Grin Home Miner Group Buy / [G1-mini] / group-buy1 completed; group-buy2 TBA

[marcotheminer]

Group-buy2: please express interest in this thread or via PM.


Note: Individually distributed shipping can be done (as per group-buy1: several units need to be ordered; iPollo will be deciding this, we simply convince them with total order size).

I propose to host them. Please see hosting thread here: https://bitcointalk.org/index.php?topic=5407422.0


Group-buy2; pending
[?] units, $x/unit
Order: n/a
Shipment: n/a


Group-buy1; completed:
25 units, $269/unit.
Order: paid
Shipment: shipped & received.



Payment for customs will be handled after (roughly $50/unit), for units destined to be hosted by me.


This project is hinged on supporting the Grin network: http://grin.mw/


Group-buy1: ipollo.com, the G1/G1-mini manufacturer, has agreed to $269/unit at 25 MOQ. Direct from iPollo remains the best option.

Group-buy2: In discussion...






== Original idea: ==

I've pondered an idea recently. Setting up home-suitable miners securing the Grin network (grin.mw) on best-found cheap electricity (<0.15-0.20 CHF/kwH in Switzerland).

Then, small hosting locations which would have 10's of machines at minimum, and eventually a main hosting center where electricity is cheapest (under 10 cents). By this stage, larger more efficient miners could be purchased.

Now some quick numbers (note I like to use 'calm' estimations / 10 months may already be a 'long' term for this network in terms of price/miningpower/organic coin-being-used growth).

Dividends paid weekly, in grin/btc/fiat?, as per the ratio of mining-power-share:income. So 1 token representing 1 miner or 1 unit of power (for example: 1 token = 1 Gps edit: 1 miner), and if it brought in +350/4.33weeks  (350 grin rough revenue monthly for a G1 mini from iPollo pool mining as per my evidence) = +80 grin/week = at current price that's $5 or 28'000 sats roughly (350 sats/grin). So then, consider a cost of <$300 (after bulk discounts) per miner, landed and running in Switzerland.

Let's say the supplier agrees at $260/unit. At current price that's 0.0145BTC equivalent. Or 4'000 grin equivalent. That means each miner would earn the equivalent in 50 weeks (ceteris paribus, again, if total network mining power remains stable through a year, which I doubt, 8-10kGps right now coming from big removals of power since a few months/2 years). The machine is 'paid for' in approx. 1 year (there is a part of this venture which is hinged on grin's appreciation or success in general too).


Some coin info (which is 3 years old) as of OP time:
Algorithm:   cuckAToo32
GRIN network hashrate:   8.5089 KH/s
GRIN difficulty:   199.1559M
GRIN block reward:   60.00 (every minute)
GRIN 24h volume:   856,123.33 USD
Price for 1 GRIN:   0.0629 USD

[marcotheminer]

Updates:
- iPollo has agreed to $269/unit at 25 M.O.Q.; -20+% can be reached at the higher ranges 50-100-150+ units.
Another supplier can ship from China, also with discounts, TBC Currently dealing with iPollo directly.

[jackg]

I think the main complaints I've seen from cloud/hosted mining are:
1. Contracts being too long (this was particularly with 4 year contracts in bitcoin's case but a year contract might seem like a large investment to some here unless it gets split into multiple chunks/has resale value or buybacks (but buybacks would be risky - unless you find someone to secure buying them back at a lower rate like 80%-withdrawn profits).
2. Costs incurred by hardware maintenance, who pays them and when do you decide a unit is too much hassle to keep improving? (this could be covered by an involuntary insurance fund though).

Any idea how big the chips are in those g1 minis? I can find them for sale on innosilicon but not a size - essentially if they're big they have a higher chance of becoming obselete/overpowered sooner by a rival (big is 45nm, a good size is 7-14nm if the technology is similar in sophistication to bitcoin ASICs).

[marcotheminer]

I think the main complaints I've seen from cloud/hosted mining are:
1. Contracts being too long (this was particularly with 4 year contracts in bitcoin's case but a year contract might seem like a large investment to some here unless it gets split into multiple chunks/has resale value or buybacks (but buybacks would be risky - unless you find someone to secure buying them back at a lower rate like 80%-withdrawn profits).
2. Costs incurred by hardware maintenance, who pays them and when do you decide a unit is too much hassle to keep improving? (this could be covered by an involuntary insurance fund though).

Any idea how big the chips are in those g1 minis? I can find them for sale on innosilicon but not a size - essentially if they're big they have a higher chance of becoming obselete/overpowered sooner by a rival (big is 45nm, a good size is 7-14nm if the technology is similar in sophistication to bitcoin ASICs).

Cheers for replying. I doubt there would be a long-term contract, if at all in this case, just an investment of capital upfront for return over the following year(s). Costs associated would be factored in. The advantage here is the fact I could access low-cost electricity/hosting locations,
of which there exists 100s of places, especially since the machines are designed discretely enough to be installed in a residential setting (apartments, local shops, houses). As an example, I know of one home-owner who could direct excess power from solar toward a miner; roughly doubling their monthly revenue from their usually-sold-back-to-grid energy.

