I still really like how this guy answers questions and think if he has business secrets why not sign a nda. Has anyone posting signed their nda and looked at this? Just wondering...
Phildo are you even interested in what they are saying or as tmfp put it “just being a bully”?
Please let me know if you will accept a small investment. If you are, I will be happy to sign an NDA.
It really makes me wonder why there seems to be so much resistance to signing one. What is wrong with protecting ones information? Seriously.
Topic: Bitcoin mining project, entry level investment - page 2. (Read 4223 times)
It's clear that you don't understand how mining works if you think that miners bought today will last for years on end.
New technology is only part of the problem. Every time any other person in the world plugs in a miner, your miner becomes worth less because the difficulty goes up and the miner makes less.
You need to constantly add hashrate to keep up with the difficulty, never mind new technology. And every time you buy a new miner you dig the hole a little deeper and make it harder to get back to where you started from, never mind turning a profit.
New technology is only part of the problem. Every time any other person in the world plugs in a miner, your miner becomes worth less because the difficulty goes up and the miner makes less.
You need to constantly add hashrate to keep up with the difficulty, never mind new technology. And every time you buy a new miner you dig the hole a little deeper and make it harder to get back to where you started from, never mind turning a profit.
Now this maybe condescending, but sir, we understand mining to its fullest.
If you think there is going to be a new chip every year at this point is ludicrous. This current generation of ASIC we believe will be valid for two years or more. We could be proven wrong, but based on research we think the next step is 10nm and not sure how long that will take.
Every time someone adds a more powerful miner it affects the difficulty, although you are only looking at one side of the equation.
How many miners go offline because it just becomes too expensive for them? How many crash and burn because of old technology? All this and more have cause and effect on the difficulty.
Also, businesses can not just increase hashing rate every time the difficulty changes, they would bankrupt themselves. Increasing hashing also increases the expense and unless you have a good handle on all your expenses, including replacement costs you are in a race to the bottom. With that said, we are always looking for more power to increase our percentage, but we also feel there is a limit before you actually start losing money with more power.
It's clear that you don't understand how mining works if you think that miners bought today will last for years on end.
New technology is only part of the problem. Every time any other person in the world plugs in a miner, your miner becomes worth less because the difficulty goes up and the miner makes less.
You need to constantly add hashrate to keep up with the difficulty, never mind new technology. And every time you buy a new miner you dig the hole a little deeper and make it harder to get back to where you started from, never mind turning a profit.
New technology is only part of the problem. Every time any other person in the world plugs in a miner, your miner becomes worth less because the difficulty goes up and the miner makes less.
You need to constantly add hashrate to keep up with the difficulty, never mind new technology. And every time you buy a new miner you dig the hole a little deeper and make it harder to get back to where you started from, never mind turning a profit.
On a defensive note, this is the second time you have made a threat about post us on a Scam Accusation thread. We are seeking accredited investors and as such they are very aware about due diligence, and we are more the willing to provide such data.
Yes, I have no interest in appearing to be a bully so I edited that out, not before you read it and quoted it tho.
I am trying to get a handle on the basic proposal, which is a 6 Ph/s farm with hopes for expansion, and attempting to see what you bring to the table that is worth 71% ownership of the project. For a substantial investor confident in the basic premise of mining remaining profitable on a comparatively small scale such as this, a long term lease on hash power in an existing operation would seem to be a more proven and less speculative approach.
Referencing a previous posting now: Assuming BitFury guarantees are accurate we should be able to achieve 9.75 PH/s per megawatt. Most of our calculation was assuming 0.15 J/GH (6.6 PH/s).The small scale as you state is just a prototype to prove the profitability of bitcoin mining to a potential larger investor(s) that are not familiar with bitcoin mining.
What we bring to the table is two things, and willing only to talk about the one in open forum.
- We have the land and the power needed for this mining operation. This is not leased land, it is owned by the co-founder. Also having power cost of $0.0256 kW/h is almost half of most operation or more.
- The other part (beating a dead horse) requires the signing of our NDA. To explain our whole business strategy without a NDA is foolish. We believe that everything will become crystal clear once investor(s) understand our business model for this stage.
If you are an accredited investor, you are more then welcome you to look over our proposal. This should convince you one way or the other if we are a scam.
1 - 14/16nm full custom should last about that long and perhaps a bit longer before something better CAN show up.
2 - IF they do the initial build using currently-available 28nm full custom or the B11 14nm NOT full custom gear/chips.
When 14/16nm gear shows up for Bitcoin mining, the hardware will have finally caught up with "state of the art" and there won't BE any "better node" to move up to for years.
