[Groupbuy] [UK] Titan KNC Miner (Postponed) [OPEN] 25MH Shares

[Mogumodz]

UK Group Buy Postponed @ 2.2 BTC each For Titan 100MH/s Purchase

[POSTPONED]


2.2 BTC = Min 25MH Share (1/10th)

All shares are 2.2 BTC each to allow for market changes. This group buy needs 0 remaining shares at 2.2 BTC each to be sold to purchase a preorder for 1 Titan 250MH/s Miner. If these 9 25MH shares at 2.2 BTC each are purchased, every share will payout 1/10th of the expected hashrate in BTC of the 250MH/s miner. 250 divided by 10 equals a theoretical hashrate of 25 MH/s per share!

Previous Group Buys : https://bitcointalk.org/index.php?topic=247544.0
                                    https://bitcointalk.org/index.php?topic=347721.0

KNC say a Minimum 250/MH/s of performance and they reserve the right to increase the performance at any time, Shipment begins in Q2/Q3 of 2014. Any extra hashrate provided by KNC Titan will be accounted for in your shares upon delivery.

This group buy is intended to let forum members take part in the opportunity to purchase cheap hash-rate through the recently launched KNC Miner Titan(https://www.kncminer.com/products/titan) company located in Stockholm, Sweden. The unit that the shares relate to is the KNC Titan advertised for ~+250 MH/s (https://www.kncminer.com/).  

Each share you purchase will get you that percentage of what the Miner generates.  All utility and maintenance cost will be paid by me.

OFFERING DETAILS:
 - 9 shares of 2.2 BTC each are available for ~25MH
- Each share entitles the owner to 1/10th of the BTC proceeds from a KNC Titan Miner mining 24/7 for 24 months or when mining becomes unprofitable*
- Payments will be made to the address of the shareholders weekly.
- 1 share will be owned by OP as payment for hosting/power/maintenance of the miner.
- After 24 months or when the miner becomes unprofitable it will be considered 'spent' and become the property of OP.
(*Miner breaking after 12 month warranty, random acts of nature like house burns down etc, internet downtime, not covered in 24/7 for 24 months)

IN CASE OF NON DELIVERY: I take no responsibility for the possibility that KNC Miner does not deliver the miner. I have done what I consider a thorough due diligence but as we all know, you can never 100% guarantee anything when it comes to pre-orders.

IN CASE OF HARDWARE FAILURE:
In case of hardware failure we will have KNC repair or replace the machine. Any costs involved will be deducted from payment as costs.

REFUNDS:
Refunds will be available until the order had been placed. After this point a refund will only be available if KNC does not deliver and we shall then attempt to seek funds returned from KNC to disperse them among the shareholders minus the escrow handling fee. We cannot guarantee this however.

TO PURCHASE SHARES:

- Send 2.2 BTC per 25MH share to address: 1G4JCpyyc8wVZBpeKdfN6GEs1DPVfSGnF6

- PM me/and post the transaction ID (txid) in this thread. ONLY use a sending addresses you fully control and can sign messages with. I will use the sending address for your share ownership proof and if you request a change of payout address I will require that you can sign a message with your share purchase address to make this happen OR I WILL NOT CHANGE THE RECEIVING ADDRESS. This is for your own protection.

HOW TO SIGN:
https://bitcointalk.org/index.php?topic=179769.msg1922342#msg1922342

If I have forgotten anything or you require more info etc. Please feel free to ask/post in this thread.

CHECK the below spreadsheet for the share list

Share Spreadsheet - https://docs.google.com/spreadsheet/ccc?key=0AtKA96zDIqwXdFhrbE9ZLV80OEp6TjdaRVlsTXRLMmc&usp=sharing

R = RESERVED
P = PAID

Handle	Qty	Status	Payment Address	Notes
MoguModz	1	R	---------------------------------------------
werwohl	1	P	---------------------------------------------
MJ	1	P	---------------------------------------------
Dadio202	1	R	---------------------------------------------
arachnid13	2	R	---------------------------------------------
dyland	1	R	---------------------------------------------
TOTAL:	7

[worldlybedouin]

I'm not in the UK, but rather the US...any exceptions to the "UK Only" rule?

