ASICMINER: Entering the Future of ASIC Mining by Inventing It

[🏰 TradeFortress 🏰]

I confirm this. Please transfer the shares to tradefortress,  please friedcat.

Just a public notice:

Hello,
I would like to transfer my 69 shares of ASICMINER to TradeFortress after a 24.84 BTC has been transferred to 1D6GzDPbDfZUw9Xs5v9hnXkD6ULx8A85T1.

The shares are with the bitcoin address, 1D6GzDPbDfZUw9Xs5v9hnXkD6ULx8A85T1

-Soutenniza

Thank you

Still buying ASICMINER shares, PM me!

[superbit]

Also buying shares that are available, PM me as well.

Thanks,

[mygodpp]

the site should be Mohe County

[niko]

the site should be Mohe County

What are you talking about? The site of what?  Mining in cold climate?

[keystroke]

Network total - 34.437 Thash/s

Looks like the hash rate took a huge leap overnight?

[ShadesOfMarble]

My current prediction for next difficulty is 4,216,232 (+15.5%) - so yes, the network is growing fast.

[SebastianJu]

Network total - 34.437 Thash/s

Looks like the hash rate took a huge leap overnight?

Im not really sure that its all asicminer because the avalon user thread is quite active at the last time...

[punin]

I am also selling some ASICMINER shares: https://bitcointalk.org/index.php?topic=144676.0

[lophie]

I am more interested in the flood of used graphics cards hitting the market soon 

[keystroke]

I think we will be getting an update from friedcat tonight.

friedcat can you please tell us the status of the farm. What % is online and what is the timeline for the remaining ASICs to be powered on. Thanks so much for all of your work

[ineededausername]

Speculation

I see 3.4 TH/s on btcguild and approximately 1 TH/s on ozcoin from "anonymous."  If the ozcoin miner is us, we are about 30-40% of the way to full deployment. 

[HorseRider]

I think we will be getting an update from friedcat tonight.

friedcat can you please tell us the status of the farm. What % is online and what is the timeline for the remaining ASICs to be powered on. Thanks so much for all of your work

The full financial statement may not be provided without the help of financial accountant, but some crucial numbers can be provided easily:

Income statement numbers
Total BTC revenue since the beginning of the mining operaton

Balance sheet numbers
The Bitcoin balance
The RMB balance
Debt obligations update: we can see which obligations has been paid, and the new debt we have to pay.

Potential obligations update: the chips of next batch are near ready,  how much money we need to deploy the next batch, a rough estimate is just fine. I guess it will not be a small number.

(Fiat) Cash flow statement numbers
RMB inflows which was converted from Bitcoin since the beginning of mining.

[samson]

If you don't launch a trading platform pretty quickly you're going to be inundated with manual transfer requests.

With the price of BTC as it is this need is only going to grow with time.

[Jutarul]

One interesting aspect of the deployment is the time compression effect due to hashrate acceleration. At 8-9 blocks/hour we're looking at a time compression factor of 30-50%, which reduces the 14 day blockcycle to 9/10 days.

That means that as long as the hashrate accelerates the TOTAL mining reward rate (BTC/day) is artificially increased to 4500-5500BTC/day instead of the 3600BTC/day. Another way of looking at this is that during a single adjustment cycle the PRE-EXISTING hashing power feeds of the 3600BTC/day and the ADDED hashing power feeds exclusively off the 1000BTC-2000BTC/day.

To give an example. Let's assume hashing power is at 24 TH/s and 12 TH/s were deployed additionally at the beginning of an adjustment cycle. The total reward is then:
3600 BTC/day for the 24 TH/s
1800 BTC/day for the 12 TH/s

instead of the naive assumption:
2400 BTC/day for the 24 TH/s
1200 BTC/day for the 12 TH/s

The correction factor here is 600 BTC/day (50%) bonus for the newly deployed hashing power...

ADDENDUM:
Also worth noting is that the time compression is competitive. E.g. assume a second player also adding 12 TH/s AFTER the first one has deployed and the system is equilibrated. Then the total reward is:
3600 BTC/day for the 36 TH/s
1200 BTC/day for the 12 TH/s
( instead of the naive: 2700 BTC/day for the 36 TH/s and 900 BTC/day for the 12 TH/s, thus a 300 BTC/day correction )

Thus the early deployment of ASICMINER is a double win!

[John (John K.)]

Can we have a confirmation for the location of the IPO? I am not personally invested in ASICMiner, but I am holding escrow for a sizeable chunk of shares.

