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Author Topic: ASIC.COOP ASIC MINERS COOPERATIVE  (Read 17167 times)
ciuciu
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June 16, 2012, 02:41:45 PM
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12/07/2012 500 shares of ASIC.COOP have been sold. Thanks to all investors!

The IPO is now listed on GLBSE, under the ticker ASIC.COOP.[/b] https://glbse.com/asset/view/ASIC.COOP

This is a project to buy the new announced ASIC miner from Butterfly Labs: BitForce SC Mini Rig 1TH/s, priced at $29,899.

http://news.yahoo.com/butterfly-labs-announces-next-generation-asic-lineup-054626776.html

You are buying shares in this unit so you own part of it. This provide piece of mind for future upgrades, but it also means that if the unit breaks we lose our investment.

I will operate the unit at my location. The weekly cost of operating the unit will be deducted from the earnings and the rest will be paid to the shareholders.

For the begining 5000 shares at 1BTC each will be sold.



Here is the IPO description for our COOP:

ASIC Miner COOP is a stock pool with the intention of acquiring ASIC (Application Specific Integrated Circuit) Bitcoin mining equipment. Our goal is to become one of the first in the market to begin mining operations based on ASIC technology, and to give the opportunity for investors to benefit from this technology.

The projected cost of mid to high level ASIC equipment can effectively block many small to mid size mining operations from acquiring these assets. ASIC Miner COOP will offer the ability for these operations and individuals to own dividend bearing stocks and voting rights in an ASIC mining operation.
Butterfly Labs™ has stated in their ASIC FAQ that projected availability will be in October of 2012. This information is subject to change and while ASIC Miner COOP has no control over order and shipping dates, the voting structure of the COOP will allow investors to take part in the decision making of the COOP. This structure allows the COOP flexibility and the ability to react to a changing market.

Pre-order investment funding will be placed in an interest bearing account at 1% weekly. The investment funds will be allowed to compound weekly, until the purchase order is placed with Butterfly Labs™ thus giving COOP and in turn the stockholders an immediate benefit above and beyond share pricing. If at any time it appears an adverse condition will occur with the acquisition of the ASIC equipment during the pre-order stage, a vote will be held to decide if liquidation or investment in other technology will occur.

Dividends will begin to be paid out after mining operations have begun, with all shares having equal standing. The COOP does not charge any load, and only operation costs are deducted from mining proceeds.

Decisions about investing part of the profits into interest bearing instruments to allow the COOP to invest in expansion of the operation will be done by a majority vote of the stockholders.

Addon: If the operator becomes unable to maintain the unit, he will transfer the unit to another member of the COOP after seeking shareholder approval.

IPO description proposal done by dreamwatcher.


Please discuss!

I setup a donation address for the 8BTC GLBSE fee: 15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44

http://blockchain.info/address/15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44
Please send a PM first with the amount you are donating.
First donors will get priority for buying shares.

Donors (not including myself):
pekv2 - 0.1  BTC
locust - 0.25 BTC
DutchBrat - 1 BTC
dreamwatcher - 8 BTC

Donations are closed we have the amount needed.

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roomservice
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June 16, 2012, 02:44:30 PM
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What will you do with those BTC until BFL can deliver somewhere next year?

"Tonight's the night. And it's going to happen again, and again. It has to happen. Nice night."
bulanula
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June 16, 2012, 02:45:35 PM
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What will you do with those BTC until BFL can deliver somewhere next year?

May I suggest a pirate bank deposit ?

Makes perfect sense TBH
ciuciu
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June 16, 2012, 02:45:39 PM
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They usually require advance payment.

What will you do with those BTC until BFL can deliver somewhere next year?

ciuciu
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June 16, 2012, 02:53:27 PM
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No numbers yet. The electricity cost will be deducted from the weekly earnings.

Those numbers are looking hot, any news on power usage?

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June 16, 2012, 02:59:24 PM
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If 3.5 Gh/s can be powered by USB, I think 1 Th/s will not be a issue here. By the way, what is max power for a USB port anyway?
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June 16, 2012, 03:02:35 PM
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2.5w
ciuciu
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June 16, 2012, 03:04:22 PM
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So, it should be around 750W for the unit.

2.5w

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June 16, 2012, 03:04:31 PM
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If 3.5 Gh/s can be powered by USB, I think 1 Th/s will not be a issue here. By the way, what is max power for a USB port anyway?

The PR release doesn't say the power comes only from USB, just that it's USB powered. It could have another power input, for example a phone charger.

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ciuciu
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June 16, 2012, 03:08:13 PM
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I setup a donation address for the GLBSE fee: 15JLZpaYkXB942SoczNvHsXBsEJ8fcTA44

locust
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June 16, 2012, 03:08:30 PM
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If 3.5 Gh/s can be powered by USB, I think 1 Th/s will not be a issue here. By the way, what is max power for a USB port anyway?

The PR release doesn't say the power comes only from USB, just that it's USB powered. It could have another power input, for example a phone charger.