.. and interesting, now that you mention it: I can look to propose a 1-3+ miners/month 'buyback', at a rate to be determined, with my own funds. This means by the end of 12 months I would have purchased back 12-36 units.

I don't think hardware maintenance will be too significant - but yes, a x% fee deducted from earnings could cover this. Likewise, I'll have to consider new mining generations being released in the next year/two. A reinvestment fund equally could be set up, to avoid being diluted out.

I still need to find more info re: specs on the chips, I'll send their support a message. I've done some searches but the chip details are elusive.

[FP91G]

The fate of cloud mining companies ends tragically. I have seen it many times. 10 cents per kilowatt is very expensive. My electricity price is less than 5 cents and I will buy an asic myself if I want to mine another coin.

[marcotheminer]

The fate of cloud mining companies ends tragically. I have seen it many times. 10 cents per kilowatt is very expensive. My electricity price is less than 5 cents and I will buy an asic myself if I want to mine another coin.

Fair point re: buying your own. What you miss out on is the discount with a group-buy (10-20%) and the potential to have it mine at a home/shop-host with utilities included in rent. They would accept a %/x fee, adding to mining profitability.

[philipma1957]

hmm let me think of a way for USA players to get in of this.

I am making dinner I will post back later.

edit
If they would sell me 3 at a time for 266 each I would be at 798. legally beats the higher import tax.

I can run a hundred of them. I have lots of power.


I would be willing to order a set of 3 to test and commit to more if I like them.

If they dont want to send me three at the discounted price . I could order 2 for 598.

not sure how well they run but the price is decent as is the efficiency.

I am tired of 3300 watt monster gear.

[marcotheminer]

hmm let me think of a way for USA players to get in of this.

I am making dinner I will post back later.

edit
[/snip/ as above]

Thanks for chiming in philipma. To be confirmed, but I would believe that we could have a portion of miners from this group-buy shipped directly to the US.

I've written you down tentatively for 3 units. I'll follow-up once I've had the chance to discuss with a sales representative I was put in touch with.

===

The fact that these machines are relatively quiet+low-heat had me see how appealing it could be for the retail sector (especially plug&play home-miners).

I've had 1 miner operational since a couple weeks now, no issues thus far.

===

@jackg as you shared with me, according to https://www.asicminervalue.com/miners/ipollo/g1, the chip size is 12nm. Note though that this is not the page for the G1 mini - I'll confirm with support.

[marcotheminer]

Currently we are at 11 units 'ready to buy', I continue speaking with a sales representative to see if we can reach better.

3 units will be shipped to the USA, are there any other parties interested over there?

[philipma1957]

I will ask around for more usa people.

if you ship to USA the key is stay under 800 usd. so three packs work.

[marcotheminer]

I will ask around for more usa people.

if you ship to USA the key is stay under 800 usd. so three packs work.

Thank you. Noted re: <800 as per invoice.

I have one more local order (self-owned) confirmed, bringing us to 12 of the 25 MOQ.

[philipma1957]

I may have found at least 1 USA guy>

I am talking to 3 others. I will know more by Monday

[marcotheminer]

I may have found at least 1 USA guy>

I am talking to 3 others. I will know more by Monday

Ok, thank you.

Re: hosting some buyers' miners, I've had the idea: mining revenue would arrive straight to miner-owners' addresses. They would then send each week/month, an amount according to a pre-determined rate. I am looking to calculate some reasonable figures.

Also, I am still ready to confirm monthly unit buy-backs. Would this interest anyone?

[philipma1957]

 we were moved to service. I suppose it is that you are offering hosting which would be a service.

[momanz]

Hello,

I'm located in the USA. I'm also interested in 3 units if they can be shipped to me and the total can be kept below $800 to avoid tariffs. Otherwise I can take 2 at the $269 price.

Please let me know what's possible. I'll confirm my interest in a follow-up post once I know better the details.

Thanks,

momanz

[marcotheminer]

Hello,

I'm located in the USA. I'm also interested in 3 units if they can be shipped to me and the total can be kept below $800 to avoid tariffs. Otherwise I can take 2 at the $269 price.

Please let me know what's possible. I'll confirm my interest in a follow-up post once I know better the details.

Thanks,

momanz

Sure, as with philipma1957, iPollo may be willing. I've sent you a PM, and I'll confirm with the manufacturer. I've noted you down tentatively for 3 units. If this doesn't work - then 2 units totalling 538$ it would be.

we were moved to service. I suppose it is that you are offering hosting which would be a service.

We're still in the Mining (Altcoins) board!

Though I did create a thread in services since there's an aspect here where I host machines on behalf of others.

[marcotheminer]

Customs payment note: when I received my first unit - it cost me 50.

[marcotheminer]

New pledge-to-order via telegram, it will be hosted.

8 units remaining to reach the 25..

[marcotheminer]

Funds to cover my end of the group buy (personal units + local orders) will start arriving into my staked address: 12hYBWiPqfwdveGzpbRdGxeqnoMcNvGNSq .. I will look to create a separate address, signed by my staked address for the total collected in BTC before the convert for iPollo payment.

[marcotheminer]

A forum user has pledged to order +3 units, hosted.

5 units to MOQ.