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Author Topic: [OPEN AUCTION] HashFast Baby Jet  (Read 3011 times)
ProfMac
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August 16, 2013, 11:02:05 PM
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HashFast announced the 1st engineering run of their Baby Jet for Oct 20-30 delivery in order of payment.  The cost is $5,600, the power draw is 350 W, and the hashrate is 400 GH/s, next day shipping is approximately $200.  This is a limited production of 550 devices, and they are steadily selling.  At least 381 391 have been sold.

This pricepoint is similar to buying 5 Avalon 3 module systems at a cost of $1,120 each, with a credit for 2,900 W of electricity.

There is a lot of skepticism about pre-pay for systems at this time, and if you are a noobie who dreams of getting rich, I want to strongly discourage you from getting involved in my purchase.  I absolutely do not want to minimize the risk, and if HashFast takes the money and produces nothing I can not make it good for you.  Many ventures are promising to bring high hash rates online, and this will strongly dilute the earnings of everyone.  I am certain that the earnings, priced in BTC, will fall steadily.  It may fall so fast that this unit never earns as many BTC as it costs.  That is, it fails to achieve break-even.  

At least two fixed price group buys are open.

https://bitcointalk.org/index.php?topic=270853.0 waldohoover
https://bitcointalk.org/index.php?topic=274055.0 DyslexicZombei
https://bitcointalk.org/index.php?topic=274249.0 Moogle
https://bitcointalk.org/index.php?topic=274798.0

I'm willing to collect money, administer the unit, and make the payouts.  I did this with a Batch #2 Avalon, and the hash rate as well as the payouts are visible to the public.

I offer 512 shares in a bitchain auction for 100% of the net output of 1 Baby Jet.  You may check my previous auction and see that I did return losing bids.

  • If sufficient funds are paid, I will order the unit(s).  
  • If the shop sells out or I otherwise do not place an order, I will return the funds promptly.  
  • I may contribute my own funds to the auction.  
  • I reserve the right to cancel the auction and return funds at any time, for any reason.
  • I may purchase more than 1 Baby Jet from auction proceeds, and ownership will be prorated for the entire Baby Jet farm, and not restricted to a specific unit.  
  • The auction will end when no additional units are available for sale, or at any earlier time.  
  • I may purchase a Baby Jet with auction proceeds while the auction is still open and the winner list is not final.
  • I may find windfall means to acquire more Baby Jet units after the auction ends, and add them to the Baby Jet farm with pro-rated earnings and shares.

I will stand ready to receive the machine, plug it in, and follow the instructions that are provided.  This is not a special skill, and you are not relying on any level of expertise on my part.  I anticipate that many owners will attempt to overclock or modify their devices, and that firmware updates may be issued;  these are not special skills within this community, and I may or may not do so.  I will report publicly and factually the actions that I do take.  In order to be qualified to bid, you must have these same skills to own and operate a Baby Jet yourself.

I have plugged some numbers into a mining profit calculator.  In particular, I moved the estimated delivery date to 2013/12/20.  I made similar calculations back on February 18 when I bought my Avalon, and I am making significantly less than those calculations indicated.  You should make plans that these calculations are wildly optimistic.  I do not guarantee these numbers.  I don't have any expertise in making any prediction on the future difficulty, or the future value of bitcoin.  This calculator suggests that the Baby Jet will have an end of life the week of 2014/12/26.  For purposes of this group-buy & auction, I declare that the Baby Jet has no value beginning 2014/12/26 and full ownership of it will be abandoned to me at that time.  I may chose to declare this venture closed on or after 2014/12/26 with no additional discussion or obligations.  I may re-furbish or otherwise change the Baby Jet, or leave it unchanged, and mine with it as my own private machine after ownership has been abandoned to me.

Nonetheless, this calculator suggests that a Baby Jet could earn 92 bitcoins.  A naive calculation gives each of the 512 shares a value of about 0.1796 BTC.

The 1st 2.0 BTC mined by each Baby Jet will be paid to me for establishing this auction.  I will deduct 0.10 BTC each week for electricity, internet, & housing.  If other costs arise, I will document them and deduct them.  One such cost would be any registration of bitcoin miners that is required by US, Minnesota, Texas, or other regulators.  My administrative time is free for routine operations.  When a Baby Jet is ordered, the corresponding auction proceeds become mine to do with as I choose.

The mechanics of the auction:

  • You pay from an address where you can receive bitcoins and sign messages.  If you don't know how to sign messages, please don't bid, as it will make both of us unhappy.  You may want to buy 1 share, or many shares.  I have provided several addresses as a shorthand to make bids on a block of shares.
  • It is good practice to pay from an address that you newly create and fund for this auction.
  • I will calculate the price / share that each bid-address pays each submit-bid address.  This is calculated on the total balance, not on a per transaction basis.
  • I will order these as equivalent 1 share bids from largest to smallest.
  • I will count up to some integer multiple of 512 shares.  Those bids will be winning bids.
  • There is no minimum pay-in.
  • When a portion of a block-bid has been outbid, I will continue to hold the funds until the auction is over.  This will allow the possibility of buying more than 1 Baby Jet.

I do this manually.  It is tedious.  And slow.  This is an opportunity for a block-chain savvy programmer.

  • The submit-bid addresses are
    • 512 shares 14eBzhQBYBCiDy7SV8s6iR9oUKHnBadnYH
    • 256 shares 1JJnWS4pc4vsrjHS1bp5NN9qdeavWsXGjm
    • 128 shares 1JUeHwXiXh3uPQo2gxwWhako3BftFsvwGB
    • 64 shares 1GYMDePfXJNBUVZ5wRbnb84FSsiMU5eumg
    • 32 shares 1G6vNho8Z3hAjZovHNAs4AKmCg6Wbc9gre
    • 16 shares 1GMTHS4u55BpJRZzSkuqLApuoG8sQSFp7L
    • 8 shares 11tc9cNnwLeY6xwfWsWHwSm6YaXeCCcbp
    • 4 shares 1Fgsy1h5MUPMdL69B42mfyhAtfeSi65HaM
    • 2 shares 17LoTP4vTjqi9eWvNLoDKRVZxxVEjZGGx2
    • 1 share 16xfBv9YHnLLqrRayAMhGzFSjXeGayFGYh
  • The admin address is 17AMeSmnZwW1MGykLEmAngQcxqnyEfrLET.  Transactions to or from this account are not bids and are not refunds.  Do not pay to this address.
  • The mining-proceeds address 1BiEPg9oANN8ow3wzRKftsdRsotVPk6bav will receive the mining proceeds, and initiate the payouts.


I try to be respectful and informed.
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