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Author Topic: [HAVELOCK] AlcheMiner Scrypt ASIC  (Read 24126 times)
havelock
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April 10, 2014, 06:43:50 PM
 #1


Havelock Investments is proud to announce that after working with the AlcheMiner company through their design stages we are excited to announce that the AlcheMiner company is ready for the manufacturing stage of their High Performance Scrypt ASIC mining chips. We are pleased that we are able to offer you the opportunity to participate in this offering:


Company name: AlcheMiner
Company website: AlcheMiner.com
Ticker symbol: ALC
Units offered: 80,000  (40% Stake)
Price per unit: 0.14 BTC
Bitcoin exchange: HavelockInvestments.com

Chairman & President: Sophia C. Chou
CEO: Tom Soong
IPO date: April 11, 2014, 9:00 AM EST

Investor Protections
•Escrowed IPO Funds
–IPO funds will be held in escrow by Havelock Investments and will be released to AlcheMiner for actual expenditures.
•Investor Repayment Priority
–Net company profit will be first distributed to shares sold to investors at IPO and held by Angel Investors until their original initial investment of 0.14 BTC is fully recuperated before any dividend is paid to the Founders’ shares
•Founders’ Shares Lock-Up Period
–Trading of the Founders’ shares will be restricted. These shares will not be able to be traded until both IPO investors and Angel Investors have fully recuperated their initial investment
•Monthly Dividends, Quarterly Financial Reports

Please take the time to read our full prospectus before investing at the following link:
https://www.havelockinvestments.com/reports.php

AlcheMiner is a Taiwan-based company focused on designing Scrypt ASIC Intellectual Property and sales of Scrypt ASIC mining hardware

The company, led by a first-class team with years of experience in Integrated Circuit design, will forge a true powerhouse industry out of the current cottage industry that is Scrypt ASIC mining.

By Combining the innovative spirit of Silicon Valley and the high efficiency of Taiwan, AlcheMiner will craft world’s leading-edge miners for crypto currency creators.

Our seasoned engineering team has decades of advanced system know-how and cutting-edge IC design expertise in the following areas:

Successful track record in advanced ASIC miners
Successful track record in ultra-low power designs for mobile applications
Successful track record in ultra-high performance IC designs for super computers and networking equipment
Successful track record in most advanced process nodes (e.g. 28 nm)
Successful track record in developing advanced ASICs all the way from architecture design, RTL design, physical design, IC fabrication, assembly, PCB layout, and system design.

The AlcheMiner team leverages its in-depot experience to introduce Alchemist, our leading-edge Scrypt ASIC miner, which offers ultra-high performance at ultra-low power consumption (10W per Mh/s) and at great price to miners across the globe.

We invite you to shape tomorrow’s landscape of digital currency together with us.


Engineering Progress

Tapeout to world’s leading foundry in April 2014
Chips expected to be delivered in June 2014
Shipping of final products will begin July 2014

Future Product Plan for Q3/Q4

Higher hash-rate:
–Alchemist 250 Mh/s
–Alchemist 500 Mh/s

A More advanced Scrypt mining ICs: 20nm
Miners for cryptocurrencies that utilize other algorithms than Scrypt

The Core Team

Our engineering team comes from Mediatek and Realtek and boasts decades of system-level and IC design experience. AlcheMiner’s core team graduated from U. C. Berkeley, National Taiwan University, and National Tsing Hua University.

