per machine.
Shares that will be using the John K escrow service will cost 1.173 BTC per share because this is the one cost that we are not incurring on our own. This is a 2% fee that John K normally charges. If you are signing up through escrow, please only pledge your funds at this time, John K will post an address after the 10% needs of each machine are met.
Cost of competitors:
No cost Hosting or Electricity options: Cloudhashing 4GH/s = $499 for 2 year term. Cost per 5 GH/s = $623.75 (No product ownership, after 2 years, you no longer will earn anything from your investment.)
Picostocks: .33BTC per 1GH/s Share= $165 for 5 GH/s at current BTC/USD.
Hosting and Electricity must be provided: Avalon 60GH/s = 75 BTC = 4 BTC per 5 GH/s = ~$450 current BTC/USD.
Butterfly Labs 5 GH/s = $274 USD + Shipping.
Both of these units still require the owner to host, cool, service and pay for the electricity costs.
Security:
First, I think that I may be a little paranoid after reading another forum member’s experience (
https://bitcointalk.org/index.php?topic=239450.new) but I think that we must address the issue of security first. As far as that goes, we will have state of the art monitoring at all times, of which, I do not wish to describe online because you never know who is going to try to rob you. I am willing to divulge that one of the many tiers of our security will be closed circuit monitoring that will be recording footage 24/7/365. The systems will be hosted in a gated entrance area. This gate also has a police officer on standby in the case of any intrusions. We also have many other security provisions in place not only for the machines, which will have an estimated value of $600,000 if we are able to reach 62, but also the other goods that are in the area that are worth upwards of $150,000. Just know that I do live in a state where it is legal to have firearms and that these machines will be protected to the best of my company and my ability.
Environment:
Systems will be hosted in an area that will be cooled with 60,000 BTU Air Conditioners that will allow us to control the temperature in the room to our exact specifications. We will also have a firm grip on the humidity in the room. The systems will not subject to any direct sunlight source and will be grounded. The systems will be grounded in the event of any electrical interference. Currently, we are trying to decide whether or not we should buy generators in the extremely rare event that we have a power outage. We would need 1 generator per 5 systems as they only support 5000w/hr however this may be something that shareholders may be interested in. If it is, we will collectively purchase these (
http://powerequipment.honda.com/generators/models/eb5000 ). I will always try to do my best to ensure that the environment that these are being run on will be at the optimal conditions for our machines.
A webcam can also be set up so that you may view the miners in action.
If you are interested in this, please send me a PM and if a few people agree that this is something they would like, I will implement.
Visiting the Site:
If you are a mining contract shareholder, and you live in the US, you are free to come visit where we are running the machines however you must first sign a waiver that states you will not disclose any security information to the public. Sorry if I’m beginning to sound paranoid, but this isn’t just my money, it is all of the investors money and honestly, their money matters more to me than my money in this venture. Please call or message me to let me know when you would like to come to make sure that I will be in the area and you can definitely come on by.
Dividends:
Payouts will take place twice a week.
No fees will be taken from any payouts, no matter the size.
Selling Shares:
If you would like to sell the shares, you will have to first contact me, there will be a 5% surcharge for this as it will keep people from abusing this option. If the employees are running around trying to figure out who to send payment to, we won’t be able to work on new solutions to further better the company.
Current Shares:
Update 6/25/13System 1: Private local buyer
System 2: 54/54 shares mupartee Payment Confirmed.
System 3: 54/54 shares mupartee
System 4: 54/54 shares (Confirmed and paid for shares)
3 shares - xemu Payment confirmed.
4 shares - thehun Payment confirmed.
1 share - nobunaga Payment confirmed.
2 shares - schawmbi Payment confirmed.
1 share - shurken Payment confirmed.
6 shares - ottuzzi Payment confirmed.
2 shares - BGrx Payment confirmed.
2 shares - AntiKhris Payment confirmed.
7 shares - ricias Payment confirmed.
2 shares - RiseofTH Payment confirmed.
4 shares - damiano Payment confirmed.
20 Shares - soapmodem Payment Confirmed.
System 5:
54 Shares Private Oklahoma Buyer - Payment Confirmed
System 6:
54 Shares Private Texas Buyer - Payment Confirmed
System 7:
50 Shares Purchased by Nick em - Payment Confirmed
System 8:
50 Shares Purchased by Nick em - Payment Confirmed
System 9:
1 Share - David Payment Confirmed.
9 Shares - various members Payment Confirmed.
1 Share - Baloo_kev Payment Confirmed.
Who are we?My name is Adeel, I am currently the COO of The Anwar Group. We have made and sold various businesses over the past few years however currently, we have one business that is still running, LimitlessBids.com. By checking the reviews of the site, you will see that I never screwed anyone over in any of my business dealings (if you want an example go to
https://www.allpennyauctions.com/site/LimitlessBids.com/#reviews ). There is a reason for this. First off, I am still in school and business is my side operation, as I study to be a physician. My parents are Middle-Eastern and they wouldn’t care if I was a billionaire, I would still have to go to school
, haha. Secondly, my father Azam Anwar, helps me in running all of the businesses that I run, or that he runs himself. He has an MBA and was the CEO of a Telecomm company. Along with his advice and the advice of my mother who is a physician (Dr. Zahida Azam) we usually are able to make sound business judgments. Furthermore, I noticed that another forum member sent his credentials to ‘John K’, I will be scanning a copy of my license and school ID’s, etc and sending them to John K so that he may release my information at any time should people feel like they are getting screwed. I know that it is very difficult to gain the trust of people on these forums after what everyone has dealt with (BFL, bASIC, etc) but this is not my primary income and I would definitely not do anything that would tarnish my reputation and make it so I can no longer pursue my career options. Also, you can login to paypal and then click this link to see that I have been a verified paypal member since 2002 (
https://www.paypal.com/us/verified/pal=aanwar@email.com ). If I am still unable to garner your trust, then you let me know what I can do to help bolster that, because these were all of the things that I could think of. If you still feel as though you are unable to trust me, then by all means, do not purchase any shares. I do believe I am offering a deal that will be beneficial to both, you, the shareholder, and me the share provider.
In the case of non-delivery:
All the evidence thus far would indicate that KnC will deliver. I am investing A LOT of my own money into this and also my family’s money. I have had long phone conversations with KnC and asked pretty much every technical question I could think of and they always provided a sound response, for this reason, I think that the investment in machines is a safe investment. Please do you use your own evaluation for the likelihood that KnC will deliver. Like all investments, there is risk involved here, I will always do my part, but I am not able to act on behalf of other companies. If KnC fails to deliver I will do whatever is in my power to refund your money. In the case that we have an escrow, I will refund your money, minus whatever John K would like for escrow.
In case of hardware failure:Both myself, my younger brother and my father are extremely computer literate and engineering-inclined. If we are unable to solve the problem that the hardware is facing, the machine will be sent back to KnC for repair. Repair costs do not however come along with labor costs. If this is required, payment of 54/70th of that machine will come out of that machine’s following payable cycle. Labor costs include everything that we are able to do on our end and everything that we will to do optimally run these machines.
I would like to thank everyone that took the time to read this long winded entry. I wanted to make sure that I covered all the aspects of what you were getting into so you could make the best informed decision. Also, I think that by reading the post in it's entirety you will understand that I am not here to try to steal you Bitcoins or disappear. I posted my first and last name and my business's name, it isn't too hard to find me, since Limitless Bids is an LLC with a registered address. With the utmost sincerity,
Adeel
