[796.com] RedStarMining.com - the oldest public mining security [15.0(TH/s)]

[matthewh3]

I am all for selling, however the first miner will make most quick profit, I think once BFL will start shipping regularly they will ship out orders fast so the early start does not seem to make up for the hashing power * 9/10 in the long run.

For example:
Two months of mining @ 50gh/s at difficulty 14.000.000 = $14.500
Two months of mining @ 450gh/s at difficulty 140.000.000 = $13.000

Twelve months of mining @ 50gh/s at (average difficulty guesstimate) 50.000.000 = $ 21.000
Twelve months of mining @ 450gh/s at (average difficulty guesstimate) 140.000.000 = $ 64.000

BFL will eventually ship, but ASICMINER are promising new ASICS (they delivered first batch) within the next 5 DAYS! Not sure if blades or USB miners but investing BTC160 in ASICMINER Asics that actually ship (and fast. Last batch had people reporting miners in hand in 4 days after auction close) will have us up and running much quicker. I also think that once BFL starts shipping SC's being order nr 1000 or 3000 won't matter THAT much when they get production ramped up.

Lets sell the first order for anything over BTC150 and invest in NOW delivery hash rate and bring on the 2 other SC when they deliver.

We probably not going to sell it until there ready for shipping.  What are there (GH/s)/$ and (GH/s)/W.  The blades are only 10(GH/s) aren't they and last I heard were selling for BTC75.00 each in auction.  The BFL move would bag us an extra 500(GH/s).  So if the blades are 10(GH/s) we need to be paying about BTC3.00 each to match that.  I know a bird in the hand is worth two in the bush but with BFL lower power usage them boards will have a longer life span.  If we can sell it and not reach a clear consensus on what to buy a motion will be held.

Any more or anyone else's ideas are welcome.

[TheSwede75]

I am all for selling, however the first miner will make most quick profit, I think once BFL will start shipping regularly they will ship out orders fast so the early start does not seem to make up for the hashing power * 9/10 in the long run.

For example:
Two months of mining @ 50gh/s at difficulty 14.000.000 = $14.500
Two months of mining @ 450gh/s at difficulty 140.000.000 = $13.000

Twelve months of mining @ 50gh/s at (average difficulty guesstimate) 50.000.000 = $ 21.000
Twelve months of mining @ 450gh/s at (average difficulty guesstimate) 140.000.000 = $ 64.000

BFL will eventually ship, but ASICMINER are promising new ASICS (they delivered first batch) within the next 5 DAYS! Not sure if blades or USB miners but investing BTC160 in ASICMINER Asics that actually ship (and fast. Last batch had people reporting miners in hand in 4 days after auction close) will have us up and running much quicker. I also think that once BFL starts shipping SC's being order nr 1000 or 3000 won't matter THAT much when they get production ramped up.

Lets sell the first order for anything over BTC150 and invest in NOW delivery hash rate and bring on the 2 other SC when they deliver.

We probably not going to sell it until there ready for shipping.  What are there (GH/s)/$ and (GH/s)/W.  The blades are only 10(GH/s) aren't they and last I heard were selling for BTC75.00 each in auction.  The BFL move would bag us an extra 500(GH/s).  So if the blades are 10(GH/s) we need to be paying about BTC3.00 each to match that.  I know a bird in the hand is worth two in the bush but with BFL lower power usage them boards will have a longer life span.  If we can sell it and not reach a clear consensus on what to buy a motion will be held.

Any more or anyone else's ideas are welcome.

Considering the uncertainty I suggest we either 1. Do not sell the first order at all. or 2. Sell the first order @ BTC150 or over and hold the funds until one of two things happen: a. BFL can provide shipping estimate for the possible purchase of 10 new SC. b. ASICMINER holds new auctions for USB/Blades and prices are attractive enough that it makes more sense to spend the funds from sale on ASICMINER equipment.

I am assuming the new blades/USB miners auctioned by ASICMINER will be at significantly lower price then the first auction that carried a lot of novelty value.

[Vexual]

When are you planning the move to Iceland to run on volcano power?

  Doesn't BFL use the lowest 'nm' chip size, making them the lowest theoretical power usage and therefore longest usable life. 

I assume by lifespan you mean maintaining a profitable Hash Reward/Power Cost ratio.
Actual lifespan of the chip before it dies is another thing, and it's worth considering, since they have a lot more power running through them than they were designed for.

[matthewh3]

When are you planning the move to Iceland to run on volcano power?

  Doesn't BFL use the lowest 'nm' chip size, making them the lowest theoretical power usage and therefore longest usable life. 

I assume by lifespan you mean maintaining a profitable Hash Reward/Power Cost ratio.
Actual lifespan of the chip before it dies is another thing, and it's worth considering, since they have a lot more power running through them than they were designed for.

Hosting in Iceland is just an idea but finding suitable hosting there may be difficult.  BFL ASIC's have a lifetime warranty.

[Vexual]

Is it product lifetime? Your models are already superseded.

[matthewh3]

Is it product lifetime? Your models are already superseded.

I've not been able to find a clear definition of there lifetime warranty. 

[Vexual]

https://forums.butterflylabs.com/showwiki.php?title=FAQ:What+is+the+warranty+period+on+your+devices
"The PCB (The board that the ASIC chips are mounted on) carry a lifetime warranty. Lifetime is defined as the length of time we are manufacturing that product. Once we stop manufacturing that particular product, we will not be able to warranty the product any longer, since we no longer have replacement stock."