Chairman & President: Sophia C. Chou
-Successful entrepreneurial track record as a marketing and business development expert in Silicon Valley and Asia, including Altius Solutions (merged with Simplex), Simplex Solutions, which had an IPO on NASDAQ and was later acquired by Cadence Design Systems Ticker Symbol (NASDAQ:CDNS) and Alchip Technologies (listed on the emerging market board in Taiwan).
-MBA degree from U. C. Berkeley; Bachelor’s degree in Finance from National Taiwan University.
http://www.linkedin.com/profile/view?id=44153902

CEO: Tom Soong
-Accumulated abundant RTL development experience in Digital TV and Digital Media Player chips when he served at Realtek Semiconductor Corp.
-Successfully facilitated advanced Bitcoin miner IC development project at Alchip Technologies.
-Bachelor’s and Master’s degree in Electrical Engineering at National Tsing Hua University.
https://www.linkedin.com/profile/view?id=252905095

English FPGA Model Demo: http://youtu.be/edS8I02a8UI
Chinese Demo: http://youtu.be/HUvSZStKg4s
For Chinese Viewers: http://v.youku.com/v_show/id_XNjkyMzYwODk2.html

All beneficial owners of the AlcheMiner corporation have passed Due Diligence by a team of Licensed Compliance Officers

"AlcheMinerIR" will be the official username for AlcheMiner Investor Relations

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April 10, 2014, 07:33:01 PM
 #2

Observing post will need to read the prospectus and other information later but this is neat who knows may be the next AM for Scrypt

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April 10, 2014, 07:57:38 PM
 #3

reserve
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April 10, 2014, 08:10:11 PM
 #4

Replacement for NEOBEE[Q] and COG?
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April 10, 2014, 08:11:35 PM
 #5

I just checked out the website and it looks interesting. I take it the miners being offered are not for mining BTC. What Alt currencies can be mined with these?

If I purchased the ALCHEMIST 128Mh/s miner for $9995 and received it in July could I have any chance of making my money back (or dare I say make a profit) by mining Alt coins? Those familiar with mining Alt coins please comment if this is viable and what I can expect to generate on a daily basis with this machine.
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April 10, 2014, 08:13:53 PM
 #6

Replacement for NEOBEE[Q] and COG?

 Sad
jimmothy
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April 10, 2014, 09:02:46 PM
 #7

Interesting.

Quote
could I have any chance of making my money back

Wouldn't we all like to know?

If there is a chance then it will be with the most efficient miners.
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April 10, 2014, 09:10:50 PM
 #8

I just checked out the website and it looks interesting. I take it the miners being offered are not for mining BTC. What Alt currencies can be mined with these?

If I purchased the ALCHEMIST 128Mh/s miner for $9995 and received it in July could I have any chance of making my money back (or dare I say make a profit) by mining Alt coins? Those familiar with mining Alt coins please comment if this is viable and what I can expect to generate on a daily basis with this machine.

It depends.

Only a few select altcoins are profitable.  I got very lucky with Doge & Aur.

There's a ton, but it seems like most altcoins are moving to a new algo (x11)..there was even talk about hardforking ltc to a new algo as well...


edit: X11 right now is asic resistant.  When script asics come out I am anticipating most alt coins to not be script (asic resistant)


edit again: also you need to considar the knc titan...250MH for around the same price.. delivery is unknown but probabably shortly after this
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April 10, 2014, 09:27:52 PM
 #9

I'll have to read up on this a bit more, but it's piqued my interest at least.

Though unfortunately I can't say I trust a startup that states in their initial prospectus:
Quote
• Total IPO funding in BTC: 11,200 BTC
• Company valuation based on current exchange rate (1 BTC =
400 USD): $11.2M


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April 10, 2014, 09:33:09 PM
 #10

I'll have to read up on this a bit more, but it's piqued my interest at least.

Though unfortunately I can't say I trust a startup that states in their initial prospectus:
Quote
• Total IPO funding in BTC: 11,200 BTC
• Company valuation based on current exchange rate (1 BTC =
400 USD): $11.2M



Why? 4 million usd is a lot for a startup but 28nm nre costs are pretty expensive afaik.

Edit: 4 million actually sounds too much even for 28nm. Asicminer only needed to raise $200,000 or 5% of what they are asking
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April 10, 2014, 09:46:33 PM
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$11.2 million?

their serious?
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April 10, 2014, 10:14:31 PM
 #12

I'll have to read up on this a bit more, but it's piqued my interest at least.

