Topic: Bitcoin mining project, entry level investment (Read 4137 times)

Since you posted here, will explain.

As stated we are looking to for information to help us along.  We are not requiring and NDA on this.

The NDA would only be needed if in our talks you or I need to discuss confidential information.  A mutual NDA protects both parties should it be deemed necessary.

I can change the wording a little to emphasize this point, but we are not requiring and NDA.

Something interesting they started a new topic here - https://bitcointalksearch.org/topic/m.14468525 and locked it after posting:

We are seeking individuals WHO are extremely knowledgeable in all areas of bitcoin mining.

We have bitcoin mining experience, but wish to obtain outside perspective on our project and goals, to avoid the pitfalls of so many.

If you have experience with ASIC design, PC Board Design, Controller, and/or software experience for monitoring miner(s), please contact us.

We/You may need to discuss confidential information, inasmuch as both parties would benefit from a mutual NDA.

If you feel you can assist us, please send a PM to us, as we will be locking this thread to avoid unnecessary distractions in our goal.


So not sure what their motive is but seems they are back with post they did above and locked in a new topic.   I think they will find out they need to tell more before most would touch a NDA.   

I am not willing to sign shit.

If you can't explain how your plan is better than buying 2.1 million worth of bitcoin on the market, in public, your plan is useless.

Are you willing to sign our NDA, so we can prove to you what we are offering is a good deal?

If not can we have a truce, because we will never see eye to eye.

I am not against bitcoin, I am against people needlessly spending money on new miners when it does not make financial sense to them. If you think it is worth spending your oney on miners, go to it. You have not said anything to prove to me that it would be worth my money, or anyone else's to participate in this project.

Stupid people bad at math paid a bunch of scammers too much money to make the difficulty, hashrate, and price of mining go up much higher than it should have ever gotten. Throwing more money into the hole isn't going to fix anything.

The hashrate does not need to continually go up, especially when you will never actually make more bitcoins in the operation than you could on the market.

Saw this question on Mining speculation “What difficulty level is a deal breaker for you?”

We thought this was a good question for us to answer here.

As it stands, we are not worried about the difficulty increasing as our power cost is extremely reasonable @ 0.0256 kw/H.

We also have additional parcels of land where we could put more mining power if needed to maintain our percentage of hashing rate, but this is a double edge sword as it therefore increases the difficulty (Zeno’s Paradox).  The only saving grace is more expensive power cost will drive less efficient miner out where the difficulty should start to stabilize.

 YOU are the one that doesn't get it.

 Yes, the machines will produce less over time - but there is a limit on that, and they will NOT be "undercut" severely by NEW TECHNOLOGY making them obsolete and outdated and inefficient in less than a year.

 Also, a lot of current hashrate will dry up and go away from current miners when the 14/16nm generation renders them unprofitable. Not ALL, but a large majority - which will slow hashrate growth some.


 As it happens, a lot of miners HAVE in fact been operating for years at this point - not Antminer S5 or S7 units that haven't existed long enough to generate any track record at a 2 year of existance point, but quite a few of the older A1 based gear is still running after years among other examples.



 Also, why do you keep harping on the straw man argument about "turn 2.1 million into 6000 bitcoin"? Go back and re-read what was said.

 

I'm not pro or against this company, but I just want to point out, that they are planning to offer 325% ROI over 4 years.

Just wanted to refresh our original posting.

---

Columbia Basin Mining, LLC (“CBM”) is a Washington State Limited Liability Corporation, located in Moses Lake, WA.

Our co-founder owns two different parcels of land having access to 10 megawatts of power each. He is giving CBM the land rights so we can have nearly 20 megawatts of power for our mining project.

We also have the possibility to lease property with 13 megawatts.

At this time we are seeking accredited investors to assist in a 1 megawatt prototype build to show a Proof of Concept to potential larger investors.

