Bitmain's Released Antminer S9, World's First 16nm Miner Ready to Order - page 37.

FatnSlo

newbie

Activity: 27

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Quote from: ?? on ??

Quote from: kenji on February 09, 2018, 01:36:34 PM

Quote from: FatnSlo on February 09, 2018, 12:06:13 PM

We ordered 10 S9's this week from Bitmain and paid in USD wire transfer. Now Bitmain comes back and says we shorted them $30 (we did not). To pay them this $30 will costs us even more in transfer fees than the $30. We offered to by more units and pay the $30 then, but now they are ignoring us.
Now we worry they will cancel the whole order and then we will lose out even more when they transfer the money back.

Has anyone had an experience like this with Bitmain and what was their solution?

Whenever I order I transfer a few extra dollars than asked for, even on top of fees for transferring money to China, to be sure all goes smoothly.

Bitmain is not Amazon who will hold your hand and give you a refund and tell you everything will be ok. Short them a couple dollars and your order worth tens of thousands is screwed up. Sending them a few extra dollars is a small price to pay to be sure all goes smoothly in my opinion.

I just finished dealing with this issue I had with a couple orders. Send them an email to support ASAP if you want the order to be paid as soon as possible. For each individual order they will give you individual BCH wallet addresses with corresponding BCH amounts to send funds to. They will use the exchange rate as it was at the time your wire went through. If you go under your orders and click on them they will show exactly what they received (they don't need to provide any proof of course lol). It is strange that they are coming up with this "extra $25 fee for each wire you send"... Before I had an order that was short $5USD and they let it slide and did not ask me for a BCH transfer.

Thanks for all the comments. The problem with that is we don't have any BCH. We just wanted to deal in USD.

kenji

sr. member

Activity: 448

Merit: 255

Quote from: ?? on ??

Quote from: kenji on February 09, 2018, 01:36:34 PM

Quote from: FatnSlo on February 09, 2018, 12:06:13 PM

We ordered 10 S9's this week from Bitmain and paid in USD wire transfer. Now Bitmain comes back and says we shorted them $30 (we did not). To pay them this $30 will costs us even more in transfer fees than the $30. We offered to by more units and pay the $30 then, but now they are ignoring us.
Now we worry they will cancel the whole order and then we will lose out even more when they transfer the money back.

Has anyone had an experience like this with Bitmain and what was their solution?

Whenever I order I transfer a few extra dollars than asked for, even on top of fees for transferring money to China, to be sure all goes smoothly.

Bitmain is not Amazon who will hold your hand and give you a refund and tell you everything will be ok. Short them a couple dollars and your order worth tens of thousands is screwed up. Sending them a few extra dollars is a small price to pay to be sure all goes smoothly in my opinion.

I just finished dealing with this issue I had with a couple orders. Send them an email to support ASAP if you want the order to be paid as soon as possible. For each individual order they will give you individual BCH wallet addresses with corresponding BCH amounts to send funds to. They will use the exchange rate as it was at the time your wire went through. If you go under your orders and click on them they will show exactly what they received (they don't need to provide any proof of course lol). It is strange that they are coming up with this "extra $25 fee for each wire you send"... Before I had an order that was short $5USD and they let it slide and did not ask me for a BCH transfer.

Good to hear that it all worked out, I can't imagine the process being that smooth if you don't try to contact them asap.

kenji

sr. member

Activity: 448

Merit: 255

Quote from: FatnSlo on February 09, 2018, 12:06:13 PM

We ordered 10 S9's this week from Bitmain and paid in USD wire transfer. Now Bitmain comes back and says we shorted them $30 (we did not). To pay them this $30 will costs us even more in transfer fees than the $30. We offered to by more units and pay the $30 then, but now they are ignoring us.
Now we worry they will cancel the whole order and then we will lose out even more when they transfer the money back.

Has anyone had an experience like this with Bitmain and what was their solution?

