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

[tyrion70]

Hey all,

It's 27 miners, not 28

Liquidating the miners is an option we mentioned in the original agreement as well:

Equipment Liquidation
Mining will continue until each miner is determined by the issuer as no longer profitable. At this
time, the equipment will be sold and any income from equipment sales will be distributed as a
dividend. Issuer may instigate a vote among shareholders to sell one or more miners at any
time if it is deemed to be in the shareholders’ best interests.

10th Nov = 100btc/334800 =  0.000298 per share
17th Nov = 80btc/334800 =  0.000238949 per share
24th Nov = 60btc/334800 =  0.000179211 per share
1st Dec = 40btc/334800 =  0.000119474 per share
8th Dec = 20btc/334800 =  0.000059737157 per share
15th Dec = 10btc/334800 =  0.000029868578 per share

However if you look at hasher87's prediction he's basically saying that btc difficulty will rise even more than it's already doing. Mining income should lower evenly with the difficulty with a percentage, not with a fixed amount. Also hosting costs will lower(in btc) if btc price continues to go up.

But eventually we'll have to sell of the remaining miners. When that'll be is to early to say..

any future plan for the next gen KNC group buy next year? by all means this could be in the next 6 months or so

Not yet since nothing of the sorts has been announced. I think its safe to say that KnC was the best bet in June in terms of ROI. If a (in our eyes) good opportunity offers itself we'll definitely try another groupbuy.

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[hasher87]

10th Nov = 100btc/334800 =  0.000298 per share
17th Nov = 80btc/334800 =  0.000238949 per share
24th Nov = 60btc/334800 =  0.000179211 per share
1st Dec = 40btc/334800 =  0.000119474 per share
8th Dec = 20btc/334800 =  0.000059737157 per share
15th Dec = 10btc/334800 =  0.000029868578 per share

However if you look at hasher87's prediction he's basically saying that btc difficulty will rise even more than it's already doing. Mining income should lower evenly with the difficulty with a percentage, not with a fixed amount. Also hosting costs will lower(in btc) if btc price continues to go up.

The above scenario will only happened IF, as what you mentioned, the difficulty keep on rising

Unless we are up to the point when the difficulty/computation speed is at stagnate, then we are probably good to go to keep it running, but i doubt that would happen

[tyrion70]

Think we are both trying to say the same

What i meant is income will lower with difficulty, so say that diff goes up by 30% each week from now on and we currently mine 100:
Week 0: 100
Week 1: 70
Week 2: 49
Week 3: 34,3
Week 4: 24
Week 5: 16,8
Week 6: 11.76
Week 7: 8,23

Thats with a constant increase of difficulty of 30%/week

In your example the difficulty change is different each week:
Week 2: 80 (-20%)
Week 3: 60 (-25%)
Week 4: 40 (-33%)
Week 5: 20 (-50%)

Not saying thats incorrect, but its something to consider.. The truth will tell eventually
Edit: looks like tomorrow we'll have another 40% diff change on our hands.. Let's hope it doesn't keep doing that!

[BenTuras]

...What i meant is income will lower with difficulty, so say that diff goes up by 30% each week from now on and we currently mine 100:

Come on guys, we all know the diff change is not weekly.

In a perfect world its every 14 days (2106/24/6), I calculate with 10 day periods and besides the big 35% change lower my income daily with another 1% to get somewhat realistic figures.

[BenTuras]

I just ran my calculations based on the current 14TH/s.

Cumulative number of BTC acquired at the end of each month:

Code:

Nov: 348
Dec: 451
Jan: 491
Feb: 505
Mar: 512

Based on 35% decline of income every 10 days, and another 1% daily.
Of course no one can look into the future, so the constant 35% decline is unlikely.

[tyrion70]

Ben,

You are right its not weekly. Actually the difficulty change is calculated by the number of days in between the 2016 blocks. Reason (for me) to use weeks is simply because dividends are weekly.. Also, using weeks gives a bit of a margin for error.

As for the 35%, technically with 35% there's only 9 days between difficulty changes (65% * 14)

I personally always figured that the difficulty % should go down eventually simply because you need to add exponentially more hardware to achieve the same difficulty rise. However the graphs just show that that is what's happening at the moment. With next generation hardware we'll see the same thing happening again I guess. Like you say, no one can look into the future

[BenTuras]

...As for the 35%, technically with 35% there's only 9 days between difficulty changes (65% * 14)

I agree, I had 9 in my spreadsheet, changed it too 10 (no idea why). Corrected it, now it's even worse:

Code:

Nov: 319
Dec: 413
Jan: 449
Feb: 462
Mar: 468

All the above are commulative till the end of the month mentioned.

[Tafelpoot]

Actually it is 14 days / (1 + pct_increase) , not 14 * ( 1 - pct_increase).

• 14 / (1+0.35) = 10.37 days
• 14 * (1-0.35) = 9.1 days

You could use 14 * (1-pct_increase) if pct_increase is lower than 5% or so.

