New Revolutionary Mining Technology

[Aldur1]

https://www.bitex.co.uk
BitEx Ltd
Company No: 08719832
VAT Registered: 177659452

As a long time member of bitcoin talk although an infrequent poster, I am please to announce that after several months of work quietly in the background we BitEx Ltd have a new hardware mining unit designed to compete with all levels of existing hardware, both in terms of performance, power economy, and versatility we believe this coupled with our dedicated belief in providing both ongoing support as well as uptime guarantee's that you will find hard to believe.  We understand that many of you will be skeptical when you see our claims, so we would like to invite the entire community to raise any questions or concerns and give us the opportunity to address those before we begin taking any deposits for our offering, as well as giving our prototypes time to reach completion to a complete production specification, that we can demonstrate our feat of engineering and begin what we feel will be the start of a new era of mining technology.  Will will be offering a limited number of pre-orders prior to the prototypes completion to assist the final costs of making our dream a reality.   For this limited number of initial orders as a show of appreciation of your faith in our commitment to this project, we will be including a free years remote monitoring and support with an uptime guarantee on this batch as well as a discount you may apply to a future order.


The bitEX Independent Mining Unit represents a first in crypto currency hardware offerings, an out-of-the-box solution combining ease of use, groundbreaking versatility, bleeding-edge performance and a truly remarkable energy economy.

The IMU™ is bitEXs premier consumer VMD offering, the independent in the name relates to the ability of the user to alter what crypto-currency the IMU mines as many times as the user wants, and above all, easily.

The Independent Mining Device utilises components which make no compromise on performance or quality. architecture designed to designed to maximise its performance while consuming no more than an individual lightbulbs level of power. A system designed with home users in mind; competitively powerful, energy efficient and aesthetically pleasing.

Crafted in a manner befitting it's capabilities, the IMU has been designed and manufactured in North America. Complimenting the IMDs innovative capabilities, build quality, durability, and uptime are core design requirements; the Independent Mining Device is built to MilSpec standards and unlike many mining hardware offerings, designed to be a distinctive and durable standalone appliance, unobtrusive in a living space as well as the computer room.

Designed with broadly divergent spectrum of users in mind, the IMUs friendly interface provides an ease of use with the ability to administer every aspect of the process, and most excitingly, switch between all known coin protocols with unique simplicity.

The Independent Mining unit has been conceived to achieve the greatest ROI for the user combined with an ease of use of use and accessibility previously unseen in mining hardware offerings.

BitEX aims to show the market how a system should be designed and built with simplistic design, quality, and affordability coupled with an unparalleled level of support. We challenge the market to meet our immutable high standards both in production and support.

IMU MK.I

Hash Rates
S-Crypt   3 MH/s
Sha-256   10 GH/s
XPM   2,000,000 PPS
BitEx M2 coin   TBC
Power   50W

Hardware Features
Dual Core ARM M4/M0 Cortex CPU
Altera Cyclone V GX FPGA
Temperature Monitoring
7" Colour Touch Screen interface
Push Button Function
Small Form Factor (16cm x 10cm x 5cm)
Wifi
Ethernet
ZigBee
Lifetime Warrentee

Software Features
Mine two concurrent coin streams
Autoswitch to highest profit streams
Coin Exchange API intergration
Wallet API intergration
Customisable Interface

Optional Extras
Remote Monitoring
SLA driven support contracts
bitEX MultiCoin pool


IMU MK.II
Hash Rates
S-Crypt   6 MH/s
Sha-256   20 GH/s
XPM   4,000,000 PPS
BitEx M2 coin   TBC
Power   ~65W

Hardware Features
Dual Core ARM M4/M0 Cortex CPU
Altera Cyclone V GX FPGA
Temperature Monitoring
10" Colour Touch Screen interface
Push Button Function
Small Form Factor (16cm x 10cm x 5cm)
Wifi
Ethernet
ZigBee
Lifetime Warrentee

Software Features
Mine two concurrent coin streams
Autoswitch to highest profit streams
Coin Exchange API intergration
Wallet API intergration
Customisable Interface

Optional Extras
Remote Monitoring
SLA driven support contracts
bitEX MultiCoin pool

In addition to these what you may think are outrageous claims, I want add my sincerest hope that we will exceed all expectations, deliver early, and if possible make savings in production and pass these on to the community. We hope to bring into alignment the name BitEx with an unsurpassed Quality in both Hardware and service.  I open the floor to any question you may have.

