Hey guys,
the project has moved on from announcements to the Services section:
https://bitcointalksearch.org/topic/m.2276338
Please post only in the new thread from this post on.
Thanks!
Bestn regards
Foofighter
Topic: [ANN] Community Mining - Avalon ASIC chip Miner- 11GH/s (Read 2943 times)
Today I got additional Feedback from akka, which comprehend a few use cases which arent already included in our FAQ and the main conditions to what will happen if the service ends respectively what options does the investors have with there shares in this cases. Also we will change the Share splitting of the devices to a round number, either 5 parts(1,1gh/s) or 6 parts(916Mh/s).
We will implement this changes until tommorow and hopefully we can then proceed soon to akkas identity approval and the open payments.
regards
Foofighter
We will implement this changes until tommorow and hopefully we can then proceed soon to akkas identity approval and the open payments.
regards
Foofighter
Hi all,
so we made a new reworked concept, based on the community mining attempt suggested by yxt and akka.
Now I am awaiting your feedback for this new project proposal, what I am still not sure about is the payment adress, if we should use a single or multiple adresses.
Best regards
Foofighter
so we made a new reworked concept, based on the community mining attempt suggested by yxt and akka.
Now I am awaiting your feedback for this new project proposal, what I am still not sure about is the payment adress, if we should use a single or multiple adresses.
Best regards
Foofighter
Thanks for the positive feedback @akka and yxt!
I agree with both of you, initially my thought on this project was just to provide a better pyramining because i had in mind that a community mining Project would provide a lot of risk to us.
But now I am definatly convinced that a community mining attempt is the best solution for both the investors and us.
We will work this solution out in the next days/hours and will release it to the community, I hope you will also give us your well appreciated feedback on the worked out concept.
Basically, as akka mentioned a Share(1GH/s per share?) system would be the best solution but without a buyback of the given out shares, because this would at the end again provide a high financial risk for us.
Thanks so far for your feedback!
Best regards
Foofighter
I agree with both of you, initially my thought on this project was just to provide a better pyramining because i had in mind that a community mining Project would provide a lot of risk to us.
But now I am definatly convinced that a community mining attempt is the best solution for both the investors and us.
We will work this solution out in the next days/hours and will release it to the community, I hope you will also give us your well appreciated feedback on the worked out concept.
Basically, as akka mentioned a Share(1GH/s per share?) system would be the best solution but without a buyback of the given out shares, because this would at the end again provide a high financial risk for us.
Thanks so far for your feedback!
Best regards
Foofighter
I agree with yxt here. Pyramining has already shown that with all the risks involved in Mining 10% is a rather bad deal.
I think making the reward floating would be a better way to handle this.
If the project is highly profitable, investors will get more out, if something happens and the difficult goes to the sky they will get less.
A way to archive this would be, f.e. make timed accounts. A account stays active until the initial investment is paid back, at this point a timer starts, keeping it active for additional 6 Month, so everything mined in this 6 month is profit for the investor. After that the hardware is yours.
Or you go immediately the way, that the investor gets the hardware for as long as it remains providable. In comparison you get a percentage for hosting and providing the service.
I think making the reward floating would be a better way to handle this.
If the project is highly profitable, investors will get more out, if something happens and the difficult goes to the sky they will get less.
A way to archive this would be, f.e. make timed accounts. A account stays active until the initial investment is paid back, at this point a timer starts, keeping it active for additional 6 Month, so everything mined in this 6 month is profit for the investor. After that the hardware is yours.
Or you go immediately the way, that the investor gets the hardware for as long as it remains providable. In comparison you get a percentage for hosting and providing the service.
bfl sucks but that's not the point.
fair profit / risk allocation & I'm with you.
fair profit / risk allocation & I'm with you.
worst case is you get 0% back
But with the
But with the
Quote
Your income is composed by direct Bitcoin mining revenues
termThis would only be the case if we scam our investors. Our current ROI calculation is based on a assumption that the current difficulty level increases by 100%, of course nobody knows what the difficulty level will be in the coming months..
