HashFast announces specs for new ASIC: 400GH/s

[Bicknellski]

$644... What a bubble... HashFast assets are actually rising in value instead of decreasing... It basically bought HF another month of "life".

Conspiracy!


LOL.

[Flying Hellfish]

Don't forget AMT and Terrahash, they be representing the USA as well!

Edit: And one of the ORIGINAL scams bASIC!!!!!!!

In one sense bASIC was the best of the bunch. Tom actually refunded everyone.

I guess in a twisted way that's true.  unfortunately I believe it was pretty clear his intentions we're not the purest from the start.  I believe he got EXTREMELY lucky with the timing of all this and the only thing that kept him from legal problems was the 10 fold increase.  I also believe he held a lot of the coins he got, refunded at the best time for him AND made a profit.  By my guess he lied and fucked the community got lucky with the spike, and profited.  That is nothing but a lucky scammer in my book, he cost a lot of people real potential profit and liquidity and used that for himself, he's a lucky snake in my book.

[Legend21]

So when will this court be ended, when we know more? Please update me the next summary what is going on. I cant follow the tread..

[pmorici]

So when will this court be ended, when we know more? Please update me the next summary what is going on. I cant follow the tread..

Everyone is waiting on Hashfast to file their Chapter 11 bankruptcy plan with the court.  The deadline for that is sometime this week.  Depending on what the details of that are will dictate what happens next.  There will probably be several more weeks of this drama at minimum.

[cedivad]

Standing to AM's financial report, the production costs for their chips is around $0.18/GH. It's a production cost (the sale price seems to be around $0.35), but their boards are probably cheaper and requires less amenities (like no liquid cooling, that is at least an extra $0.10/GH over a standard air cooling).

So, if you want to use that production cost to value HF's "stock" (is it really a stock if your chips are being held hostage from the supplier that you are not paying?), that works out at around $5M (40k * 0.65 * 0.18). Around 1/3rd of the liabilities.

I really hope them to make their move soon, maybe even today (instead of tomorrow). How is it gonna work? Will the chapter 11 be in the court records? I guess that there will be a hearing to discuss it?

[perezoso]

So, if you want to use that production cost to value HF's "stock" (is it really a stock if your chips are being held hostage from the supplier that you are not paying?), that works out at around $5M (40k * 0.65 * 0.18). Around 1/3rd of the liabilities.

Okay.  

Let's say that, starting 2 weeks from now, those chips began to be converted into a mine.  Say that it takes three months for substantially all of them to get hashing (just do it linear). Say that they really get 700 g/hash per chip at 500 watts.  I guess we don't know the component costs for the board, but I'm guessing the other parts (power supplies, electricity, etc) are known.  

How much money could they make, with reasonable assumptions on network difficulty?    I don't know enough to do the calculation.

Not to get too excited about that, because going from chip to mine will cost huge money that, even if made available, will come with a big cost!  But in a relatively smooth case scenario of a conversion into a mine, what's the earnings potential of, say, 35,000 chips?

[Puppet]

But in a relatively smooth case scenario of a conversion into a mine, what's the earnings potential of, say, 35,000 chips?

The easy answer is that the market value of those chips will reasonably reflect their expected earning potential. In fact, the potential is likely lower if you have to factor in the 3 month delay in getting everything online, and if you consider miners have historically almost always over invested, at least since asic introduction. So they are willing to pay too high prices.

[perezoso]

But in a relatively smooth case scenario of a conversion into a mine, what's the earnings potential of, say, 35,000 chips?

The easy answer is that the market value of those chips will reasonably reflect their expected earning potential. In fact, the potential is likely lower if you have to factor in the 3 month delay in getting everything online, and if you consider miners have historically almost always over invested, at least since asic introduction. So they are willing to pay too high prices.

I'm talking about Hashfast, or some successor entity that gets the chip for "free" (but with Hashfast's debt) being the mine, and Hashfast's creditors (plus whoever puts up cash to make the boards) being the owners.

[Puppet]

I'm talking about Hashfast, or some successor entity that gets the chip for "free" (but with Hashfast's debt) being the mine, and Hashfast's creditors (plus whoever puts up cash to make the boards) being the owners.

I know. But you want to know how much those chips could realistically bring in revenue; the answer is that the market thinks they can bring $x, x being the current market value of those or similar chips. If they are generally expected to mine $x over their lifetime, after subtracting costs for PCB, hosting, power etc,  people would be bidding that for them. Or usually, more.

[cedivad]

I remember to have done those calculations myself when they offered me chips, and, by supposing to have everything online by today (the first of the month), the ROI expectations weren't good at all. At $450/BTC and 12%/difficulty increase you would have almost certainly recovered the invested amount, but not a lot after that. You would have had a ROI ranging from 50% to 100%. So if someone invested $5M into making boards, 2 to 5 millions is what the creditors would have earned, by considering the initial investment a 0-interest loan.

