[Closed] Bitfury miner group buy + hosting (with ESCROW)

[jlsminingcorp]

How many shares are there in total, how many have been sold and how many are left?

If you don't put this info in the OP it doesn't give a sense of urgency to buy the shares. I know you have a list of the people that bought shares but I couldn't find where you say what the total amount of shares is. Other GB even put "X shares left" in the Subject line and this is very helpful.

Hi, thanks for the feedback that's helpful. The exact number of shares will depend on the BTC/EUR rate when we order components. This avoids the need to set a higher share price than necessary (and subsequently pay GB members back later) or find some other way to deal with the variable BTC price. I think this is the fairest way, but as you've seen there are other approaches. We can, however, make a projection for the number of shares based on current rates and as things are fairly stable at the moment this should be fairly representative. I'll add this to the OP later today.

[abuelau]

Well you could also set a target date for people to get in. Or perhaps increase the share price slightly after a certain deadline. This would also create the sense of urgency..

[jlsminingcorp]

Well you could also set a target date for people to get in. Or perhaps increase the share price slightly after a certain deadline. This would also create the sense of urgency..

OK, OP updated, which I think is a real improvement, so thanks for the suggestion. I understand what you're saying about creating some momentum (although I'd never suggest that anybody part with their BTC in haste ), but I really don't like the idea of some shares being worth more than others. That seems to go against what I think that these GBs should be about - if you put in 0.5 BTC you should get 0.5 BTC's worth of the miner right?

What I could do though would be to discount the hosting fee for the 25GH/s starter kit that we're currently collecting for. For example, I could suggest that we offer 0% hosting fee if we buy the starter kit by the middle of next week and then 2.5% hosting fee if we buy by the week after that after this we'd go back to the normal 5% hosting fee. Would that be of interest to anybody? Let me know if there's interest by the end of the day and I'll write it in as a special offer, otherwise we'll keep things as they are.

[jlsminingcorp]

Well this is what we're aiming for (https://bitcointalk.org/index.php?topic=251966.msg2815244#msg2815244). Looks fab. I wonder if they throw the cardboard box rack in for free?

[jlsminingcorp]

Hi All, bitcoin price is going up (bitpay EUR:BTC rate now 70.279). If anybody was looking for a "sence of urgency" then getting the final shares sold and the current component ordered at this exchange rate is it - we'll get a good deal at these prices.

[Stinky_Pete]

PM sent

[jlsminingcorp]

PM sent

Thanks Stinky_Pete, verification complete. I've updated the table in the OP to show this.

[jlsminingcorp]

Now 14 / 36.49 shares remaining for current component (at current BTC rate shown in the OP)

[jlsminingcorp]

Now 13 / 35.63 shares remaining for current component (at current BTC rate shown in the OP)

Fewer shares remaining due to a BTC price rise.

[Stinky_Pete]

Would I be right in thinking that Bitfury will ship in the order that units were purchased? And therefore the longer we wait to order, the later we will get our machine?

I suppose there are all sorts of unknowns, like production/delivery dates of the components, assembly time, conflicting time pressures on personnel. Have Bitfury said anything about this, or are they (wisely) not making any promises?

[jlsminingcorp]

Would I be right in thinking that Bitfury will ship in the order that units were purchased? And therefore the longer we wait to order, the later we will get our machine?

I would imagine that they will do it like this, but I haven't specifically asked. I think it's safe to assume that later orders will wait longer. However, if they have a good production facility then they should be able to churn out miners pretty quickly. The beauty of cscape's design is that it's very simple, the M-boards can be produced whenever (no ASICs needed) and the H-boards are all identical, so once tooled up the production line should be able to get on with the job quickly. Burnin's estimated capacity for example is 1000 boards per week, and this started out as a DIY project (although to be fair, it's looked more professional than many "pro" ASIC companies throughout)!

However, what does make me nervous is that there will be a limited supply of chips for the October delivery miners. We need to order before these run out or there will probably be a long wait or no miner!

I suppose there are all sorts of unknowns, like production/delivery dates of the components, assembly time, conflicting time pressures on personnel. Have Bitfury said anything about this, or are they (wisely) not making any promises?

When I asked Punin "How confident are you about your delivery estimates?" his answer was "Very confident". I guess that we'll see pretty soon whether August deliveries make it on time. July chip orders have gone out I believe (or at least some of them if I'm reading the threads correctly), which is a good sign.