Quote
I bear full risk, but have only 10% chance.
It makes much more sense to invest in a community mining project.
The same risk much greater profit opportunity
This offer is good only for you.
It makes much more sense to invest in a community mining project.
The same risk much greater profit opportunity
This offer is good only for you.
If the difficulty would raise to a higher level , there will still be mining profit. As i have seen, nearly all community mining projects out there, work with the hardware of BFL or other companies where nobody can even guess if or when they deliver there devices.
We think the asic chips from Avalon + the assambly service is the best bet and still the cheapest solution on the market right now.
Best regards
Foofighter
worst case is you get 0% back
But with the
I bear full risk, but have only 10% chance.
It makes much more sense to invest in a community mining project.
The same risk much greater profit opportunity
This offer is good only for you.
But with the
Quote
Your income is composed by direct Bitcoin mining revenues
termI bear full risk, but have only 10% chance.
It makes much more sense to invest in a community mining project.
The same risk much greater profit opportunity
This offer is good only for you.
Worst case seems to be a year to get the 110% back, which is still good.
Now, there is still a part of risk/trust issues.
Now, there is still a part of risk/trust issues.
As mentioned before , I will provide my identity to a trusted forum member and he will post a verification of this, I hope he can provide this in the next days.
best regards
Foofighter
Maybe I do not understand the concept.
But why should anybody finance you a mining Farm for 10% interest?
After you payed out 110% i am out and you still have all the hardware, right?
But why should anybody finance you a mining Farm for 10% interest?
After you payed out 110% i am out and you still have all the hardware, right?
Because of the 10% interest.
If you invest at your bank you mostly dont even know what the bank is going to do with your money..
And yes, your assumption is right.
regards
Maybe I do not understand the concept.
But why should anybody finance you a mining Farm for 10% interest?
After you payed out 110% i am out and you still have all the hardware, right?
But why should anybody finance you a mining Farm for 10% interest?
After you payed out 110% i am out and you still have all the hardware, right?
If enough people are interested a trusted member of the Forum will be provided with my identity data in order to get a more trustful relationship.
Interested here.
Hi guys,
I just talked to a well known Hero member, and I think he can provide an approval of my identity and other infos (what does he do with my identity in certain cases) in the next few days.
We are also going to decide the final necessary details for this project by the end of this week and will provide this info to you.
Hopefully we can start to take payments also by the end of this week.
I hope for your ongoing support
And dont hesitate to ask anything if something is not entirely clear to you.
Best regards
Foofighter
when u will launch ... ill test u out
Hi rammy2k2,
thank you for your support!
We are currently thinking about an additional bonus for early supporters, so stay tuned - more infos will follow soon!
Best regards
Foofighter
when u will launch ... ill test u out
Hey guys,
just updated the #1 post with more information on this project.
If you have any questions just ask, we also have now pre ordered 2 mining units, so your investment can immidiatly start working.
Best regards
Foofighter
just updated the #1 post with more information on this project.
If you have any questions just ask, we also have now pre ordered 2 mining units, so your investment can immidiatly start working.
Best regards
Foofighter
Hi Theraty,
we plan to run this project over the forum, I dont think a project like ours would fit in the scheme what Bitfunder provides.
But more Infos are coming in the next days!
regards
we plan to run this project over the forum, I dont think a project like ours would fit in the scheme what Bitfunder provides.
But more Infos are coming in the next days!
regards
Will you be giving the option of buying and selling shares on bitfunder or will it be more like pryamining?
Whats the extimated total rewards return time in months?
It depends on different factors and nobody knows them for sure now, but I think we can make this somewhere between 3 and 12 months.
Please note that this is just a rough estimation, we will provide more data on this when they are available to us.
regards
Whats the extimated total rewards return time in months?
Hi guys,
I added a FAQ but it is still a work in progress, if anyone needs more infos just ask!
EDIT: Got the FAQ updated with more Informations
regards
Foo
I added a FAQ but it is still a work in progress, if anyone needs more infos just ask!