This initial cost of the prototype will include financing the permits and running power to the property from the substations. This cost alone is estimated at $250K from the Public Utility District (PUD).

With one megawatt of power we should have minimum of 6.0 PH/s (0.6%) of the current hashing rate (1 EH/s).

Our electricity cost with all taxes and fees is $0.0256 kW/h.

The overall build is estimated to cost $2.1M (roughly 6000 BTC based on $350 USD).

We are offering 21% of CBM (or 0.0035% per 1 BTC) investment. All investment funds will be held in a cold wallet (1CBMwaCqYWQriKP73hxD8HeCY9mMGGtfbZ).

Once the investment funds reach 30% of target $630,000 (appox. 1800 BTC) we will start construction on the first 0.20 megawatts of mining.  We estimate this build to be 60 days, after which we’ll add additional mining for every $70,000 (appox. 200 BTC) collected.

Should CBM fail to reach the necessary 30% of target on or before April 15, 2016 all funds will be returned to the investors minus a miner’s fee of 0.0002 BTC.

We will be continuously seeking private placement to complete the full 20 megawatt project, and the return of your initial investment. Your ownership percentage will not be diluted because of the private placement.

CBM revenue is the accumulation of all bitcoin mining between Monday – Sunday in a calendar week (“Mining Week”). The earnings will be based on the gross mining revenue from the “Mining Week”, and the valuation will be determined by the spot price of Bitcoin in USD from CoinBase.com the day following the “Mining Week” at 12:00 PST.

CBM is estimating expenses at 35% of gross mining revenue, and will pay earnings based on net proceeds after mining expenses. All earnings are paid within 10 days following the “Mining Week”, by Company cheque (“check”). The investor may elect to receive bitcoin in lieu of check, but all reimbursement calculations are based in USD as if receiving a check.

The earnings amount is dependent on the percentage of investor’s overall ownership, but anticipating 325% ROI over 4 years.

Multiple investors are also welcome.

If you have questions, please email, private message or Skype us. Some information may require signing a Mutual Non-Disclosure Agreement. We will post all relative questions in this thread along with the answer, as long as it does not violate any vendor’s NDA. If any question needs additional research, please allow us ample time to respond.

Any investor desiring a refund before April 15, 2016 we will be charged 2% fee based on the returned amount.

---

This posting is not a scam, and any such statements and/or unwanted spam posting will be removed.

So now we can address the elephant in the room.

Are you against bitcoin as it stands now?
Why are you motivated to hurt or hinder a company that has done nothing to you personally?

After reading your statement, all I see, is you want to stop the use of all the energy needed in the mining process.

Adding more mining power to the network is absolutely necessary otherwise you are inviting a 51% control problem, as it is we are already getting close to that.

Our take on it is, you are not necessarily against us, as much as what we are wanting to do.

You still don't seem to get this so let's try again in plain English.

You are asking for 6,000 BTC, to buy machines that will make more BTC. Mining is just another way to get BTC, that's all it is. Someone with 2.1 million dollars does not need your help to get 6,000 BTC, so they have no reason to give you 2.1 million dollars, or 6,000 unless and until you can explain a plan to turn that money into more than 6000 BTC.

I would certainly not fund your project, nor am I a competitor because I realize that bitcoin mining, at the current status does not make sense. It is MUCH better for me, or anyone else to take my x amount of dollars, and turn it into x/350 BTC, instead of buying a machine that will generate less than x/350 btc over the course of it's useful life.

Even if i was so inclined to do that, I would be much better off buying my own miner instead of fronting all of the money for 21% of a miner as is offered here.

My only motive is to get people to stop throwing money and electricity at this stupidity.

If you think that, you don't get it.

New generations of miners are not the only way to damage a mining farm. Other people buying and running 14/16nm chips (which they will be doing in droves if they are so great) will cause the difficulty to increase, which will make these miners generate less coins over time, which will make them less valuable. That doesn't even deal with the issues of hardware failure that are sure to spring up.