Many Thanks

Aldur1
-CEO BitEx Ltd

[PotatoMcGruff]

What an incredible 3D render.. This looks promising.

[ohya?]

haha fucking jokes

[Azelphur]

Hi folks, just to drop in and say hi. A lot of people will know me from my other work, and from bitcoin-otc. I'm a major shareholder / director in bitEX and am working hard to make this project a reality

[krampus]

ZigBee? Really? Did you throw that in there just to see if we were paying attention?

[nybbler905]

It would be interesting to see if there was an ' entry ' level version that could be made as a testbed for the technology.  I would be willing to shell out 0.04 BTC ( including shipping ) for a USB version that got at least 4 GHash no matter what the power/heat issues are.  Obviously the wireless and display would not be needed as the ARM could just talk to a ' local host ' stratum proxy running on the system that is connected to the net.  Just a thought and yea, still so new that I've only managed to buy 1 AntMiner with all the coin i've managed to mine so far.

[DimensionsOfHell]

So IF this is real, this is using the GridSeed chips I'm assuming. That stats seem to match exactly to those chips, which I believe still has a lot of glitches on them and need a lot further refining.

[Aldur1]

What an incredible 3D render.. This looks promising.

Yes its only a 3D render at this stage, but whats in a case, its the hardware that is inside it that counts, Once we have a final case produced with a working unit we will happily share a full set of images.  Until then the best I could offer is some images and video of our development setup and maybe some early screenshot of the software we are putting on there.

Insert Quote
ZigBee? Really? Did you throw that in there just to see if we were paying attention?

Actually no, I will confess it was a last minute add-on to the device and it was at the request of a recent addition to our engineering team wanting to work on the interesting new ideas for Home Automation tech which as another interest of  mine I was immediately sold, I wont make any promises on a future offering here, but the concept sounded fun, and it potentially adds even more versatility and functionality to an already very versatile offering.

Code:

It would be interesting to see if there was an ' entry ' level version that could be made as a testbed for the technology.  I would be willing to shell out 0.04 BTC ( including shipping ) for a USB version that got at least 4 GHash no matter what the power/heat issues are.  Obviously the wireless and display would not be needed as the ARM could just talk to a ' local host ' stratum proxy running on the system that is connected to the net.  Just a thought and yea, still so new that I've only managed to buy 1 AntMiner with all the coin i've managed to mine so far.

This isn't an option with these specs, but our designs could be adapted potentially, if there is a significant interest then we will investigate the option of building these units.  And see if its a viable option to produce.

[Aldur1]

So IF this is real, this is using the GridSeed chips I'm assuming. That stats seem to match exactly to those chips, which I believe still has a lot of glitches on them and need a lot further refining.

Thank you for that insight, I hadn't seen those chips until I searched them just now, an interesting concept. But completely different to our design.  As I said, our design is unique, and is not similar to any other mining devices available on the market at this time.  If you wish to discuss in more technical detail our architect will happily answer any questions you may have.

[kingscrown]

ill write here just to keep eye on it.

[Aldur1]

ill write here just to keep eye on it.

Please do, there is also the Watch button but we welcome any comments or questions.  We are keen to set a new precedent for companies developing Crypto-Systems.

[DimensionsOfHell]

You say that it's a completely different design, yet, it's already been done, with the same exact specs I might add.

GridSeed is already starting work on their second generation chips while working out the kinks of the first gen.

If you guys are not using those chips, could you please go into some details as to what you are using/designing?

[Aldur1]

You say that it's a completely different design, yet, it's already been done, with the same exact specs I might add.

GridSeed is already starting work on their second generation chips while working out the kinks of the first gen.

If you guys are not using those chips, could you please go into some details as to what you are using/designing?