[Mogumodz]

I'm not in the UK, but rather the US...any exceptions to the "UK Only" rule?

That's fine. It isn't a rule really. The UK being mentioned is more for letting group buy members know the location of the miner.

I have members in previous buy groups from all over the world.

[Rardo]

Im up for a bit of this. Can i reserve 1 share please.

[kerneloops]

I can vouch for Mogumodz, and though I'm prob going to sit this one out, I have been part of his last two group buys. Very professional admin, transparent (we've had issues with boards before), and share payments come on time. I'm on the West Coast of U.S., and location has never been an issue.

[ink55]

The problem is that you can only reach ROI if LTC/$ rate goes up. The Litecoin difficulty will rise fast because of the many Asic miners which are coming on the market this year. The KNC Litecoin miner seems to be the best offer at moment, but I'm not sure if it worth the investment.

[Mogumodz]

The problem is that you can only reach ROI if LTC/$ rate goes up. The Litecoin difficulty will rise fast because of the many Asic miners which are coming on the market this year. The KNC Litecoin miner seems to be the best offer at moment, but I'm not sure if it worth the investment.

Thanks for your input, the group buy members shall receive payments in BTC as stated unless otherwise arranged with myself.

The Titan Scrypt miner shall be mining the most profitable coin and said coins will be sold and converted to BTC for weekly payments.

"1/10th of the BTC proceeds from a KNC Titan Miner mining 24/7 for 24 months "

[werwohl]

So after Alpha Tech, Flower Tech, Fibonacci, Zeusminer and Gridseed no big sums left, but I think I can spare one share for a real company

I send you a PM with transaction id.

[Mogumodz]

So after Alpha Tech, Flower Tech, Fibonacci, Zeusminer and Gridseed no big sums left, but I think I can spare one share for a real company

I send you a PM with transaction id.

Thanks, I have PMed you back.

[vleroybrown]

Wont KNC be offering hosted hashes like cex.io in the massive DataCenter they are building?
http://www.datacenterknowledge.com/archives/2014/02/06/bitcoin-miners-building-10-megawatt-data-center-sweden/

[Mogumodz]

Wont KNC be offering hosted hashes like cex.io in the massive DataCenter they are building?
http://www.datacenterknowledge.com/archives/2014/02/06/bitcoin-miners-building-10-megawatt-data-center-sweden/

I know KNC have a 'Plan B' in place for miners with Neptune orders (they will offer hosted hashrate for delays)

I expect they will sell hosted hashrate, if it will be as easy to buy and sell as quickly as on CEX I wouldn't know.

Hosting from KNC was very expensive imo the first time around for the BTC miners who opted for it ( OCT/NOV Saturn/Jupiters ).
I pay for all hosting and electricity costs myself so hosting isn't really on my list of things to worry about from KNC, just delivery times.

[btcusr]

I was part of his Saturn group buy.
I'm getting regular dividends.

[Mogumodz]

2 more shares might be taken but I'm still waiting to hear back before I reserve them.

[MakuSoto]

When will the miner be purchased or have you already paid KnC?

[Mogumodz]

When will the miner be purchased or have you already paid KnC?

Order will be placed when all shares are sold. I'm in contact with the reserved share owners awaiting payments but it's whoever pays first when it comes down to it.

The last group buy moved so quickly it was within 24 hours of announcement.
Since all group buy threads for KNC's new miner have/will be moved from the Group Buy section to the Altcoin Market I expect they're getting less eyes looking them over.

[Rardo]

Any more updates?

[Mogumodz]

Any more updates?

Still need 5 more shares reserved or paid.

[hometester]

I can pay 1.1 BTC for .5  (5MH) share if that is an option.

I understand if you want to keep it as whole shares though.

[Mogumodz]

I can pay 1.1 BTC for .5  (5MH) share if that is an option.

I understand if you want to keep it as whole shares though.

