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Author Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It  (Read 3900017 times)
shawshankinmate37927
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May 30, 2014, 05:59:56 PM
 #19961

People are asking if there is a way sales could be done in btc, you are asking this because you are new around here.  Sales historically were done in btc, and divs were then easy to do.  It is now however illegal to price or sell things for btc in China (or some form of that, China changes their stance on bitcoin every 3 seconds). It was as a result of this I believe that cause FC to take payment for chips in fiat, legal bullshit.

I don't see how selling chips for fiat is going to work in this environment.  I think self-mining for BTC and selling chips for fiat as needed will minimize the need to convert back and forth.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."   - Henry Ford
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May 30, 2014, 06:02:40 PM
 #19962

Please ask more questions if you are still confused, hope that clears up a little bit for you.

thanks, so :

Income from gen 3 :
Chips sales : 513.70 BTC + 3 691 731 $ + 2 880 000 CNY
Chips sales($) : 297 946 + 3 691 731 + 460 800 = 4 450 477 $ > 0.49$/10gh (the worst price tag) ~ 9Ph = its only for April Batch

4016 BTC sold (all company reserves+all company mining income+ all income from chip sales in BTC) in exchange for 564.31 USD/BTC price = 2 266 296 $

expenses : over 4M CNY on exhange ... for what?

- ~200 000 CNY/month for Shenzen mining farm, is this that old air cooled basement, which is offline?
- 25 360 $ / salaries / monts ... reasonable ok
Shenzen hub, first rent paind 15days ago ... what is it? warehouse? place for upcoming mining farm?

---
what AM have right now :
last cash around 1M $ + products and material for around 9.38M $
running costs ( salaries + rent ) = ~ - 90 248 $ /month












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May 30, 2014, 06:03:35 PM
 #19963

Is there anybody receive the share transfer confirmation from friedcat ? I am a little worry, it' nearly a week.

▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄
ASICMINERTUBE
         The Best $/Gh Bitcoin Miner So Far              Discover now!
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May 30, 2014, 06:10:19 PM
 #19964

This is to inform that friedcat met with the board today and provided some updates.

General Update
==============

The dividend schedule will be aggressive, as AM will not require large sums of retained capital. The rationale is that AM doesn't need to invest large sums into infrastructure and that the majority of chip production costs will be covered by the business partners on a contract schedule. The new round of dividends are scheduled to begin as soon as the first large purchases have concluded and should precede or coincide with the publication of the updated financial statements.

Specific Updates
================

Submitted Questions:
1) What is the status, size, and expected delivery of the next batch of chips? What about the one after that?
re 1) This month: 850k, next month: 3.35m (order size), June: 6.7m (order size), assuming each chip is 10G.

4) When are the new chips expected to start mining in ASICMiner datacenters and what hashrate are you currently planning on deploying?
re 4) May-June for air cooling and June-July for immersion cooling. They are only capable of 3PH. Most should go franchising or as chips for other vendors' OEM products.

5) When are the sales revenues of the chips expected to be paid out to shareholders?
re 5) When the balance payments are received and exchanged for Bitcoins.

General Disclaimer
==================

Please note that some information is subject to change, as this is a very agile business. Please be careful when speculating on company valuation. This information is purely provided as a service to current shareholders and may not be free of errors.


Wondering if this Aggressive dividend schedule still applies? How many chips have been currently sold?

Edit: Man people are selling down to nothing. My number of shares might increase by another digit soon.

$3,600,000 chip sales at $0.5/gh (guessing) equals about 720k chips sold.

$5,700,000 spent on wafers is about 3m chips(28.5ph @ $0.2/gh).

Seems people are not happy that this months divs went towards next months production costs.
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May 30, 2014, 06:17:40 PM
 #19965

$3,600,000 chip sales at $0.5/gh (guessing) equals about 720k chips sold.

$5,700,000 spent on wafers is about 3m chips(28.5ph @ $0.2/gh).

Seems people are not happy that this months divs went towards next months production costs.

original numbers from Friedcat
1st batch 8,5 Ph   (your estimate 7.2ph) ...could be
2nd batch 33.5 PH  (your estimate 28.5ph) ... could be

so he just paid all income from batch 1 for producing batch 2, and all income from batch 2 will be used for producing batch 3 etc? so 0 divs for shareholders, but almost free chips (0.49$/gh) for umbrella companies for the time being? We've been fucked.

and what is that 4M CNY in expenses on exchange ... for what? (if its not our divs?)


