[IPO Cancelled] - MYMINER: A professional Bitcoin ASIC mining project

[freeworm]

Well presented. Who runs the company? Can we have more info on the management team and their experience/knowledge? Thanks

We have a team who have developed and been running Bter.com.

The two core team members are:

One Ph.D of electrical engineering, who is a Chinese got his Ph.D degree in Canada. He published more than 5 papers on scientific journals including optics express, JLT, etc.
One Master of electrical engineering, who is also a Chinese got his degree in Canada. He got his PMP certification later in Canada.

[freeworm]

So currently BTI values itself as $405,000(30% ownership). Can you explain how you came up with that value?

Before IPO, we have already spent $180,000 (we bought them when BTC/USD rate was high) on 2 batches of avalon chips. We have spent $80,000 on purchasing of supporting chips, components, PCBs, fans, controllers, designing of heatsinks, arranging of PCB assembly.  We have already sold half of these chips in pre-orders all by ourself, which will generate at least $80,000 revenue.
We have several team members who have spent a lot of time on this project since May.

[freeworm]

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?

1, Yes we are, after the IPO and after we figured out how to deliver the dividend to the shareholders on BTCT/BF
2, We are happy to see competitions among chip producers because it means we'll have more options and better rate in ASIC chip purchases.
3, We plan to stop it at 300,000-500,000

[freeworm]

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.

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

"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!"

2, In this IPO, the price is fixed at 0.015B as we promised.
In case there's a second IPO when we need to collect more capital from the community, we will work out a new scheme

[freeworm]

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

We have raised more than 1500 BTCs in 2 days in this IPO. We are considering to close this IPO in one month at the end of August. The IPO price is always 0.015BTC before we stop it.
We expect to receive two batches of avalon chips in August and manufacture BTC miners as soon as we receive them. After that we'll deliver BTC miners to our Chinese customers and deploy our mining farm.
And then the dividend payment starts.

[RobertTian]

So currently BTI values itself as $405,000(30% ownership). Can you explain how you came up with that value?

Before IPO, we have already spent $180,000 (we bought them when BTC/USD rate was high) on 2 batches of avalon chips. We have spent $80,000 on purchasing of supporting chips, components, PCBs, fans, controllers, designing of heatsinks, arranging of PCB assembly.  We have already sold half of these chips in pre-orders all by ourself, which will generate at least $80,000 revenue.
We have several team members who have spent a lot of time on this project since May.

1.目前已经预定的矿机至少产生8万美元的收益，请问这个收益会全部体现在9月份的分红中吗？
2.目前Avalon芯片的到货情况如何，5月初订货的客户现在收到芯片的多吗？8月份收到第一批1万片订单的概率有多大？
3.介于目前Avalon的供货速度，除了ipo成功后收购现货芯片外（现在现货芯片好像很少），还有什么打算能保证9月份的算力吗？
4.如何保证10月份生产、在11月份部署20-50TH/s的算力，感觉即使现在ipo成功后下单购买Avalon芯片，11月份估计也没法到货吧？

[freeworm]

So currently BTI values itself as $405,000(30% ownership). Can you explain how you came up with that value?

Before IPO, we have already spent $180,000 (we bought them when BTC/USD rate was high) on 2 batches of avalon chips. We have spent $80,000 on purchasing of supporting chips, components, PCBs, fans, controllers, designing of heatsinks, arranging of PCB assembly.  We have already sold half of these chips in pre-orders all by ourself, which will generate at least $80,000 revenue.
We have several team members who have spent a lot of time on this project since May.

1.目前已经预定的矿机至少产生8万美元的收益，请问这个收益会全部体现在9月份的分红中吗？
2.目前Avalon芯片的到货情况如何，5月初订货的客户现在收到芯片的多吗？8月份收到第一批1万片订单的概率有多大？
3.介于目前Avalon的供货速度，除了ipo成功后收购现货芯片外（现在现货芯片好像很少），还有什么打算能保证9月份的算力吗？
4.如何保证10月份生产、在11月份部署20-50TH/s的算力，感觉即使现在ipo成功后下单购买Avalon芯片，11月份估计也没法到货吧？

1, The mining machine selling profits will go to dividend after taken cost and reinvestment deductions.
2, No we haven't received our first batch Avalon chips ordered in May
3, Yes, we are buying in-hand ASIC chips in the market
4, We are cooperated with several ASIC teams to guarantee chip supplies in the following months

[Bakaboy]

Assuming you are able to deploy enough miners to reach your target before November (10-15%), can you give a rough estimate on how much each share will earn (minus all outstanding costs).