EDIT: Got the FAQ updated with more Informations
regards
Foo
If enough people are interested a trusted member of the Forum will be provided with my identity data in order to get a more trustful relationship.
Interested here.
I will to talk to a trusted member this week and he will provide reassurance asap.
regards
estimated profit?
the estimated profit will be 10% of your deposit.
We are planning to keep the payout time as low as possible, so when we start mining at end of July you could propably get your profit back before the end of the year. As the time advances also the difficulty will rise but we are planning to keep the GH/s prices low so we can provide a steady service with a relatively short payout time frame.
regards
estimated profit?
Looks legitimate to me !
If enough people are interested a trusted member of the Forum will be provided with my identity data in order to get a more trustful relationship.
Interested here.
What will be the difference between ASICmining Investment project and Pyramining?
Pyramining will be getting ASICs very soon. So what is the difference.
Pyramining will be getting ASICs very soon. So what is the difference.
Hi,
just a few advantages:
#our service will provide way more transparency from the beginning on.
#We will also only use ASIC technology, no FPGAs involved.
#No absurd long Runtimes like on pyramining.
#No freaking 20BTC for the next GH/s even if we would use FPGA Technology.
#better community support, with frequend news
#detailed Website with lots of information
#Gallery section with pics of our mining RIGs
Quote
Pyramining will be getting ASICs very soon. So what is the difference.
I heard BFL will also ship soon...regards
What will be the difference between ASICmining Investment project and Pyramining?
Pyramining will be getting ASICs very soon. So what is the difference.
Pyramining will be getting ASICs very soon. So what is the difference.
Frequently asked questions:
When is this service available?
Which mining devices are we using?
How much Mining power has one of this devices?
How much Mining devices are involved in this project?
Will it be possible to sell my Shares?
How are the mining earnings splitted?
What is the payout frequency?
What happens if a Miner gets damaged during the project time?
What happens if the project isnt providable any more, an increasing amount of Miners gets damaged or we are in any other way forced to stop the project?
Why should we trust you?
How are you going to provide the promised transparency?
When is this service available?
Quote
You can already buy shares, but the first ASIC Miner will be estimated to arrive at mid of august.
We will continually order devices the more shares are bought, your shares will start working as soon as we got the devices. See the order in the investment table.
We will continually order devices the more shares are bought, your shares will start working as soon as we got the devices. See the order in the investment table.
Which mining devices are we using?
Quote
We will buy ASIC chips from Avalon in the following group buy:
https://bitcointalksearch.org/topic/group-buy-avalon-asic-chips-sebastianju-batch-6-ordered-closed-187660
The assambly of the Mining devices will propably be done by burnin:
https://bitcointalk.org/index.php?topic=179769.380
https://bitcointalksearch.org/topic/group-buy-avalon-asic-chips-sebastianju-batch-6-ordered-closed-187660
The assambly of the Mining devices will propably be done by burnin:
https://bitcointalk.org/index.php?topic=179769.380
How much Mining power has one of this devices?
Quote
Burnins is procuding two devices, a 10chip device with 2,8GH/s and a 20chip device with 5,5GH/s.
We will propably only buy the 5,5GH/s devices because it is more cost efficient.
We will propably only buy the 5,5GH/s devices because it is more cost efficient.
How much Mining devices are involved in this project?
Quote
Currently we pre ordered two sets of chips for 2 devices which have a total of 11GH/s , this means as soon as the chips are available to our assambling service and they got lateron delivered to us we can start mining!
But the more people are investing - the more mining devices will be bought.
But the more people are investing - the more mining devices will be bought.
Will it be possible to sell my Shares?
Quote
Yes you are allowed to trade your shares.
How are the mining earnings splitted?
Quote
At the end of a payout period, the power costs and a handling fee of 1,5% will be subtracted from the mining earnings. The earning will then be splitted proportionally to all investors.
After the initial Investment of an Investor is mined the handling fee for further mining earnings will be 5%.
If a Share which has already reached the initial investment is traded, the 5% handling fee will still apply.
After the initial Investment of an Investor is mined the handling fee for further mining earnings will be 5%.
