Topic: btt - page 35. (Read 407326 times)

Thanks! Yes, uploading pictures to webpage is definitely good idea :-)

https://btct.co/security/BASIC-MINING

If you go to the news tab there are links. I tend to post the same releases on this thread and those images and others should still be available here, though it's a lot of pages to go through. I will have to consolidate photos and get them uploaded to our website.

Cheers.

If there were some photos of our current devices, then I missed them. Would you point me to those pictures?

Hi JimiQ84. You mean you'd like pictures of gear we haven't acquired yet or you'd like more pictures of gear we're already utilizing?

Cheers.

when we have some time (4 months) until things cool off... will you please show us a photo of mining rig? :-)

Hi cix888. Thank you for trusting me with your hard earned funds.

My plan till the end of the year is to allow the current hardware price war to continue to play out and then to purchase gen2 ASIC mining gear at favorable rates. There are several new vendors coming on the scene in Q4 with 28nm designs and this is driving hardware prices down in anticipation.

Actually our hashing power has increased by 495Gh/s(+52.66%) in the last 30 days. It's just that this increase has done nothing to support the share price due to market perceptions. Please see btct.co news releases for details.

1) I don't see liquidity as a problem currently.

2) I've lain out my plan going forward numerous times, but perhaps a more concise news release could help to reassure those that do not follow us closely.

3) We don't have any barely profitable ASIC gear. Our least effective ASIC gear is a 3 module b2 Avalon that remains profitable for us.

4) This would doom us long term. If we spent large portions of our current resources on currently available hardware it would necessarily be hardware from Avalon, BFL, or ASICMiner. None if this hardware is expected to remain profitable long term. This is why I've suspended such purchases.

5) Share buy backs have been a topic of discussing over the past month+ and something I'm considering.

Thank you, I am reviewing options daily, there just aren't many available at this time as we're stuck between ASIC hardware cycles.

Cheers.  

Wait it out guys.

our fearless leader will do us all well in the coming months, we will be hashing on a much larger scale when he can buy in hand kit. The short term price is crashing - who cares? if you don't need to sell don't sell - wait it out & it will come good.

for god sake look at the alternatives, sticking funds in BFL gear, are they mad? or one of the new unproven vendors?

this stock will tank further, but it means we can buy more shares. guys don't forget this company is liquid and will be able to buy a lot of tin when it is available..

bASIC isn't meant to be a short term investment from my understanding. It's a long term one. That's part of investing is going through the ups and downs of a stock, buying low and selling high. Obviously you bought high and you're selling low. Why not hold onto the stocks for a bit longer if you have any left? They might be going up now, they're currently at 0.14BTC.

I bought one and have currently lost around 0.07 BTC, which is about 3 or 4 days of mining power for me. I was contemplating selling, but then I figured why would I sell it now? I'm getting healthy dividends and I'll wait it out to see what the stock does. I was half hoping it would go down to 0.06 BTC or so, so I could buy a couple more shares, but that's a longshot.

Hi creativex,

First I just wanted to say thanks for your hard work!

I have invested more than a year ago if I recall correctly for less than 1k USD and today I have a significant return on investment and collected a significant amount of dividend...

I'm a long term Investor nevertheless I would like to know what is your plan till the end of the year?

We have seen difficulty going up dramatically and our hashing power hasn't move in the last month. So I'm a little worry of the sell off we have seen in the stock... I have every confident it will turn around so I'm buying back lots of the stocks I sold above 0.7!

I believe a few things could help in the short term:

1) Doing a stock split again to get small investors interested and being able to compete with stocks like Labcoin, Activemining etc. (it's cosmetic but people will be more likely to buy a few shares if it's "lower", it's purely psychological)

2) reassure Investors that Basic mining has a plan for the end of the year and for next year (especially when difficulty will stabilize and all ASIC or most are out)

3) Sell our "barely profitable" ASIC mining gear before it rocks bottom!  

4) try to increase our hashing power with difficulty (I know this one is hard but we need to increase at least 10% when the difficulty goes up that much otherwise dividend get diluted and impatient investors start selling like there is no tmw)

5) share buy-backs to increase the value of shares still available and reducing supply

Again I know you are working around the clock to make this venture profitable for everyone and I have every confident that you will be successful in the long run

regards,

CAA

As a mentioned last time, now it drop to 0.13.     fine, I give up. This the failure investment I did.  I am out now.

