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Author Topic: [IPO Cancelled] - MYMINER: A professional Bitcoin ASIC mining project  (Read 10044 times)
freeworm
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July 27, 2013, 08:04:22 AM
 #1

UPDATE Aug.25:
----------------------------------------------------------------------------
Dear MYMINER shareholders,

We regret to announce that we have to cancel MYMINER IPO and buyback all the outstanding shares
at the IPO price 0.015 BTC per share.

The reason is that we cannot avoid the potential legal risks in China. Collecting funds from
public is still illegal in China. We used to think that IPO with BTC can avoid this legal risk.
However, it turns to be wrong after we consulted with several layers.

We realize that keeping holding your funds for this project is very risky and irresponsible.
we decided to buyback all the outstanding shares and return your BTC funds. We converted 1500
BTC to Chinese currency for supporting this project when BTC rate is low. Now we have purchased
all the 1500 BTC back at a high rate. We take all the loss of around 230BTC.

Thank you for trusting us and supporting this project. We are going to keep working on this
project with our own funds. We have finished the ASIC deisn and verified it on FPGA all by
ourselves. After buyback the shares, we lack funds for ASIC tape out. We are looking for partners
who can fund us or buy all our ASIC designs.

If you are interested, please contact us by
Email:  support@myminer.com

Best,
MYMINER Team.


------------------------------------------------------------

UPDATE Aug. 1, 2013 update: We have successfully collected more than 2000BTC in this IPO. We are going to stop issuing shares very soon.

Project Website: http://myminer.com

MYMINER IPO starts 1 hours later after this ann at https://bter.com/trade/myminer_btc


MYMINER Project Introduction

MYMINER is a bitcoin mining project operated and maintained by Bitcoin Technology Incorporated (short for BTI ) registered in the  British Virgin Islands,  who is also the owner of the well-known Bter.com crypto-currency exchange platform.  In this project, BTI doesn’t develop or produce ASIC chips. Instead, BTI purchases ASIC chips massively from the existing ASIC chip providers (Avalon, Bitfury, BFL, KcN, etc.) all over the world and manufacture bitcoin miners in batches with very low cost in China. By using the self- manufactured bitcoin miners, BTI deploy bitcoin mining farms in China where the electricity rate is extremely low. All bitcoin miners hosted by BTI are overclocked to the top stable state to maximum the hashing efficiency. At the same time, BTI sells self- manufactured bitcoin miners to public.

MYMINER IPO

BTI issues at most 700,000 MYMINER shares to public for raising up to 10500 BTC capital. The price of each share is 0.015BTC. Each share gets 1/1,000,000 dividend and has 1/1,400,000 voting power. After the MYMINER shares are fully issued, MYMINER shareholders and BTI get 50% voting power each and share 70% and 30%, respectively, of the total profits from MYMINER project. The dividend will be paid weekly after the first dividend payment begins. The dividend payment is scheduled to begin in September 2013 when the mining farms start operating. MYMINER project’s profits come from both the bitcoin mining and the bitcoin miner selling incomes. The profits will be paid to MYMINER shareholders in 100% as dividend before MYMINER shareholders get their investments back against the IPO price. The issuer, BTI, may stop the IPO at any time after raising enough funds. If this IPO fails, the collected investments will be 100% refund to shareholders in the form of BTC.

Buy/Trade MYMINER shares

The MYMINER shares are issued on Bter.com exchange platform and can be traded instantly after purchase on the same platform. The IPO price is 0.015BTC. The MYMINER shareholders have the lifelong voting power and share the profits of MYMINER project.

Buy shares: https://bter.com/trade/myminer_btc

Net profits calculation
Gross profits (in BTC) = total BTC mined + total income of selling bitcoin miners converted to BTC
Total costs (in BTC)=Equipment costs(chips, other electronic parts, components, productions, logistics) + Maintenance costs(electricity, hosting space rental, internet accessing) + R&D costs + labour costs
Net profits=Gross profits – Total costs

Dividend payment
Each share can get 1/1,000,000 dividend of the net profits.  The dividend will be paid weekly to the shareholders in BTC to their accounts on Bter.com. Shareholders can trade and/or transfer BTC to their wallet immediately after receiving the payment.  The dividend payment is scheduled to begin in September 2013 when the mining farms start operating. The profits will be paid to MYMINER shareholders 100% as dividend before MYMINER shareholders get their investments back against the IPO price.

Why MYMINER project is attractive
The Bitcoin mining is very profitable and attracted many individual miners and teams to participate. The competition of this business is getting fierce and has entered a professional stage, which competes in technology, capital, equipment cost, operating cost, etc.
The technology ability and operation capability of BTI have been displayed and recognized through “Bter.com project”. Bter.com is very popular bitcoin exchange platform in China. It is also well-known as an crypto-currency exchange platform in the English world.  Currently Bter.com has more than 12,000 registered users and 10,000 daily visits and more than 1 million daily hits (including bots).  
 