Whenever I order I transfer a few extra dollars than asked for, even on top of fees for transferring money to China, to be sure all goes smoothly.

Bitmain is not Amazon who will hold your hand and give you a refund and tell you everything will be ok. Short them a couple dollars and your order worth tens of thousands is screwed up. Sending them a few extra dollars is a small price to pay to be sure all goes smoothly in my opinion.

ricknamer

jr. member

Activity: 126

Merit: 1

Quote from: FatnSlo on February 09, 2018, 12:06:13 PM

We ordered 10 S9's this week from Bitmain and paid in USD wire transfer. Now Bitmain comes back and says we shorted them $30 (we did not). To pay them this $30 will costs us even more in transfer fees than the $30. We offered to by more units and pay the $30 then, but now they are ignoring us.
Now we worry they will cancel the whole order and then we will lose out even more when they transfer the money back.

Has anyone had an experience like this with Bitmain and what was their solution?

They won't - they aren't that shady - it'll just take some time for a response.

Same thing happened to me when I ordered on Jan 14 - it was resolved by Feb 4 - yes a long time...but resolved.

Offer to pay the $30 difference with BCH. They will accommodate that sometimes.

kobo_eth

full member

Activity: 294

Merit: 101

Quote from: FatnSlo on February 09, 2018, 12:06:13 PM

We ordered 10 S9's this week from Bitmain and paid in USD wire transfer. Now Bitmain comes back and says we shorted them $30 (we did not). To pay them this $30 will costs us even more in transfer fees than the $30. We offered to by more units and pay the $30 then, but now they are ignoring us.
Now we worry they will cancel the whole order and then we will lose out even more when they transfer the money back.

Has anyone had an experience like this with Bitmain and what was their solution?

By keeping an eye on this thread, I have read about this little "issue" with USD wires, so when I ordered my 2 machines, I just wired 10 USD more (to be on the safe side).
As to what you can do to mitigate, I am sure some of the guys who had stumbled upon that, transferred the missing sum in bitcoin cash and Bitmain accepted. Ask Bitmain if they would do the same for you.

FatnSlo

newbie

Activity: 27

Merit: 0

We ordered 10 S9's this week from Bitmain and paid in USD wire transfer. Now Bitmain comes back and says we shorted them $30 (we did not). To pay them this $30 will costs us even more in transfer fees than the $30. We offered to by more units and pay the $30 then, but now they are ignoring us.
Now we worry they will cancel the whole order and then we will lose out even more when they transfer the money back.

Has anyone had an experience like this with Bitmain and what was their solution?

castiel0504

full member

Activity: 266

Merit: 109

Ultra Mega Giga Super Cool Flying Oposum!

IF you can buy it NOW for reasonable price it and use it its good. But network is SO saturated, that buying now and waiting for 2 months it looks so silly Sad

kobo_eth

full member

Activity: 294

Merit: 101

Up to the moderators to decide if this is offtopic or not (although I find it quite interesting), but can you imagine what amount these guys could have mined if they didnt get arrested...
Long story short, scientists arrested, trying to use a Russian super-computer for mining bitcoins

http://www.bbc.com/news/world-europe-43003740

Mousem40

newbie

Activity: 37

Merit: 0

Quote from: kenji on February 08, 2018, 01:16:03 PM

Quote from: fanatic26 on February 08, 2018, 01:06:49 PM

Quote from: Mousem40 on February 07, 2018, 06:52:13 AM

AntPool even stopped paying out for a a few days waiting for BCH/BTC to drop on the way down and then paid out the miners. Total scam artists

You realize they pay out in BTC and BCH so the USD equivalent means literally nothing. Claiming everything they do is a scam is the mark of ignorance.

You earn .8 BTC

Payout delayed 3 days.

You still get your .8 BTC.

How is that a scam? How exactly do they benefit from it?

