Topic: ASICMINER: Entering the Future of ASIC Mining by Inventing It - page 1265. (Read 3917543 times)

Thanks. I dont like the thought that the money isnt paid back and friedcat, who isnt guilty for this has to pay. Its a big amount of real money. And it looks like nefario stopped everything some weeks ago. So its not likely that the money will be paid back. Ill try to email nefario, maybe he gets back and says a word about it. I mean its $45232.97 judging from the average price at mtgox... i dont see why it shouldnt be paid back.

It was already said. Nefario is still holding 1688.188 BTC that used to belong to ASICMINER, but friedcat has put his own money to cover this missing amount.
When nefario pays back, this will go to reimburse friedcat.

In other words: nefario did not pay back, but ASICMINER's funds are all there, after friedcat covered the frozen funds from his own pocket.

Why that? And who will get this sample and the bitcoins created with it? I dont see a reason why someone should get a sample because we already can see that the asics work. So what should this be good for? Its another thing when avalon does this. They have a completely other business model.

Maybe i missed it but i wonder if nefario paid the btc from glbse back already. Is that done or will asicminer have to compensate a loss there?

ASICMINER would become more than 95% of p2pool, which means almost no reduction in variance for a significant overhead. Going solo is better in every way. Someone mentioned that pools are more resistant to DDOS than solo mining but I doubt that there is a good supporting argument for that either.

However, I presume friedcat thinks we will most likely be below a few percent for the most of our operation and that's why he will develop the infrastructure with pools in mind. In that case, we could use one p2pool instance among other pools.

Congratulations on being part of bitcoin history!
 

Congratulations on this initial deployment, it all sounds good to me.

why not p2pool, isn't that pretty decentralized?  asicminer could really bring them into the light!

Heh.  It's still pretty impressive.  If they can get the whole 12 TH online before BFL ASICs hit the network, they will be looking at about USD 50k per day.

Using currency exchange, ×, ÷

Those numbers are very rough and are only meant as a question meaning "isn't our debt paid?"

Edit1: As for your edit.http://allchains.info/calc.html  Roughly avg 1500gh/s x 3 days (now that I think of it its only 2 days though, but its still not a tenth..)

Edit0: Apparently I always had a "rogue" zero that was invisible (mobile Firefox bug I guess) and have been calculating 15th/s instead of 1.5th/s. Sorry.

How did you arrive at the USD 150k figure?  I calculate it to be about a tenth of that using shares*PPS.

And yay - block 20 found.  Go little ASIC.

Thanks for the lengthy worthwhile update. Few points that might have been missed/would like further explanation.



What is the actual status on the mining deployment? When should we expect XXTH/s and what should XX be.

And just to give a timeline at this point, (not actually important, just for the greater picture) when should shareholders expect first dividend?

Also, priority list seems on point.

Thanks.

I'd like to see some next TH/s on Bitminter ... it has 0% fee, PPLNS, NMC and stratum .... great combo

Thanks for the update friedcat! Is there a schedule for the deployment of the remaining hashing power? Will it go to other pools and if so how can we see the total current hash rate?

Congratulations on the <5% failure rate. Can we expect the entire 12Thash online soon?

Pixels.  Shopped?  Scam!

/smoothy impersonation

friedcat, congrats on getting it up and going!

...facepalm

any updates on the trading platform?

Update

Dear shareholders,

I am sorry for update late. I just got up from some sleep.

Most of what are going on have been asked by replies to this thread. So we start with them:

As we stated in earlier updates, the chips for next expansion (6-fold one, >50TH/s) are ordered and being produced in the fab already.

We are about to get the wafer in the early-to-mid next month. We did that with instalments and paid the premium by loans. The due of whole payment should be before they send us the wafers. It should not be hard to pay off the order, with reserving from our current deployment.

We will update the brief financials report and our plan of payment structures in later this thread. Any concerns about our approach are welcome.

This is what in our mind when doing the IPO:

1. One ASICMINER (A) share is one privileged share of our partnership (A+B) compared to Bitfountain (B) shares controlled by us founders.