BTI (former Bter team) started the MYMINER project in May 2013.  Two batches of Avalon ASIC chips have been ordered in May and June. Hundreds of bitcoin miners have been sold in pre-order to Chinese customers.  The bitcoin miner manufacturing is arranged to start as soon as Avalon ASIC chips are received in Shenzhen, China in August.  Bter team is the only team who has worked out and demonstrated the BBKcoins K16 mining board in China as early as July 15. The progress details can be found at http://myminer.com/pages/2 (in Chinese).
BTI has very strong technical capability to manufacture low cost Bitcoin miners and massively deploy mining farms. Compared with other mining participants, BTI’s superiorities are as follows.
1.   BTI purchases ASIC chips and other electronic components massively to lower the parts cost by more than 30%. BTI cooperates with OEM factories in Shenzhen, China to lower the manufacturing cost by up to 30%. All hosted bitcoin miners are overclocked to the top stable status to gain up to 20% extra hashing power.  
2.   MYMINER mining farms will be deployed in areas in China with very low electricity cost which is only 20%-50% of that in other countries such as USA.
3.   MYMINER project uses self-build mining pool/solo-mining which is more stable than public mining pool, less exposed to cyber attacking and save 3%-5% mining pool cost.
Therefore, the overall mining costs of MYMINER’s mining farms are very competitive, which means this project is quite profitable and will last for long. BTI will keep increasing the hashing power and make it hovering at around 10-15% of the total network hashing power. In the meantime, the self-manufactured bitcoin miners are sold to public to get more profits.

Hashing power deployment schedule
BTI has already ordered 20,000 Avalon chips in May and June. Half of these chips have been consumed in bitcoin miner pre-orders to Chinese customers. The other half will be deployed in the first mining farm.  If the MYMINR IPO success,  BTI will keep producing bitcoin miners and scheduled to deploy 20-50TH/s hashing power before November. MYMINER will continuously increase hashing power until 10%-15% of the total network hashing power.

About BTI
Bitcoin Technology Incorporated (short BTI) is an offshore company registered in the British Virgin Islands . BTI is currently operating two independent projects,  Bter.com exchange platform and MYMINER bitcoin mining project.

Q&A

Q1: Why IPO while you have already heavily invested by yourself?

Decentralize hashing power to protect bitcoin ecosystem and get investments to increase MYMINER project’s scale to make it more efficiency and competitive.

Q2:  Why BTI is trusted?

BTI is the owner and operator of  Bter.com . Bter.com is a very popular bitcoin exchange platform in China. It is also well-known as an crypto-currency exchange platform in the English world.  Currently Bter.com has more than 12,000 registered users and 10,000 daily visits and more than 1 million daily hits (including bots).  

BTI (former Bter team) started the MYMINER project in May 2013.  Two batches of Avalon ASIC chips have been ordered in May and June. Hundreds of bitcoin miners have been sold in pre-order to Chinese customers.  The bitcoin miner manufacturing is arranged to start as soon as Avalon ASIC chips are received in Shenzhen, China in August.  Bter team is the only team who has worked out and demonstrated the BBKcoins K16 mining board in China as early as July 15. The progress details can be found at http://myminer.com/pages/2 (in Chinese).

Q3: How does BTI maximally lower MYMINER shareholders’ risk?

To maximally lower MYMINER shareholders’ risk, BTI pays all profits of MYMINER project to MYMINER shareholders until they break even against the IPO price. In other word, if eventually BTI issued Y MYMINER shares,  the shareholders can receive 1/Y dividend per share until they get their investments back in 0.015BTC per share.  Thereafter, the shareholders get 1/1,000,000 dividend per share.

Q4: How to guarantee the transparency of the profit dividend?

BTI will publish income and costs reports regularly on MYMINER project’s official website “myminer.com”.  Information about mining income, miner selling income and hashing power, etc. will be accessible to shareholder in videos, pictures or real time data.

Q5: Why don’t get investment from angel investors?

Bitcoin is a brand new area, angel investors know very less about this business. On the other side, solo investor is not good for the decentralization.

Q6: Why don’t IPO until all hashing power is deployed?

The key competition in Bitcoin industry is time. The IPO process will take time, while the deployment of hashing power will also take time. We have already purchased parts and components months ago to save as much time as possible to deploy hashing power. Next, during/after the IPO process, we will spend more money to deploy more hashing power ASAP.

Q7: How to determine if the IPO succeeds or not?

BTI has invested more than 2000BTC in chips/components purchasing, mining board manufacturing, R&D, etc. BTI plans to raise at least 2000BTC to expand MYMINER project’s scale. If the IPO raises no less than  2000BTC, then the IPO is success. After the IPO raises more than 4000BTC, BTI can stop issuing MYMINER shares at any time.

