Starting a new FPGA mining farm/contract! Cognitive Resurrected on[Havelock]

[davecoin]

Friedcat is now selling blades without auction.

https://bitcointalk.org/index.php?topic=204030.msg2132683#msg2132683

[Code_red]

So if you buy the equivalent of two jalapeños from asicminer it cost 50btc dam my jalapeños just got a lot more valuable

[TiuraZ]

So if you buy the equivalent of two jalapeños from asicminer it cost 50btc dam my jalapeños just got a lot more valuable

You have your jalapenos mining already? 

[Code_red]

LULZ I wish

[Garr255]

Dividend seemed lower than it should be, any reason why?

Just bad pool luck.


This is very important:

Friedcat is now selling blades without auction.

https://bitcointalk.org/index.php?topic=204030.msg2132683#msg2132683

I propose that we allocate 50btc of our COG.F funds to order one Blade. Between the growth fund and COG.F sales, we currently have slightly over 150btc erady to purchase hardware with, but I believe we should purchase one Blade then hold off for cheaper hardware in the future with the remaining coins.

What do you think, shareholders?

--Garrett

[Code_red]

Umm I vote no... you can buy 1gh of gpu for 400usd so even gpus dollars per hash are cheaper. Yes the blade is more efficient but it is completely unreasonable priced.

[silverfuture]

Dividend seemed lower than it should be, any reason why?

Just bad pool luck.


This is very important:

Friedcat is now selling blades without auction.

https://bitcointalk.org/index.php?topic=204030.msg2132683#msg2132683

I propose that we allocate 50btc of our COG.F funds to order one Blade. Between the growth fund and COG.F sales, we currently have slightly over 150btc erady to purchase hardware with, but I believe we should purchase one Blade then hold off for cheaper hardware in the future with the remaining coins.

What do you think, shareholders?

--Garrett

Any chance of us buying bulk Avalon chips instead?

[GIANNAT]

I agree on purchasing 1 Blade. But just 1. Remember that it needs less power and manutention than a GPU and it is like a "plug-n-mine" device. Also overclockable till 12-13GH/s

You would need ~18 7970 to get near 13GH/s and considering you need also mobo, psu, etc etc buying 1 Blade at 50BTC seems a better price then the other

[Code_red]

From what I understand it is not a plug n mine device. You need to at the very least fans and most likely need to implement a cooling solution. I don't understand how anyone can justify spending over $5500 on 12ghs in the age of asic.

[Code_red]

So according to my math there is about 0.01584 bitcoin in reserve per share not bad. Thats almost ten percent of the current valuation is bitcoin on hand.

Edit: these numbers include the 840 share in cog.f

[davecoin]

From what I understand it is not a plug n mine device. You need to at the very least fans and most likely need to implement a cooling solution. I don't understand how anyone can justify spending over $5500 on 12ghs in the age of asic.

You do need to implement a cooling solution as Friedcat is no longer supplying fans with the blades.  Currently there is no other ready to ship ASIC option.  It's also 49.99 bitcoins, not $5500.  A blade will be profitable for a long time with Cognitive's power costs. 

[silverfuture]

even an expensive blade will ROI eventually and start to turn profit (at current diff we are looking at over 3.5 months for ROI). 49.99 btc will remain 49.99 btc so I say buy now if it is the only deliverable option open to us.

[Carnth]

Remember, if COG.F shares are used to purchase the blade, as soon as it starts mining, all the those COG.F shares will be 20 new COGNITIVE shares.
It's just something else to add to the calculations.

[btcash]

I propose that we allocate 50btc of our COG.F funds to order one Blade. Between the growth fund and COG.F sales, we currently have slightly over 150btc erady to purchase hardware with, but I believe we should purchase one Blade then hold off for cheaper hardware in the future with the remaining coins.

What do you think, shareholders?

I vote no too. I would rather wait an buy some BFL or Avalon miners.

[davecoin]

I propose that we allocate 50btc of our COG.F funds to order one Blade. Between the growth fund and COG.F sales, we currently have slightly over 150btc erady to purchase hardware with, but I believe we should purchase one Blade then hold off for cheaper hardware in the future with the remaining coins.

What do you think, shareholders?

I vote no too. I would rather wait an buy some BFL or Avalon miners.

Who said Avalon is selling another batch?  Also, how long are you willing to wait for BFL? 

[Code_red]

Wouldn't avalon batch 2 alone make these things take almost 6 months for ROI. So are we betting that Avalon is not going to ship batch 2 soon and that they won't do a 3rd batch?

[stabs]

We should all band together (everyone who pre-ordered BFL) and pick a date (May 31st?) and request refunds.  This could be a strategic move to put BFL out of business and purchase ASICs from other companies.

[zapeta]

It sounds like our options are roughly the following:

1) go with the Blade right now, have something mining at 10GHash/s in 2-3 weeks - not sure on the actual turnaround times but these have shipped quickly.
2) Go with some sort of Avalon solution - having to get the ASICs from some sort of group buy and have the actual miners assembled somehow.  I haven't kept up with exactly how the Avalon scenario plays out and what sort of cost/performance to expect, but it sounds like it would take longer to get the chips and have something assembled than going with ASICminer although performance would be higher.
3) Wait "just a few more days" for our BFL order - who knows how much longer "a few more days" is.
4) Keep our powder dry and see how it plays out.
5) Other options I'm missing?

I think the key is that we have a lot of reserves - we can buy a blade and still have plenty of capital to deploy on an Avalon solution or whatever else might be around the corner.  If we were able to get the blade in a couple weeks, difficulty should have only adjusted upwards once between now and then.  Obviously we don't know what it will go up to but probably in the neighborhood of 12 million and we'd be able to earn a couple coins per day.  The ROI might not be super attractive based on what difficulty might become but if we don't add additional hardware one way or the other our earnings are going to dwindle until they're next to nothing.  They're already about half as much as they were at the beginning of January.  The purchase of a blade could help tie us over until BFL gets it together.

[investr]

6) Sell the Cognitive BFL preorders, realize a 9 month ROI

[Garr255]

You're spot on, Zapeta.

I've been looking in to all of our options quite extensively this evening, and I've concluded that first of all, based on the scattered feedback via this thread we need to have a formal vote on whether to purchase a Blade.

Additionally, I believe purchasing Avalon chips is a good choice right now. If both of these motions pass, we will still have 60+btc on hand to purchase whatever new hardware shows up. Overall, these motions will put us in a good spot.

See motions tab of https://btct.co/security/COGNITIVE

--Garrett