[matthewh3]

https://forums.butterflylabs.com/showwiki.php?title=FAQ:What+is+the+warranty+period+on+your+devices
"The PCB (The board that the ASIC chips are mounted on) carry a lifetime warranty. Lifetime is defined as the length of time we are manufacturing that product. Once we stop manufacturing that particular product, we will not be able to warranty the product any longer, since we no longer have replacement stock."

Thanks, looks like then our three pre-orders only have a one year warranty from when they ship.  We could do with a EU supplier as we'd get two years warranty then.  Plus it'd probably be cheaper to get them into Iceland import tax wise if we could find suitable hosting there.

[Vexual]

If it's a good warranty that you're after, friedcat's block erupter warranty sounds pretty no-nonsense:

From the first auction thread
https://bitcointalk.org/index.php?topic=178275.0

Warranty Free replacement of dysfunctional blades. We also pay the re-shipping fee from our place to yours.

[TheSwede75]

https://forums.butterflylabs.com/showwiki.php?title=FAQ:What+is+the+warranty+period+on+your+devices
"The PCB (The board that the ASIC chips are mounted on) carry a lifetime warranty. Lifetime is defined as the length of time we are manufacturing that product. Once we stop manufacturing that particular product, we will not be able to warranty the product any longer, since we no longer have replacement stock."

Thanks, looks like then our three pre-orders only have a one year warranty from when they ship.  We could do with a EU supplier as we'd get two years warranty then.  Plus it'd probably be cheaper to get them into Iceland import tax wise if we could find suitable hosting there.

Finally reach my 1% ownership goal in RSM.
'Now we wait'

[TheSwede75]

https://forums.butterflylabs.com/showwiki.php?title=FAQ:What+is+the+warranty+period+on+your+devices
"The PCB (The board that the ASIC chips are mounted on) carry a lifetime warranty. Lifetime is defined as the length of time we are manufacturing that product. Once we stop manufacturing that particular product, we will not be able to warranty the product any longer, since we no longer have replacement stock."

Thanks, looks like then our three pre-orders only have a one year warranty from when they ship.  We could do with a EU supplier as we'd get two years warranty then.  Plus it'd probably be cheaper to get them into Iceland import tax wise if we could find suitable hosting there.

Considering the skyrocketing hash rate availability I would worry a lot more about delivery date then warranty. At the pace things are going I assume any equipment purchased before this fall to be shiny paperweight's by spring anyway.

Also: They did offer a straight LIFETIME warranty on their products before they updated the product line. So I am assuming they will have to honor that on the original Jala/SC/Single/Minirig ordered before the product line upgrade.

[matthewh3]

I've just received an email from BFL that the SC is now shipping and to confirm my order.  They said if the order wasn't confirmed we would be refunded.  Tho the site is currenty down - https://products.butterflylabs.com/customer/account/login/ - probably due to demand.

[matthewh3]

I've just received an email from BFL that the SC is now shipping and to confirm my order.  They said if the order wasn't confirmed we would be refunded.  Tho the site is currenty down - https://products.butterflylabs.com/customer/account/login/ - probably due to demand.

https://twitter.com/BFL_News

[matthewh3]

I've just received an email from BFL that the SC is now shipping and to confirm my order.  They said if the order wasn't confirmed we would be refunded.  Tho the site is currenty down - https://products.butterflylabs.com/customer/account/login/ - probably due to demand.

https://twitter.com/BFL_News

All three orders confirmed for shipping.  I was offered $10,000 for one of our $1,337 60(GH/s) SC's but with now only a 50(GH/s) version being offered for $2,499 I wont sell for less than $26,000 of BTC.

[josh4580]

Anyone looking to sell 2500 shares?

[dan99]

What value would this AsicMiner Blade when the avalon diy chip arrives?

[TheSwede75]

Anyone looking to sell 2500 shares?

I doubt anyone is willing to part with close to 5% of the available shares anytime soon. It's taken me quite some time to get a hold of my 700+ shares at what I consider very reasonable price. When/if the BFL miners ship the return on the shares at current price is huge and in my opinion they could skyrocket once we see mining happening.

[matthewh3]

Anyone looking to sell 2500 shares?

I doubt anyone is willing to part with close to 5% of the available shares anytime soon. It's taken me quite some time to get a hold of my 700+ shares at what I consider very reasonable price. When/if the BFL miners ship the return on the shares at current price is huge and in my opinion they could skyrocket once we see mining happening.

If you value our three SC pre-orders at $25,000 each that translates to a share value of just over BTC0.01 each.  With BTC0.01 being the value of a share at the stock split we did when bitcoin was only worth $15 and even lower when the IPO shares were put on offer.  We've put all our funds into early pre-orders at BFL which are now eight months late.  If they start hashing this month the first dividend will stick with the 90% reinvestment.  If they don't ship until the difficulty is much higher then the first dividend will disregard the 90% reinvestment and we'll probably issue 50% of profits into a dividend this first month.  So we could still have a large bonus first dividend after nearly a year of no dividends due to us selling our FPGA's to get early ASIC pre-orders.

[matthewh3]

I've been following the BFL news closely and I'm hopeful our orders may start to ship by the end of the month or in early June.  With the first SC's possibly being shipped by BFL at the end of this week or early next week.  If we priced our purchased hashrate up in ASICminer Blades currently for pre-order we are currently worth BTC900 in hardware alone or over BTC0.014 per share.  Also our boards are over twice as efficient as the Blades so they should be still economical to run or resell long after the Blades are not economical to run any more.

https://bitcointalk.org/index.php?topic=204030

[josh4580]

matthewh3,

Great analysis.

I am a buyer in size at .006

Any sellers out there?