Topic: Community Mining - Avalon ASIC chip Miner--33.840MH/s----> All Shares are taken (Read 13071 times)

Thanks Foofighter, refund received 

It's a shame Avalon could not deliver their chips.  I wound be happy to invest in other community mining projects in the future.

I can confirm that my payout address is correct.

I am ok with the lower refund as well.

Thanks Foofighter for all your hard work on the project.

As this Project and all other Projects from Foofighter are closed without him scamming anyone I will permanently delete all Data I have from him within 1 Month of this Post.

If there are still any open claim against him and his Identity may still be needed, please let me know within this Time.

Hey guys,

Refund is done:
https://blockchain.info/de/tx/98252a7983542f02d16bb71a96c3c4488cbad12eab25e4dca49fee385007bc5e

Thanks for your great support, Iam very sorry of this unfortunate circumstances

As guessed before ~97% of you Initial investment in BTC have been refunded now, Iam very sorry for you loss guys.

I hope you all find a better investment then Avalon for the future.

If you want to support me, please be so kind to fill a positive Trustrating for me here:
https://bitcointalk.org/index.php?action=trust;u=94005


Thanks guys
Foofighter

My Payoutadress look rigth. But I think it will be better if you sent to everybody 0.000000XX BTC to check that the payoutadress is rigth.
 

Hey guys,

I received the refund now.

But I will start the refund distribution in 24hours - This timeframe is for you to check if the payout adresses in the table is right - If its right you dont have to do anything, if not just shout me a PN:


I will send this message also via PN to all participants.

Thanks for your patients.

cheers
Foofighter

news:
bizwoo got the refund today.

He just needs to distribute it now and then I can also refund all of you asap

Foofighter

Current status:

We are still waiting for chip refund from avalon

Thanks you're the best! I'm totally fine with the lower refunds. Considering the current bitcoin/dollar price it might even be profitable (at least if you're still using dollars.)

Hello everyone,

the last day were very troublesome here on the forums, avalon announced their refunds, bitfury delievered first devices, other sellers reduced Hardware prices a lot!

All of this reasons and the fear of not reaching ROI soon, made people to refund all their avalon chips.

Lately also I think it's probably the best thing to do.

Unfortunatly the decitition was taken out of our hands, I was on vacation the last days with no internet access and during that time more then the half of all chip buyers from group buys were we participate decided to refund the chips (bizwoo and sebastianju).

So this means that this project will be canceled and I will refund all remaining Funds back to you. We decided not to charge anything from the already purchased hardware like Fans, cables and a server from you.

But we have to pay groupbuy fees and escrow fees from groubbuys, which means that we can  only Refund about 95% of your investment in BTC to your payout adresses as soon as we have got the refunds.

I'am very sorry that we can not do a 100% refund and this venture was a loss for you guys

I hope for your understanding.

EDIT: I will send this also everyone as PM now

BR
Foofighter

Thank you. In case you bought the chips from SebastianJu's Group Buy there seems to be a deadline for tomorrow although I have to admit I didn't understand the last pages of the thread completely. It seems to work by a first come first serve basis. So in case we decide on a refund we would have to act really fast. I hope we're not too late yet.

Hey guys,

I was on vacation and just came back, I will look into this matter and come back to you with our options.

BR

Hi, I just sent you a PM but I want to post it here as well. I would like you to request a refund from Avalon as soon as possible before they run out of money or deliver the chips. I fully understand that their might have been other expenses for hardware, etc..

I'm currently trying to catch up on all the threads but it looks like Avalon fucked up pretty badly with the chip production. Please let me know if you plan to do anything 

Hi,

unfortunatly none of our chips are delivered from avalon.

Will let you know when this happens.

Any updates about the project?

Hey,

had to because of other project, maybe take a look at my other projects. Maybe someone is selling his shares at a good price.

Too bad you limited shares.  I would have been interested.

Hey guys,

Avalon delivered the first Batch from zefir, so hopefully our mining chips will also arive soon and we can start thsi venture here!

regards
Foofighter

Burnins Prototype Miner, fully assambled and ready for testing!

Hi guys, burnin got his first real PCBs for the Prototype Miners!

Hey guys,

have some good news for you.
Burnins Prototype is already hashing!

Did't realize I was on eBay... No thanks.

5 BTC for my 2 Shares?

If anyone is interested in selling shares let me know.

Hey guys,
 just noticed that burnin will get his first Sample chips this Friday the 14th of June!

Burnings chips



regards
Foo

Hey guys,
burnin posted some new renders of his Miners, looks very nice -see here!

Hey guys, just to keep you updated.

It seems Avalon started to delive their test chips, this looks very promising to me


see Thread here:
https://bitcointalksearch.org/topic/m.2416604

Thanks a lot, just updated the Investors list!