[jlsminingcorp]

Now 12 / 34.45 shares remaining for current component (at current BTC rate shown in the OP)

Fewer shares remaining due to a BTC price rise.

[jlsminingcorp]

Now 0 / 34.27 shares remaining for current component (at current BTC rate shown in the OP)

Now 6 / 6.00 shares remaining for next component (at current BTC rate shown in the OP)

We're just waiting for payment from one pledger now and can then order the 25GH/s starter kit (I've pm'ed them). If I don't hear back by this evening, or if they decide to pull out, then I will re-advertise their shares.

I'm happy to open the collection for the next component (an H-board for October delivery) from now while we wait. If you contribute to this component it's possible that your contribution will be bumped up the queue and into the collection for the 25GH/s starter kit (if we don't hear back from the final pledger).

[Stinky_Pete]

Now 0 / 34.27 shares remaining for current component (at current BTC rate shown in the OP)

Now 6 / 6.00 shares remaining for next component (at current BTC rate shown in the OP)

We're just waiting for payment from one pledger now and can then order the 25GH/s starter kit (I've pm'ed them). If I don't hear back by this evening, or if they decide to pull out, then I will re-advertise their shares.

I'm happy to open the collection for the next component (an H-board for October delivery) from now while we wait. If you contribute to this component it's possible that your contribution will be bumped up the queue and into the collection for the 25GH/s starter kit (if we don't hear back from the final pledger).

Yeah - Go Team Jlsminingcorp!

[jlsminingcorp]

Now 12 / 12.16 shares remaining for next component (at current BTC rate shown in the OP)

OK, quick status update. I had a message yesterday evening from our final pledger, whose circumstances had changed and they felt they could no longer join the group. However, we've had a new member step into their place overnight (welcome to the group ). Their shares are now paid and I've asked John K. to place an order for the 25GH/s starter kit as soon as he can. I'll post an update as soon as the order has been placed.

The collection for the first H-board to upgrade the starter kit is now open. With the very favourable BTC:Euro rates at the moment this is a good time to buy, so if anybody is considering joining the group then this may be a good time to do so!

[Stinky_Pete]

It's good to see that this group buy is finally getting some legs.

It may help others decide to join in, if I state my intention to invest all the Bitcoins mined by my USB ASICs during this month into this group buy. I may even throw in some alt-coins, if the weather cools down enough to let me run the GPUs   For all the usual reasons, I don't know exactly how much the total will be, but I'll be disappointed if there isn't enough for 6 shares, or half an H-board. But that leaves plenty of room for more boards.

For a bit of fun, is anyone prepared to match this?

[Remember, don't invest more than you can afford to lose. My contribution is subject to the usual exceptions, war, famine, extreme weather, family changes and so on].

[jlsminingcorp]

Ha, a challenge, sounds exciting . Maybe I can add to the fun. How about I give 50 YAC (a recent altcoin for those who can't keep up with them all) per paid share in the next component (an H-board) to the purchasers of those shares. This is a kind of cashback or YACback offer if you like. YAC would be paid once the component is ordered and paid for. You never know what your YAC will be worth in a few months time .

GB now with YACback offer
50 YAC per paid share in the next component to the purchasers of those shares

YAC will be paid once the component is ordered and paid for.

[jlsminingcorp]

Now 11 / 11.86 shares remaining for next component (at current BTC rate shown in the OP)

Status update: John K. has very kindly put our order for a 25GH/s starter kit (Oct delivery) through and the order status is now "processing". On the bitfurystrikesback site this means the order is paid and we're now waiting for the kit. I'll try to post a screen shot of the order page tomorrow. We got a very nice Euro:BTC rate of 74.4235 in the end, so almost exactly 34 shares were issued. Please see the OP for updated numbers.

Due to the favourable Euro:BTC rate at the moment there are now only 11 shares available for the next component. Once again, let's make use of the exchange rate while it's in our favour.

[jlsminingcorp]

Just a bit of information, the 400GH/s prototype miner looks to be functioning as expected (https://bitcointalk.org/index.php?topic=251966.msg2855762#msg2855762). The hash rate is 380GH/s and power draw at the wall is 320W. Pretty impressive for a hand built prototype ! Looks like these miners should meet the advertised specs quite easily.

[jlsminingcorp]

Hi All, as promised here's a link to a screen shot of the starter kit order and its order status (http://s10.postimg.org/qy0v3vfp5/starter_kit_1.jpg).