ASICMINER: Entering the Future of ASIC Mining by Inventing It

[chriswilmer]

I don't want to derail the thread too much... but does any one know what the exact reason was for btct.co and bitfunder getting closed was? Was it because of a direct action of the SEC? A perceived problem with the SEC? Something else entirely?

I could never understand why the exchange operators were so silent about the whole thing.

[jimmothy]

I don't want to derail the thread too much... but does any one know what the exact reason was for btct.co and bitfunder getting closed was? Was it because of a direct action of the SEC? A perceived problem with the SEC? Something else entirely?

I could never understand why the exchange operators were so silent about the whole thing.

Nobody knows still.

[chriswilmer]

I don't want to derail the thread too much... but does any one know what the exact reason was for btct.co and bitfunder getting closed was? Was it because of a direct action of the SEC? A perceived problem with the SEC? Something else entirely?

I could never understand why the exchange operators were so silent about the whole thing.

Nobody knows still.

*sigh* Thanks.

[dhenson]

I don't want to derail the thread too much... but does any one know what the exact reason was for btct.co and bitfunder getting closed was? Was it because of a direct action of the SEC? A perceived problem with the SEC? Something else entirely?

I could never understand why the exchange operators were so silent about the whole thing.

Nobody knows still.

*sigh* Thanks.

It is my unfounded assumption that these companies were given A) a Gag order and B) an ultimatum to either produce KYC data on their customers or close.

This caused, bitfunder and btct.co to choose to close and Havelock to move to Panama.

[Holographic]

I'm still interested to know if FC still has a solomining goal of 10% ...

When I was investing into this company ~ 1 year ago, it was publicly known that ASICminer's goal is to maintain at least 10% of global hashrate, so i did some calculations and bought shares. I was investing into mining company which goal was to mine bitcoins. I was not investing into chip manufacture which will be selling chips for fiat after one year. But yeah ... I am now in huge 75% loss, no point of selling now. I feel quite fucked by ASICminer.

I dont' see the cause for complaint.

On one hand, they could make chips, assemble mining equipment, dump it all into a datacenter, and then start paying ever decreasing divs, as they and everyone else keeps dumping mining equipment into the market.

Or, they could take those mining units they've manufactured, sell them for at least the max amount of BTC they'd expect from it over its lifetime (or even quite a bit more... remember the horrible deal that USB Block Eruptors became, yet people kept buying them up?), and you get your "mining" revenue all upfront from the chipbuyer, rather than have to wait for the chip to actually generate that same revenue.

Look at what's happened to difficulty since last July when ASIC's started hitting the market for real... now imagine how much ASICMiner would have had to reinvest in their operation just to maintain 10% of the market. Would there have been any div's at all, if that were the case?

Seems clear that selling chips is far more optimal than maintaining a presence on the network now that the ASIC armsrace is in full swing. I wouldn't be dissappointed by the shift in strategy, but rather thankful that FC & Co are openminded and nimble enough to navigate these waters.

Of course, i have no skin in the game, sold out of my shares a long time ago (before BTCT.co shuttered)

Well, you would have a point if the chips were being sold for the maximum price attainable in the market. The reality seems to be that another entity (Rockminer) has been set up by some buddy of Friedcat, who is apparently getting priority on chips and buying them dirt cheap. This is without a doubt taking profits directly out of ASICMINER shareholders pockets and seems very underhanded to me. If I am mistaken about some of the facts surrounding this, I apologize.

Combine this with less and less information from Friedcat, and irregular dividends the last few weeks, and I have to admit I'm getting a bad feeling. I own a considerable amount of shares in this company, so I'm definitely not just talking down the price here, I'm just a concerned shareholder.

ASICMINER should rethink their approach here, and sell the chips to the highest bidders as well as mine for themselves. Just my opinion.

[jimmothy]

The reality seems to be that another entity (Rockminer) has been set up by some buddy of Friedcat, who is apparently getting priority on chips and buying them dirt cheap. This is without a doubt taking profits directly out of ASICMINER shareholders

This is not reality it is speculation. There is nothing that suggests FC is giving RM any special deals.

any, so I'm definitely not just talking down the price here

Sounds a bit like FUD to me.

[necro_nemesis]

Before going down speculative rabbit holes bear in mind there are members on the board that have a far greater interest in keeping this venture on the straight and narrow than most of the rest of us. One would expect if something was being done to harm the value of thier investment and not maximize returns they would be voicing their objections.

[Holographic]

The reality seems to be that another entity (Rockminer) has been set up by some buddy of Friedcat, who is apparently getting priority on chips and buying them dirt cheap. This is without a doubt taking profits directly out of ASICMINER shareholders

This is not reality it is speculation. There is nothing that suggests FC is giving RM any special deals.

any, so I'm definitely not just talking down the price here

Sounds a bit like FUD to me.

Thats why I said "The reality seems to be....." and added "If I am mistaken about some of the facts surrounding this, I apologize."