I presume that USB Powered means that can be powered just from USB port... JMHO.
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June 16, 2012, 03:11:05 PM
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If 3.5 Gh/s can be powered by USB, I think 1 Th/s will not be a issue here. By the way, what is max power for a USB port anyway?

The PR release doesn't say the power comes only from USB, just that it's USB powered. It could have another power input, for example a phone charger.

I presume that USB Powered means that can be powered just from USB port... JMHO.

Probably, but there's wiggle room there for when they end up decreasing the expected hashrate and increasing expected power use, like they did for the singles.

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bulanula
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June 16, 2012, 03:13:46 PM
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If 3.5 Gh/s can be powered by USB, I think 1 Th/s will not be a issue here. By the way, what is max power for a USB port anyway?

The PR release doesn't say the power comes only from USB, just that it's USB powered. It could have another power input, for example a phone charger.

I presume that USB Powered means that can be powered just from USB port... JMHO.

Probably, but there's wiggle room there for when they end up decreasing the expected hashrate and increasing expected power use, like they did for the singles.

Hey, be fair. They actually increased the hashing for the current mini rig by 1000 mhash and decreased the power by 100w so i think they learned their lesson for now.
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June 16, 2012, 03:17:49 PM
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just my 2 cents:

I think its to early right now to put my all money in into a preorder. It'll be a loooooooooooooong time until you see a working product.

There are many reasons:
- It's impossible right now to calculate your ROI on this investment (to many unpredictable factors like difficulty/competition/btc value)
- You have no clue when BFL is going to deliver
- A competitor could even deliver ASIC products month before BFL does
- A competitor could even sell and deliver ASIC products for better $ per mh/s ratio
- BFL could even go broke and your money is lost forever
- A rise in exchange rate per BTC will decrease the value of your stock - even before you get startet with mining
- There is a little chance that hash algo could be changed and make ASIC products worthless in order to protect the network (if BFL stays the one and only company on the market which produce ASIC)


"Tonight's the night. And it's going to happen again, and again. It has to happen. Nice night."
ciuciu
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June 16, 2012, 03:22:21 PM
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I think you are part right.
For this I opted for a cooperative. You only lose what you can afford.
But also, without some risk you can't win. To each his own.



just my 2 cents:

I think its to early right now to put my all money in into a preorder. It'll be a loooooooooooooong time until you see a working product.

There are many reasons:
- It's impossible right now to calculate your ROI on this investment right now (to many unpredictable factors like difficulty/competition/btc value)
- You have no clue when BFL is going to deliver
- A competitor could even deliver ASIC products month before BFL does
- A competitor could even sell and deliver ASIC products for better $ per mh/s ratio
- BFL could even go broke and your money is lost forever
- A rise in exchange rate per BTC will decrease the value of your stock - even before you get startet with mining
- There is a little chance that hash algo could be changed and make ASIC products worthless in order to protect the network (if BFL stays the one and only company on the market which produce ASIC)



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June 16, 2012, 03:44:29 PM
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Interested !

I'm guessing you will wait selling the bonds until BFL actually takes pre-orders....


5000 Bonds @ 1 BTC ia already way over the supposed cost price of the SC Miner
ciuciu
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June 16, 2012, 04:02:30 PM
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I'm going to have them on GLBSE as soon as I get donations for the 8BTC fee,
I think is best to have the funds on hand, as to assure order frontline.
I will spend only the BTC needed for one unit, the remaining will be returned as divident.

Interested !

I'm guessing you will wait selling the bonds until BFL actually takes pre-orders....


5000 Bonds @ 1 BTC ia already way over the supposed cost price of the SC Miner

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June 16, 2012, 04:38:21 PM
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Let's see...

a) You're not willing to risk 8 BTC to start your IPO.
b) You want the money NOW even though the product release date is at some indeterminate point in the future.

Hmmm....
ciuciu
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June 16, 2012, 04:44:10 PM
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You totally misunderstand the notion of COOP. I do not get any profit out of it, except for the shares I buy.
For this, all expenses should be paid by the COOP members.
Anybody is free to go at it by himself, or to pay ten times for mining bonds. Nobody will give you a better offer. If they do, please let me know.

I do not want your money now. You can buy them at your convenience, if still available on GLBSE.

And after all, competition is good for consumer!

Let's see...

a) You're not willing to risk 8 BTC to start your IPO.
b) You want the money NOW even though the product release date is at some indeterminate point in the future.

Hmmm....

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June 16, 2012, 06:30:29 PM
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I have been unable to find an official announcement from Butterfly Labs that is both credible and verifiable. Can you please provide a URL hosted on their domain with the appropriate news announcement?

Until then, I would urge caution with regards to this Internet rumor whose veracity is in question with an unverified source as it may be a hoax aimed at causing people to devalue their mining shares/bonds, equipment, etc. in an attempt to get them to sell them at a lower price.

Also, someone should let Butterfly Labs know about the press release since if someone is using their name without their consent then Butterfly Labs may want to proceed with legal action as there are several actionable torts if that is the case.

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