If a Share which has already reached the initial investment is traded, the 5% handling fee will still apply.
What is the payout frequency?
Quote
We will make payouts once every week, at each payout we will post a notification in the thread and will summarize alle mining earnings, the power costs and the handlings fees.
What happens if a Miner gets damaged during the project time?
Quote
As this is a Community Mining Project, everyone will have to take the same risks, so if a mining device is damaged the whole mining power of the farm will be splitted propotionally to all investors until the Mining device is fixed or we got a replacement.
What happens if the project isnt providable any more, an increasing amount of Miners gets damaged or we are in any other way forced to stop the project?
Quote
In this case we will sell all Miners and split the profit propotionally between all investors, or the investors can have there Mining device send home to them depending if the amount of shares they are holding is equal to a full Mining device. (this option would require to pay additional shipping and packaging costs which have to be paid by the investor)
The option that a Shareholder can send his Miner to him will only apply 6 Months after the initial investment is payed out.
The option that a Shareholder can send his Miner to him will only apply 6 Months after the initial investment is payed out.
Why should we trust you?
Quote
As mentioned before a trusted member of the forum will be provided with my identity data and in cases of scam or fraud everyone of you will be provided with my data.
Also it would make no sense for me to scam you because this would mean only a limited profit, in the long run if we trust each other both parties can take much more advantage and make more profit.
Also it would make no sense for me to scam you because this would mean only a limited profit, in the long run if we trust each other both parties can take much more advantage and make more profit.
How are you going to provide the promised transparency?
Quote
Our Mining devices will be bought in two steps, first of all we need the chips then the chips will be send to the assambly service and afterwards we receive the mining devices and start mining.
As the chip buy is a public forum thread everyone can see how much chips we are buying, we will see how the assambly service will work but maybe this could also be done in a way that everyone sees where the money is going.
See here our ordered ASIC Mining chips:
https://bitcointalksearch.org/topic/gruppenkauf-avalon-asic-chips-sebastianju-batch-6-bestellt-geschlossen-187663
Batch 1: 21pieces - ID89
Batch 3: 19pieces - ID17
As the chip buy is a public forum thread everyone can see how much chips we are buying, we will see how the assambly service will work but maybe this could also be done in a way that everyone sees where the money is going.
See here our ordered ASIC Mining chips:
https://bitcointalksearch.org/topic/gruppenkauf-avalon-asic-chips-sebastianju-batch-6-bestellt-geschlossen-187663
Batch 1: 21pieces - ID89
Batch 3: 19pieces - ID17
Hey guys,
in this thread I want to introduce a Community Mining Project which will run with Miners made of Avalon ASIC chips.
About this project?
Advantages:
The costs of 1 Miner is:
1,72 BTC + 1,78BTC @100EUR/BTC
Actual weighteda average BTC Price from MTGOX:https://mtgox.com/index.html?Currency=EUR
The fixed price of 1,72 BTC is needed because the ASIC chips can only bought with a fixed amount of BTC, the variable part of the costs is for assambly, shipping, customs, cables and power supplies,USB Hubs etc..
How can I invest in this project?
1. Choose the amount of shares you would like to invest and then just pay to the provided adress and verify your payment adress.
There is only one payment adress:
2. Post or PM (if you want to stay anonymous) me your investment in the following format:
; ;; 2.1 ensure the sending address is under your control, so you can sign with it in case of disputes.
2.2 How to sign/verify messages?.
if your wallet application does not let you select the sending address and sends from multiple, please post only one of them (and keep the address for a while)
Sign your username as message.
SIGNING/VERIFYING
Example-Code-Tag (Created with BBCode, that is the number sign on top of PMs or Posts while creating them):
If you have any questions, dont hesitate to ask!
Project Status:
Working Miners:
0
ordered ASIC chips:
40
ordered Miner assambly:
still not available
in this thread I want to introduce a Community Mining Project which will run with Miners made of Avalon ASIC chips.
About this project?