No NDA required, just have to pay attention to announcements and existing gear options.
2 - IF they do the initial build using currently-available 28nm full custom or the B11 14nm NOT full custom gear/chips.
When 14/16nm gear shows up for Bitcoin mining, the hardware will have finally caught up with "state of the art" and there won't BE any "better node" to move up to for years.
No NDA required, just have to pay attention to announcements and existing gear options.
Since BitFury has now openly published that they are selling the BF8162C16, I will assume we can talk about them, but not the pricing.
We felt that the 16nm chips would last through the next halving, because going smaller is showing to be much more difficult.
Assuming BitFury guarantees are accurate we should be able to achieve 9.75 PH/s per megawatt. Most of our calculation was assuming 0.15 J/GH (6.6 PH/s).
My usual questions, verifiable NAMES of people behind it, social network profiles, registration data, anything which add to the transparency of this operation? You have to understand, with so many scams around, people do not tend to trust online mining investments.
We will do our best to show more transparency. The business information is public record and can be found here Secretary of State.The LinkedIn pages for co-founders:
Our website is just a stub at this time as we are not seeking any customers. We will improve the site when needed.
We also have a Skype to talk to people. Because Skype is full of spammers, please indicate "Lets talk about bitcoin mining", this weeds out spammers.
We are also very aware about all the scamming on this forum, and to be honest we believe we have a bigger hurdle proving we are not a scam then even raising the necessary funds for the prototype.
On a defensive note, this is the second time you have made a threat about post us on a Scam Accusation thread. We are seeking accredited investors and as such they are very aware about due diligence, and we are more the willing to provide such data.
Yes, I have no interest in appearing to be a bully so I edited that out, not before you read it and quoted it tho.
I am trying to get a handle on the basic proposal, which is a 6 Ph/s farm with hopes for expansion, and attempting to see what you bring to the table that is worth 71% ownership of the project. For a substantial investor confident in the basic premise of mining remaining profitable on a comparatively small scale such as this, a long term lease on hash power in an existing operation would seem to be a more proven and less speculative approach.
4 years??
How many generations of mining gear will that require?
How many generations of mining gear will that require?
1 - 14/16nm full custom should last about that long and perhaps a bit longer before something better CAN show up.
2 - IF they do the initial build using currently-available 28nm full custom or the B11 14nm NOT full custom gear/chips.
When 14/16nm gear shows up for Bitcoin mining, the hardware will have finally caught up with "state of the art" and there won't BE any "better node" to move up to for years.
No NDA required, just have to pay attention to announcements and existing gear options.
My usual questions, verifiable NAMES of people behind it, social network profiles, registration data, anything which add to the transparency of this operation? You have to understand, with so many scams around, people do not tend to trust online mining investments.
Need an nda to explain how a mining farm will make money, seems legit.
Being unable to provide basic facts in an open forum says more than any answer could.
Being unable to provide basic facts in an open forum says more than any answer could.
You guys regularly float self modded threads based on this proposal and then either delete or lock them.
Whenever you are questioned about logic or detail you become vague, then defensive, or invoke a NDA.
You ran up a draft contract which specified a non returnable 4 yearly payment upfront with a Company termination option after 7 days of non profitability.
Steve Swanson claims on Linkedin, in your name, that "We currently have 20 megawatts of power on our land, and with the latest technology available we could achieve 15+% of all mining."
Columbia Basin Mining LLC, Washington State, is extremely difficult to find any information about.
You do not inspire confidence.
Delete this if you want, but that would probably inspire a Scam Accusation thread.
Whenever you are questioned about logic or detail you become vague, then defensive, or invoke a NDA.
You ran up a draft contract which specified a non returnable 4 yearly payment upfront with a Company termination option after 7 days of non profitability.
Steve Swanson claims on Linkedin, in your name, that "We currently have 20 megawatts of power on our land, and with the latest technology available we could achieve 15+% of all mining."
Columbia Basin Mining LLC, Washington State, is extremely difficult to find any information about.
You do not inspire confidence.
Delete this if you want, but that would probably inspire a Scam Accusation thread.
Yes we had a previous posting that was deleted and locked. That posting was for the opportunity to acquire more land, however once that opportunity expired the thread was no longer needed or valid.
We are a new business and as such there is no other way to protect ourselves except with an NDA. We are trying to provide as much detail as we can without giving our business model away, and yes that could be considered vague, although we are very happy to discuss our business plan in detail with interested qualified investors. As far as being defensive, we have expressed our opinion, but never criticized, or used vulgar language in doing such (not saying you have, just in general), and respect that everyone has their own opinion.
