Official BITMINE CoinCraft series 28nm ASIC miners thread

[elvizzzzzzz]

I'll mention that some statements in the press conflict with
what I've written here, so you may have to do your own research to clarify
these points.
I'll begin by saying I am not a lawyer.

This is my understanding of how companies are supposed to be run:
Companies have three assets - retained profits, equity and debts.

Equity is an investment at risk, when you invest you know you may lose it all.

Retained profits belong to the Company, and the Company is owned by
the shareholders, ie, equity investors. If the Company has no equity it
is technically insolvent and should cease trading. If it continues to trade
while insolvent, it may be breaking Company law.

That arrangement protects creditors, because the creditors should get
their money back minus any legal costs of bankruptcy. Under Bankruptcy
law some Creditors are more equal than others, ie a queue forms to collect
on their debt.

[BraneR]

Hello, obviously, the money can wipe the nose. Maybe someone knows whether the founders of the company Giorgio Massarotto and Christian Anselmi or any other company founded?
Or what kind of information about company in Iceland, where the company moved? 

I would ask you for anything to hint that we are trying to solve what has to.

Thank you for your help.

[GaliX]

what a surprise ...

[NotFuzzyWarm]

Finally some closure on this issue, with Bitmine's bankruptcy.

Those guys were well out of their depth in attempting to take this company forward,
and as I had warned on the unofficial Bitmine thread, from the end of May 2014 when
refunds ceased, bankruptcy was a possible outcome. I'll quote Upton Sinclair:
"It is difficult to get a man to understand something, when his salary depends upon his not understanding it!"
My experience in dealing with these guys suggests that Bitmine kept paying salaries
until all the money was gone.

It's time to take some time to figure out what is left of Bitmine, and how to maximise
any returns to people like myself who pre-ordered miners. Maybe we need a new thread,
or just restart the old "Refunds" thread.

And by default since Bitmine's sole US representative was AMT ran by Giorgio's family friend Joshua Zipkin, some of the AMT customers as well though in our case continuing outright fraud is more the point.

Aside from now having confirmation about what I had heard here and there about what Innosilicon was doing, what happened pretty much mirrors what I was posting early on in the AMT threads: I indirectly work with the Semi industry and know the timelines for new chip development pretty well.

The timeline from Bitmine/AMT announcing the A1 and them almost immediately starting to take Investomer monies - sorry, 'pre-orders' - followed by the wildly over-optimistic delivery dates was simply not possible.

Sadly I dug up all this distressing information after I had placed an order with AMT on Feb. 26, 2014 for their 540GHs A1 rig On the bright side, I was one of the very Lucky ones and finally *did* get my miner from AMT on August 22, 2014 - and it is a 1.2THs version only because the folks in China (Iltek) that Josh Zipkin found would only make that speed.

Thankfully after going through almost 2 months of lies from Joshua Zipkin in the AMT threads about how AMT/Bitmine were progressing with the A1, I had the nerve to fall back 3 and punt. Got my 1st Ants from Bitmain and have done very very well by them ever since:)

[Kuma]

Hi jeycreative,
any news about your visit to them?
Is there any chance the Swiss justice should consider this as fraudulent behaviour? Because in that case it should be a criminal act and we should have slight chance to receive something back.

[echo00114]

hello

i have one coincraft miner 1 ghs working fine the last week

and now stop mining 1-2 hours after working

coolers stop and 0 ghs hasrate but web interface working little display on miner working and click restart on web also working 1-2 hours

i look the log but i dont see anything (i not expert) .

the firmware current version: 201404251907

anybody have newest firmware?

so please help i dont now what problem.
thanx

[manicminer5]

"swiss reputation is not a myth"

[moredillon]

So how many people here still need a refund?

When did http://bitminerefund.com/ go down? Their twitter is still up.

[Inno_ASIC]

Innosilicon official reponse to Bitmine lies - Let the evidence do the talking

[/b]


On behalf of Innosilicon Inc, the proud real owner of A1 BTC ASIC and A2 LTC ASIC, I would like to make it clear that we are very shocked to learn that Bitmine shamelessly pointed their finger to us for their business failure due to a series of their own engineering mishaps and reckless business risk taking. Innosilicon has done nothing wrong here and we continue to deliver our quality product even till this date. We have full evidence (email exchanges, legal contract, shipping record, business plans, apology letters etc) that Bitmine management tried to use Innosilicon as scapegoat to mislead their customers for their failure to fulfill their customer orders. We would like to provide full evidence to assist those who filed lawsuit against Bitmine. Our contact info is listed below and let us suit Bitmine liars. The world deserves to know the truth.