Oddly enough I was thinking of offering 5MH for 1.1BTC last night as I've had a few enquiries about it.

I will amend the main post and make it an option.

[nezarkadhem]

What's the latest on this?

[Mogumodz]

What's the latest on this?

Still waiting for a few more shares to be reserved.

[Dadio202]

Hi Mogumodz

Please reserve 1 for me. Let me know when and how you want the transfer made. Dealt with you before and done well, so might as well keep going. If it takes much longer to fill let me know.

[Mogumodz]

Hi Mogumodz

Please reserve 1 for me. Let me know when and how you want the transfer made. Dealt with you before and done well, so might as well keep going. If it takes much longer to fill let me know.

Thanks, I shall reserve a share for you, did you want a 5mh or 10mh share reserved btw?

[Dadio202]

10mh please

[Mogumodz]

10mh please

Reserved, I shall amend the google doc when home in a couple of days.

[arachnid13]

Please reserve two 1/10th shares for me Can you confirm that you'll be dividing the full hashrate and not just the originally quoted hashrate (i.e. I'll get 50MH/s, not 20MH/s)

I haven't done much on this forum before now but I've been lurking and mining/trading for a good few years now

I guess payment is only required once all shares are sold?

[dyland]

I would like to reserve 2.2 BTC share.

[Mogumodz]

Please reserve two 1/10th shares for me Can you confirm that you'll be dividing the full hashrate and not just the originally quoted hashrate (i.e. I'll get 50MH/s, not 20MH/s)

I haven't done much on this forum before now but I've been lurking and mining/trading for a good few years now

I guess payment is only required once all shares are sold?

That's correct, 1/10th share will be 10% of the total hashrate of the miner upon delivery, not just the examples given in the first post. unless it is exactly a 100MH miner. (fingers crossed for more hashrate from KNC like the last few times)

I would like to reserve 2.2 BTC share.

Reserved, I have also updated the Google Doc and first post.

Could any members who have reserved shares please Send 2.2 BTC per 10MH share to address: 1G4JCpyyc8wVZBpeKdfN6GEs1DPVfSGnF6

And also PM me the TX id of the payment.

[SkoomaKing]

I would like to reserve one 1/10th share. Is there a hosting fee and/or electricity costs deducted from the payout total?

[dyland]

I would like to reserve one 1/10th share. Is there a hosting fee and/or electricity costs deducted from the payout total?

Hey Mogu:


Just want to know the same before I send payment.

Also, you have already ordered this upfront, correct?

[Th3P]

Id like to reserve, If there is still availability?

[Mogumodz]

I would like to reserve one 1/10th share. Is there a hosting fee and/or electricity costs deducted from the payout total?

Hey Mogu:


Just want to know the same before I send payment.

Also, you have already ordered this upfront, correct?

The miner hasn't been ordered yet as I'm sure has been mentioned before, once all shares are sold the miner will be purchased.

Sadly when the thread was moved from the group buy section things seemed to slow down A LOT, I was expecting 2 or 3 days max then I would order the miner (estimates are from the rate the first few shares were reserved and sold in the group buy section as I was the first group buy for a Titan on tis board).

I'm currently doing this all from a hospital bed now and have been here for the last 7 days after having surgery last Tuesday (fun stuff).

All funds are protected and safe, but as the Bitcoin price has lowered somewhat since I started this group buy, we simply have to wait till it rises or as I have said before people can always request their Bitcoin back if they wish up to the point of order from KNC.

There is no hosting fee taken from your payments, you and all other group buy members shall receive 1/10th of the entire proceeds from the miner (assuming no 5mh shares are bought by someone for a 1/20th stake, which currently none have been).

As I own one share myself I do no charge any fees for hosting or electricity, afaik I am the only group buy organiser who does this, I may be wrong on that though as I don't go around reading every thread these days.

[dyland]

My goodness you are trooper Mogu! Get well soon.


What are your thoughts on when these will hit market--June?

I also wonder what effect you think this will have on difficulty, given that 625 THz will hit the market all at once? That said, do we still have a chance at first batch? 