The only reason it is difficult to find information about Columbia Basin Mining, LLC is because we created this company in Sept 2015, and no other filings were required, also we are privately held. As you stated we are on LinkedIn and not hiding our identities, and our business location is also public information.
On a defensive note, this is the second time you have made a threat about post us on a Scam Accusation thread. We are seeking accredited investors and as such they are very aware about due diligence, and we are more the willing to provide such data.
You guys regularly float self modded threads based on this proposal and then either delete or lock them.
Whenever you are questioned about logic or detail you become vague, then defensive, or invoke a NDA.
You ran up a draft contract which specified a non returnable 4 yearly payment upfront with a Company termination option after 7 days of non profitability.
Steve Swanson claims on Linkedin, in your name, that "We currently have 20 megawatts of power on our land, and with the latest technology available we could achieve 15+% of all mining."
Columbia Basin Mining LLC, Washington State, is extremely difficult to find any information about.
You do not inspire confidence.
Whenever you are questioned about logic or detail you become vague, then defensive, or invoke a NDA.
You ran up a draft contract which specified a non returnable 4 yearly payment upfront with a Company termination option after 7 days of non profitability.
Steve Swanson claims on Linkedin, in your name, that "We currently have 20 megawatts of power on our land, and with the latest technology available we could achieve 15+% of all mining."
Columbia Basin Mining LLC, Washington State, is extremely difficult to find any information about.
You do not inspire confidence.
4 years??
How many generations of mining gear will that require? What is the detailed plan to replace the original purchases miners, because they will not last 4 years.
And you still need to explain in detail how you are going to turn the 2.1 million into more than 6000 btc. We don't need your help to turn 2.1 million into 6000 btc, so you need to explain how you are going to turn it into more than 6000 btc to give anyone a reason to give you any money.
How many generations of mining gear will that require? What is the detailed plan to replace the original purchases miners, because they will not last 4 years.
And you still need to explain in detail how you are going to turn the 2.1 million into more than 6000 btc. We don't need your help to turn 2.1 million into 6000 btc, so you need to explain how you are going to turn it into more than 6000 btc to give anyone a reason to give you any money.
You are getting into NDA territory. If you are a serious investor we are more then happy to discuss this further offline, after an NDA has been completed.
We are not willing to disclose your business model in an open forum.
4 years??
How many generations of mining gear will that require? What is the detailed plan to replace the original purchases miners, because they will not last 4 years.
And you still need to explain in detail how you are going to turn the 2.1 million into more than 6000 btc. We don't need your help to turn 2.1 million into 6000 btc, so you need to explain how you are going to turn it into more than 6000 btc to give anyone a reason to give you any money.
How many generations of mining gear will that require? What is the detailed plan to replace the original purchases miners, because they will not last 4 years.
And you still need to explain in detail how you are going to turn the 2.1 million into more than 6000 btc. We don't need your help to turn 2.1 million into 6000 btc, so you need to explain how you are going to turn it into more than 6000 btc to give anyone a reason to give you any money.
It does not make sense to give you $x to mine bitcoins if you cannot generate more BTC than I can buy with $x. You are looking to raise 2.1 million or 6k bitcoins. Let's say you get that 2.1 million. It does not make sense to spend all the time, effort, and resources to mine bitcoins unless the result will be more than 6k bitcoins, because it will be a lot easier to buy 6k bitcoins than to mine.
On a smaller level, if YOU cannot make those 6k bitcoins, it doesn't make sense for me to give any money to you, because besides all the time, effort, and resources and risks inherent in the mining industry, I also am taking on the additional risk of trusting you.
This doesn't make sense for anyone, unless you can explain to them how you are going to make more than 6k bitcoins.
On a smaller level, if YOU cannot make those 6k bitcoins, it doesn't make sense for me to give any money to you, because besides all the time, effort, and resources and risks inherent in the mining industry, I also am taking on the additional risk of trusting you.
This doesn't make sense for anyone, unless you can explain to them how you are going to make more than 6k bitcoins.
My apologies for any misunderstanding, but never did we state you would only get your investment back. In our business plan we are estimating about a 325% return on investment in 4 years, and believe mining profits should last through the next halving in 2020.
To fully understand the return on your investment we require NDA.
Not basing the return on bitcoin is stupid.
The reason we are not basing the investment on Bitcoin is because all the construction and permits and build are in USD. Also most investors outside of the Bitcoin arena only deal in USD.Although we did state that investor could receive their earning in Bitcoin.
