HashFast announces specs for new ASIC: 400GH/s

[Gyrsur]

The bitcoins they make while "test hashing"  should rightfully go to the customers.  Of course they never do though..

Yea, it's pretty crappy. If you're a miner already any mining they do is reducing your income, in fact— even if your not: their mining now will increase difficulty at the next retarget when (hopefully!) you'll have received your miners. Sure, a single unit isn't much, but on the principle of it they are taking from their customers by doing this.

It's perfectly possible to test on a test harness or testnet, even superior: Testing on the real network will often fail to discover things like devices losing performance when blocks or coinbase transactions are large (a common firmware flaw that _several_ vendors have shipped with).

+1
no ASIC vendor did this but at least some of them spoke about this approach!

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[RickJamesBTC]

It seems HashFast is getting close to shipping. At least they have a working unit.. that's more than Cointerra/VMC/Black Arrow/etc. can say.

I take this as good news.

Sure, they are late... let's be honest, who here didn't expect them to be late? With such an ambitious timeline I figured they would slip on it.

At least Batch 1 purchases are covered by the miner protection plan thingy... I'm not really worried about it. I'm more worried about my VMC order.

Close to shipping what? They are in development, that's not close to anything. A mpp with completely unknown variables, a 500gh machine shipping a month after knc rocked the world with jupiters pushing 700?

Why did you order from vmc? They even said it was virtual. None of that looked possible. Black arrow has shipped before, and has a good priced unit a few months away, I think they are most likely to succeed next.

[Gyrsur]

I can't wait for john to deny that he ever promised BTC refunds...

But Simon has a lot BTC. He alone can refund most of us

and he should do this!

[Hoofprint]

Im tired of waiting for these idiots to answer questions both on here and in the many emails i sent to Cara and Johns email addresses
Soon as Monday rolls around in the states im filling complaints with the FTC, FBI online fraud division and any other places i can think of between now and then.

[paranoidx]

It seems HashFast is getting close to shipping. At least they have a working unit.. that's more than Cointerra/VMC/Black Arrow/etc. can say.

I take this as good news.

Sure, they are late... let's be honest, who here didn't expect them to be late? With such an ambitious timeline I figured they would slip on it.

At least Batch 1 purchases are covered by the miner protection plan thingy... I'm not really worried about it. I'm more worried about my VMC order.

I did not expect them to be late since on October 18th they stated everything was going well for their expected October 20-30th delivery.

Difficulty has increased by 400%.  Even with the MPP we will still only mine at the original intended efficiency of a late october baby jet.

[CoinHoarder]

It seems HashFast is getting close to shipping. At least they have a working unit.. that's more than Cointerra/VMC/Black Arrow/etc. can say.

I take this as good news.

Sure, they are late... let's be honest, who here didn't expect them to be late? With such an ambitious timeline I figured they would slip on it.

At least Batch 1 purchases are covered by the miner protection plan thingy... I'm not really worried about it. I'm more worried about my VMC order.

Close to shipping what? They are in development, that's not close to anything. A mpp with completely unknown variables, a 500gh machine shipping a month after knc rocked the world with jupiters pushing 700?

Why did you order from vmc? They even said it was virtual. None of that looked possible. Black arrow has shipped before, and has a good priced unit a few months away, I think they are most likely to succeed next.

MY Jupiter only runs at 290 Gh. KNC did not rock my world... Mileage may vary.

If they have a hashing unit, they are likely closer to shipping than any of the companies I mentioned (which have not shown a working unit.)

Black Arrow made FPGAs base on ngzhang's design... they didn't design anything for that product, they simply had it assembled. Making an ASIC is a completely different animal.

I just hate how this is the first good news we've heard out of Hash Fast in a while and everyone is still being so negative.

[cedivad]

I just hate how this is the first good news we've heard out of Hash Fast in a while and everyone is still being so negative.

The only good news would be BTC refunds. Miners with 4 times the promised difficulty? You can keep them.

Sure, they are late... let's be honest, who here didn't expect them to be late? With such an ambitious timeline I figured they would slip on it.

I don't know, but i'm not sure that i was expecting them to be late when a few days before the October deadline everything was on track.

People defending HF... No, i really can't understand it.

[bitcoinermax]

People defending HF... No, i really can't understand it.

Cedivad - I think you need to try and understand:

- if HF do end up missing the Dec 31 deadline, the problem is going to be a lot more serious than refunds in BTC or USD. As the real question is whether HF has the funds for refunds at all or not. And if they don't, then it doesn't matter whether anyone thinks refunds should be in BTC or USD or what HF agrees to, as they simply won't have funds to return. Their only way out as far as i can see is for them to self mine to pay for the refunds. But that wont or cant happen overnight as they will need to find a hosting location, set it up etc etc so what everyone needs to think about realistically is whether you would prefer (a) to wait for them to mine enough to pay the refunds or (b) to simply mine them yourself. My guess is that (b) might be quicker and give everyone a higher degree of control than waiting for news all the time

The unfortunate reality is that anyone who buys pre-sales puts themselves in the same boat as the seller. The seller might be driving the boat but even so, if the boat sinks, everyone will go with it. Not only the driver. So while it is understandable to want to sink the boat out of frustration with the driver, in the end, it will likely only be self defeating

[RoadStress]

MY Jupiter only runs at 290 Gh. KNC did not rock my world... Mileage may vary.

