Topic: [Closed] Bitfury miner group buy + hosting (with ESCROW) - page 17. (Read 37359 times)

Added to the list.

Two shares please kind sir. Moving BTC around... 

Not sure I'm afraid, I've sent a message to bitfurystrikesback.com to ask. We will move as quickly as possible regardless. If we did miss the August delivery then I'd be keen to order the components for October delivery (if members agree). There's a balance between higher miner costs for August delivery (vs lower costs for October delivery) and increasing difficulty with time, so the best strategy is something of a guess in any case.

Do you know what kind of window we have to purchase for August delivery? I thought I read somewhere (perhaps your other thread?) that they are getting close to a sellout. Just curious.

At current bitpay.com exchange rates we have over 25% of the cost of a mining starter kit pledged, so I will ask John K. if he is happy to open the escrow. Will update here when I have news. John K. has advised that he is currently traveling a lot (see his profile for confirmation of this) so may not be able to reply as quickly as usual, so we will have to be patient.

Please feel free to continue pledging until the escrow account is open.

Only the unending respect and admiration of your peers . Actually I'd had a PM earlier than this, but it doesn't make a difference to things at this point, you're both currently "in".

Any bonus for being first?

Stinky_Pete,3,1.5

SIGNING/VERIFYING INFORMATION (from SebastianJu’s group buy thread)

•   Copy the sending address from which you sent BTC to the group buy. If you think that the sending address doesn’t look like yours it’s probably a change address. This address is yours of course when you sent bitcoins with it. If you don’t know the address then go to the transaction, where you sent bitcoins to the group buy, and check the details. There is a transaction-id. Copy this t-id and put it into the form field at blockchain.info. Then you can see the sending address(es) you sent the bitcoins with.
•   Choose "sign messages" in your wallet.
•   Copy the sending address in the field at the top where the address has to be.
•   Put your forum username in the message field. (If possible use only your username and not more signs or words to prevent errors while sending the info via pm or while verifying.)
•   Click at sign.
•   The signature IS NOT stored in bitcoin network (blockchain) and isn't automatically transmitted to me. The signing process only creates data, the signature, which is the long string at the bottom that ends in =. In order for me to verify the sending address you need to send me the signature. See next point.
•   Create a pm and set up two code tags. Like this here:

Example-Code-Tag (Created with BBCode, that is the hash-button on top of PMs or Posts while creating them):
Put the message and the signature each in such a tag.

•   The code tags are important so that while sending the pm no wrong signs come to it that could make the message or the signature faulty.
•   In the first codetag put in the signed message, for example your username. IMPORTANT: Upper- and Lowercase does matter. You have to verify the exact same text you used for signing.
•   In the second codetag put in the created signature. Please be careful to copy all signs of the signature. For example use ctrl+A to mark all signs, then ctrl+C to copy them.
•   Go to http://brainwallet.org/?vrMsg=sf#verify and put in your username (your message) and your signature into the fields. To be sure all is copied correctly first go in the field with the mouse, click ctrl+A to mark all the old text, then click ctrl+V to overwrite all marked text. Click "Verify Message" and see that the sending address comes out that you signed the message with.
•   If that happened successfully send the pm.
•   As soon as i have verified the signature and message and got the correct sending address out of it you will be verified.

Here a video tutorial to sign with the normal Wallet: https://www.youtube.com/watch?v=3oxM9_OCQKM (Thanks to Foofighter)
Here a video tutorial to sign with a Onlinewallet: https://www.youtube.com/watch?v=S88ciN9DsRk (Thanks to Foofighter)

Summary
This is a group buy (GB), with subsequent hosting in the UK, for a 400+ GH/s bitcoin miner based on bitfury’s recently announced ASIC chips. Bitfury’s chips have been demonstrated in working devices (see below for links); they have very low power consumption (less than 1W per GH/s) and are very competitively priced from bitfurystrikesback.com (more than 3 GH/s per BTC for 400 GH/s miners). As such, they represent one of the most attractive ASIC mining investments available, but the cost of a 400 GH/s miner is beyond the means of many smaller miners, so we’re offering this GB to give access to this state-of-the-art hardware to a wider audience.

