[BitFunder] - ADDICTION - KNCMiner - Now hashing at 14+TH!

[joele]

Tyrion,
Any plans on offering new group buy for gridseed and hosted it?
Scrypt coins have more stable difficulty and much profitable to mine, we can hook to a multipool and pay in bitcoin. 

I cannot see how anybody can make a profit by mining with Gridseed unit (at the currently price for the hardware).
If KnC can deliver the Titan as scheduled it will outperform the gridseed insanely (in terms of MHash/$).
Gridseed is 350 KHash/s for aproximate 100$, Knc is 250 MHash/s for 10k$.

Titan can potentially make a profit, but there are many variables and uncertainties to consider.

Titan is Q2/Q3 delivery and that time Gridseed MHs price will be lower and can be same price as Titan. Advantage of Gridseed is you can mine it today.

And also scrypt coins difficulty are not increasing constantly, because there are new scrypt coins every week that competes in mining, some scrypt coins are more lower difficulty compare from its last months, thus scrypt mining is profitable long term.

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[tyrion70]

Allright everyone,

Like last week there is not enough btc in the wallet yet to payout divs. This stresses once more that we need to start disbanding the groupbuy. Divs will be paid later this week when we get the next payment from Eligius. Especially dropping BTC price is making it more difficult. We've also experienced some bad luck in Eligius this week.

We've been looking at what price we should sell the Jupiters for. We don't really want to sell outside the forum. So far we've had interest shown for 4-5 miners, possibly more. If you have interest in buying a miner from the group let us know through PM. We'll post a thread in the Marketplace shortly.

We feel 2.5 btc is a realistic price for the miners. Anyone interested in exchanging shares for a miner can request them to be shipped starting this week. For 12400 shares you can have a miner shipped (excluding shipping). From the moment of shipping those shares will not receive anymore dividends from the remaining miners. If you have less than 12400 shares you can pay the difference based on the 2.5btc price (0.0002 btc / share). Proceeds from selling the miners will be payed as dividends to the remaining shareholders.

Anyone interested in simply buying a miner (instead of exchanging shares) is free to do so at the 2.5btc price (or make an offer through PM).

We'll post any sales here. Keep in mind that as we sell and ship miners, you'll see the total hashrate (and dividend) drop.

Cheers,

[Stinky_Pete]

How much of our investment did we make?

[tyrion70]

How much of our investment did we make?

Depends on the GB and BTC or USD and your perspective on that.

According to our numbers, the BTC returns for GB 1, 2 and three were
82%   60%   49%
So far.
In USD:
341%   329%   284%

So if you had BTC in June you should have held onto it (and probably should have sold it in December ) If you had USD in June, you still made a profit even if its less than if you would have invested it in BTC.

I know some of you consider only the BTC investment. Personally I'd like to compare the investments to USD or Euro. Basically the best investment in June would have been BTC itself. Although BTC itself dropped almost 20% in the time between GB1 and GB3 (from $125+ to $100). 1$ of btc in June would be worth 3.8$ now. 1$ of btc in July (GB3) would be worth 4.6$ now.

On of the reasons why we are reluctant of starting a new GB of anything (and buying any more mining equipment), is exactly this. If it wasn't for the BTC/USD rate going up after the GB started we would have lost on all fronts. And even though we hope to see BTC go back up to $1000+ we think that new mining equipment will perform even less in terms of ROI than our Jupiters did.

[maqifrnswa]

This was a model for how group buys should work. Thanks for all your effort!

[tyrion70]

Miners are up for sale:
https://bitcointalk.org/index.php?topic=560636

[KSV]

You guys did an excellent job, best GB i have been a part of

Thanks again, a lot!

[ffwong]

Miners are up for sale:
https://bitcointalk.org/index.php?topic=560636

Hi tyrion70 and blastbob,


Just copying what ASICMINER did. Do you think it is possible to franchise the miner to people who have low electricity and hosting cost? I know some people have even free electricity/hosting.

Thank you for your work so far. At least, you guys are the only people we can trust out of the shitty sea of btc security scams.

[tyrion70]

Hey Guys,

Sorry for not responding but it's been busy days since we started selling the miners.

As you might have noticed, hashrate on Eligius dropped yesterday.. That was because we sold part of the miners already. We've secured buyers for all miners now. We have an appointment tomorrow to switch ownership of the last miners.