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May 30, 2014, 06:22:46 PM
 #19966

Quote
so he just paid all income from batch 1 for producing batch 2, and all income from batch 2 will be used for producing batch 3 etc?

Looks like that's the plan. How else would FC pay for those massive batches?
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May 30, 2014, 06:23:05 PM
 #19967

Yet another Bitcoin shit.

LWWE6dtTUXuaq36KTCne5XqMQHfhfwpadC
shawshankinmate37927
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May 30, 2014, 06:23:47 PM
 #19968

Who here wants me to post the "so long" post I prepared, or should I just STFU and leave without even saying goodbye?

Edit: Never mind, I won't post it, there's perhaps still a lot of fun to be had in this thread, divs next month, and prosperity for the remaining bagholders. So with that, I'll say my goodbyes and move on to other things. Take care.

Did you already dump your shares?

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May 30, 2014, 06:28:13 PM
 #19969

Who here wants me to post the "so long" post I prepared, or should I just STFU and leave without even saying goodbye?

Edit: Never mind, I won't post it, there's perhaps still a lot of fun to be had in this thread, divs next month, and prosperity for the remaining bagholders. So with that, I'll say my goodbyes and move on to other things. Take care.

Did you already dump your shares?

Yes. I've taken out what's left (lucky you, buying my shares at an all time record low of 0.24), and thus my failure is complete. It wasn't enough to learn some lessons with Neo & Bee, Ukyo (12 BTC lost to him and I've been told from a reliable source that Ukyo had indeed gone fractional reserve), CaVirtex (110 BTC invested and all I have to show for it is a PDF with a small fraction of 1% of the company and no idea what the shareholder agreement really is), Havelock Mining Fund last year, AsicMiner (I know I can wait even more and it could go up, but this was my cut off point -- you can reap the rewards, it is OK with me, no risk -- no reward), 47 BTC sent to Butterfly Labs for a day 1 Monarch pre-order that still hasn't shipped and might POSSIBLY make me back 2 BTC if I am lucky, etc.

EDIT: In all, I have contributed (lost) 450 BTC on Havelock and about 65 BTC with ButterflyLabs, with nothing to show for it except if Danny suddenly comes back and my Neobee shares get revived, Ukyo becomes rich AND decides to give all his money away to WeExchange victims, my Monarch arrives someday and works, or CaVirtex gets bought out for tens of millions at least. Am I sore though? No. I can laugh it off, because easy come, easy go, the relatively little BTC I kept has grown 10X in value so I am just back to square one.
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May 30, 2014, 06:30:57 PM
 #19970

It's time to say goodbye , and take care everyone .
Also thanks to friedcat.
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May 30, 2014, 06:34:53 PM
 #19971

Yes. I've taken out what's left (lucky you, buying my shares at an all time record low of 0.24), and thus my failure is complete. It wasn't enough to learn some lessons with Neo & Bee, Ukyo (12 BTC lost to him and I've been told from a reliable source that Ukyo had indeed gone fractional reserve), CaVirtex (110 BTC invested and all I have to show for it is a PDF with a small fraction of 1% of the company and no idea what the shareholder agreement really is), Havelock Mining Fund last year, AsicMiner (I know I can wait even more and it could go up, but this was my cut off point -- you can reap the rewards, it is OK with me, no risk -- no reward), 47 BTC sent to Butterfly Labs for a day 1 Monarch pre-order that still hasn't shipped and might POSSIBLY make me back 2 BTC if I am lucky, etc.

Holy shit ... this is crazy sad roadmap man Sad maybe I am crazy but still HODL-ing AM, anyway 80% stuck in directs, so what can i do, no way selling at 0.2, when bought at 2.5. Something is wrong here. Misinterpreted, lost in translation or something. Few weeks ago we've been told about aggressive dividends, self mining again. Hmmm would like to see complex update. Time for next round of shareholders questions?

and again who can answer this : what is that 4M CNY in expenses on exchange ... for what? Friedcat was buying BTCs? For what?

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shawshankinmate37927
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May 30, 2014, 06:37:59 PM
 #19972

Yes. I've taken out what's left (lucky you, buying my shares at an all time record low of 0.24), and thus my failure is complete. It wasn't enough to learn some lessons with Neo & Bee, Ukyo (12 BTC lost to him and I've been told from a reliable source that Ukyo had indeed gone fractional reserve), CaVirtex (110 BTC invested and all I have to show for it is a PDF with a small fraction of 1% of the company and no idea what the shareholder agreement really is), Havelock Mining Fund last year, AsicMiner (I know I can wait even more and it could go up, but this was my cut off point -- you can reap the rewards, it is OK with me, no risk -- no reward), 47 BTC sent to Butterfly Labs for a day 1 Monarch pre-order that still hasn't shipped and might POSSIBLY make me back 2 BTC if I am lucky, etc.