We will use a slightly different approach to other GBs and build up the 400GH/s miner in a modular way, ordering component modules as soon as the group has gathered sufficient funds. This will allow us to make orders more quickly and potentially gain a better position in any delivery queues. To provide extra security we are using John K’s escrow service to gather funds and place orders.

UPDATE: Stinky_Pete has placed an order for (and paid for) three drillbit mining boards from drillbit's first batch of miners. Note: this batch is no longer available for sale, only later shipping batches are available. Please see http://drillbitsystem.com/index.html for details: ~20GH/s per board, late October or early November delivery estimate. We will add this to the group's mining capability as component 8 in the GB. Please see https://bitcointalksearch.org/topic/m.3343876 for more details.

UPDATE: We have placed (and paid for) an early order for one of burnin's bitfury burner boards (see www.asic-hardware.com for details: 40-80GH/s, expected around 64 GH/s, early October delivery) and have added this component to the group's mining capability. Please see https://bitcointalksearch.org/topic/m.3176617 for more details.

**************************************************
CURRENT GROUP BUY STATUS = CLOSED
~245 GH/s already online
**************************************************

1 share = 0.5 BTC
1 share = 2.13 GH/s (estimate inc. hosting fee, at current BTC rate shown below)

0 shares remaining for current component (at current BTC rate shown below)

The estimated GH/s per share shown above assumes that all modules that make up a 400GH/s miner are purchased as part of this GB along with a 50 GH/s bitfury burner and three drillbit boards (at 60 GH/s).


Current bitpay.com Euro:BTC rate (at 19:28 BST 15/10/13) = 103.2781
The estimated component costs (in BTC) and number of shares shown above for the current component are based on the current bitpay BTC:Euro exchange rate (above) and are subject to change as the exchange rate changes. BTC paid and number of shares issued for ordered components is fixed at time of order.


Links
Bitfury burner supplier (https://www.asic-hardware.com/)
Bitfury’s chip testing thread (https://bitcointalksearch.org/topic/ann-bitfury-is-looking-for-alpha-testers-of-first-chips-free-money-here-228677)
Bitfurystrikesback (http://www.bitfurystrikesback.com/)
Bitfurystrikesback's thread (https://bitcointalksearch.org/topic/ann-bitfury-asic-sales-in-eu-and-europe-250249)
A hashing bitfury video (https://bitcentury.io/blog)
C-scape’s new board based on bitfury chips (https://bitcointalksearch.org/topic/m.2796663)

********
Updated 28th July 2013: Another update to the summary and updates section for clarity.
Updated 26th July 2013: Clearer summary and updates section added.
Updated 22nd July 2013, 11:49: Now with no GB fee. GH/s per bitcoin for a 400 GH/s miner bought via this route is very competitive with other offers (see below).
Updated 10th July 2013, 22:15: Now aiming for October delivery hardware.
********

What’s on offer (the details)
A group buy (GB) with subsequent hosting (in the UK) for mining hardware based on bitfury’s ASICs. See punin’s thread (https://bitcointalksearch.org/topic/ann-bitfury-asic-sales-in-eu-and-europe-250249), bitfury’s thread (https://bitcointalksearch.org/topic/ann-bitfury-is-looking-for-alpha-testers-of-first-chips-free-money-here-228677) and (http://www.bitfurystrikesback.com) for info on the hardware. We propose to buy, on behalf of the group, one “25 GH/s Miner Starter Kit” for October delivery. This will be followed (depending on the amount of funds raised by the GB) by up to fifteen “Bitfury 55nm ASIC H-Board” for October delivery . The potential hash rate for the GB is therefore ~400 GH/s, with an estimated power consumption of 400W (for SHA-256 hashing, based on advertised data from bitfurystrikesback.com). Bitfurystrikesback.com only accept payment in BTC through BitPay. The GB only accepts share contributions in BTC.