All Shares are sold, now we just have to wait a bit

regards

I want Buy the 2 Shares. I will make the Payment now.

Edit: Paid

I give some People new to Bitcoin the chance to get involved. So I wait with buying myself.
But if nobody has bought the remaining two shares in 24 hours form this post, I will buy them myself so that this project can get finalized.

Hey guys,

after starting another project with metabank Asic devices, I decided to Limit this project to 37 Shares.

Because the other project with the Bitfury devices got so popular I have already a lot a Gh/s to host.

This means there are only 2 Shares left to buy in this project!

The machines we decided to buy for the Mining are definatly:

• 2x Burnin 20 Chip Miner
• 5x Klondike 16 Chip Miner

There will be no changes for the investors so far, every conditions stay the same only the size of this project will be small but this is no disadvantage at all.

Thanks for your understanding

Best regards
Foo

Hi guys,

table is updated, thanks!

regards
Foo

runam0k; 6; 1H4FVh66xggigFeCtSqtXdU4rAyd4YUbXP; 92.59; IASaHTJwh16vmFgK07Nh2mA7Q0hbksNR1U6YKJdk4DkaEZxuJtO0wipfcTSlRrIYt783YdCY1xqmCi+mtnms0QE=

Thanks

Hi Eric,

yesterday we started an interest Thread for a Groupbuy and hosting, maybe you are interested:
https://bitcointalksearch.org/topic/community-mining-bitfury-asic-miner-120ghs-all-shares-taken-closed-223857

Please all further discussions about this Topic, in the new thread.

regards

No proof, but you can hold the coins in your own new wallet if you purchase through their site (6-10% fees).

Just have seen the Bitfurys Asic thread , but this sounds for the moment to risky for me, there is still no proof and also no excrow allowed.

Thanks Foofighter, that's perfect!

I wish someone would do this with Bitfury's (600% more GH per dollar, less power).

Hi Eric,

it seems you missed some points on the FAQ.

The Hashrate per Share is a guaranteed value, as you can read in the FAQ

This means if the first 2 devices arrive, we can cover 2 x 6 or 5 Shares depending on which device it is.

As mentioned somewhere in the Thread there wont be an unlimited amount of Shares, I think we can offer 100-120 Shares at the moment but this is just some value, if there is much more demand we can surly find a way to increase the amount of shares.

There is already a hosting fee see here:

When only the first batch has arrived, in order for that to be true, you wouldn't split the 5.5 GH device between all shareholders, only the one who bought the 6 shares. Otherwise as more people buy shares, you are watering down (reducing) the hashing power per share (giving the new shareholders hashing power before their shipment has been delivered).

If I buy 6 shares now, do I get hashing power when the first shipment you ordered is delivered (avalon batch 1)? or do I wait until the shipment I get into is delivered (batch 2 or 3)? Honestly I would prefer to wait and guarantee ~920Mh/s per share. Because once you start actually giving out dividends, a bunch of people will want shares and the shipments will take longer and never catch up to the demand.

In essence, you would be hosting them for us (you should charge a % fee).

That means the first avalon you pre-ordered is all yours, Foofighter, not shared. We wait Is that how it will work?

Akka has received documentation from Foofighter, see Post #5 in this thread.

Hi ChronoX5,

just updatet the list, thank you!


yes thats right!

regards

Thank you and thanks to Foofighter and Akka!

Here's my order: (that 20,000 BTC selloff just cost me 6€ )

ChronoX5;6;1VK7eJ9MaG7W17Ekk1Jbvhm5MudQ77pJ2;96.39;G8H8BNmI/XCpZXqhx4OqpOnl+5qHGc06i71i3U7gvMegIM5LRQYlEtm4m75nC/4rg7+tx1Cmc9CPYg2nbGsdeMQ=

Hi, I just read the original thread. As I understand it your original plan was to offer a fixed ROI of 110% but now you have reworked the offer so that you get a cut of about 5% (minus expenses) and the ROI is not capped. Is this correct?

Sounds like a very good investment and I would very much appreciate it if you got in contact with a respected forum member to verify your identity.

True. You need to know, he won´t make profit out of the miners. If you check the costs of one miner, you will come to the same value / GH.  The Chips are priced at 0,083 - 0,086 BTC / chip.  You need 20 chips for a burnin device or 16 chips for a Klondike device.

1 Asic chip can do 282 mh/s  -> That equals ~ 5,64 gh/s for a burnin device or ~4,51 gh/s for a Klondike 16 miner.

Assembly costs vary between 65-100€ (or maybe more ?!)

So it´s possible to offer this hashrate / BTC !

So you currently have no hardware, yet plan on offering 917 mh/s at 0.593BTC per share?

In theory, you are offering a hashrate of 1 BTC = 1546 mh/s.

