NastyFans: The Bitcoin Enthusiast Fan Club (est. 2012)

[OgNasty]

I think I may have been the first person to order the SC Singles, so our dividends could get pretty exciting in October...

I think there is going to be a very interesting period when the ASICS first hit.  Hopefully we can time it right AFTER a difficulty change so we get a full two weeks of bliss!

I think there will probably be a few months where ASICs are extremely profitable.  Who knows how long GPU miners will stick around or how many will convert to ASIC mining. This could lead to a mining consolidation, which would make it much more profitable for the remaining miners.

I saw that Bit-Pay confirmed we were the first to order SC Singles.  It was a little bit of luck, but nevertheless should be good for shareholders and the stock price. 

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[OgNasty]

UPDATE:
A Motion has been raised to update the terms of our contract to reflect the higher output of our newly ordered ASIC mining equipment.  Please vote.

https://glbse.com/vote/view/78

[miscreanity]

UPDATE:
A Motion has been raised to update the terms of our contract to reflect the higher output of our newly ordered ASIC mining equipment.  Please vote.

https://glbse.com/vote/view/78

240,000 Mh/s divided by 25,000 shares comes out to 9.6 Mh per share. I'm not clear on how 20 Mh/share is being arrived at. Is share issuance being limited to 12,000 until additional hardware acquisitions are made?

[Timbo925]

UPDATE:
A Motion has been raised to update the terms of our contract to reflect the higher output of our newly ordered ASIC mining equipment.  Please vote.

https://glbse.com/vote/view/78

240,000 Mh/s divided by 25,000 shares comes out to 9.6 Mh per share. I'm not clear on how 20 Mh/share is being arrived at. Is share issuance being limited to 12,000 until additional hardware acquisitions are made?

You buy 1/800 of a single for each share. 2 singles give you 1 asic single. So each share is worth 1/1600th of the ASIC single.
BFL states it will get 40/GHz so 40.000/1600 =  25 mh/share.

So my question is why we aren't getting 25 mh/s a share? Electicity cost are very low so a 25% difference is little big imo. Or am I missing something?

Also the normal singles are still on the way so we will get dividends once they arrive?

[Philj]

new singles cost a little more than double compared to the old singles.

[Timbo925]

new singles cost a little more than double compared to the old singles.

Oh didn't now that.
So lets do the math again.

634$ for a single with shipping. 1/800 of 634$ is 0,7925$ a share value in real equipment.
A ASIC single is  1333$ with shipping 1333$/0.7925$ = 1682 shares for each ASIC single.
40000 mh/s / 1682 shares = 23.78 mh/s/share

We don't now the power consumption for the ASIC so for now it seems a good deal.

[OgNasty]

240,000 Mh/s divided by 25,000 shares comes out to 9.6 Mh per share. I'm not clear on how 20 Mh/share is being arrived at. Is share issuance being limited to 12,000 until additional hardware acquisitions are made?

Yes.  So far just over 2,500 shares have been sold and enough hashing power has been ordered for 12,000 shares.  I will continue to use my own funds to make sure that equipment has been ordered to supply the hashing power for shares prior to them being sold.

Also the normal singles are still on the way so we will get dividends once they arrive?

Yes.  Once the singles are hashing away, dividends will begin being paid.

634$ for a single with shipping. 1/800 of 634$ is 0,7925$ a share value in real equipment.
A ASIC single is  1333$ with shipping 1333$/0.7925$ = 1682 shares for each ASIC single.
40000 mh/s / 1682 shares = 23.78 mh/s/share

We don't now the power consumption for the ASIC so for now it seems a good deal.

It is possible that shareholders will end up with slightly over 20MH/s per share once all is said and done.  The only thing you are leaving out of your math is the return shipping to trade in our singles.

[ErebusBat]

Finally got some shares purchased  

Can't wait.

[OgNasty]

UPDATE:
A Motion has been raised to update the terms of our contract to reflect the higher output of our newly ordered ASIC mining equipment.  Please vote.

https://glbse.com/vote/view/78

This Motion passed with over 97% of the outstanding shares voting 'Yea' to update the contract to reflect the new ASIC upgrade.

I've requested this update with GLBSE support and we should see it reflected in the contract soon.

[ianspain]

fantastic

[OgNasty]

The NASTY contract has been updated to reflect the new 20MH/s per share terms.

[ErebusBat]

YAY!!!  Any news on the shipments / dividends?

[OgNasty]

YAY!!!  Any news on the shipments / dividends?

No new news yet.  I'm expecting the first few BFL Singles to arrive sometime this month.  I also expect dividends to begin being paid sometime in the next 2-3 weeks.

[PolymorphicAssasin]

Subbing

[Gladamas]

Subbing

https://bitcointalk.org/index.php?topic=90182.msg993068#msg993068

There is no need to Sub.

[DutchBrat]

new singles cost a little more than double compared to the old singles.

Oh didn't now that.
So lets do the math again.

634$ for a single with shipping. 1/800 of 634$ is 0,7925$ a share value in real equipment.
A ASIC single is  1333$ with shipping 1333$/0.7925$ = 1682 shares for each ASIC single.
40000 mh/s / 1682 shares = 23.78 mh/s/share

We don't now the power consumption for the ASIC so for now it seems a good deal.

If 1682 shares are needed for 1 ASIC then 1 shares should be worth $1333 /1682 = $0.80 or about 0.12 BTC

Calculating in another way: 1 ASIC gives 40.000 MH/s 1 share is worth 20 MH/s, 1/2000th of 1 ASIC

$1333 /2000 = $0.665 per share or a share price of 0.10 BTC

Seems like people are overpaying a lot just to be the first to mine with an ASIC, now I know it is going to be profitable in the beginning, but I doubt 4 times as profitable as trying to buy it on your own

[OgNasty]

Seems like people are overpaying a lot just to be the first to mine with an ASIC

Perhaps they know something you don't.

[DutchBrat]

Seems like people are overpaying a lot just to be the first to mine with an ASIC

Perhaps they know something you don't.

I don't doubt that !!! 

Seriously: It all comes down to how much early adaptor advantage you will get from ASIC mining in the first 2 weeks..... And seeing as you are right there at the top of the waiting list your advantage will be the biggest.... if it is worth 0.30 btc/share only time will tell 

Good luck !!!!

Disclaimer: I might pick up some shares in this mining outfit when the price drops below 0.30 btc 

[PolymorphicAssasin]

Subbing

https://bitcointalk.org/index.php?topic=90182.msg993068#msg993068

There is no need to Sub.

Missed that. Thanks.

[OgNasty]

Disclaimer: I might pick up some shares in this mining outfit when if the price drops below 0.30 btc 

You and me both.