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Author Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It  (Read 3881299 times)
runeks
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July 23, 2013, 03:31:58 PM
 #10321

nice rise in the hashrate - it seems like the 45 Thash/s is there to stay...
It seems ASICMiner can't keep up with the increase in the rest of the network: http://runeks.dk/bitcoin/#week

Yeah, I've read about working conditions in China.  Workers on the factories can easily work 10+ hours a day, 6 days a week.  But they don't complain, they are very hard-working people.
The word is "slaves".
You don't seem to know what a slave is. Voluntarily working 10 hours a day 6 days a week is not slavery.

Only us spoiled Westerners don't know the difference.
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lophie
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Unlimited Free Crypto


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July 23, 2013, 03:38:50 PM
 #10322

nice rise in the hashrate - it seems like the 45 Thash/s is there to stay...
It seems ASICMiner can't keep up with the increase in the rest of the network: http://runeks.dk/bitcoin/#week

Yeah, I've read about working conditions in China.  Workers on the factories can easily work 10+ hours a day, 6 days a week.  But they don't complain, they are very hard-working people.
The word is "slaves".
You don't seem to know what a slave is. Voluntarily working 10 hours a day 6 days a week is not slavery.

Only us spoiled Westerners don't know the difference.

Not so sure about that. Sometimes you don't need lashes and chains to control slaves. You just have to push them into the right direction by the force of tyrannical governments.

Will take me a while to climb up again, But where is a will, there is a way...
runeks
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July 23, 2013, 03:46:42 PM
 #10323

nice rise in the hashrate - it seems like the 45 Thash/s is there to stay...
It seems ASICMiner can't keep up with the increase in the rest of the network: http://runeks.dk/bitcoin/#week

Yeah, I've read about working conditions in China.  Workers on the factories can easily work 10+ hours a day, 6 days a week.  But they don't complain, they are very hard-working people.
The word is "slaves".
You don't seem to know what a slave is. Voluntarily working 10 hours a day 6 days a week is not slavery.

Only us spoiled Westerners don't know the difference.

Not so sure about that. Sometimes you don't need lashes and chains to control slaves. You just have to push them into the right direction by the force of tyrannical governments.
Are you saying that the tyrannical government of China is forcing these people to work?

Voluntarily choosing to work doesn't mean that you love working. It means you prefer the benefits of working over what you would get if you do not work.
binaryFate
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July 23, 2013, 03:48:01 PM
 #10324

Stop the off-topic. All these comments apply to most of the companies that deal with electronic, so bring your discussion with you on a more general forum, but out of here.

Monero's privacy and therefore fungibility are MUCH stronger than Bitcoin's. 
This makes Monero a better candidate to deserve the term "digital cash".
tinus42
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July 23, 2013, 04:26:42 PM
 #10325

nice rise in the hashrate - it seems like the 45 Thash/s is there to stay...
It seems ASICMiner can't keep up with the increase in the rest of the network: http://runeks.dk/bitcoin/#week

Yeah, I've read about working conditions in China.  Workers on the factories can easily work 10+ hours a day, 6 days a week.  But they don't complain, they are very hard-working people.
The word is "slaves".
You don't seem to know what a slave is. Voluntarily working 10 hours a day 6 days a week is not slavery.

Only us spoiled Westerners don't know the difference.

In the 19th century people worked even longer hours in the West. And their children did too. Then we got the labour movement. Which initially was crushed (Pinkerton agents shooting on strikers). But they won. In China the labour movement obviously didn't get any traction. Ironically as China is supposed to be a worker run state.
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July 23, 2013, 05:20:28 PM
 #10326

Its embarrassing, everyone's an expert on slavery and China now. And its got bugger all to do with AsicMiner. People work in China to feed their families, same as everyone else. Just they get paid less. If you wanna talk about real slavery, look what Europe did to almost the entire African continent, or how the US railroads were built. That was real slavery.