Every day of mining income now equals 10 days of mining income in 3 months, so this is quite important.

[tyrion70]

Actually it is 14 days / (1 + pct_increase) , not 14 * ( 1 - pct_increase).

• 14 / (1+0.35) = 10.37 days
• 14 * (1-0.35) = 9.1 days

You could use 14 * (1-pct_increase) if pct_increase is lower than 5% or so.

Every day of mining income now equals 10 days of mining income in 3 months, so this is quite important.

Oo ofcourse! The new difficulty is:
14 / (time needed for 2016 blocks) * old difficulty

Thats actually good then for Ben's calculations

[joele]

Here is the computation 35% Difficulty increase
@ 14,000,000 MHash/s 

Date Est         Difficulty         Daily BTC     x11 days BTC          Accum BTC
26 Oct 2013   390,928,788   18.01016309   198.11179403          198.11179403
06 Nov 2013   527,753,864   13.34086155   146.74947706          344.86127110
17 Nov 2013   712,467,716   9.88211967   108.70331634         453.56458744
28 Nov 2013   961,831,417   7.32008864   80.52097507      534.08556251
09 Dec 2013   1,298,472,413   5.42228788   59.64516672      593.73072923
20 Dec 2013   1,752,937,757   4.01650954   44.18160498      637.91233420
31 Dec 2013   2,366,465,972   2.97519225   32.72711480      670.63944900
11 Jan 2014   3,194,729,062   2.20384611   24.24230726      694.88175626
22 Jan 2014   4,312,884,234   1.63247860   17.95726463      712.83902089

Source http://btc.re/miningcalc

[btceic]

Checking interest on selling my 3409 direct shares.

Please PM with offers so that we don't clutter up this thread.

[BenTuras]

...
Date Est         Difficulty         Daily BTC     x11 days BTC          Accum BTC
...
Source http://btc.re/miningcalc

x 11 ?! We already agreed that at 35% it's 10.4 days, so your list is way too positive. (Yes, just 0.6 days makes a BIG difference   )

[newtothescene]

Is anyone else having difficulty logging into BitFunder?  After putting in my correct credentials and 2factor the page just reloads back to the main home screen without showing me logged in.  Wondered if anyone else was seeing that.

[hasher87]

Is anyone else having difficulty logging into BitFunder?  After putting in my correct credentials and 2factor the page just reloads back to the main home screen without showing me logged in.  Wondered if anyone else was seeing that.

that kinda happen occasionally, try it again next thirty minutes

[sparky999]

Hate to be the Spelling Police but the word you were looking for on the most recent  bitfunder news update was 'paid' not 'payed'. The word 'payed' is actually a nautical term 'the sailor payed out the rope' where as 'paid' is used when referring to matters financial in nature 'dividends have been paid'. I'm sure this is just because your not a native English speaker but thought I should mention it for future reference.

[tyrion70]

Hate to be the Spelling Police but the word you were looking for on the most recent  bitfunder news update was 'paid' not 'payed'. The word 'payed' is actually a nautical term 'the sailor payed out the rope' where as 'paid' is used when referring to matters financial in nature 'dividends have been paid'. I'm sure this is just because your not a native English speaker but thought I should mention it for future reference.

Thanks for that! Actually every time I wrote it, it sounded wrong in my head if you know what I mean, but I couldn't figure out what it was. Won't be making that mistake again! And feel free to correct me, I don't mind at all (since I'm not a native English speaker I'm not worried to much :p)

Cheers,

[Cryptocables]

Bitfunder is being shut down, ouch.

https://bitcointalk.org/index.php?topic=130117.msg3482565#msg3482565

Good luck to the crew having to transfer to direct shares.. got a lot of work ahead of ya.

[btceic]

Bitfunder is being shut down, ouch.

https://bitcointalk.org/index.php?topic=130117.msg3482565#msg3482565

Good luck to the crew having to transfer to direct shares.. got a lot of work ahead of ya.

Fucking bureaucrats grrrr

Edit: otoh maybe the price will go up!

[tyrion70]

Bitfunder is being shut down, ouch.

https://bitcointalk.org/index.php?topic=130117.msg3482565#msg3482565

Good luck to the crew having to transfer to direct shares.. got a lot of work ahead of ya.

Aw well.. Nothing we can't handle

We'll keep the transfer process intact though. So once again:

To do this transfer your shares to the ADDICTION account on bitfunder and send an email to p2poolnl@gmail.com containing:
- Your bitfunder name
- The number of shares transferred
- The BTC address you want to use for payouts. Make sure you use an address you actually own and can sign messages with!

Don't do this on Sundays because of dividend payments

All shares that are not transferred to us by the time BF closes will be transferred into our account automatically. We will use the public bitcoin address of the account at that point, we would appreciate it if you still transfer the shares manually though.

Cheers,

[btceic]

Can we move the shares to **any** exchange?