- This project will be an investment project for you! You can buy shares from ASIC Miners, each share is equivalent to 917Mh/s hashing power
- The more shares are bought the more Miners will be bought
- All shares and shareholders will be listed in this Thread
- There will be weekly payments
- Will will buy the ASIC chips in a group buy and we will probably buy the 20 chips Mining Units from Burnin ( one of his devices will provide 5,5GH/s hashing power)
- This service will be available as long as it will be profitable for our investors
- We are at no time the owners of the mining devices, we will only host and administrate the devices for you
- Each Miner with the Mining power of 5,5 GH/s will be splitted into 6 Shares
Advantages:
- no need to configure any hardware or software
- cheap hashingpower
- good community support, with frequend news
The costs of 1 Miner is:
1,72 BTC + 1,78BTC @100EUR/BTC
Actual weighteda average BTC Price from MTGOX:https://mtgox.com/index.html?Currency=EUR
Quote
Example:
1BTC=97EUR
(((100/97)*1,78)+1,72)/6 = 0,593BTC per Share
1BTC=97EUR
(((100/97)*1,78)+1,72)/6 = 0,593BTC per Share
The fixed price of 1,72 BTC is needed because the ASIC chips can only bought with a fixed amount of BTC, the variable part of the costs is for assambly, shipping, customs, cables and power supplies,USB Hubs etc..
How can I invest in this project?
1. Choose the amount of shares you would like to invest and then just pay to the provided adress and verify your payment adress.
There is only one payment adress:
Quote
PAYMENT ADRESS
[/color]2. Post or PM (if you want to stay anonymous) me your investment in the following format:
Quote
2.2 How to sign/verify messages?.
if your wallet application does not let you select the sending address and sends from multiple, please post only one of them (and keep the address for a while)
Sign your username as message.
SIGNING/VERIFYING
- Copy the sending address from which you sent with to the group buy. If you mean that the sending address doesnt look like yours its probably a change address. This address is yours of course when you sent
- bitcoins with it. If you dont know the address then go to the transaction, where you sent bitcoins, and check the details. There is a transaction-id. Copy this t-id and put it into the form field at blockchain.info. Then you can see the sending address(es) you sent the bitcoins with.
- Choose "sign messages" in your wallet.
- Copy the sending address in the field at the top where the address has to be.
- Put your forums username in the message field. (If possible use only your username and not more signs or words to prevent errors while sending the info via pm or while verifying.)
- Click at sign.
- The signatur IS NOT stored in bitcoin network (blockchain) and isn't automatically transmitted to me. The signation only creates data, the signature, that is the long string at the bottom that ends to =. In order i can verify the sending address you need to send me the signature.
- See next point.
- Create a pm and set up two code tags. Like this here:
Example-Code-Tag (Created with BBCode, that is the number sign on top of PMs or Posts while creating them):
Quote
This rectangle is a code-tag created with the hash-button above
the textfield when creating a pm or a post.
Put the message and the signature in such tag.
the textfield when creating a pm or a post.
Put the message and the signature in such tag.
- The code tags are important so that while sending the pm no wrong signs come to it that could make the message or the signature faulty.
- In the first codetag put in the signed message, for example your username. IMPORTANT: Upper- and Lowercase does matter. You have to verify the exact same text you used for signing.
- In the second codetag put in the created signature. Please be careful to copy all signs of the signature. For example use ctrl+A to mark all signs, then ctrl+C to copy them.
- Go to Verify signed messages via website and put in your username (your message) and your signature into the fields. To be sure all is copied correctly first go in the field with the mouse, click ctrl+A to mark all the old text, then click ctrl+V to overwrite all marked text. Klick "Verify Message" and see that the sending address comes out that you signed the message with.
- If that happened successfully send the pm.
- As soon as i verified the signature and message and got the correct sending address out of it you will be verified.
- Who is using armory knows that the result of signing is different. Its a block of text. Simply send me that block. I can verify it.
If you have any questions, dont hesitate to ask!
Project Status:
Working Miners:
0
ordered ASIC chips:
40
ordered Miner assambly:
still not available
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