I will happily explain to the best of my knowledge, however our architect will probably be able to answer more to your satisfaction so I will also forward your query on and get a response from him as well.  If you review the specification I listed both here on this forum, you will notice that we are using Altera Cyclone V GX Chips, and we are using the top level of this chip as well to provide the best possible performance we can.  In a very simplistic way the core difference between the MK.I and MK.II devices is that the MK.1 will include two boards with two Altera Chips, this accounts for the 2 Crypto Stream Concurrency we are offering on this device, likewise the MK.II is made up of four of these boards. Accounting for the opportunity to based on the most profitable coins Mine up to 4 different coins at once or any combination.  Initially we will not be offering the possibility to mine  multiple coin threads per board e.g. S-Crypt and SHA-256 from a single chip as there are some major complexities this poses. That's not to say we wont develop this in the future. but its not a feature on the immediate road map.  So essentially with a MK.I device the following would be possible:

Board 1: Merged Mine Sha-256 Coin
Board 2: Merged Mine S-crypt Coins

Or

Board 1: Merged Mine S-crypt Coins
Board 2: Mine XPM

Or any combination, these will also support any future stream updates we release for our systems.  We are aiming to deliver additional streams for release but cannot at this time commit to any one in particular.  We are also in the process of developing a multi-protocol pool, were we will offer customers the right to merged mine any stream which we support going forward, with no mining fee's charged to them for their devices.

The other part that makes our device unique is the system that will be controlled by the ARM processor this will provide the functionality for new instances of existing streams to be dynamically added by the user, or even added on an API call from say http://www.coinwarz.com/, so both units have already got both SHA-256 and SCRYPT streams working.  This system will also allow users to specify mining rules and profitability rules, software based on a trading bot I wrote back when I  initially started out in bitcoin.  And all our systems will offer an interface for you to develop or own tools and software to either integrate or bypass these features.

[DimensionsOfHell]

You guys seem to have a lot of good ideas, but to me it seems it might be a bit of an over reach. Those ideas are very complex to implement without hundreds and thousands of possibilities of errors. I'm sure that those ideas CAN BE implemented to work perfectly, but I don't think it's feasible in the time frame it is expected for a Crypto Currency world.

3 and 6Mh/s for Scrypt might seem great right now, but with a lot of other ASICs coming out for Litecoin, it won't have much of an impact months from now.

What time frame are you guys expecting to have an actual product?

[Aldur1]

You guys seem to have a lot of good ideas, but to me it seems it might be a bit of an over reach. Those ideas are very complex to implement without hundreds and thousands of possibilities of errors. I'm sure that those ideas CAN BE implemented to working perfectly, but I don't think it's feasible in the time frame it is expected for a Crypto Currency world.

3 and 6Mh/s for Scrypt might seem great right now, but with a lot of other ASICs coming out for Litecoin, it won't have much of an impact months from now.

What time frame are you guys expecting to have an actual product?

I believe our team is aiming to ship by May 1st, as I said this has been ongoing for some time, and we are offering software upgrades to the devices as we improve them.  So yes its possible it wont be perfect the first time around.  But we are designing what we feel is the serious future of this economy if it is to be cost effective in the long run.  And I will even add that our target for May the 1st has an obscene amount of time built in for slippage,  I wont admit how much as it will rob me of a chance to demonstrate our dedication to this goal.  We hope that by inviting the entire community to ask questions and make suggestions and participate at this point we can at least rule out any really stupid mistakes and make sure we can give the entire market the best products and services going into the future.  Everyone involved in BitEx is is a die-hard Cryptocurrency fan.  And we will do everything in our ability to deliver this.  In fact I am so confident in our design I left a comfortable job in the City to pursue this venture.  So please let fire all your questions lets build the future of the global economic system as a community, and let us all contribute in way any way we can.  Other things we are doing and planning to release opensource, is an augmentation that will hook into existing crypto networks, also in the prototype phase. http://fidanet.org/, this is not our only development.  We have also setup temporary camp on freenode in #bitex for live Q&A, this will be our temporary home while we setup our IRC server.

[DimensionsOfHell]

Well I am very interested in this project of yours. I will be staying updated with this thread, and you can surely expect more communication from me in this thread.

I'm curious as to what price range you guys have in mind for these units. Can you give some rough estimates as of this time? I know prices can change a lot from now until final product is released but I would just like a ballpark figure as to what you guys are expecting for your product that is scheduled to be released in May?

Do you guys plan on accepting BTC/LTC based on dollar value (e.i. $500/ whatever current value of BTC/LTC)? Or just price them straight to a BTC/LTC amount regardless of conversion rate?

Also, when you guys do have some sort of prototype or beta testing products, could I be considered to be a beta tester?

[Aldur1]

Well I am very interested in this project of yours. I will be staying updated with this thread, and you can surely expect more communication from me in this thread.