1. A1 chip came out on time and working. Chips were fully delivered at normal 28nm foundry yield to Bitmine with Bitmine CEO email acknowledgement and appreciation. Full amount of ASIC are delivered and tested with clear marking and there is no excuse for Bitmine not to deliver their mining machines. It is Bitmine who failed to turn working A1 into good miners to customers. In fact, they received our 1st batch of over 50K A1 chips at cost in early January of 2014 yet failed to produce working miners till April, at that time, BTC market was very hot and miners were in huge demand yet they failed to capitalize. Even then, Bitmine A1 Miner system was reported still not stable which is the biggest reason why they missed market windows. In these two critical months they received another over big batch of low price chips ahead of anyone which were enough to fulfill their customer miner orders. The only reason of their failure to produce miners were their system PCB design and DCDC design flaws. This is due to their poor engineering issues, thus wasted a lot of money by making tons of failed circuit boards, not due to our A1 chip issue. They are the one who is responsible for the failure of customer delivery. In the meantime, another Chinese miner manufacturer Dragon Miner came in after them and started to deliver working miners in late Feb and quickly ramped up very high volume with A1 directly purchasing from us with much higher cost month after month. On the other hand, Bitmine sat with the piles of working A1 chips and could not produce working miners. Yet they shamelessly blamed on all their failure on Innosilicon!

2. We never violated any agreement therefore they knew they have no chance to win any legal battle with us. This project became joint investment in Oct 2013 when they could not fund the project by following the previous contract funding terms. So they asked us to step in to fund half of the mask fee with a contract amendment where it stated that Innosilicon have the rights to sell the chips in the open market. If you read the amendment, you will see that why they absolutely don't deserve the exclusive rights for A1 chip. They were not forced to enter the agreement amendment, they should thank us for the investment to save the whole project.


3. The reason why Bitmine apologized to us with offical letter is that they themselves later violated the contract amendment by declaring to the whole industry that Bitmine own the exclusive rights of A1 and threaten lawsuit against anyone who buy A1 Chip from us directly. Obviously this is totally a lie and violation of our amendment and they had to apologize.


4. We have every evidence to show that Innosilicon developed and own 100% of the A1 ASIC intellectual property and our company is a world renown IP company with excellent ASIC design skills. Innosilicon not only independently developed 28nm A1 BTC ASIC, it also quickly developed A2 LTC ASIC. Both quickly became No. 1 in the market. Our business is all over the world and enjoy stellar reputation with zero complaint from anyone. Protecting IP rights is of paramount importance to our company and we never had any design IP from Bitmine. Bitmine was previously only 2 person company who had zero chip design experience. Can you believe that Bitmine could develop most advanced ASIC with their background? We stated in the contract that any design contribution from each company belongs to each company. Bitmine has zero actual ASIC design contribution in the chip. All they did was to provide us their system input and output files for us to simulate our design.


5. If you ask us, we have a lot to say why Bitmine failed  to keep their promise to us and to their customers. 1st, Bitmine used the pre-order money from customers to build their own mining farms and conducted risky bitcoin trading, in both adventure, they lost big money. A1 would have been a lot more successful if they did their job right. I'd to say that the real problem for Bitmine is their weak management on risk and poor technical execution in a market  that is full of competitors and time to market is of great importance. They had 2 months to prepare their miner design before our ASIC came out yet they did a terrible job in that after 4 months, their miner still don't work right and customers were all angry and  they used us as excuses.  I have many facts documented that how they failed so many times before producing a working miners. They made several big mistakes in rushing their production and wasted a lot of materials and chips and made us very very upset. We delivered chips marked with grades according to contract and they knew it. To this date, they still did not pay for some agreed chip shipment fees and we had to cover their unpaid shipment fees.


We are saddened by Bitmine's bankruptcy and failure to fulfill their customer promise. We are shocked that Bitmine management used baseless accusation as excuses to save their face and cover up their business risk takig and engineering mistakes. We have every evidence to show that Innosilicon has faithfully followed our contract and contract amendment and it is Bitmine that grossly mishandled their miner design and production with very unprofessional engineering execution. It is very obvious that A1 chip is a huge success, on time and with quality ,yet A1 miners from Bitmine could not ship on time and with quality to their customers months after. Isn't it clear that who did their job right, who did it wrong?


We reserve every rights to file lawsuit against Bitmine management if they continue to spread baseless rumors to damage Innosilicon reputation.Should you need more information, we are happy to help.

Best regards,
Joey Jiang
Innosilicon Marketing Director
sales@innosilicon.com

[Micky25]

Innosilicon official reponse to Bitmine lies - Let the evidence do the talking

-cut-
4. We have every evidence to show that Innosilicon developed and own 100% of the A1 ASIC intellectual property and our company is a world renown IP company with excellent ASIC design skills. Innosilicon not only
-cut-

so you would have made your own miners anyways, sooner or later, even without financing from and contract with bitmine.ch?