Doesn't matter if they pay out in BTC or BCH, you think they're not converting that BTC and BCH into USD when the price is right? Unless I'm misunderstanding, they would benefit by converting their BTC and BCH into USD while the price is high, then the price tanks and they release everyone's money in BTC or BCH which is now worth less. Who knows though, just speculation.

This.

First of all it is disgraceful for them not to pay out when they say they will (in black and white in their terms and conditions) for no apparent reason, with no compensation. Look up the meaning of 'time value of money' (regardless of whether the market is going up or down)

Second, I want my BCH/BTC in a falling market paid out quickly so I can cash out daily at the higher rate before it falls. You won't find them doing this in a rising market I'd wager.

Third, as has been posted above, it gives them the option to cash out at a higher price, wait several days then they can buy them back at a lower market rate and pay them to you then. Profit to them

Maybe I'm ignorant as you say, but I'd rather not have any of those things happen to me while I'm running a farm.

kenji

sr. member

Activity: 448

Merit: 255

Quote from: fanatic26 on February 08, 2018, 01:06:49 PM

Quote from: Mousem40 on February 07, 2018, 06:52:13 AM

AntPool even stopped paying out for a a few days waiting for BCH/BTC to drop on the way down and then paid out the miners. Total scam artists

You realize they pay out in BTC and BCH so the USD equivalent means literally nothing. Claiming everything they do is a scam is the mark of ignorance.

You earn .8 BTC

Payout delayed 3 days.

You still get your .8 BTC.

How is that a scam? How exactly do they benefit from it?

Doesn't matter if they pay out in BTC or BCH, you think they're not converting that BTC and BCH into USD when the price is right? Unless I'm misunderstanding, they would benefit by converting their BTC and BCH into USD while the price is high, then the price tanks and they release everyone's money in BTC or BCH which is now worth less. Who knows though, just speculation.

fanatic26

hero member

Activity: 756

Merit: 560

Quote from: Mousem40 on February 07, 2018, 06:52:13 AM

AntPool even stopped paying out for a a few days waiting for BCH/BTC to drop on the way down and then paid out the miners. Total scam artists

You realize they pay out in BTC and BCH so the USD equivalent means literally nothing. Claiming everything they do is a scam is the mark of ignorance.

You earn .8 BTC

Payout delayed 3 days.

You still get your .8 BTC.

How is that a scam? How exactly do they benefit from it?

Sitarow

legendary

Activity: 1792

Merit: 1047

Quote from: kenji on February 08, 2018, 12:57:33 PM

Quote from: Sitarow on February 08, 2018, 12:53:55 PM

Quote from: kenji on February 08, 2018, 12:50:46 PM

Quote from: Sitarow on February 08, 2018, 12:46:39 PM

Quote from: HoleShot on February 08, 2018, 12:30:01 PM

if you have free power and nobody has to listen it's awesome.

Even with free power you still have the cost of the money you put in place and your time along with any import fees and rental costs.

As a space heater then it works well at 9500 USD/BTC getting you a small profit of 0.04BTC over the course of 1.5 years of babysitting.

An estimated 0.04BTC over 1.5 years. Damn near nowhere certain.

Also out of curiosity because it's very difficult to read that spreadsheet, does that include the large chunk of money you'll get back when you go to sell and upgrade miners in the future or are you just for some reason assuming that it will be a piece of metal to throw in the garbage?

Great question.

Unfortunately I have not had a request for this. However I can add it.

Like selling and keeping your overhead low and perhaps using these as heating sources in place of conventional heaters.

The reality is you can depreciate the asset over time to get tax savings.

I don't know how accurate it would be because god knows what will happen a few years from now, but you could use the time since the S7 has been released and the percentage that its retail price on Bitmain vs. it's resale price on eBay has declined over that time span and factor that in. It's a lot of money that a lot of people don't consider when they calculate ROI.