Q8:  What if the IPO fails?

If BTI failed to raise more than 2000BTC in the IPO, BTI will return BTC to all investors in 100%.
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July 27, 2013, 08:26:39 AM
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So,where is the chip?

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freeworm
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July 27, 2013, 08:34:43 AM
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So,where is the chip?

We ordered 20k chips in May and June for this project. 10k has already been sold in pre-orders to our Chinese customers and the other 10k will be deployed in our mining farm in the end of August of the beginning of September depending on the arrival date of the chips. The chips are supposed to arrive in August.
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July 27, 2013, 08:37:45 AM
 #4

So,where is the chip?

We ordered 20k chips in May and June for this project. 10k has already been sold in pre-orders to our Chinese customers and the other 10k will be deployed in our mining farm in the end of August of the beginning of September depending on the arrival date of the chips. The chips are supposed to arrive in August.
You mean Avalon?

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July 27, 2013, 09:11:51 AM
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Would you actively reinvest part of the income to grow the hashrate and keep up with competition?
If so, what is the percent?

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freeworm
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July 27, 2013, 09:21:31 AM
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Would you actively reinvest part of the income to grow the hashrate and keep up with competition?
If so, what is the percent?
Sure. We are going reinvest and keep increasing our hashrate to around 10-15% of total network hash power.
The percentage is depending on how fast the network hashing power grows
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July 27, 2013, 09:32:19 AM
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BTI issues at most 700,000 MYMINER shares to public for raising up to 7000 BTC capital. The price of each share is 0.015BTC

Does not compute.
freeworm
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July 27, 2013, 09:38:54 AM
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BTI issues at most 700,000 MYMINER shares to public for raising up to 7000 BTC capital. The price of each share is 0.015BTC

Does not compute.

Thanks for pointing out. should be up to 10500BTC.
Actually 2000-3000BTC would be enough at the first stage to let us deploy 20Th/s hash power in November
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July 27, 2013, 03:59:16 PM
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So who is paying for the growth fund among 70% public shareholders and 30% BTI? Is it going to be like 5% from public and 5% from BTI?
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July 27, 2013, 04:03:56 PM
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Well presented. Who runs the company? Can we have more info on the management team and their experience/knowledge? Thanks Smiley
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July 27, 2013, 08:57:15 PM
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So currently BTI values itself as $405,000(30% ownership). Can you explain how you came up with that value?
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July 28, 2013, 02:24:44 AM
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Well presented. Who runs the company? Can we have more info on the management team and their experience/knowledge? Thanks Smiley

I'm wondering this too, I understand that it is incorporated and I could be wrong but I was aware that apparently registering a company in the BVI means that you do not have to publish a lot of important information. According to a few sources director and shareholder information does not have to be disclosed, neither any accounting regulation or annual report. I think if you plan to raise ~$1,000,000 USD (BTC10,500) there should be something legitimate available for people to identify your company and you as director/probably 100% shareholder. Since (apparently) we can't access any registers even though you've registered a company so no one can really tell if you have or not.

Source: http://www.onealwebster.com/guide-to-incorporating-companies-in-the-bvi/

Again I'm no expert on international corporations regulation and law, particularly in BVI company law so someone can prove me wrong.
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July 28, 2013, 09:48:52 AM
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Some questions:
- Are you planning to bring this project to other btc stock exchanges (BTCT, BitFunder...) as well? Or will this stay solely on bter.com?
- What are your thoughts about the HashFast project?
- How many shares are you selling in the first IPO wave?

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July 28, 2013, 03:29:07 PM
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Clearly a more sane valuation then a lot of recent IPO's. Good luck! I snagged a few thousand shares to diversify from my other investments.
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July 28, 2013, 05:44:00 PM
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Some questions:
- Are you planning to bring this project to other btc stock exchanges (BTCT, BitFunder...) as well? Or will this stay solely on bter.com?
- What are your thoughts about the HashFast project?
- How many shares are you selling in the first IPO wave?
既然是天朝的,我就用中文问吧。正如楼上问的,
1、为什么不在btct或bitfunder上发行?
2、如果你的最低发行目标是2000B,也就是约16W股,那么此后的54w股(如果都发行的话)是否仍会按0.015B/股的价格发行?如果不是,也就是超过0.015B,那么,最好能具体说明一下此后几期的预期发行价与安排,这样可以保证先期入股者的利益,和后买者能以合理的价格买到IPO,以避免股价因你们此后的ipo导致股价过度波动。
希望能解释一下!看好下一只烤猫!