I'm curious as to what price range you guys have in mind for these units. Can you give some rough estimates as of this time? I know prices can change a lot from now until final product is released but I would just like a ballpark figure as to what you guys are expecting for your product that is scheduled to be released in May?

Do you guys plan on accepting BTC/LTC based on dollar value (e.i. $500/ whatever current value of BTC/LTC)? Or just price them straight to a BTC/LTC amount regardless of conversion rate?

Also, when you guys do have some sort of prototype or beta testing products, could I be considered to be a beta tester?

While we do have some numbers in mind based on our costing of the system and again, in this we have been as pessimistic as we can be by ignoring all potential economies of scale we might receive and then also providing a slush fund in the price to cover any incidental work that may come up in the final stages.  I want to be completely transparent on this, we realistically expect the production costs to be lower than we have allowed and if this is the case we will pass these savings on to the end user,  We want to create a good value for money offering that we can sustain on going and ensure we retain all customers who choose to walk this exciting road with us.  But to give you some ball park numbers here was our initial thoughts and I want to be clear that these are subject to change in either direction, but we are confident we have planned this well and through as thorough analysis of what we felt were the many short comings in the ASIC market place was have tried to address those issues as part of this project.  Frankly we cant wait to hold the fruition of many months work and design we have spent endless hours analyzing existing Bitcoin miners their communications protocols, their board quality etc.  I could go on, the the numbers you want are:

MSRP:
Mk. I - $2500.00 USD (3 MH/s scrypt, 50W)
Mk. II - $4500.00 USD (6 MH/s scrypt, 50W)

Deposit on Preorders (constitutes part of total price listed)
Mk. I - $1200.00 USD
Mk. II - $2000.00 USD

First PreOrder Batch - 100 Units
Perks (first batch only):
-$250.00 USD off of your next bitEX purchase
-Cloudhashing @ 10% of hashrate after May 1, 2014 until device is delivered.

This is our initial thoughts on timescales and prices, again with margin for error built in, and I would like to also share with you what prices we compared these to and what we were looking in terms of what we felt was the closest thing we could consider a competitor as really there is no other company with this offer.

Competitive Offering:
http://sluicebitshop.com/products/zephyr-ii-4000-kh-s-115-watts
SluiceBit II - 2 MH/s @ 100W MSRP $2500 USD
SluiceBit IV - 4 MH/s @ 115W MSRP $4500 USD

And I am happy to show these as we are extremely confident in our ability to deliver this and also in our faith in the community to support us, and help us make this a system the can be sustainable and profitable for all.

We will fix our prices against USD in the Americas and GBP in Europe primarily as these are our primary areas at this time but we are looking to build this bussiness and build this technology and revolutionize the world together.

For beta testing please contact us via our contact page on our site and let us know what you think you can bring unique and if we agree we will do our best to get you on a beta list, but as you can imagine there will be many requests and it will be initially a small offering to allow us to slowly move into the market and address issues while the distribution level is low so as to get everyone the possible returns in the long run.

And thank you for all your thought provocative questions and  we look forward to hearing more from you.

[jamesc760]

My spidey senses are tingling, and my inner voice is screaming "SCAM ALERT"!!!

[miter_myles]

Following, thanks.

[Aldur1]

   
Re: New Revolutionary Mining Technology
Today at 04:36:08 AM
Reply with quote  #18
My spidey senses are tingling, and my inner voice is screaming "SCAM ALERT"!!!

And I completely understand why given the nature of what we are aiming for here, and we fully expect you skepticism and which is also we have managed to secure enough capital to produce a very few prototypes before needing any deposits for the mass production run we are planning.  We will be offering incentives to people who want to pre-order but we are happy to provide any guarantee's on delivery and have some preliminary ideas to announce soon on offers and and incentives if we don't deliver on time, to cost etc.

But I welcome your skepticism and challenge you to prove we are a scam because I stand by my company and am willing to meet in person, or whatever kind of assurance you need.   What I'm trying to do hear is engage this level of dialogue with everyone and find a way to prove our intentions even if it means a slower release due to now pre-orders prior to a prototype.   We are more than prepared to take that route if we must that is how confident we are. But please wait till our second or third batch, we fully intend to get this to a level where every front room in the world has one of our devices that is our dream.

[edit] I would also like to point out that I am a Admin on OTC and have a respectable trust rating there, and so does my co-director and shareholder in the this company  I will auth to groove ID and am happy to provide other method of Personal ID.[/edit]