Calling Chinese factory workers slaves is just idiotic. I live in Thailand and farm workers get paid very little here for very hard hot work. Its not slavery. Its just a hard hard living. But  they choose to do it. It ain't slavery.
friedcat
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July 23, 2013, 05:32:56 PM
 #10327

Update

Financial Status

Mining Income: 102,041.82BTC
Blade Sales Income: 29,594.75BTC
USB Sales Income: 37,524.00BTC
Total: 169,520.57BTC

Device and Infrastructure Expense: 397,800.00$ + 4,909,930.00¥
Electricity Expense: 729,542.05¥
Labor Expense: 327,081.00¥
Logistics Expense: 132,184.90¥
Deposits: 117,506.01¥
Total: 397,800.00$+6,216,243.96¥

Balance Sheet: https://docs.google.com/spreadsheet/ccc?key=0Al1fvFT7Sd5bdEthNEpIWWxpcW90RFBQOFZ6aFlxT0E&usp=sharing

Hardware Franchising

This is a new business model option besides self-mining and hardware sales. We will rent the excessive hashing power to financial and technical capable people, accepting full deposits at the market price, shipping the devices and collecting a certain PPS rate based on the theoretical hashrate. The PPS rate, the dividing of cost coverage, as well as warranty/exit strategy are being discussed in detail and executed as small-scale experiments.

This model is similar to hardware sales in the aspect that we do not have in control on how the users make use of our devices, therefore has more decentralization in spirit. And like with self-mining, it aims at settings in scale, enjoying the reduction of NRE cost and operating cost overall, and reducing potential marketing/advertisement/customer service costs.

Project Timeline

August-September: Deploy/sell all hashpower arriving in July and early August.
September-November: Deploy/sell the hashpower ordered at early July.
November-December: Experimental products of 2nd-gen chips and modular large-scale deployment solutions.

candoo
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July 23, 2013, 05:38:02 PM
 #10328

Update

Financial Status

Mining Income: 102,041.82BTC
Blade Sales Income: 29,594.75BTC
USB Sales Income: 37,524.00BTC
Total: 169520.57BTC

Device and Infrastructure Expense: 397,800.00$ + 4,909,930.00¥
Electricity Expense: 729,542.05¥
Labor Expense: 327,081.00¥
Logistics Expense: 132,184.90¥
Deposits: 117,506.01¥
Total: 397,800.00$+6,216,243.96¥

Balance Sheet: https://docs.google.com/spreadsheet/ccc?key=0Al1fvFT7Sd5bdEthNEpIWWxpcW90RFBQOFZ6aFlxT0E&usp=sharing

Hardware Franchising

This is a new business model option besides self-mining and hardware sales. We will rent the excessive hashing power to financial and technical capable people, accepting full deposits at the market price, shipping the devices and collecting a certain PPS rate based on the theoretical hashrate. The PPS rate, the dividing of cost coverage, as well as warranty/exit strategy are being discussed in detail and executed as small-scale experiments.

This model is similar to hardware sales in the aspect that we do not have in control on how the users make use of our devices, therefore has more decentralization in spirit. And like with self-mining, it aims at settings in scale, enjoying the reduction of NRE cost and operating cost overall, and reducing potential marketing/advertisement/customer service costs.

Project Timeline

August-September: Deploy/sell all hashpower arriving in July and early August.
September-November: Deploy/sell the hashpower ordered at early July.
November-December: Experimental products of 2nd-gen chips and modular large-scale deployment solutions.

love ya,

thanks for the update

Einer trage des andern Last, so werdet ihr das Gesetz Christi erfüllen.
ashitaka
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July 23, 2013, 05:40:03 PM
 #10329

Update

Financial Status

Mining Income: 102,041.82BTC
Blade Sales Income: 29,594.75BTC
USB Sales Income: 37,524.00BTC
Total: 169520.57BTC

Device and Infrastructure Expense: 397,800.00$ + 4,909,930.00¥
Electricity Expense: 729,542.05¥
Labor Expense: 327,081.00¥
Logistics Expense: 132,184.90¥
Deposits: 117,506.01¥
Total: 397,800.00$+6,216,243.96¥

Balance Sheet: https://docs.google.com/spreadsheet/ccc?key=0Al1fvFT7Sd5bdEthNEpIWWxpcW90RFBQOFZ6aFlxT0E&usp=sharing

Hardware Franchising

This is a new business model option besides self-mining and hardware sales. We will rent the excessive hashing power to financial and technical capable people, accepting full deposits at the market price, shipping the devices and collecting a certain PPS rate based on the theoretical hashrate. The PPS rate, the dividing of cost coverage, as well as warranty/exit strategy are being discussed in detail and executed as small-scale experiments.

This model is similar to hardware sales in the aspect that we do not have in control on how the users make use of our devices, therefore has more decentralization in spirit. And like with self-mining, it aims at settings in scale, enjoying the reduction of NRE cost and operating cost overall, and reducing potential marketing/advertisement/customer service costs.

