HashFast announces specs for new ASIC: 400GH/s

[MrTeal]

Has someone done a nice chart yet if its is even possible to get a full ROI. Otherwise im going to start hoping they just dont deliver and refund in full BTC

Not withstanding what was said to one guy in a closed office, do you really think they are going to take a 200% loss refunding essentially every BTC payment batch 1 customer at $300/BTC (if the price stays the same until December) when most of them paid at $100/BTC?

That is a rhetorical question BTW, as this is a company that accepted orders under one set of Terms and Conditions, and then sent out order confirmations a week later with an updates terms link on the bottom that added a new "guaranteed" date to the end of the year all while claiming the new conditions apply retroactively and that refunds are not possible prior to then.

They'll do what they please.

[1714018660]

1714018660

[DeathAndTaxes]

Thanks for the heads up D&T. I did not realize that I was covered in the MPP. I was definitely in the first batch, I just checked the receipt in my email, mine is one of the first 550 machines with an expected delivery Oct. 31.

Straight from the receipt:
"Baby Jet Delivery Dates. All of the 550 Baby Jet units from HashFast's first production batch are guaranteed for delivery by December 31, 2013. If Buyer ordered one or more units of such Baby Jets, and HashFast does not deliver such units by that date, then Buyer may cancel the undelivered portion of the order at Buyer's request and HashFast will refund the payment for the units that Buyer purchased but did not receive and cancelled. This cancellation and refund is Buyer's sole and exclusive remedy for HashFast failing to deliver by the December 31, 2013 guaranteed delivery date, and Buyer must cancel the order by January 15, 2014 to avail itself of this remedy. Buyer to pay all taxes, duties and shipping costs."

Is this the MPP you are referring to? If so, then that's not much of a MPP. They can deliver on December 30 and fall under the good graces of the contract, and we'd all still be screwed.

No that isn't the MPP.  If you were in Batch 1 you have MPP it wasn't an option it was part of the order.  For Batch 2 (BabyJet & Sierra) and some Batch 3 MPP was an option.  There were two prices. A higher one with MPP and lower one without MPP.  Someone in Batch 2 or 3 should check their invoice it should say in the name of the purchased product (i.e. Sierra December delivery w/ Miner Protection Plan).  At this point it looks like HF is no longer offering MPP on new sales.

https://hashfast.com/miner-protection-program/

[winit]

Aside from the terrible use of English and bad formatting of the update, the key area is of course the substrate information.

"We’ve made key improvements to the design that can be incorporated even into those substrates that are already in manufacturing"

You have substrate in manufacturing and now realise you have an issue with it? Regardless you think you can modify those substrates with the 'improved' design.

"Even so, the latest delivery estimates for the modified, improved substrate design are three weeks from today. This means that we would be shipping our first rigs mid-December."

And you didn't know this 2 days ago when I emailed asking for a shipping update. You didn't know this 2 weeks ago when you were 'on schedule' for October shipping.  

Most importantly you didn't know this 4 weeks ago when I placed a large order. But wait, what is this I see in your email?

"So for the last several weeks, we've been engaged with an additional team to work on an additional substrate"

Ahhh you did know! But knowingly lied to me about it.

So what it boils down to is this:

"Essentially, we now have two teams racing to produce the best and fastest substrate. As soon as that is done, we'll marry the substrates to the finished wafer and begin assembly of the rigs."

Where have I heard this before... that's right... 2 weeks ago.

In reality... you still have NO CONFIRMED SOLUTION and are allegedly working with two teams to try and save your ass and ship something before the end of December.

So the fact remains, you DO NOT have a working substrate and CAN NOT advise when you will thus have NO IDEA when you will ship.

But hey, at least you are building the best quality machine... that will be one hell of a paper weight by January.

[Visesrion]

+1000

They have been lying to us from the begining.

Their schedule has been always for end December and now they are trying to save their ass, but they still have NOTHING. They knew this long time ago but if you asked them they would tell you that they were on schedule for mid November, even the second batch

[cedivad]

I'm starting to be scared by the fact that everyone will ask for a refund because they will be unable to ship by the end of this year.
If this happens (at this point i really hope not), they will go bankrupt. (again, this will result in the first open source 28nm bitcoin chip! ftw!).
They won't be able to offer refunds, regardless BTC refunds.

On the other side, having the contract TSMC had with HashFast in hand, should be enough to prove them guilty of fraud.

[starsoccer9]

Has someone done a nice chart yet if its is even possible to get a full ROI. Otherwise im going to start hoping they just dont deliver and refund in full BTC

Not withstanding what was said to one guy in a closed office, do you really think they are going to take a 200% loss refunding essentially every BTC payment batch 1 customer at $300/BTC (if the price stays the same until December) when most of them paid at $100/BTC?

That is a rhetorical question BTW, as this is a company that accepted orders under one set of Terms and Conditions, and then sent out order confirmations a week later with an updates terms link on the bottom that added a new "guaranteed" date to the end of the year all while claiming the new conditions apply retroactively and that refunds are not possible prior to then.

They'll do what they please.

Agreed, before id rather seem them go backrupt then give me my machines that make me 1btc.

Also for those interested I submitted my bet to http://bitbet.us/propositions/ as soon as it confirms I will let you know

[arorts]

personally at this point im hoping there are major delays and i can just get a refund of my exact amount of coins. Its clear at this point the correct move would have been knc and as much as I dislike BFL, BFL may end up shipping before hashfast.