[Hfleer]

I like how the shareholders get all the dividends till they break even.  How do you plan to counter jumps in the difficulty?

[ronaldlee0917]

The performance of this stock is far better than my expectation, just one week and we are now at +33% of IPO price.
Hope to hear some major announcement of work progress soon.

[maxmint]

How many shares have been sold during IPO? And will there be another wave of shares at IPO price?

[kokojie]

How many shares have been sold during IPO? And will there be another wave of shares at IPO price?

700,000 shares sold in IPO, I don't think any additional shares are coming.

[kokojie]

The best thing about this IPO is it's completely free to trade no trading fee whatsoever

[maxmint]

How many shares have been sold during IPO? And will there be another wave of shares at IPO price?

700,000 shares sold in IPO, I don't think any additional shares are coming.

Are you sure they sold all 700,000 shares? That would be 10,500 BTC, but their update from Aug 1st says:

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

2,000 BTC would be around 133,000 shares.

[kokojie]

How many shares have been sold during IPO? And will there be another wave of shares at IPO price?

700,000 shares sold in IPO, I don't think any additional shares are coming.

Are you sure they sold all 700,000 shares? That would be 10,500 BTC, but their update from Aug 1st says:

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

2,000 BTC would be around 133,000 shares.

Ah good catch I guess what they mean is 700,000 is the max, from what I saw, there were only about 100,000 shares available on bter to sell. I guess for this round they will stop at 2000 BTC

[yanxuch]

How many shares have been sold during IPO? And will there be another wave of shares at IPO price?

700,000 shares sold in IPO, I don't think any additional shares are coming.

Are you sure they sold all 700,000 shares? That would be 10,500 BTC, but their update from Aug 1st says:

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

2,000 BTC would be around 133,000 shares.

Ah good catch I guess what they mean is 700,000 is the max, from what I saw, there were only about 100,000 shares available on bter to sell. I guess for this round they will stop at 2000 BTC

Totally BTER sold 200,000 shares at 0.015BTC. The administrator told me that it would certainly be higher than 0.015BTC/share if the rest 50,000 were supposed to be sold.

[maxmint]

How many shares have been sold during IPO? And will there be another wave of shares at IPO price?

700,000 shares sold in IPO, I don't think any additional shares are coming.

Are you sure they sold all 700,000 shares? That would be 10,500 BTC, but their update from Aug 1st says:

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

2,000 BTC would be around 133,000 shares.

Ah good catch I guess what they mean is 700,000 is the max, from what I saw, there were only about 100,000 shares available on bter to sell. I guess for this round they will stop at 2000 BTC

Totally BTER sold 200,000 shares at 0.015BTC. The administrator told me that it would certainly be higher than 0.015BTC/share if the rest 50,000 were supposed to be sold.

Ah, good to know. So they raised 3000 BTC, that's the equivalent of 38,461 Avalon chips – around 10 TH/s.
I guess that puts them in a good position for their venture.

[Smidge]

We have raised more than 1500 BTCs in 2 days in this IPO. We are considering to close this IPO in one month at the end of August. The IPO price is always 0.015BTC before we stop it.
We expect to receive two batches of avalon chips in August and manufacture BTC miners as soon as we receive them. After that we'll deliver BTC miners to our Chinese customers and deploy our mining farm.
And then the dividend payment starts.

Hi freeworm,

So the IPO sold out and today's stock performance was pretty nice, which makes me feel like dancing.

BUT can you specify a more precise timeline when the first dividends will be paid? Your website says September, does this mean the farm will be up in 4 weeks?

[Smidge]

Is anyone answering shareholder questions still, or can I start selling in bulk?

[maxmint]

Is anyone answering shareholder questions still, or can I start selling in bulk?

Looks like the guys running MYMINER are not really active on the english forum – too bad I don't understand Chinese.