If they have a hashing unit, they are likely closer to shipping than any of the companies I mentioned (which have not shown a working unit.)

Black Arrow made FPGAs base on ngzhang's design... they didn't design anything for that product, they simply had it assembled. Making an ASIC is a completely different animal.

I just hate how this is the first good news we've heard out of Hash Fast in a while and everyone is still being so negative.

Why not RMA?

[RoadStress]

People defending HF... No, i really can't understand it.

Cedivad - I think you need to try and understand:

- if HF do end up missing the Dec 31 deadline, the problem is going to be a lot more serious than refunds in BTC or USD. As the real question is whether HF has the funds for refunds at all or not. And if they don't, then it doesn't matter whether anyone thinks refunds should be in BTC or USD or what HF agrees to, as they simply won't have funds to return. Their only way out as far as i can see is for them to self mine to pay for the refunds. But that wont or cant happen overnight as they will need to find a hosting location, set it up etc etc so what everyone needs to think about realistically is whether you would prefer (a) to wait for them to mine enough to pay the refunds or (b) to simply mine them yourself. My guess is that (b) might be quicker and give everyone a higher degree of control than waiting for news all the time

The unfortunate reality is that anyone who buys pre-sales puts themselves in the same boat as the seller. The seller might be driving the boat but even so, if the boat sinks, everyone will go with it. Not only the driver. So while it is understandable to want to sink the boat out of frustration with the driver, in the end, it will likely only be self defeating

You still think they will meet their Dec 31 deadline? Oh man...

[perezoso]

You still think they will meet their Dec 31 deadline? Oh man...

I think they might.  They'll have to pay some Canadians overtime, but you can ship out of YMQ on the 26th or 27th, maybe even the 28th, and still make it to most of their customers, I imagine - at least North America and most of Europe.  Although I worry it'll be the worst of both worlds:  broken equipment, too late.

As to what happens if they miss December 31st, if there are enough refund requests, especially with legal backing (and this appears to be the case), and they don't have the coins/cash to refund, then I suppose they file for bankruptcy and/or sell themselves, or part of themselves, to somebody who wants the tech and can take on help with the liabilities.

Or they sweeten the MPP so much that they defuse the situation with enough customers that they can wiggle out by refunding some and placating others with promises of future hashpower.

[ImI]

I dont see any refunds happening.

- First of all there wont be BTC refunds. You may sue them and maybe you will be successfull. But initially there wont be any BTC refunds after the 31th.

- So the only option thats left would be to take US$ refunds. But why should any resonable person do so?

A babyjet was around 5000$ if i remember correctly. Thats about 8 BTC right now. So you have got the choice, take 5000$/8BTC now or accept the babyjet and additional MPP.

I think its pretty obvious that the babyjet+mpp will be worth more than 8 BTC easily. So nobody will opt for the US$ refund, period.

[Anddos]

What do you guys think the difficulty will be in march 2014, btw are they shipping at the start of march or end or what?, they just say march 2014

Have they said how many miners are going to be available in batch 1 for the baby jets?

[perezoso]

Have they said how many miners are going to be available in batch 1 for the baby jets?

There are 563 BJs in the order chain (some converted to Sierras), plus a few dev and freebie machines, and at least 7 people with Batch 1 orders to be filled if there are enough leftover chips.  That suggests about 600 miniboards, but I don't really know.

PS: BJ was USD $5600 + shipping.

[JWU42]

The dual radiator on a BJ is not a good sign at all for Sierra orders 

[bitcoinermax]

You still think they will meet their Dec 31 deadline? Oh man...
[/quote]

i have no idea if they will meet the deadline or not. Almost certainly, they will try and do so. Actually what is strange is that they haven't shipped already since as some have commented, they could ship not fully functioning units just to claim they shipped before the due date. So the fact that they are risking missing their deadline could mean they have good intentions, but that is still no excuse for their poor communications.

Either way this doesn't change the fact that if they don't have funds for refunds, it doesn't matter what everyone wants or whether they agree to it, if they don't have it, how are they going to do it?

[bitcoinermax]

As to what happens if they miss December 31st, if there are enough refund requests, especially with legal backing (and this appears to be the case), and they don't have the coins/cash to refund, then I suppose they file for bankruptcy and/or sell themselves, or part of themselves, to somebody who wants the tech and can take on the liabilities.

Or they sweeten the MPP so much that they defuse the situation with enough customers that they can wiggle out by refunding some and placating others with promises of future hashpower.

If they file for bankruptcy, good luck trying to get refunds of any kind! Even if someone wants the tech, they can probably buy it for less than the liabilities so why should they take it on? Pushing the co to file for bankruptcy is probably the worst of all worlds...

Better just hope they deliver fully functional working machines ASAP!!!

[Anddos]

Why would you ask for a refund, they are very close now i think

[dhenson]

Why would you ask for a refund, they are very close now i think

Seriously?

They charged 50btc for an OCTOBER delivery knowing full well that they wouldn't ship until December.

December units are worth roughly 12btc and they knew that in August when they were happy to take our money.  A refund is the only chance we have of at least breaking even.

These people deserve jail time.

[Anddos]

Paying 50 BTC for a bitcoin is ridiculous,now look at the price