Though unfortunately I can't say I trust a startup that states in their initial prospectus:
Quote
• Total IPO funding in BTC: 11,200 BTC
• Company valuation based on current exchange rate (1 BTC =
400 USD): $11.2M



Why? 4 million usd is a lot for a startup but 28nm nre costs are pretty expensive afaik.

Edit: 4 million actually sounds too much even for 28nm. Asicminer only needed to raise $200,000 or 5% of what they are asking

I suppose it was more 'tongue in cheek' than anything else. Consider it a prelude to the coming storm of "zomg so overvalued", and "their value iz waayy 2 high"  Cheesy

Whether or not raising $4M is needed, I don't know. My first thought was, "OK, they need money for R&D that doesn't include preorders...cool...but then what the hell was the Angel Seed Funding used for, especially to warrant a 30% stake?"

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April 10, 2014, 11:22:58 PM
 #13

I'll have to read up on this a bit more, but it's piqued my interest at least.

Though unfortunately I can't say I trust a startup that states in their initial prospectus:
Quote
• Total IPO funding in BTC: 11,200 BTC
• Company valuation based on current exchange rate (1 BTC =
400 USD): $11.2M



Why? 4 million usd is a lot for a startup but 28nm nre costs are pretty expensive afaik.

Edit: 4 million actually sounds too much even for 28nm. Asicminer only needed to raise $200,000 or 5% of what they are asking

I suppose it was more 'tongue in cheek' than anything else. Consider it a prelude to the coming storm of "zomg so overvalued", and "their value iz waayy 2 high"  Cheesy

Whether or not raising $4M is needed, I don't know. My first thought was, "OK, they need money for R&D that doesn't include preorders...cool...but then what the hell was the Angel Seed Funding used for, especially to warrant a 30% stake?"

I gave it a read as well according to their timeline and demo they have finished development and need the money for production of units.
Although it is a good question what the 30% angel seed funding was used for assuming R@D
That said I do think the cost is different between script and Asic production although I do not know the specifics.
The valuation is 11.2 Million with Angels and Founder Shares involved but at least it was stated in the prospectus.
When I did the math I got those numbers, although I definitely could read that as 1 BTC = 1000/USD  as well --> 11,200 BTC = 11.2 Mill

Math:
11,200 Divide by 0.14/share = 80,000 Shares the Public Share valuation
Another way to read it is
200,000 Shares * 0.14 BTC/Share = 28,000 BTC * 400/USD Share = 11.2 Million
The Bitcoin Based Value is 11,200 then the remainder should be capital or fiat.
Total IPO funding in BTC: 11,200 BTC
Total Fiat equivalents measured in BTC = 16,800 BTC
Company value if all in BTC at 400/USD a share = 28,000 BTC

Valuations aside it is nice they benchmark another company Silver Fish when trying to get that number rather than just something in:

Funding for IC fabrication and miner manufacturing:
 Approximately $3,600,000
– R&D Cost & other costs: USD$400,000

Funding needed specifically for large scale manufacturing of proven chips at least that is what I get from the demo and prospectus.

The two videos should be identical one in Chinese the other in English but it does not hurt to confirm.
Props for a two language demo though
https://www.youtube.com/watch?v=HUvSZStKg4s&feature=youtu.be
https://www.youtube.com/watch?v=edS8I02a8UI&feature=youtu.be

In this IPO:

We have a human face to this company with a recent video showing it working
And a schedule to follow with the first production run and distribution within three to four months of the initial IPO

• IC front-end design has been proven via FPGA:
IC back-end design to be completed in next two weeks
• Tapeout to world’s leading foundry in April 2014
Chips expected to be delivered in June 2014
• Shipping of final products will begin July 2014

Only time will tell how it goes in the end.
Did about a dozen edits think this version looks ok  Grin

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April 11, 2014, 07:16:13 AM
 #14

price after IPO will go slowly to real number about 0.0014 BTC for this. I will avoid this

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April 11, 2014, 07:19:15 AM
 #15

Glad to see more players!
Chinese translation posted and weiboed.

http://bbs.btcman.com/forum.php?mod=viewthread&tid=17586
http://weibo.com/3552119670/AFclojbf7

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April 11, 2014, 01:03:11 PM
 #16

Valuations aside it is nice they benchmark another company Silver Fish when trying to get that number rather than just something in:

Funding for IC fabrication and miner manufacturing:
 Approximately $3,600,000
– R&D Cost & other costs: USD$400,000

Funding needed specifically for large scale manufacturing of proven chips at least that is what I get from the demo and prospectus.