The main advantage to buying in this modular way rather than collecting funds for a “full” 400 GH/s miner is that we will be able to fill orders more quickly and potentially gain a better position in any delivery queues. Edit: An additional benefit is that a 400GH/s miner with October delivery is actually significantly cheaper when bought in this modular way rather than if ordered as a complete unit.

Chip features (from http://www.bitfurystrikesback.com)
•   55nm process
•   Full-custom hand-routed design
•   Experimental low-threshold voltage transistors
•   QFN 48 7mm x 7mm package
•   756 rolled hash cores
•   Demonstrated performance 2.7 GH/sec @ 0.835V (0.8W/Ghps)

25 GH/s Miner Starter Kit features (from http://www.bitfurystrikesback.com)
•   ~25 GHash/s
•   Price = 1000 Euro + VAT (at 24%) for October delivery (including delivery costs) (product not showing on bitfurystrikesback.com, but promised soon by punin)
•   25GH Miner with only 1 hashing board. Originally designed by c-scape for the 100TH mine.
•   Modular design expandable to 16 hash boards for total of 400GHash/s
•   Easy to install into racks
•   Compatible with ATX PSU, Total power  draw ~40W (Efficiency at wall depends on your PSU)
•   1 Master board, 1 Hashing board with 16 Bitfury 55nm ASIC chips, Raspberry Pi Model B with SD card and software preinstalled and 2 x Ring terminal to Molex-Jr adapter cables included.

Bitfury 55nm ASIC H-Board features (from http://www.bitfurystrikesback.com)
•   ~25 GHash/s
•   Price = 350 Euro + VAT (at 24%) for October delivery (including delivery costs)
•   16 chip Hashing Board to be used with the Master board (i.e. plugs into the above starter kit)

 
Collection of funds from potential group members
We will collect shares from potential group members at 0.5 BTC per share. Only payments in 0.5 BTC increments will be accepted. Since the hardware is priced in Euro and the BTC price has been volatile recently the precise number of shares required to purchase each component is a little hard to estimate. At current BTC rates one “25 GH/s Miner Starter Kit” would cost ~19 BTC, so ~38 shares as an example.

We will check the balance of the collection account at least once per day and when we have sufficient BTC for a component (i.e. starter kit, followed by individual H-boards) an order will be placed with bitfurystrikesback.com. A GB fee will be charged by us (2% of the order value to jlsminingcorp for organising the GB and 2% of the order value to John K. for the Escrow service i.e. a total of 4%) and Edit: An escrow fee will be charged by John K. (2% of the order value) and the total (component cost + escrow fee) will be used to calculate the number of shares awarded. If more is collected than is needed for the next component then those people contributing after the required total has been reached will be offered a refund or for their contributions to roll over to the collection for the next component. The blockchain will be used to judge the order of payment.

In the case that a shipment from bitfurystrikesback.com is stopped by customs and a fee has to be paid to get it back, all group members will pay the fee needed (in proportion to the number of shares that they own) to free it. This is unlikely, since we will pay the necessary VAT at time of purchase and the shipment will be within the EU. However, it’s worth mentioning what would need to happen just in case! If bitfurystrikesback.com decide to change their shipping policy and charge shipping (currently free) then this cost would be split between group members in proportion to the number of shares that they own.

Confirmation of share purchase
No personal confirmation will be given. If you want to check, wait for the next list with orders to be posted to this thread and search for your address. If something is not right inform jlsminingcorp. The list is the confirmation.

Payment of mined BTC to group members
Any BTC mined will be distributed to group members in proportion to the number of shares that they own and the number of coins mined by the miner (the miner is defined as all hardware components in this group buy that are actively mining) since the last payment.* jlsminingcorp will deduct power costs (currently £0.09 per kWh, but subject to change) and a 5% hosting fee before distributing mined coins to group members. The hosting fee covers the time required to look after the miner, share of the cost of internet connection and router, cover time spent to ensure payments are processed etc. The following formula will be used:

Pay per share (in BTC) = ((coins mined since last payment – power costs) * 0.95) / total number of shares issued for mining components that have been delivered

Payments will be made in BTC once per week to the addresses used to purchase shares. Payments will only be made to group members who have shares in components that have been delivered. Payments will not be made to group members who have shares in components that have been ordered, but not delivered. Payments, will not be made for potential group members who have made payments to the collection account, but have not yet had components ordered. jlsminingcorp reserves the right to deduct reasonable costs from coins mined (prior to distribution to group members) if these are justified to maintain the smooth running of the miner for the group. As an example, such costs might include (but are not limited to) replacement PSUs, fans, and other components for the miner, taxes etc. Group members will be informed if these costs arise.