Hey 

 I just found a fairly good profitability calculator online -> http://mining.thegenesisblock.com/ <-
This one allows you to configure it and it is very configurable.  It wants the monthly percentage change in difficulty but the box is automatically populated with 76%... I think it should be somewhere between 100-110 but you can change it.  The online calculation is using a 30 day period for calculating reward without a difficulty change midway (or less) so it uses too low a difficulty for 15-20 days per calculation for some periods and it is giving a higher return than reality dictates.  I believe it is about 25% on the high side.  Also it asks for a predicted rate of rise in Bitcoin value - leave it at 0 and divide your cumulative return by the current Bitcoin value.  The value will then be adjusted for power costs and since power rates aren't likely to change considerably over the next few months it will give an accurate depiction of how many coins you can produce over the life of your miner.  I think it's great to be able to visualize where the cumulative return begins to decrease  


 Take care

Hi JimiQ84. I believe this makes Bitfury EU the first pre-order vendor to deliver on time. The US Bitfury guys were still a little behind last I'd seen, but not far.

It looks like he's getting 20.79Gh/H card. 332.67Gh/s for the 16 card kit @ 267w for a very impressive efficiency of .8026w/Gh/s. Bitfury's rumored die shrink to 28nm may drive competing vendors to the poor house.

Cheers.

 The $20k initial price tag on these was way too high as was the $12k for October delivery.  Now they're saying $8k for October delivery which is still quite a risky venture IMHO.

Take care

Yes how...lucky. My problem with using exchange rates in calculations of returns is that people have a tendency to do this selectively and if you're calculating returns in fiat for devices that mint BTC then you should probably be exchanging fiat for BTC directly. Sadly, some unscrupulous vendors even use this mechanism as justification for their non-performance.

It looks like BitFury is delivering

 Hi Creativex,

  I was calculating a compounded rate on diff and if you take 2.5% compounded daily over 10 days (which is as long as the Bitcoin network took to finish the last 2 sets of 2016 blocks) it works out to just shy of a 30% and I think the last two changes were right around there.  I didn't factor in electricity costs - I am merely trying to show the maximum number of coins you can generate. If you can't mine at least as many bitcoins as it would take you to buy it at today's exchange rate, it is simply not worth buying the device.  The bitcoins would be a better purchase for your money.

 Essentially, I calculated the current reward and used a power series to factor in the rate of change of difficulty hence the declining reward.  

 Consider h is hash rate in hashes per second, t is time in seconds, D is difficulty, the probability of generating a block is 1/(2^32*D) and the current block reward is 25 BTC

 reward = 25*h*t/(2^32*D)

 now substitute 86400 seconds for the time to represent one day's reward for each subsequent day, increase D by 2.5% (so D*1.025) of the previous day and as you can see we have a convergent power series: 1 + x + x^2 + x^3... whose sum can be calculated using the formula [x^(m-1)-1]/(x-1)  for m iterations OR to simplify further, we can use an infinite number of iterations which gives us the sum 1/(1-x)

 x will have the value 1/1.025 (because D is in the denominator) if we consider the 2.5% per day compound increase so the sum of this power series is 1.025/.025 or 41

Simply multiply the initial reward by 41 to get the total number of coins you can mine in an infinite number of days.

 So  total reward (@ 2.5%/day increase in difficulty) = [h/d] * [(41*25*86400)/2^32] which you can use for any device.  If you want to use a different percentage increase, substitute 1/(1-x) for 41 (so for your 3% assumption we would get 34.3)

 Right now I have 13.6 GH/s in USB miners and my total reward will be 4.26 BTC if the network hash rate continues to increase at this pace.  I realize there is actually a step change in difficulty every 2016 blocks but even if I use a 10 day period (which is how long the last 2016 blocks took) and 30% compounding instead, the result is only slightly larger ~ 4.5 BTC.  I don't even want to say how much I spent to get them but I can't make an argument without it so... about 22BTC.  Now if those 4.5 BTC I can ultimately generate are worth as much as the 22 BTC I spent to get them, then I'm good but imagine what those 22 BTC would have been worth if I had saved them instead ;(  Live and learn!

 Take care
 
PS based on the 2.5% increase, a 2 TH/s miner received 90 days from today would mine 1.65 BTC/day so you're right, at 14k, it's still only worth a wait-and-see!

  
 

lol because thats actually possible if we keep the same pace

difficulty was under 10 million 3 months ago, and looks to be heading above 100 million within the next two difficulty changes


actually makes KNC Miners look like a bad bet too, I was doing profit estimates with their gear at like 200 million difficulty, but now that looks  like a pipe dream (did not order)