Project Timeline

August-September: Deploy/sell all hashpower arriving in July and early August.
September-November: Deploy/sell the hashpower ordered at early July.
November-December: Experimental products of 2nd-gen chips and modular large-scale deployment solutions.

Nice!
Thanks for the update
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July 23, 2013, 05:59:04 PM
 #10330

Hardware franchising.  How does that work?  Is it like equipment leasing?  If so, does the equipment eventual returns?  Because typical retail franchise, the operator primarily acquires usage of brand name - can't really draw a true parallel between the this franchising and retail franchise.

Update

Financial Status

Mining Income: 102,041.82BTC
Blade Sales Income: 29,594.75BTC
USB Sales Income: 37,524.00BTC
Total: 169,520.57BTC

Device and Infrastructure Expense: 397,800.00$ + 4,909,930.00¥
Electricity Expense: 729,542.05¥
Labor Expense: 327,081.00¥
Logistics Expense: 132,184.90¥
Deposits: 117,506.01¥
Total: 397,800.00$+6,216,243.96¥

Balance Sheet: https://docs.google.com/spreadsheet/ccc?key=0Al1fvFT7Sd5bdEthNEpIWWxpcW90RFBQOFZ6aFlxT0E&usp=sharing

Hardware Franchising

This is a new business model option besides self-mining and hardware sales. We will rent the excessive hashing power to financial and technical capable people, accepting full deposits at the market price, shipping the devices and collecting a certain PPS rate based on the theoretical hashrate. The PPS rate, the dividing of cost coverage, as well as warranty/exit strategy are being discussed in detail and executed as small-scale experiments.

This model is similar to hardware sales in the aspect that we do not have in control on how the users make use of our devices, therefore has more decentralization in spirit. And like with self-mining, it aims at settings in scale, enjoying the reduction of NRE cost and operating cost overall, and reducing potential marketing/advertisement/customer service costs.

Project Timeline

August-September: Deploy/sell all hashpower arriving in July and early August.
September-November: Deploy/sell the hashpower ordered at early July.
November-December: Experimental products of 2nd-gen chips and modular large-scale deployment solutions.
Strange Vlad
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July 23, 2013, 06:10:28 PM
 #10331

Thank you, friedcat!

Finally we can stop discussing politics and ecology  Cheesy

Do not try and bend the spoon. That's impossible. Instead... only try to realize the truth. There is no spoon. Then you'll see, that it is not the spoon that bends, it is only yourself.
1CdVTkA288cd3m1jkdqPjUfhQ5ebei8gVT
TsuyokuNaritai
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July 23, 2013, 06:12:07 PM
 #10332

This is good, right?

supert
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July 23, 2013, 06:18:40 PM
 #10333

By my calculations, book value is 0.0513 BTC / share
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July 23, 2013, 06:24:08 PM
 #10334

Update

Financial Status

Mining Income: 102,041.82BTC
Blade Sales Income: 29,594.75BTC
USB Sales Income: 37,524.00BTC
Total: 169,520.57BTC

Device and Infrastructure Expense: 397,800.00$ + 4,909,930.00¥
Electricity Expense: 729,542.05¥
Labor Expense: 327,081.00¥
Logistics Expense: 132,184.90¥
Deposits: 117,506.01¥
Total: 397,800.00$+6,216,243.96¥

Balance Sheet: https://docs.google.com/spreadsheet/ccc?key=0Al1fvFT7Sd5bdEthNEpIWWxpcW90RFBQOFZ6aFlxT0E&usp=sharing

Hardware Franchising

This is a new business model option besides self-mining and hardware sales. We will rent the excessive hashing power to financial and technical capable people, accepting full deposits at the market price, shipping the devices and collecting a certain PPS rate based on the theoretical hashrate. The PPS rate, the dividing of cost coverage, as well as warranty/exit strategy are being discussed in detail and executed as small-scale experiments.

This model is similar to hardware sales in the aspect that we do not have in control on how the users make use of our devices, therefore has more decentralization in spirit. And like with self-mining, it aims at settings in scale, enjoying the reduction of NRE cost and operating cost overall, and reducing potential marketing/advertisement/customer service costs.

Project Timeline

August-September: Deploy/sell all hashpower arriving in July and early August.
September-November: Deploy/sell the hashpower ordered at early July.
November-December: Experimental products of 2nd-gen chips and modular large-scale deployment solutions.

friedcat, this is a good update, thank you.

There are a few questions left unanswered. You mention revenue and expenses, but not the period. Is this from operation start last year?