Hate to be the bearer of bad news but you are not going to get a refund of "exact amount of coins".  Prices were in USD, invoices in USD, all advertising in USD.  If you get a refund it will be in USD.  If you want that refund paid in BTC (instead of say a bank wire) it will be at the exchange rate of the day.  The only way you are getting exact coins back is if by some small miracle the exchange rate crashes back to the same one it was on the day you paid.

You don't have to believe me, and don't attack the messenger.  You can hold out hope and wait for Hashfast to contradict me but that contradiction isn't coming.

False. You paid in BTC. You get your money in BTC irrespective of how many dollars it was valued. Period.

[perezoso]

The MPP comes as complete boards (not raw chips).  You would need to add power supply, case (optionally), water cooling loop, and fans.  Not sure if HF will offer those parts...

(snip)

The upgrade modules IIRC will include an upgraded power supply and second radiator so your additional cost their should be nothing.

Yes and yes.  HF has stated that they will offer "competitively priced" hardware to go with the MPP boards.  They have also stated that the upgrade boards will require nothing more than "beer and a screwdriver" to install (i.e. come will all necessary hardware).

Doubt my upgrade module will earn much, though...

[Visesrion]

Now they do not upload this update to their webpage ? Or they do not post the same thing in twitter every 2 hours ?

I suppose they will wait to have the photos of the wafers and then upload them and they wont say a word of the delays. This marketing strategies seems quite ilegal to me. There is no somewhere we can go to at least shut down their webpage so they do not engage someone else ?

They could send us more emails if they want, the updates are useless same as the order chain and the hashfast customer help, so the only reason to have the webpage is to catch up more customers

By the way they will post photos soon... I think this sounds familiar to me....

[cleartime]

So batch 1 starts mid-December now. How does this affect batch 2 and 3? When I ordered batch 2, the website said for shipping mid-late November and my batch 3 order said mid-December. What is your policy on refunds because this delay pretty much killed my chances of ROI.

I ordered batch 2. So the best choice is finding a consumer lawyer.

[hashcashcow]

shocker....btc is over $300 now and they announce they need more time to deliver.
hashfast is laughing "ah yes another 4 weeks mining with these suckers machines will do nicely to my wallet, who cares about their investment"

[minternj]

shocker....btc is over $300 now and they announce they need more time to deliver.
hashfast is laughing "ah yes another 4 weeks mining with these suckers machines will do nicely to my wallet, who cares about their investment"

Here's a thought. What's worse,  greed or incompetence? I think the latter, because that means there's at least a product here. 

[cedivad]

There is no somewhere we can go to at least shut down their webpage so they do not engage someone else ?

I think that we should success if we complain to google adwords about how their advertising and their website is misleading.
We need proof, tough.

No adwords = no new customers = old one probably more screwed, but it's always better than being guilty with doing nothing.

[paranoidx]

It's clear they've been lying to us since the beginning.

So now, we do two things:
1) Sue them
2) Make sure to let any possible future buyers know that they are a scam.
We must comment and post the truth on any of their bullshit PR statements that are relayed on blogs,websites,reddit etc.

Again, here's the FTC site to make a complaint.
https://www.ftccomplaintassistant.gov/GettingStarted?NextQID=203&Url=%23%26panel1-6

[ASIC-K]

shocker....btc is over $300 now and they announce they need more time to deliver.
hashfast is laughing "ah yes another 4 weeks mining with these suckers machines will do nicely to my wallet, who cares about their investment"

you say the same thing over and over.

[gateway]

shocker....btc is over $300 now and they announce they need more time to deliver.
hashfast is laughing "ah yes another 4 weeks mining with these suckers machines will do nicely to my wallet, who cares about their investment"

They are NOT mining with peoples machines... Stop being silly and spreading lies...

[HashFast]

Now they do not upload this update to their webpage ? Or they do not post the same thing in twitter every 2 hours ?

I suppose they will wait to have the photos of the wafers and then upload them and they wont say a word of the delays. This marketing strategies seems quite ilegal to me. There is no somewhere we can go to at least shut down their webpage so they do not engage someone else ?

They could send us more emails if they want, the updates are useless same as the order chain and the hashfast customer help, so the only reason to have the webpage is to catch up more customers

By the way they will post photos soon... I think this sounds familiar to me....

The shipping dates in the website have been updated.

-The HashFast Team

[itod]

Miner Protection Program
For those of you covered under the Miner Protection Program™ (https://hashfast.com/miner-protection-program/), this delay will not affect the starting point from which benefits are calculated. For First Batch Baby Jets, the start date of the program will be retroactive to October 30th. We want to make sure a delayed ship date does not reduce the value of the program.

This is what I wanted to hear. MPP can save us in the long run. When difficulty reduces BTC production to a grind these additional boards can make all the difference between disaster and some ROI.

[Paladin69]

Miner Protection Program
For those of you covered under the Miner Protection Program™ (https://hashfast.com/miner-protection-program/), this delay will not affect the starting point from which benefits are calculated. For First Batch Baby Jets, the start date of the program will be retroactive to October 30th. We want to make sure a delayed ship date does not reduce the value of the program.

This is what I wanted to hear. MPP can save us in the long run. When difficulty reduces BTC production to a grind these additional boards can make all the difference between disaster and some ROI.

You're dreaming.  In one month you now need 2TH to make what a 500GH Jupiter was making at the beginning of October.

[GodHatesFigs]

Another mining company over promising and under delivering. Who'd a guessed.