2. The privileges (investor protection) are exactly the four ones listed in the main thread. Besides privileges, one ASICMINER share is no different to one Bitfountain share. This means that ASICMINER shareholders also pay for maintainance and re-investment, same as the rest of us three, while at the same time also enjoy the future benefits made possible from the maintainance and re-investment costs. This is why we stated that ASICMINER shareholders are always in a better position than any device buyers when the initial biggest risk disappeared.

3. The rest shares, when not sold, are kept and owned by Bitfountain. When they are sold, all income will be invested in our partner ship (A+B). This is what the non-dilution privilege of ASICMINER share means. They may be sold someday when the price is right and we need really big investment costs. But now the price is not fully appreciated in our point of view and the re-investment cost in the mid-term won't be so big that we have to sell them low.

4. About the portion concerns, we believe that the evaluation of (A+B) on IPO is fair to ASICMINER purchasers, because it's already much lower than most other startups seeking for angel investments. The investor protection clauses are also a pro. Of course, most angels/VCs will get more information and control, but we could still debate whether this aspect can neutralize the advantages from low evaluation and privileges.

Picture taken last week.


Failure rate <5%. Clock rate 336MHz not overclocked.

It's only a fraction of our total hashrate. Just 2TH/s on btcguild is not bringing centralization. The future of difficulty or our portion is unclear to us. If we are really lucky enough to be able to take a large percentage for a long time, we are the last ones who would like to see panics. Decentralization could be achieved by scattering some of our future computation power to consumers, or letting many different pools with different interests control them and use them for good.

----------------------------------------------------------------------

The next part is about what will happen:

Sample boards to the community: this is at the 2nd order of our priority list following deploying. Once we have enough time it will be done immediately.

The next batch: Chips are arranged by the fab to arrive next month. With the former efforts on PCB design/service seeking of the first batch, the development time of the second batch of final products should be shorter than this one. With them to expand our farm, or sell them, or do both, are still in consideration.

Trading: The platform is still in its testing cycle. Private trades are entitled when registering in our place by PM or e-mailing me. Please do it in larger quantities and lower frequency because we cannot handle too much requests in time especially in this period.

Financials and dividend plan: We are to make the final payment in early March for the next batch of wafers. We are also in some urgent and some not-so-urgent payment dues.

Urgent
* Final payment: 382,982.4 rmb + possibly some overdue fine
* Urgent private loans: 35,000 rmb
* Urgent salary payments: ~7,000 rmb
* Budget for the full deploying of the whole rest chips (upgrade of cooling/place/mechanical parts since it gets warmer when spring comes and reserves for the maintainance/rents/electricity bill generated during it): 70,000 rmb

Not-so-urgent
* Packaging, PCB manufacturing and assembly cost of the second round
* Not-so-urgent loans: 370,000 rmb + interests (which should be reduced with our part of debt to the company, because that GLBSE owes us money and we turned it to our debt to the company + GLBSE debt to us)

This is the order of payment in our plan. Please criticize and help us with a better solution if you like:

First, do the urgent payments and reserves.

Second, make payments sole to ASICMINER shareholders till they break even nominated in Bitcoins, with all what we mined, as required in the (You Break Even First) privilege clause.

Third, make regular dividend payments after ASICMINER shareholders break even. Some net profits are kept for future development, such as next batch, the way towards 65nm/45nm/better technology, and development of consumer mining devices. What in our mind is keeping 20%-40% for growth and paying 60%-80% as dividends.

----------------------------------------------------------------------

Thanks to all investors to make it happen.

We are very very proud and thankful of our engineering team, especially the PCB/whole solution engineer who worked with us in partnership. Without you the delay and uncertainty may already have kept us from moving forward.

Though our evaluation of risk is not high, luck still plays an important role to bring us to what we are in now. However, (luckily) the importance of luck would dramatically be reduced in the future, because MPW and all other time-consuming verification stages will be done in the next times.

Update coming, I see friedcat posting.

edit: nooo he disappeared

Can't wait for the "real" update.

No doubt the ASICs caught fire. This proves it! I am very sorry for everyone so am willing to buy shares at .15 BTC per share

Edit: Back to 2,154.41 GH/s