You have also mentioned significant investments in July and investments in 2nd-gen chips. Where is this listed in the balance sheet? If they're not listed, are these costs accounted for elsewhere?

.b

VJain
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July 23, 2013, 06:27:03 PM
 #10335

Update

Financial Status

Mining Income: 102,041.82BTC
Blade Sales Income: 29,594.75BTC
USB Sales Income: 37,524.00BTC
Total: 169,520.57BTC

Device and Infrastructure Expense: 397,800.00$ + 4,909,930.00¥
Electricity Expense: 729,542.05¥
Labor Expense: 327,081.00¥
Logistics Expense: 132,184.90¥
Deposits: 117,506.01¥
Total: 397,800.00$+6,216,243.96¥

Balance Sheet: https://docs.google.com/spreadsheet/ccc?key=0Al1fvFT7Sd5bdEthNEpIWWxpcW90RFBQOFZ6aFlxT0E&usp=sharing

Hardware Franchising

This is a new business model option besides self-mining and hardware sales. We will rent the excessive hashing power to financial and technical capable people, accepting full deposits at the market price, shipping the devices and collecting a certain PPS rate based on the theoretical hashrate. The PPS rate, the dividing of cost coverage, as well as warranty/exit strategy are being discussed in detail and executed as small-scale experiments.

This model is similar to hardware sales in the aspect that we do not have in control on how the users make use of our devices, therefore has more decentralization in spirit. And like with self-mining, it aims at settings in scale, enjoying the reduction of NRE cost and operating cost overall, and reducing potential marketing/advertisement/customer service costs.

Project Timeline

August-September: Deploy/sell all hashpower arriving in July and early August.
September-November: Deploy/sell the hashpower ordered at early July.
November-December: Experimental products of 2nd-gen chips and modular large-scale deployment solutions.

friedcat, this is a good update, thank you.

There are a few questions left unanswered. You mention revenue and expenses, but not the period. Is this from operation start last year?

You have also mentioned significant investments in July and investments in 2nd-gen chips. Where is this listed in the balance sheet? If they're not listed, are these costs accounted for elsewhere?

.b

Was just writing a post asking about period of Revenues/Expenses... but your post did it much better than mine would have Smiley.

A bit more detailed books would be appreciated if possible - monthly expenditures for instance

Making Apps and Websites for people. I charge reasonable rates ($30-40/hour in BTC).
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July 23, 2013, 06:34:55 PM
 #10336

By my calculations, book value is 0.0513 BTC / share
So... At your valuation, it would return 100% biweekly. I'd say that would be undervalued.

Book value does not mean share value, it's just the value of the company's quantifiable assets.

btc: 15sFnThw58hiGHYXyUAasgfauifTEB1ZF6
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July 23, 2013, 06:42:28 PM
 #10337

Great news, cat.
Our company is doing really good.
Capital is growing and sales/mining income is huge comparing to costs.

Eric Muyser
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July 23, 2013, 07:33:05 PM
 #10338

Wow anyone notice the expenses, nice and low.. 17 million income, less than a million in expenses. Nice. Great investment.

@EricMuyser | EricMuyser.com | OTC - "Defeat is a state of mind; no one is ever defeated until defeat has been accepted as a reality" - Bruce Lee
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July 23, 2013, 08:13:02 PM
 #10339

as a (admittedly part qualified) accountant, that balance sheet makes me cringe slightly, but its better than nothing! Smiley

Promote our site for no risk BTC / LTC profit! 1% gross profit, LTC/BTC payments weekly. Click through for more details.
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July 23, 2013, 08:13:57 PM
 #10340

By my calculations, book value is 0.0513 BTC / share
If you look closely at the spread sheet, the company has a liquidation value of zero (Assets-Liabilities). All assets are either instruments for future income, reflect investments, contracts paid for or cover short-term costs.

What's not reported in the spread sheet, but can be estimated from the numbers in the posting is the generated "bitcoin flow": operation->equity owners, which is (169,520.57- ~15,000-40,000=~130,000-150,000). Thus the gross efficiency of the operation up to now is for each bitcoin spent, you get 5 to 10 back. However, that included a lot of early-mover pay-off, thus a separation into different time and operation segments would be desirable to see how that efficiency fares and compares.

The ASICMINER Project https://bitcointalk.org/index.php?topic=99497.0
"The way you solve things is by making it politically profitable for the wrong people to do the right thing.", Milton Friedman
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