Hoarding is definitely a much safer way to go.  I did have some success investing in Just-Dice, but that was a bumpy ride too.  Everything else just looks too risky for me.  Good luck to you.

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."   - Henry Ford
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May 30, 2014, 06:50:36 PM
 #19973


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May 30, 2014, 06:56:30 PM
 #19974



Franktank
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May 30, 2014, 07:04:53 PM
 #19975

Per-share equity is low. If we subtract current losses, it's about 0.03BTC/share.
And that is if they manage to sell everything at current prices, and does not include potential cash conversion problems.
Because of cost principle, inventory should be reported on balance sheet at its cost to produce/acquire, not its market or selling cost. So presuming AM can sell their inventory at a profit (IMO very likely), the net will be a multiple higher than the current inventory asset. How much higher is the question.

Well stated, if folks cannot understand grasp this concept, you have simply thrown away your BTC. friedcat did NOT pay 0.49$/G-0.99$/G to produce, rather that is price he is selling at. Those who acted irrationally by making unfounded associations to the numbers provided will soon wish they had not.
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May 30, 2014, 07:11:50 PM
 #19976


I'll be optimistic.

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May 30, 2014, 07:12:41 PM
 #19977

Per-share equity is low. If we subtract current losses, it's about 0.03BTC/share.
And that is if they manage to sell everything at current prices, and does not include potential cash conversion problems.
Because of cost principle, inventory should be reported on balance sheet at its cost to produce/acquire, not its market or selling cost. So presuming AM can sell their inventory at a profit (IMO very likely), the net will be a multiple higher than the current inventory asset. How much higher is the question.

Well stated, if folks cannot understand grasp this concept, you have simply thrown away your BTC. friedcat did NOT pay 0.49$/G-0.99$/G to produce, rather that is price he is selling at. Those who acted irrationally by making unfounded associations to the numbers provided will soon wish they had not.

True, I think there has been a lot of emotional responses to this Statement.  I was expecting an "agressive" dividend, or at least a moderate one this month.  If we don't see something in the next few weeks I will have to sell shares for liquidity - and that is a poor proposition about now.  Such is life!   Kiss
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May 30, 2014, 07:13:52 PM
 #19978

Per-share equity is low. If we subtract current losses, it's about 0.03BTC/share.
And that is if they manage to sell everything at current prices, and does not include potential cash conversion problems.
Because of cost principle, inventory should be reported on balance sheet at its cost to produce/acquire, not its market or selling cost. So presuming AM can sell their inventory at a profit (IMO very likely), the net will be a multiple higher than the current inventory asset. How much higher is the question.

Well stated, if folks cannot understand grasp this concept, you have simply thrown away your BTC. friedcat did NOT pay 0.49$/G-0.99$/G to produce, rather that is price he is selling at. Those who acted irrationally by making unfounded associations to the numbers provided will soon wish they had not.
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May 30, 2014, 07:16:46 PM
 #19979

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so he just paid all income from batch 1 for producing batch 2, and all income from batch 2 will be used for producing batch 3 etc?

Looks like that's the plan. How else would FC pay for those massive batches?

You guys sound pissed, but let's think about this. Mining is an arms race, so you can only sell these chips for so long before the demand is gone and with another company. We can see that demand is currently there based on the multiple companies who are using AM Gen3 chips. We need to push these batches out as fast as possible, then reap rewards later.

Presumably some of the costs of the first batch will not be there with the second and third - CAD Design and device samples stick out, but obviously I do not know the inner workings that well so I may be mistaken on this.

It would also seem that a lot of the costs will be upfront with the first batch and that it should be cheaper to make batches 2 and 3.

Just my thoughts - not looking for an argument, just a discussion.
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May 30, 2014, 07:21:39 PM
 #19980

I think people are confusing the costs of the chips to produce and their value in the inventory vs what they actually get sold for.  They will be sold for profit, so the value will be much higher than what is listed here.  He's not creating and selling chips to break even.  It just looks that way on a financial report right now, likely because the profits from sold chips weren't many compared to what was produced and sit in inventory.  As those start selling in greater numbers, the profits will come in.  It's just that right now, the money isn't there because of the initial production cost.


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