I had initially missed this while skimming last night, but I had a chance to read it all this morning, and unfortunately I have a concern about the overall offer itself.

As far as I've read, Alcheminer is solely a manufacturer, focusing on R&D and equipment / IP sales. This is all well and good, but it means everything they do / earn will be based in fiat. Let's think about this from a USD point of view:
Initial offering per share is (roughly) equal to ~$56 (ignoring fluctuations at this point).
Overall company valuation is $11.2M:
-- IPO - $4.48M (40%)
-- Angel Funding - $3.36M (30%)
-- Founders - $3.36M (30%)

In this case, I'm assuming (it was never specified) that monthly net income is dispersed as a dividend. If their projections hold true, 2014 dividends (total) for Investors should amount to about $45 per share (40% of the projected $9M net income / 80,000 shares). 2015 dividends (total) would then amount to a nice $96 per share, again based on their projections.

As it stands right now, the projections seem fairly reasonable (2014 revenues only require selling a few thousand units).

The problem with all this is the BTC/USD volatility. The share price is 0.14BTC, and 2014 dividends would amount to 0.1125BTC (assuming a rate of $400 per coin). But what happens if we see a spike to $600, $800, $1000 again? Suddenly those dividends are only worth 0.075BTC, 0.056BTC, 0.045BTC.
What about in 2015? Anyone know what the price per BTC will be then?

What made ASICMiner a good investment wasn't just that they dealt in development and equipment sales, but that they were miners as well (and the first large ASIC farm). This meant that anything they earned could be distributed as a dividend without having to be converted first, leaving shareholders largely unaffected during the price spikes / drops between January - May 2013.

Even if Alcheminer went this route, they'd still have to contend with fluctuating altcoin exchange rates, which can be even more volatile than BTC/USD.


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April 11, 2014, 01:15:27 PM
 #17

$11.2 million?

their serious?

No chance, that they will sell this IPO in these times. Bad timing.

... Question Everything, Believe Nothing ...
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April 11, 2014, 01:17:41 PM
 #18

I am looking at this Ipo and thinking "I like it and I want in". But the numbers says otherwise, Market trends, valuation, expectations.........,

Will take me a while to climb up again, But where is a will, there is a way...
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April 11, 2014, 01:51:30 PM
 #19


In this case, I'm assuming (it was never specified) that monthly net income is dispersed as a dividend. If their projections hold true, 2014 dividends (total) for Investors should amount to about $45 per share (40% of the projected $9M net income / 80,000 shares). 2015 dividends (total) would then amount to a nice $96 per share, again based on their projections.


•Investor Repayment Priority
–Net company profit will be first distributed to shares sold to investors at IPO and held by Angel Investors until their original initial investment of 0.14 BTC is fully recuperated before any dividend is paid to the Founders’ shares

Investors will receive 100% of the dividends first providing a 100% ROI in the first year on the $4M invested by the IPO.

This is not an all or nothing IPO. There is VC funds in the sideline waiting to jump into this company. We worked with AlcheMiner to bring this Fund to Havelock to provide our customers with the opportunity to participate in the funding process.


Vertikar
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April 11, 2014, 01:51:59 PM
 #20

I am looking at this Ipo and thinking "I like it and I want in". But the numbers says otherwise, Market trends, valuation, expectations.........,

Same. 20BTC worth have sold on Havelock already... Someone's willing to put some money down.
https://www.havelockinvestments.com/fund.php?symbol=ALC
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