Why should I give you 1 BTC if you can't turn it into more than 1 BTC?
No matter the price of bitcoin, I am better of with 1 BTC than less than 1 BTC. If you can't turn my 1 BTC into more than 1 BTC, your project is no better than literally doing nothing, what is the benefit to me if the only way to profit from the venture is the price going up? I can get the same benefit by putting 1 BTC on a thumb drive and staring at it without all the additional risks associated with trusting you and dealing with mining.
Can you clarification please, as I think there might be a slight misunderstanding.No matter the price of bitcoin, I am better of with 1 BTC than less than 1 BTC. If you can't turn my 1 BTC into more than 1 BTC, your project is no better than literally doing nothing, what is the benefit to me if the only way to profit from the venture is the price going up? I can get the same benefit by putting 1 BTC on a thumb drive and staring at it without all the additional risks associated with trusting you and dealing with mining.
It does not make sense to give you $x to mine bitcoins if you cannot generate more BTC than I can buy with $x. You are looking to raise 2.1 million or 6k bitcoins. Let's say you get that 2.1 million. It does not make sense to spend all the time, effort, and resources to mine bitcoins unless the result will be more than 6k bitcoins, because it will be a lot easier to buy 6k bitcoins than to mine.
On a smaller level, if YOU cannot make those 6k bitcoins, it doesn't make sense for me to give any money to you, because besides all the time, effort, and resources and risks inherent in the mining industry, I also am taking on the additional risk of trusting you.
This doesn't make sense for anyone, unless you can explain to them how you are going to make more than 6k bitcoins.
I'm guessing you had to negotiate a special rate with Grant County PUC, since their POSTED electric rates are close to 5c/KWH?
There was no special negotiated price. The price is based on corporate rates and power usage from the PUD. All power expenses have been calculated from a spreadsheet provide to us from the PUD.
The amount you stated is closer to the residential rate for the area.
I missed the "Large General Service" rate sheet, which works as long as you don't exceed 5MW.
MOST of their other rates are in the 4-5 cent range, after you factor in the load charges.
I'm guessing you had to negotiate a special rate with Grant County PUC, since their POSTED electric rates are close to 5c/KWH?
There was no special negotiated price. The price is based on corporate rates and power usage from the PUD. All power expenses have been calculated from a spreadsheet provide to us from the PUD.
The amount you stated is closer to the residential rate for the area.
I missed the "Large General Service" rate sheet, which works as long as you don't exceed 5MW.
MOST of their other rates are in the 4-5 cent range, after you factor in the load charges.
Not basing the return on bitcoin is stupid.
The reason we are not basing the investment on Bitcoin is because all the construction and permits and build are in USD. Also most investors outside of the Bitcoin arena only deal in USD.Although we did state that investor could receive their earning in Bitcoin.
Why should I give you 1 BTC if you can't turn it into more than 1 BTC?
No matter the price of bitcoin, I am better of with 1 BTC than less than 1 BTC. If you can't turn my 1 BTC into more than 1 BTC, your project is no better than literally doing nothing, what is the benefit to me if the only way to profit from the venture is the price going up? I can get the same benefit by putting 1 BTC on a thumb drive and staring at it without all the additional risks associated with trusting you and dealing with mining.
Can you clarification please, as I think there might be a slight misunderstanding. No matter the price of bitcoin, I am better of with 1 BTC than less than 1 BTC. If you can't turn my 1 BTC into more than 1 BTC, your project is no better than literally doing nothing, what is the benefit to me if the only way to profit from the venture is the price going up? I can get the same benefit by putting 1 BTC on a thumb drive and staring at it without all the additional risks associated with trusting you and dealing with mining.
Not basing the return on bitcoin is stupid.
Why should I give you 1 BTC if you can't turn it into more than 1 BTC?
No matter the price of bitcoin, I am better of with 1 BTC than less than 1 BTC. If you can't turn my 1 BTC into more than 1 BTC, your project is no better than literally doing nothing, what is the benefit to me if the only way to profit from the venture is the price going up? I can get the same benefit by putting 1 BTC on a thumb drive and staring at it without all the additional risks associated with trusting you and dealing with mining.
Why should I give you 1 BTC if you can't turn it into more than 1 BTC?
No matter the price of bitcoin, I am better of with 1 BTC than less than 1 BTC. If you can't turn my 1 BTC into more than 1 BTC, your project is no better than literally doing nothing, what is the benefit to me if the only way to profit from the venture is the price going up? I can get the same benefit by putting 1 BTC on a thumb drive and staring at it without all the additional risks associated with trusting you and dealing with mining.
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