[matauc12]

One interesting aspect of the deployment is the time compression effect due to hashrate acceleration. At 8-9 blocks/hour we're looking at a time compression factor of 30-50%, which reduces the 14 day blockcycle to 9/10 days.

That means that as long as the hashrate accelerates the TOTAL mining reward rate (BTC/day) is artificially increased to 4500-5500BTC/day instead of the 3600BTC/day. Another way of looking at this is that during a single adjustment cycle the PRE-EXISTING hashing power feeds of the 3600BTC/day and the ADDED hashing power feeds exclusively off the 1000BTC-2000BTC/day.

To give an example. Let's assume hashing power is at 24 TH/s and 12 TH/s were deployed additionally at the beginning of an adjustment cycle. The total reward is then:
3600 BTC/day for the 24 TH/s
1800 BTC/day for the 12 TH/s

instead of the naive assumption:
2400 BTC/day for the 24 TH/s
1200 BTC/day for the 12 TH/s

The correction factor here is 600 BTC/day (50%) bonus for the newly deployed hashing power...

ADDENDUM:
Also worth noting is that the time compression is competitive. E.g. assume a second player also adding 12 TH/s AFTER the first one has deployed and the system is equilibrated. Then the total reward is:
3600 BTC/day for the 36 TH/s
1200 BTC/day for the 12 TH/s
( instead of the naive: 2700 BTC/day for the 36 TH/s and 900 BTC/day for the 12 TH/s, thus a 300 BTC/day correction )

Thus the early deployment of ASICMINER is a double win!

Although all that is true, I was tempted to believe the naive part would be to NOT know that. Also important to note, whatever you make more is corrected in future difficulties. So you do make that 600btc earlier, but end up with close to the same total once you hit your max TH/s for 1whole difficulty.

[friedcat]

Update

Progress
The deploying is on its track. It's slowing down because we have been doing a new round of preparation. The reason why the first 3T went online so quickly, is that we did a lot of work during the unexpected delay of assembling delivery.

We are currently putting all of our hashpower on btcguild. We will split the hashpower (if/when) other major pools make corresponding adaptions to very large workloads in the next week. We tested on other pools but it seems that they had difficulty setting being a bottleneck for such a flood of hashpower at that time.

Self-mining is an option but not emergent plan. Besides having fluctuation and being the target for cyber attack, we do not want to be involved in voting with our portion of the network yet.

The original timeline is to deploy everything before March, but as our next order of wafers are going to be out of fab sooner than expected, the deploying of first and second batch will be closely one by one and we will be busy till all of them are online (and of course will still busy afterwards with new-gen chips).

Financials
The Bitcoin mined from the start are already more than enough to pay the urgent expenses and debts. Dividend payment will start in next Thursday. To avoid the time conflict of trading and dividend payment, please stop/delay the trading requests during Feb 28, 2013, 00:00:00 to Feb 28, 2013, 23:59:59 (forum time) so we can process all of older trading requests before the payment.

And please, make confirmation to me (friedcat on forum, or fnnirvana@gmail.com by mail) after the trade is finished.

The second public financial brief (first one was in last year) will also be given with the dividend payment. Here is what in our mind for achieving the transparency of financials:

Dividend payment: weekly on the blockchain, with the transaction id being public.
Pubic balance sheet: per quarter (fourth a year).
Balance sheet for shareholders: per month, or on demand by board members.
Income and expense details for board members: on demand, after the accountant is ready.
Auditing: sent by board members on demand. Also, professional auditing organizations may be invited in the future when seeking new investments.

Can we have a confirmation for the location of the IPO? I am not personally invested in ASICMiner, but I am holding escrow for a sizeable chunk of shares.

All confirmation letters had been sent more than one month ago. Please check your spam folder if you did not find it. And please PM/mail me if you still could not.

[bitfair]

We are currently putting all of our hashpower on btcguild. We will split the hashpower (if/when) other major pools make corresponding adaptions to very large workloads in the next week. We tested on other pools but it seems that they had difficulty setting being a bottleneck for such a flood of hashpower at that time.

Does that mean those large hashers on Ozcoin are someone other than ASICMINER?

[DutchBrat]

Does that mean that the trading platform will be online before next Thursday?

If I remember correctly you have stated that the tradin platform would be brought online before the 1st dividend payment...

[samson]

Could you please confirm the email address where the share confirmations came from so I can run a search.