The Plan:Let’s face it, at this point we don’t know who out of the vaporware vendors will deliver on time, or if they will ever deliver at all. Investing in only one manufacturer’s hardware could leave you sitting on the sidelines and missing out on huge profits (see early BFL customers vs. early Avalon customers). I am spearheading a different type of group buy for the purpose of diversifying invested funds for the purpose of mining Bitcoins. By buying mining hardware from multiple manufacturers, I aim to reduce the variance and risks associated with buying vaporware.
Not only am I making the best effort to diversify they group’s investment funds, but I have chosen the cheapest products ($ per Gh) from three manufacturers that I think are not scams. All three companies have similar shipping projections (September/October/November.) Also, all products to be ordered are built on small process nodes, ensuring that we will have an energy efficient mining operation, leaving us profitable even after Avalon 1st gen chips become unprofitable (and others built on larger process nodes.)
With that said, I am suggesting we invest in the following products from the following manufacturers:
- Bitfury 400 Gh Kit (October Delivery) - $8000 usd +shipping
- KNC Miner Jupiter 400Gh (September Delivery) - $7000 usd +shipping
- VMC Fast Hash One (Two 256 Gh One Modules) (October/November Delivery) - $7998 usd +shipping
UPDATE: Added by investor vote:
- HashFast Baby Jet 400 Gh (Late October Delivery) - $5,600 +shipping
Terms:1 BTC invested = 1/X portion of profits from all mining machines combined
(X being the total amount invested on all equipment)
Products will be bought in the order they are listed. (As soon as $8000 is raised, a Bitfury 400 Gh will be bought. After that, as soon as $7000 is raised, a KNC Miner Jupiter 400 Gh will be ordered. After that, as soon as $7998 is raised, a VMC Fast Hash One will be ordered... Etc.. ) Machines will be ordered using this process until there is no more interest from investors. I will order as much equipment the group can afford, or order until I do not have anymore hosting space available, whichever comes first.
I reserve the right to change which products and/or manufacturers we order from in this group buy. I will use my best judgment to pursue the products that are in each investor’s best interest. The mining hardware world is ever changing, perhaps there may be a better deal tomorrow or next week that would suit each investor’s pocketbook better. The group will be notified if I'm contemplating changing/adding a product ordered to gather feedback.
If at anytime it is more profitable to mine ALT coins than Bitcoins, I reserve the right to direct our farm towards and ALT coin of my choosing. If at anytime a decent profit can be made by simply selling the hardware via eBay or auctioning on this forum etc, then I reserve the right to do so. Again, I will not do either of these without first consulting the group.
Electricity costs will be subtracted from each month’s dividend payments using the latest Mt. Gox average for cost calculation. The equipment will be hosted in my home where I have hosted a large Bitcoin/Litecoin farm for about a year now. After electricity costs are taken out, I will take out a 3% hosting fee, and then proceed to pay dividends to investors.
The equipment will be hosted on Eligius, allowing for complete transparency (many real time graphs and data for everyone to see), and also added benefit of a 0% pool fee from Eligius.
I am not responsible for hardware manufacturer non delivery under any circumstances. In the event that one manufacturer does not deliver, I will do my best to make sure that each investor’s funds are returned. Obviously this requires some cooperation from the manufacturer, but know that I will go to all lengths necessary to get our money back in the event of non-delivery, (including but not limited) to filing a lawsuit. Although I will make every effort to provide a safe and appropriate hosting environment, I cannot be held liable for hardware failure and theft of property (including computer security intrusions). Again, I will make every effort possible in these regards.
Share transfers will be allowed at any time, you may sell your shares to anyone you'd like via the forums or any way you'd like. As we've done with our previous group buy, selling shares in the auction sub forum has been probably the best way to do that. I monitor the Auction sub forums occasionally and will pop in and confirm you have the shares to sell. Share transfers will have a cut off date on the 27th day of each month. Whoever owns the stock on that day will receive the whole dividend for that month. Dividends will be payed at the end of each month.
I will keep extensive records of all transactions, share ownership, and share transfers in Excel format. These will be available at all times to all group buy participants after the funds have been collected and equipment ordered. I have worked hard to keep extensive records and maintain proper transparency with my first group buy and I will do the same with this one!
The group buy will have its own forums like my first, where I will provide news and updates and we can discuss all details as a group. I run my group buy like a democracy, I ask the group their opinion on almost every decision I make about the the group buy and our hardware. I tend to settle with the majority, but will in the rare case veto something if deemed extremely necessary.
This is a risky investment, I make no promise or guarantee of any profits. I only promise to offer an honest hosting service, anything that is out of my control cannot be blamed on me. (IE. manufacturer delays, etc.)
About Me:I conducted one of the first (if not THE first) group buys for ASIC hardware on these forums when we ordered seven Batch 3 Avalons. I just received tracking information for my previous group buy, and I would say everyone is generally happy with my service and can attest to my trustworthiness. I have received the 7 Avalons ordered from this group buy and they are currently hashing here:
http://eligius.st/~wizkid057/newstats/userstats.php/1QHZohmAdip28TM7U6KsyRXUrbvRvadtZBHere are some pictures of farms I currently run/have ran in the past:
Apart from my previous group buy, I have also done over $20,000 worth of transactions on these forums without any problems at all. I have both bought and sold products and services numerous times on these forums and am as trustworthy as they come.
How To Invest:*Only send in funds with an address that you can control. You must be able to sign transactions with this address so that you can prove you are the true sender of these Bitcoins in case there are any issues*MINIMUM INVESTMENT IS 5 BTC- any amount received lower than 5 BTC will be sent back to the sender.NOTE: Shareholders of my first group buy can buy in for a minimum of 1 BTC.
Please send your investment to: -redacted-No longer accepting investments.Please reply to this thread with how much BTC you sent AND the transaction ID!Thank you for your time,
Ch