* Note: the group is aiming to build a single miner with up to 16 hashing boards and mining proceeds will be paid to all group members based on the performance of the miner as a whole (not on the basis of the hashing power of individual components). There is an incentive for all group members (in terms of the ratio of GH/s to number of shares issued) for all 16 hashing boards to be ordered during the GB.

Hosting arrangements
jlsminingcorp will endeavour to keep the miner running as efficiently as possible to maximise the amount of coins mined for the group, whilst keeping costs for the group as low as reasonably possible. This will include choosing appropriate mining pools to minimise rejects, minimise pool fees (if appropriate) and maximise pool efficiency; providing a suitable environment for the miner; providing access to power (costs charged to the group) and an internet connection. This will not include overclocking of the hardware (this looks as though it may be impossible, difficult or at best risky with the current hardware design). UPS and redundant internet connection are not included, as they would significantly increase the hosting cost for the group. We have been mining 24/7 with GPUs for several months now with no power or internet stability problems, so they are also unlikely to be needed. We will provide a PSU and racking/support system that should be suitable for use with the full miner. However, in the event that these are not suitable for any reason then the costs for alternatives will be deducted from coins mined, prior to distribution to group members.

jlsminingcorp will run the miner for at least 12 months from the date of delivery of the first module, or until it becomes unprofitable to do so (i.e. if power costs outweigh the amount of BTC being mined by the miner),* whichever comes first. I would imagine that we may be able to run the hardware for longer than this before it becomes unprofitable, due to the low power consumption, but nobody can predict what the network hash rate or difficulty will be in 12 months’ time. When the miner becomes unprofitable to run I will attempt to sell it,** or its components to maximise the amount of money that can be returned to group members. Any profit from sale of the miner will be returned as a dividend to group members in proportion to the number of shares that they own.

* By unprofitable we mean when mining can no longer cover the electricity bill (in £). This will depend on difficulty and BTC price (rates will be taken from bitstamp.net and we'll take a rough average over a few days to a week when making a decision on profitability - i.e. it won't be turned on and off every hour as things fluctuate). There should be no problem with temporarily mothballing the miner to ride out short-term falls in BTC price if group members want this.
** We’re happy to organise some kind of vote on this forum to decide what to do with the miner when it's turned off due to profitability. We reserve the right to set the options being voted on (after consultation with the group) and a majority vote (constituting at least 50% of shares) for one of the options tabled will mean we take that option. If no option receives votes worth more than 50% of the shares jlsminingcorp reserves the right to decide for the group using the votes cast and the consultation as guidance. It may be that delaying a decision costs everybody money and we want the option to break any potential deadlock.

Hardware lifetime and failure
To the best of our knowledge bitfurystrikesback.com has not provided any details regarding the expected lifetime of this hardware (we will post here if this information is released). Considering the expected power consumption one would expect that it should run at least for the period described above. However, we can’t guarantee the hardware lifetime – there just isn’t enough information available to do so. If the hardware does fail then we will do what we can to get it fixed in a way that is most cost-effective to the group.
 
Non-delivery, damage, hashrate etc.
The GB organisers take no responsibility for the possibility that bitfurystrikesback.com does not deliver the miner (on time or at all). We all know that you can never 100% guarantee anything when it comes to pre-orders, particularly when it comes to bitcoin mining ASICs. We also take no responsibility for the accuracy of bitfurystrikesback.com’s description of the miner’s capabilities (hashrate, power consumption etc.), damage in transit or other factors outside of our control. If we believe that bitfurystrikesback.com has a case to answer should any of these problems arise, we will do everything that we reasonably can to get bitfurystrikesback.com to rectify the situation on behalf of the group.