Now, that was mostly guesswork, but it gives you an idea of the market. Predicting prices and difficulty increases is pure voodoo.

I don't think that doing a mine is a good idea. I think that it is however the only way possible to be sure to find an use to those chips, I think their plan to include both a mine and sales of in stock hardware. Let's say that the only positive thing about a mine is that if you find enough capital to cover the manufacturing costs of those 40k chips (that will be something around $20M), you have an huge potential for profits after that the "0-interest loan" (something that doesn't exists) is repaid. LB had plans to bring 28k chips online, right? Why we still don't known anything from them?

IceDrill claimed that the all included costs they were expecting to bring 40k chips (or maybe only a part of it?) online was $0.78/GH. I don't known the timeframe for that, but compare it with a SP30 preorder and feel free to cry.

But hey, they are certainly better than me at maths. Let's wait and see.

[defcon23]

Just got banned from the BFL forums for "spamming" aka posting what peoples options are. I think BFL didnt like my saying sueing them was an option.

Lmfao 

[Bicknellski]

Just got banned from the BFL forums for "spamming" aka posting what peoples options are. I think BFL didnt like my saying sueing them was an option.

Lmfao 

So another post BFL shill is banned from their forums. Guess they are eating their own now.

[cedivad]

I think to have forgotten how to count. It's 21 days from the filing date (9th of last month). The rules to count are:

RULE 9006. COMPUTING AND EXTENDING TIME
(a) Computing Time. The following rules apply in computing any time period specified in these rules, in the Federal Rules of Civil Procedure, in any local rule or court order, or in any statute that does not specify a method of computing time.
(1) Period Stated in Days or a Longer Unit. When the period is stated in days or a longer unit of time:
(A) exclude the day of the event that triggers the period;
(B) count every day, including intermediate Saturdays, Sundays, and legal holidays; and
(C) include the last day of the period, but if the last day is a Saturday, Sunday, or legal holiday, the period continues to run until the end of the next day that is not a Saturday, Sunday, or legal holiday.

So 21 days from then is... Already passed?

[minternj]

So it's june. MPP chips coming any day now. lol *bashing my head into the wall*

[Legend21]

Im still waiting for my refund as batch 3 sierra

[Minor Miner]

It counts from the date they were served and they already told the judge they would take every single day allowed.
They should do something today or tomorrow.   If they take bankruptcy, then they only have a certain number of days (I think 15 but maybe 21 again) to produce ALL of the court ordered financials and transaction documents to account for the money.   

[cedivad]

They were served the 13 of May, so this is the twenty-first day...
Is there any news about what will happen to HashFast LLC? Apart from the judge saying that he expected it to be putted into bankruptcy as well, I haven't seen anything written.

[perezoso]

They were served the 13 of May, so this is the twenty-first day...
Is there any news about what will happen to HashFast LLC? Apart from the judge saying that he expected it to be putted into bankruptcy as well, I haven't seen anything written.

Okay, so they moved to convert to Chapter 11.  So at least that's finally completely settled.  They will go into Chapter 11.  But no plan yet.

They say they have over 1,000 people to notify in case - presumably mostly creditors - and are asking the judge to allow them not to notify everybody of everything. They want to limit notice to the court, the lawyers, the companies and people who are named in the suits that have been filed (the "creditors mailing matrix"), its 20 largest creditors, and various government agencies with an interest.  Just sayin'.  I'm pretty sure anything important will appear here.

[Minor Miner]

They were served the 13 of May, so this is the twenty-first day...
Is there any news about what will happen to HashFast LLC? Apart from the judge saying that he expected it to be putted into bankruptcy as well, I haven't seen anything written.

Okay, so they moved to convert to Chapter 11.  So at least that's finally completely settled.  They will go into Chapter 11.  But no plan yet.

They say they have over 1,000 people to notify in case - presumably mostly creditors - and are asking the judge to allow them not to notify everybody of everything. They want to limit notice to the court, the lawyers, the companies and people who are named in the suits that have been filed (the "creditors mailing matrix"), its 20 largest creditors, and various government agencies with an interest.  Just sayin'.  I'm pretty sure anything important will appear here.

I am not sure that means what you think it means.   Let me check.   I would assume they only want to make public the top 20 but everyone needs to be informed in these cases so they can exercise their rights to vote and appoint a committee to represent their interests.

[cedivad]

If I understood it correctly, they only want to limit the amount of paperwork they would have to send out every time someone files something.
This is their motion, that was granted: http://hashfast.org/14-30725.38.pdf

And this is them trying to move to chapter 11 without a hearing: http://hashfast.org/14-30725.35.pdf
If they are trying to push a chapter 11 without a hearing I suppose it to be because they don't have a viable chapter 11 plan to present? The part where they paint themselves as saints is funny, though.

I don't see anything substantial here. They took the whole 21 days and did nothing so far, basically.