Are you going to go onto clevermining?



Sorry for all the questions, but just assessing before I tie up my remaining BTC for the next few months.

[werwohl]

Hope you get well soon! KNC announced their Titan with minimum speed of 250 Mh/s now
How many BTC are missing?

[arachnid13]

What price does btc have to get back to for you to buy?

[Mogumodz]

My goodness you are trooper Mogu! Get well soon.


What are your thoughts on when these will hit market--June?

I also wonder what effect you think this will have on difficulty, given that 625 THz will hit the market all at once? That said, do we still have a chance at first batch?  

Are you going to go onto clevermining?



Sorry for all the questions, but just assessing before I tie up my remaining BTC for the next few months.

I would hope they will ship around June - July but would think a more conservative thought would be August.

As for difficulty, I'm sure a lot of scrypt coins will rise in difficulty. Our miner we're purchasing will simple be auto switching to the most profitable coin and selling for BTC instantly.

Hope you get well soon! KNC announced their Titan with minimum speed of 250 Mh/s now
How many BTC are missing?

I just noticed this yesterday, which is great news! KNC have raised the bar again for others it seems to follow.

What price does btc have to get back to for you to buy?

Around $600 / BTC, we'll be back there shortly enough imo.


I am also home from hospital now. So will be much more active than I have been.

[dyland]

Hi There:


OK all seems in order.


2.2 BTC sent.

https://blockchain.info/tx/87e8035404edeae354eb8b8b43b27705caf94350bcdc637fc0b6f190ce7d7883

[werwohl]

Sorry, I don't see this Groupbuy happening soon. The two options are:
1) Wait for the price to go up
2) Raise the price for each share

Please send my BTC back, but I'd like to keep my slot reserved for any future changes. I might also be willing to pay more BTC if everyone agrees on that.

[dyland]

Sorry, I don't see this Groupbuy happening soon. The two options are:
1) Wait for the price to go up
2) Raise the price for each share

Please send my BTC back, but I'd like to keep my slot reserved for any future changes. I might also be willing to pay more BTC if everyone agrees on that.

I'm fine with that personally. Doesn't look good ATM

[arachnid13]

Due to the delays myself (4.4 BTC) and werwohl (2.2 BTC) have both requested a refund. I requested a refund at 12:55 GMT 2014-04-04, from what I can see werwohl requested a refund at 11:05 GMT 2014-04-03.

Mogumodz has been online multiple times since and has not responded, but he has been able to update the listing to show that more shares are available.

The deposits can all be seen at https://blockchain.info/address/1G4JCpyyc8wVZBpeKdfN6GEs1DPVfSGnF6 and none have been refunded.

At this point I'm happy to accept this is just a temporary delay, but I feel I should warn other users who are considering depositing to hold off until this situation is resolved.

[Mogumodz]

Due to the delays myself (4.4 BTC) and werwohl (2.2 BTC) have both requested a refund. I requested a refund at 12:55 GMT 2014-04-04, from what I can see werwohl requested a refund at 11:05 GMT 2014-04-03.

Mogumodz has been online multiple times since and has not responded, but he has been able to update the listing to show that more shares are available.

The deposits can all be seen at https://blockchain.info/address/1G4JCpyyc8wVZBpeKdfN6GEs1DPVfSGnF6 and none have been refunded.

At this point I'm happy to accept this is just a temporary delay, but I feel I should warn other users who are considering depositing to hold off until this situation is resolved.

Hi guys,

I have kept quiet for the last few days as I was hoping as BTC was climbing the last few days we might have a spike to justify keeping it going, but I can see now that really isn't going to happen quick enough to satisfy any of us.



Can you all send a signed message from an address you all would like to receive the BTC back.

If you cannot provide a signed message, I will return the BTC only to the address it came from.

Sad to see everyone pull out but really doesn't look like this is going to happen quick enough for everyone.

[dyland]

Yes, this was too bad.


I have received my refund. Thanks!

I would love a complete unit, but I think I'll invest buying BTC here and there instead.

[arachnid13]

Yup refund received, thanks