Refunds
Refunds can be requested at any point until an order is placed based on those funds. Share purchases are binding once funds have been used to place an order for a particular module (they will be with bitfurystrikesback.com then and not us!) If you request a refund we reserve the right not to accept any further payments from you for this or future GBs (to prevent risk offsetting at our expense).

Sale of shares
If you would like to sell your shares at a later date I will charge a 1% fee (hassle fee) for doing this.
 
Acceptance of terms and conditions
By entering into this group buy you accept the terms and conditions set out here.

To purchase shares
1) Send 0.5 BTC per share to the following address (please only send multiples of 0.5 BTC)
2) Post a message on this forum (or PM jlsminingcorp if you wish to remain anonymous) stating: your forum nickname, the number of shares you want, the number of BTC you have sent, the sending address. Please use the following comma-separated format:

“nickname”,”shares”,”btc”,”address”
e.g. jlsminingcorp,2,1,1acer8EGZmqKvrRE4Qc9bUFf9PX3xaYTp

If your wallet application does not let you select the sending address and sends from multiple addresses, please post only one of them (and keep the address).

3) Sign your username as message using the wallet address that you used to send BTC (see the jlsminingcorp post below this for details of how to do this if you are unfamiliar, or see the excellent overview on SebastianJu’s group buy thread (https://bitcointalksearch.org/topic/group-buy-avalon-asic-chips-sebastianju-batch-6-ordered-closed-187660) point 13B for instructions).

Only send payments from an address you control (i.e. one you can sign a message with). If you send from MtGox or other exchanges, you risk losing your funds, as it will be impossible to prove that you sent them. If you’ve bought shares please keep an eye on this thread and make sure that the correct address and number of shares etc. is showing in the status update (updated at least once per day). If something looks wrong you will need to prove that you are the owner of that address by signing a message with your sending address. How to sign/verify messages? (http://imgur.com/a/nUmZ0, https://bitcointalksearch.org/topic/m.1922342).
Please note that some BTC wallets can’t sign messages.

I will use the sending address for BTC payouts of coins mined for the group and if you request a change of payout address I will require that you can sign a message with your share purchase address to confirm this. If you are unable to do this I WILL NOT CHANGE THE RECEIVING ADDRESS. This is for your own protection.

Who are we?
jlsminingcorp are two enthusiastic bitcoiners who are relatively new to the community, but are very interested in getting more involved. We’re based in the UK and have been mining since Feb 2013. Our ID has been verified by John K. (see post below).

Trust and communication
In order to gain trust we have verified our identity with John K. and we will use John K.’s escrow service to collect funds for the GB to provide trust and security. During mining, group members will be informed of the bitcoin address(es) that mined coins are being paid to by our pools. Group members will also be informed of the pools used and the nicknames used. This should ensure that anybody who wants to can watch the mining process in real-time. jlsminingcorp will post regular (weekly?) progress updates and news on a separate thread in this forum during mining. Videos of cgminer (or equivalent) miner output will be posted when new hardware is added, or when these are requested by group members (so long as this is not unreasonably often!) We hope that will give group members the confidence that mining is progressing and that payments are being handled fairly. We will endeavour to respond to all communications as quickly as possible, but there may be some times when we won’t be available, so would appreciate your patience. Wherever possible, we will inform group members of any expected prolonged “quiet” periods (the occasional holiday etc.) in advance.

Risk
Bitcoin price, difficulty, network hashrate, the reputability of suppliers and many other factors associated with this GB are unpredictable. There are potential rewards, but also significant risks to this GB and we don’t offer any guarantees about the success of the venture. Please ensure that you have done a careful risk/reward analysis before joining the GB. We expect all potential group members to have done sufficient research to understand the hardware and bitcoin ecosphere sufficiently to understand what this GB will be doing. We are not in a position to offer any financial advice relating to this GB or other bitcoin-related matters.