On average we sold the miners for 2.21btc, if you correct that for the fact that some boards in the miners are not running 100% its closer to 2.4 btc per miner. 6 miners will change ownership in trade for shares, the other 21 were sold. We found local buyers meaning we do not have to worry about transporting, customs, delays in payments, escrows and possible damaging of the equipment. We might have gotten a slightly better price if we had sold all the miners 1 by 1 individually but we hope you understand that this was a much more preferable option.

In case you were wondering why we haven't paid Sundays dividend yet; selling the miners went so quick that we decided to move it up a little so we can issue a last dividend once all miners stop hashing for our address (otherwise the amount of dividend remaining would be to small to payout again).

Some preliminary numbers for the number fans out there: total revenue of selling is ~53 btc. About 43000 (~3.5 miner) shares have been exchanged for miners. This means those 53btc will be divided over the remaining shares (27*12400 - 43000 == 291800 shares) making it a dividend of ~0.00018 per share.

We'll repost Sundays overview with the latest final numbers as soon as all the miners stop hashing and we've got a final tally.

Cheers,

[TookDk]

Good job Tyron.
Thank you for the effort.

[tyrion70]

Hi tyrion70 and blastbob,

Just copying what ASICMINER did. Do you think it is possible to franchise the miner to people who have low electricity and hosting cost? I know some people have even free electricity/hosting.

Thank you for your work so far. At least, you guys are the only people we can trust out of the shitty sea of btc security scams.

Hey,

Might have worked, although your second remark basically answers the first.. We could have franchised them but we'd have to find people we trust... Also, as stated above, we really wanted to try to have as few shipments as possible. As it stands, we only have one actual shipment (to someone in the GB). The rest are local pickups.

[gogxmagog]

Is there any sort of future plans for addiction, or is it "that's it, that's all"?

If its all over now, why would you take shares for miners since the shares will be 100% worthless after the final div is paid? its just giving a kickback to larger shareholders isn't it?

I'm not mad here, I feel I got pretty good value for the amount of btc I put into this. I'm just curious about the future and what, if anything, I can get for my shares.

[tyrion70]

Is there any sort of future plans for addiction, or is it "that's it, that's all"?

If its all over now, why would you take shares for miners since the shares will be 100% worthless after the final div is paid? its just giving a kickback to larger shareholders isn't it?

I'm not mad here, I feel I got pretty good value for the amount of btc I put into this. I'm just curious about the future and what, if anything, I can get for my shares.

Basically you're right, that's it, that's all Once all miners are sold shares are indeed 100% worthless. As for taking shares for miners; basically its the same as if someone bought the miner. A person owning 12400 shares could simply buy a miner and get the funds back as "final dividend", or exchange his shares for a miner and not receive his share of the final dividends. It's exactly the same, but this way I guess it feels like you literally receive what you paid for in the first place Call it sentiment It doesn't change anything for other shareholders:

say miner price is 2 btc. for 27 miners that makes 54 btc.
Example 1: person owning 12400 shares buys a miner for 2 btc and transfers the 2 btc to us. He would then receive 2btc as final dividend (12400/(12400*27) * 54)
Example 2: person owning 12400 shares trades in his shares for a miner He would not receive a final dividend. Other shareholders would divide 52 btc over 26 * 12400 shares which is the same as the above example.

So it saves an extra (pretty useless) btc transaction.

Hope that makes sense
Cheers,

[gogxmagog]

thx 4 the clarification.
its been a good ride and addiction turned out to be a real oasis in the wasteland of crooked btc securities.

cheers

[twisty317]

Hey Tyrion and Blastbob,

 Just wanted to say thank you and GREAT JOB !

 It has certainly been a fun year, and I am so greatfull to you two for being so trustworthy and hardworking.
I look back now, and I am so happy that I picked ADDICTION to put my money in. It didn't turn out quite like I imagined, I don't regret it at all.

 Once again THANKS A LOT DUDES

 Twisty317

[leepsteer00]

Appreciate your great job Tyrion and Blastbob.

Thanks for all the hard works.

[kirk46]

so when are we getting the final payout?

[tyrion70]

so when are we getting the final payout?

Tonight or tomorrow night, wanted to do it earlier but we had some family plans that I couldn't move Almost everything is ready, it's just a matter of double checking all the numbers and firing up the wallet. Don't know how late I'm back tonight, hope to do it then.

Cheers,

[kirk46]

thanks for the update tyrion

[joele]

Good job guys, I hope you have another group buy to offer in the future.