[RoadStress]

Innosilicon official reponse to Bitmine lies - Let the evidence do the talking

-cut-
4. We have every evidence to show that Innosilicon developed and own 100% of the A1 ASIC intellectual property and our company is a world renown IP company with excellent ASIC design skills. Innosilicon not only
-cut-

so you would have made your own miners anyways, sooner or later, even without financing from and contract with bitmine.ch?

Why would they need financing from Bitmine? They own the IP and it's clearly that they have more liquidity than Bitmine...

[Micky25]

Innosilicon official reponse to Bitmine lies - Let the evidence do the talking

-cut-
4. We have every evidence to show that Innosilicon developed and own 100% of the A1 ASIC intellectual property and our company is a world renown IP company with excellent ASIC design skills. Innosilicon not only
-cut-

so you would have made your own miners anyways, sooner or later, even without financing from and contract with bitmine.ch?

Why would they need financing from Bitmine? They own the IP and it's clearly that they have more liquidity than Bitmine...

In my eyes, this whole thing is just another stolen business by a chinese company. It's the same as if Foxconn would start to sell their own iPhone replica.

[brozinic]

Sue them, Sue them, Sue them , sue them !!! 

[zekarsalih]

Guys, I have forgotten the password of my coin craft. What can I do? I have 5 pieces of these miners! Please help me out here if possible. It is not the default admin/admin.

Kind Regards,

[bomberb17]

Guys, I have forgotten the password of my coin craft. What can I do? I have 5 pieces of these miners! Please help me out here if possible. It is not the default admin/admin.

Kind Regards,

Try logging with SSH

[zekarsalih]

How does that work any guide on that

[Alexandrus]

Hello everybody !!!
My name is Alexander.
I have a little problem. May be someone know the answer.

My coincraftdesk doesn't start.
The psu fan starts just for a one second when I turn the miner on and then nothing works except
rasberry pi.
The raspberry continues to work, it gets ip, andI can connect to it by browser.
I can see all logs.
In dashboard I can see no modules.

Link with the logs http://pastebin.com/DHfHprm0

Have somebody had the same ?
is there anybody understanding anything in miners ?

Thanks !!!

[mehow]

Hi.

My first post here:)

I'm new owner of Bitmine CoinCraft Desk, unfortunately it has only 3 modules working, and data PCB is little charred. If anyone has spare parts or is dissasembing his set im interested. EU shipping would be the best.
Cheers!

[crocko]

OPEN LETTER to Bitmine.ch, represented by Massarotto and Anselmi

I am one of your customers who NEVER received a Coincraft Desk or a REFUND + Penalties.
Please don't be so happy because you have declared your bankruptcy !
BANKRUPT doesn't mean WE DON't DELIVER or WE DON'T REFUND, suck our [...] you lousy CUSTOMERS !
You still OWE me money.Period.
And because you are so rude and play dirty, starting with (I quote you from your "Open letter from the former BITMINE AG management")
"on 20th of May 2015 at 9:00..." I will ask for an interest of 0.2% per day for my money !
Do the math yourself:   (my initial order from Dec 2013 of $2,628.00 + penalties ) x 0.2% / day
  
Don't laugh and rush to point your middle finger on me. Nope!
I urge you to send my money back ASAP here:

btcaddr.es/giorgio+anselmi_pay_and_live

If you dare to do otherwise, you do it on your risk.
The world is small and the life is full of surprises.

An ex-customer

[psy112]

OPEN LETTER to Bitmine.ch, represented by Massarotto and Anselmi

I am one of your customers who NEVER received a Coincraft Desk or a REFUND + Penalties.
Please don't be so happy because you have declared your bankruptcy !
BANKRUPT doesn't mean WE DON't DELIVER or WE DON'T REFUND, suck our [...] you lousy CUSTOMERS !
You still OWE me money.Period.
And because you are so rude and play dirty, starting with (I quote you from your "Open letter from the former BITMINE AG management")
"on 20th of May 2015 at 9:00..." I will ask for an interest of 0.2% per day for my money !
Do the math yourself:   (my initial order from Dec 2013 of $2,628.00 + penalties ) x 0.2% / day
  
Don't laugh and rush to point your middle finger on me. Nope!
I urge you to send my money back ASAP here:

btcaddr.es/giorgio+anselmi_pay_and_live

If you dare to do otherwise, you do it on your risk.
The world is small and the life is full of surprises.

An ex-customer

Good writing and I feel the same! I'm also one that never got my miner or any of my money back! I even tried for months to get them to atleast give me 50% of the initial payment, but without luck! So man up and start paying us our money!