It was pretty clear that I wasn't touting this as fact. I own a substantial amount of shares in ASICMINER and have no interest in buying more of them, so it was simply me voicing my concerns, not spreading FUD.

[MilkyLep]

FC, please tell me you were able to get a chip to explode! 

[mc_lovin]

ASICMINER should rethink their approach here, and sell the chips to the highest bidders as well as mine for themselves.

AMEN TO THAT.

That would eliminate any favoritism towards Rockminer and insider dealings.  Openly sell off batches of chips in auction format.  Do you remember the big AM divs of ~0.038 BTC/share last year?  That was when we were auctioning off blades at 50 BTC a pop, while mining full force.  The auction format is perfect. 

[bitcoin.newsfeed]

ASICMINER should rethink their approach here, and sell the chips to the highest bidders as well as mine for themselves.

AMEN TO THAT.

That would eliminate any favoritism towards Rockminer and insider dealings.  Openly sell off batches of chips in auction format.  Do you remember the big AM divs of ~0.038 BTC/share last year?  That was when we were auctioning off blades at 50 BTC a pop, while mining full force.  The auction format is perfect.  

+1, I am also for transparent auction format, great idea ! Jutarul, please, address that on the next board meeting. This is the best solution what i heard here in past several weeks.

[spartan82]

ASICMINER should rethink their approach here, and sell the chips to the highest bidders as well as mine for themselves.

AMEN TO THAT.

That would eliminate any favoritism towards Rockminer and insider dealings.  Openly sell off batches of chips in auction format.  Do you remember the big AM divs of ~0.038 BTC/share last year?  That was when we were auctioning off blades at 50 BTC a pop, while mining full force.  The auction format is perfect.  

+1, I am also for transparent auction format, great idea ! Jutarul, please, address that on the next board meeting. This is the best solution what i heard here in past several weeks.

Agreed. I'm all for auctioning off the units and getting the highest return possible. This way we ensure that everyone gets a fair chance not just first come first serve but those that want them the most will be willing to pay the most. Best case scenario for the shareholders

[Jutarul]

ASICMINER should rethink their approach here, and sell the chips to the highest bidders as well as mine for themselves.

AMEN TO THAT.

That would eliminate any favoritism towards Rockminer and insider dealings.  Openly sell off batches of chips in auction format.  Do you remember the big AM divs of ~0.038 BTC/share last year?  That was when we were auctioning off blades at 50 BTC a pop, while mining full force.  The auction format is perfect.  

+1, I am also for transparent auction format, great idea ! Jutarul, please, address that on the next board meeting. This is the best solution what i heard here in past several weeks.

I've asked for a clarification meeting on these issues.

[necro_nemesis]

Last block was 20th of March. What are the chances mining was shut down to retool?

[dhenson]

Last block was 20th of March. What are the chances mining was shut down to retool?

Sir, I like the way you think.

[necro_nemesis]

Well I'd expect abysmal results from the old equipment but zero for the period seems lower than anticipated. FC was working with packaged chips on the 29th so it isn't out of reason IMHO they'd cut their losses in preparation.

edit : seen.

May be time to pool the old effort rather than all or none.

O/T interesting information regarding how much of the distribution Bitmain is crediting to the S1.

Currently S1 is most popular miner for mining enthusiasts.  S1 is currently deployed in large binary trees structures within the private and public mining pools servicing 20.3% of the entire network hash rate.

[Franktank]

ASICMINER should rethink their approach here, and sell the chips to the highest bidders as well as mine for themselves.

AMEN TO THAT.

That would eliminate any favoritism towards Rockminer and insider dealings.  Openly sell off batches of chips in auction format.  Do you remember the big AM divs of ~0.038 BTC/share last year?  That was when we were auctioning off blades at 50 BTC a pop, while mining full force.  The auction format is perfect.  

+1, I am also for transparent auction format, great idea ! Jutarul, please, address that on the next board meeting. This is the best solution what i heard here in past several weeks.

Agreed. I'm all for auctioning off the units and getting the highest return possible. This way we ensure that everyone gets a fair chance not just first come first serve but those that want them the most will be willing to pay the most. Best case scenario for the shareholders

While this may largely benefit shareholders, there is one thing that separate AM from other manufactures: sustained, long-term Good will from the BTC community.

Getting max profits fast is nice but at the heavy cost of miners turning away. Look at KnC, Avalon, etc. We're here for the long game, not just to line our pockets once.

[Chris_Sabian]

Last block was 20th of March. What are the chances mining was shut down to retool?

http://erpao.info/

Where does that chart get the hashrate?

[aahzmundus]

Where does that chart get the hashrate?

Directly from AM I do believe, it is not an estimation, but it does not include franchises.  (this information is from memory, but the original post where this info was given out is somewhere deep in this thread.)

[jimmothy]

Where does that chart get the hashrate?

Directly from AM I do believe, it is not an estimation, but it does not include franchises.  (this information is from memory, but the original post where this info was given out is somewhere deep in this thread.)

Also does not include the immersion cooled DC.