Unless of course you have reason to believe that other people will be unable to acquire this magical chip that will be state of the art for 3 years. If that's the case, you may have something, and should at least state that in your public posting.

MegaBigPower as for as we know is located in Wenatchee (Chelan County).  This article may interest you.

Some of our information on other miners maybe obsolete, and was never intended to mislead.



We agree with your above assessment on the chips.

Before we answer your questions, just alerting that we are taking a defensive stance.

Did you actually read our posting?

At this time we are seeking accredited investors to assist in a 1 megawatt prototype build to show a Proof of Concept to potential larger investors.

The overall build is estimated to cost $2.1M (roughly 6000 BTC based on $350 USD).


You stated: “They don't have a way to turn 2.1 million dollars into more than 6,000 bitcoins like they are claiming.”

What are you thinking?  We said that 6000 BTC was equivalent to $2.1M, based on a set price that was easily divisible.  This was a comparison for the bitcoin community.


Your statement: “I'm not asking for some state secret, I'm asking for them to give the basics of their business.”

We have posted the basics of our business plan, but what we have not posted is our strategy to more profitability, as we are asking for an NDA for this information.


Your statement: “An NDA gives no benefit to me. I know the answer to my questions.”

If that was the case, you would have already funded our whole project, if you have the means.


Your statement: “I want them to publicly state that, so they don't get any money, or publicly refute that, so people will have a reason to give them money.”

Phildo, you came out guns blazing, attacking us without any insight to our business model.  It’s apparent in the above statement you want to sabotage our operation, and we are befuddled as to why.  Are you in the same playing field as us, and do not want to see anymore competition?

quietbearcoin, we are allowed a limited number of non-accredited investors (35), as long as these investors have some actual investment experience.  If you qualify on the latter part, we will be more then happy to send you our NDA.

As to your other question, we have had no requests for our NDA.

 The 14/16nm full custom generation SHOULD be profitable for AT LEAST 3 and more likely 5-6 years, as it will have caught up with semiconductor state-of-the-art and there CAN"T be anything significantly better for a few years (probably 3-5 year timeframe, possibly LONGER, before the 8nm (IBM) or 10nm (Intel) generation hits commercial availability at all).

 The next generation WILL in fact be a new world for mining, since it WON'T have to look over it's shoulder wondering if it will have even 6 months to pay off before the next generation arrives.

 Actually, that power rate is very competative but NOT "half" what most major Bitcoin mining operations appear to be paying.

 MegaBigPower, for a well known and somewhat documented example, is ALSO paying a bit less than 3 cents/KWH (their mining operation is in either Chelan or Douglass county, or they may have some operations in both).

 Most of the Chinese big farms are paying NO MORE than 3 cents/KWH per multiple reports and comments about them.

 Folks that are paying 5 cents or more on big farms are rare to non-extant any more.

An NDA gives no benefit to me. I know the answer to my questions. They don't have a way to turn 2.1 million dollars into more than 6,000 bitcoins like they are claiming. I want them to publicly state that, so they don't get any money, or publicly refute that, so people will have a reason to give them money.

I'm not asking for some state secret, I'm asking for them to give the basics of their business.

So, let me see if I am following you on this... You're saying that if someone asks for monies publicly, they can't keep the answer a secret when all they're doing is asking the questioner to sign an NDA?
Why do you think NDA's are even used then?
But firstly, I have to step back and wonder if you're aware of what the purpose of an NDA is?
I am NOT trying to be snarky here, King of the Bully's  . You just seem to have a real aversion to signing one if you really want to know the answer.
Methinks thou doth protest too much.

He hasn't answered how he plans to make more than 6k bitcoins, which is the basic premise.

If you can't do that publicly, you shouldn't be asking for money publicly.

If asking questions to get people to realize that buying miners for someone else is a stupid idea is bullying, you can call me king bully.