Topic: Buying ASIC Units in bulk - 1 million USD budget (Read 4426 times)

thats a nice sized budget, 1M. sweet!

Vyclid -Sounds good =). Its a lot more than a million now to invest. We have already spent over 400k in the last week on hardware. You can see it mining on BTC guild #211598 which is the 4th ranked position right now and still adding hardware to it.

BitAddict / ewibit - I am sorry we are not interested in pre orders. My advice is that you sell them as soon as possible to someone that would be willing to buy them. Even a batch 3 Avalon pre order more likely than not is a bad investment at this point.

I can too...
it's only a question of the price

Sure it does - if you were to buy $100,000 worth at $70, that's ~1428 coins; if you buy $100,000 worth at $130, that's ~769 coins. If they end up being worth $10,000 each, then you've ended up with $14.28 million on one hand and $7.69 million on the other. $6.59 million sure does seem like a lot of money to me  

Anyway, I'll get you those projections a bit later. If this is for real, and you're really serious about making a million-dollar entry to Bitcoin, I'd be happy to discuss possible business opportunities. I can get you bought into Bitcoin much cheaper than the way you're doing it, and you can still have the tax benefits of purchasing real goods.

If you're fixed on the mining thing, in fact, I can help you get hardware much more likely to end up turning a significant profit. But we'll start with the projections.

Vycid

Thanks =) I updated my post.

i don't know which rumor mill you feed off... but the mixup was not that they sent 30 chips instead of 10k.

Avalon had indicated earlier that they would send 30 sample chips per 10k chips ordered. The mixup was that they were sending 30 sample chips to per buyer irrespective of order volume. That mixup has been clarified... and attributed to communication problems...

Vycid -

I am not even sure I am bullish on Bitcoin let alone Bitcoin hardware =).  I would love to see you projections. You can email me at [email protected] or just PM me here. More likely than not I am wrong =). I tend to not assume I am right with anything.

I believe that there is a 10% chance that Bitcoin will succeed and a 90% chance it will fail. If it succeeds the gains will be unlike any other investment at values of 10k or even possibly 100k USD per BTC. Then again more than likely you will just lose all your money.

On Avalon: They are behind but soon in the next few months those chips will start hitting and then it takes time to build and all that. I think there is a 60 day to 120 day windows here. Rumor is they only sent 30 chips out instead of 10k to people (update: see post below on this). Today they did send out an update via email though which promising.

On BFL: They are over their head. I don't see them getting all these units out for at least 90 to 120 days if not more.

Bitfury:  I think this is a good bet. I preordered batch 1 units but again 60 to 90 days out.

KNCMiner: Up in the air still on these guys.

What worries me are the people not on the list. Stuff like the Coinlab secret mine and the the massive growth to networking power in the past 10 days that is unaccounted for and real ASIC (non Bitcoin) players getting into this space.

Today the smart move would simply be investing in Bitcoin and not in Bitcoin hardware and definitely don't invest in pre-orders. You probably don't want to keep a lot of hardware either and if you have a lot consider diversifying 50/50 into BTC/hardware.

For me with hardware its +/- 30% bet in the short term with all the BTC that gets made mining it just gets reinvested into more hardware.  I have a lot more confidence in hardware and what it can generate in the next 90 days vs just holding Bitcoin. So the plan is simple get hardware that can get back most of its cost in the next 90 days and make sure you have a pretty good idea what will happen over the next 90 days and all proceeds on the Bitcoin generated to go to buy more hardware for the next 90 day batch.

The bet here is that Bitcoin is going to succeed and at $10,000 or $100,000 a Bitcoin does it matter to much if you paid $70 or $130 for it.

It would seem natural for someone from the plummeting MMORPG virtual currency business to move into a more reliable virtual currency.

Serious question for Yantis: would you share with us why you're bullish on mining to the point of buying a million dollars of hardware?

My projections, based on the tens of millions of dollars worth of hardware currently on preorder, and the exponential curvature of the difficulty rate, suggest that you stand to lose quite a lot of money here (if you'd like to see my projections I'm happy to share).

Do you know something we don't?  




For reference, this is the account that received payments for Avalon chips:

http://blockchain.info/address/1FGAftzSTztFSB8LMwsrdCKTyqGY6zr3sU?offset=0&filter=0

(that's 880,000 chips at 0.282 MH/s each, or 248.16 TH/s, and it doesn't even consider Avalon Batch 2 and Batch 3 that haven't shipped yet)

This is the BFL preorder tracker:

http://bfl.ptz.ro/ (371.49 TH/s, assuming they ever ship)

Current hashrate is a modest ~130 TH/s.

And of course there's always Bitfury/100TH, KncMiner, and ASICMiner, to make things worse.

 

Ownt!

Care to explain your signature, if you've got so many millions?

I can offer you my Avalon B3 pre-order if you're interested.

And a Nobel Prize winner to boot, no doubt. I'll bet you have a 26" long penis as well!

Thats another one added to the ignore list. If you must know, I was selling $m's before I was 18, I've won multiple national awards for entrepreneurship and consulting and I'd walk straight through you if I thought you were anything but a worthless, jealous troll sitting behind a keyboard.

Really? You're confused? Let me refresh your memory: https://bitcointalksearch.org/topic/m.2385217

You really expect people to take you seriously, when you offer to 'handle their business' when you don't even have a basic understanding of how business works? Come on... How can you even take yourself seriously at this point?

You reckon you can just walk up to somebody who you see has some money, suck his dick a little, tell him how 'generous' he is and hope he'll throw some sugar your way? Better hope you have a nice pair of tits, if that's your plan.

Not related at all to this forum but slightly related to this post, I used to have a high level gnome necromancer on Everquest on the Rodcet Nife server. Undefeated in PvP duels. I was poor, didn't make much plat, but killed everyone who challenged me (plus/minus 6 levels). My idol at that time was Nerhesi (from another server.) I solo'd a lot (as was the practice with most necros / druids).


But that was 10 years ago. I don't play MMORPGs anymore.

... the fuck?

Haha! Yes, this is the 'community organizer' who reckons he can organize a mass refund request for all BFL preorders! Seems like a real solid business partner! A real go-getter! 

That seems a fair price, nice to see you're not trying to bully when commanding the cash as others might be inclined to do.

If you ever need some business doing in the UK then hit me up

That is a pretty good price estimate. Some of the first ones we paid a lot more than we should have and more recent ones we got for less.

We are currently paying $20k USD for Avalon 3 module units or 5k per module if you just have the modules (ie: defective unit etc).
Though we are lowering this price by around $200+ a day as value gets extracted from them at that rate (based on the calculations below).

71000 MH/s, earns 2.28807817 BTC/day ($232.24) on average (0.09533659 BTC/hr) with the current difficulty of 15605632.68129 but in 7 days somewhere between 15% to 25% raise in difficulty.. right now its projected at 18.55% but who knows.. it might pull another one like last week but I doubt it.. my bet is 20%.