True. Even after having the audacity of attempting to estimate market trends and hardware development or the going future rate of BTC/USD. Adding another variable only serves for awareness of the option.

kenji

sr. member

Activity: 448

Merit: 255

Quote from: Sitarow on February 08, 2018, 12:53:55 PM

Quote from: kenji on February 08, 2018, 12:50:46 PM

Quote from: Sitarow on February 08, 2018, 12:46:39 PM

Quote from: HoleShot on February 08, 2018, 12:30:01 PM

if you have free power and nobody has to listen it's awesome.

Even with free power you still have the cost of the money you put in place and your time along with any import fees and rental costs.

As a space heater then it works well at 9500 USD/BTC getting you a small profit of 0.04BTC over the course of 1.5 years of babysitting.

An estimated 0.04BTC over 1.5 years. Damn near nowhere certain.

Also out of curiosity because it's very difficult to read that spreadsheet, does that include the large chunk of money you'll get back when you go to sell and upgrade miners in the future or are you just for some reason assuming that it will be a piece of metal to throw in the garbage?

Great question.

Unfortunately I have not had a request for this. However I can add it.

Like selling and keeping your overhead low and perhaps using these as heating sources in place of conventional heaters.

The reality is you can depreciate the asset over time to get tax savings.

I don't know how accurate it would be because god knows what will happen a few years from now, but you could use the time since the S7 has been released and the percentage that its retail price on Bitmain vs. it's resale price on eBay has declined over that time span and factor that in. It's a lot of money that a lot of people don't consider when they calculate ROI.

Sitarow

legendary

Activity: 1792

Merit: 1047

Quote from: kenji on February 08, 2018, 12:50:46 PM

Quote from: Sitarow on February 08, 2018, 12:46:39 PM

Quote from: HoleShot on February 08, 2018, 12:30:01 PM

if you have free power and nobody has to listen it's awesome.

Even with free power you still have the cost of the money you put in place and your time along with any import fees and rental costs.

As a space heater then it works well at 9500 USD/BTC getting you a small profit of 0.04BTC over the course of 1.5 years of babysitting.

An estimated 0.04BTC over 1.5 years. Damn near nowhere certain.

Also out of curiosity because it's very difficult to read that spreadsheet, does that include the large chunk of money you'll get back when you go to sell and upgrade miners in the future or are you just for some reason assuming that it will be a piece of metal to throw in the garbage?

Great question.

Unfortunately I have not had a request for this. However I can add it.

Like selling and keeping your overhead low and perhaps using these as heating sources in place of conventional heaters.

The reality is you can depreciate the asset over time to get tax savings.

UPDATE: Option value added for End of life sale located at P:24

kenji

sr. member

Activity: 448

Merit: 255

Quote from: Sitarow on February 08, 2018, 12:46:39 PM

Quote from: HoleShot on February 08, 2018, 12:30:01 PM

if you have free power and nobody has to listen it's awesome.

Even with free power you still have the cost of the money you put in place and your time along with any import fees and rental costs.

As a space heater then it works well at 9500 USD/BTC getting you a small profit of 0.04BTC over the course of 1.5 years of babysitting.

An estimated 0.04BTC over 1.5 years. Damn near nowhere certain.

Also out of curiosity because it's very difficult to read that spreadsheet, does that include the large chunk of money you'll get back when you go to sell and upgrade miners in the future or are you just for some reason assuming that it will be a piece of metal to throw in the garbage?

Sitarow

legendary

Activity: 1792

Merit: 1047

Quote from: HoleShot on February 08, 2018, 12:30:01 PM

if you have free power and nobody has to listen it's awesome.

Even with free power you still have the cost of the money you put in place and your time along with any import fees and rental costs.

As a space heater then it works well at 9500 USD/BTC getting you a small profit of 0.04BTC over the course of 1.5 years of babysitting.

Antminer V9 4TH 1.5 years operation you save $1,069.72 in power costs if it was 0.10 /KWH