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July 28, 2013, 06:45:07 PM
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既然是天朝的,我就用中文问吧。正如楼上问的,
1、为什么不在btct或bitfunder上发行?
2、如果你的最低发行目标是2000B,也就是约16W股,那么此后的54w股(如果都发行的话)是否仍会按0.015B/股的价格发行?如果不是,也就是超过0.015B,那么,最好能具体说明一下此后几期的预期发行价与安排,这样可以保证先期入股者的利益,和后买者能以合理的价格买到IPO,以避免股价因你们此后的ipo导致股价过度波动。
希望能解释一下!看好下一只烤猫!
Not very helpful. Tongue
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July 28, 2013, 07:45:32 PM
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既然是天朝的,我就用中文问吧。正如楼上问的,
1、为什么不在btct或bitfunder上发行?
2、如果你的最低发行目标是2000B,也就是约16W股,那么此后的54w股(如果都发行的话)是否仍会按0.015B/股的价格发行?如果不是,也就是超过0.015B,那么,最好能具体说明一下此后几期的预期发行价与安排,这样可以保证先期入股者的利益,和后买者能以合理的价格买到IPO,以避免股价因你们此后的ipo导致股价过度波动。
希望能解释一下!看好下一只烤猫!
Not very helpful. Tongue

What do you mean? Google translate does a 'bangup job' with Chinese Smiley

"Since it is heavenly, I use Chinese to ask it. As upstairs to ask,
One, why not btct or bitfunder the issue?
2, if your goal is minimum issue 2000B, which is about 16W shares, then the subsequent 54w shares (if all the words in issue) are still at 0.015B / shares issued at a price? If not, that is more than 0.015B, then it is best to be specific since a few of the expected issue price and arrangement, so you can ensure early stake in the interests of, and after the buyer at a reasonable price to buy IPO, in order to avoid ipo price because you caused the stock price since the excessive volatility.
Hope to explain! Looking on a grilled cat!"

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July 28, 2013, 08:08:50 PM
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既然是天朝的,我就用中文问吧。正如楼上问的,
1、为什么不在btct或bitfunder上发行?
2、如果你的最低发行目标是2000B,也就是约16W股,那么此后的54w股(如果都发行的话)是否仍会按0.015B/股的价格发行?如果不是,也就是超过0.015B,那么,最好能具体说明一下此后几期的预期发行价与安排,这样可以保证先期入股者的利益,和后买者能以合理的价格买到IPO,以避免股价因你们此后的ipo导致股价过度波动。
希望能解释一下!看好下一只烤猫!
Not very helpful. Tongue

[...] Looking on a grilled cat!"



Damn, you gotta love those chinese folks Cheesy

Definitely an interesting project, will keep an eye on the IPO!
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July 28, 2013, 08:14:55 PM
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Some questions:
- Are you planning to bring this project to other btc stock exchanges (BTCT, BitFunder...) as well? Or will this stay solely on bter.com?
- What are your thoughts about the HashFast project?
- How many shares are you selling in the first IPO wave?
既然是天朝的,我就用中文问吧。正如楼上问的,
1、为什么不在btct或bitfunder上发行?
2、如果你的最低发行目标是2000B,也就是约16W股,那么此后的54w股(如果都发行的话)是否仍会按0.015B/股的价格发行?如果不是,也就是超过0.015B,那么,最好能具体说明一下此后几期的预期发行价与安排,这样可以保证先期入股者的利益,和后买者能以合理的价格买到IPO,以避免股价因你们此后的ipo导致股价过度波动。
希望能解释一下!看好下一只烤猫!

Babylon translation not much better
Since the day of, I used Chinese journalist. As upstairs,
1, why not btct bitfunder or the release?
2, if you have a minimum release target is 2000 B, about 16 W unit, 54W unit (if you have, do you still have the 0.015 B/price issue? If it is not, it is more than 0.015 B, then, it is a good idea to be specific about the subsequent period of the expected price and arrangements, so that you can ensure that advance equity interests, and the buyers for a reasonable price to buy IPO, in order to avoid Stock price because you have the ipo stock price fluctuations. hope to be able to explain! Look at the oven only cats!
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July 29, 2013, 07:27:00 AM
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BTI has invested more than 2000BTC in chips/components purchasing, mining board manufacturing, R&D, etc. BTI plans to raise at least 2000BTC to expand MYMINER project’s scale. If the IPO raises no less than  2000BTC, then the IPO is success. After the IPO raises more than 4000BTC, BTI can stop issuing MYMINER shares at any time.



I'm not sure if i missed this in your initial post. This point raised some questions for me and apparently, if we can trust those translators, for the chinese guy too.

Lets say you raise the needed 2000 BTC for the IPO to be a success, and afterwards the IPO share buys decrease drasticly.
What's the timeframe/deadline for issuing shares at IPO price? At what point you'll be starting to pay off the projects investments, given IPO went well with >2000BTC raised?
Will newly issued shares increase in price at the point of IPO success (2000BTC)?

looking on a grilled cat,

camu6
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