Avalon batch 2 = 75 BTC, 66gh/s, 1BTC = 880 mh/s

ASICMINER blade = 50 BTC, 13gh/s, 1BTC = 260 mh/s

Just want to make sure I have this right.

Hi,

the pricing is only based on the costs of equipment and its not planed to rise the prices.

Due to the fact that the prices are very competitive now we will have to see if the additional hardware costs like power supplys, cable, and so on are properly covered.

The purpose of the project is not to make any profits of it, so I see no general reason to increase prices, but later on there will be a cap on maximum Miners / Shares.

regards

how does the price per share work? does it go up based on market demand, or is it solely based on cost of equipment?

oh so that's how it works. Will be following suit as soon as my current rig mines enough for getting a share. One is better than none right?

I have just purchased 3 shares for a total of 1.74224 BTC based on current Mt. Gox rate of 100.88 EUR:-

Transfer confirmation:  https://blockchain.info/tx/7080c10701e7c20f6932864fef25180196f673393cf1c58aaed8dd180d0858a8

Verification signature:  G6elUrZupPLjad8GIDUVNCftQzZslsL2xhOdDaAYrouDtR8VCG+z++dNr3f5q86ApdSry2YiDNdCRaRFSA9EKZE=

Wallet address for dividends:  1KeUcDvMxLPLE3APoBDKW5ThkZvdDFZ7t6

Standard investment format:-

jimmijames73; 3;1KeUcDvMxLPLE3APoBDKW5ThkZvdDFZ7t6;100.88; G6elUrZupPLjad8GIDUVNCftQzZslsL2xhOdDaAYrouDtR8VCG+z++dNr3f5q86ApdSry2YiDNdCRaRFSA9EKZE=

Thanks Foofighter.

Hi jimmijames,

just updatet the list, thank you!

regards

Hi,

added change #5, as this is an open project everone can see who has invested so from now on every investor shall post his investment mentioned in point 3 of #OP as a post and not anymore as a PN.

I also added two youtube tutorials for the verification process.

And updated the investors List and our total hashing power!

regards
Foofighter

Hi guys,

there was another change, as the investors got some troubles with the original verification step by step guidance, I posted an easier guidance.

I hope now is everything clear.

Please see this change also in the changelog in post #1. This is change No. #3

I also added an estimated amount of time from the ordering of the chips until we get the miners in our hands, see change #4

For more Informations, dont hesitate to ask!

regards
Foofighter

I think I could be interested, do you need a minimum number of investors to get this project off the ground?

Hi jimmijames73,

nope, as you can see we already ordered chips as soon as a new investment comes in we make orders.

So there are no minimum investors and now also no maximum investors or maximum allocated Hashing Power, but this will maybe come in the future.

If you need mor Information, dont hesitate to ask!

best regards
Foofighter

Hi,

I understand your concerns, but I think about it that way:
We make the order in Group buys, the only thing Avalon got to do is forward the order to TSMC -> get finished chips from TSMC and forward them to group buyer.

I can not image that in this simple chain of things to do something can go wrong, although there is everytime the possibility given.

regards

Looks like a nice project, but I'm wary of investing in anything which relies on Avalon shipping in a timely matter. Although they came out strong with batch 1, they seem to have dropped the ball (several in Batch 1 have still not received any units, and Batch 2, although officially "shipping" keeps getting pushed further and further back. I'm too worried that it will be 6 months or more before any Avalon chips ever get shipped.

No problem, just pay for 5 or 6 Shares and you have got your Miner.

Best regards

give me 1 miner

Hi,
just ordered the next Asic chips for 2 more devices.

We have also decided that we will use another Asic CHip group buy which is located in Europe, its the groupbuy of t13hydra:
https://bitcointalksearch.org/topic/m.2289091

Also we decided to use more then one Mining device, we are planning to use the 20 chip device from burnin, the Clondike 16 chip design and maybe if the design got released soon the clondike 32 or 64 too.

We did this in order to split up our risks of the Project, there will be no disadvantage for any investor and there will still be 1 price for 1 share but different amounts of shares per device:

Burnin 20chip device = 6 Shares
Clondike 16 chip device = 5 Share

The mining power of the whole system will be splitted into the amount of share available so everybody has the same mining power/ share.

As the pricing of the clondike 16 is very good we can offer the clondike for the same share price as burnin 20 chip device!

We are looking to buy an even amount of both devices.

Please see this change also in the Changelog and edited into the #1 post.

@yxt
thanks so far for your feedback, i will reply asap

@to the first investors
Thank you very much for your trust in this project!

Best regards
Foofighter

@ironcross360 + woverine.ks

Nobody knows how the difficulty will increase in the future, but your can play around on your own, here is a good mining calc:
http://www.alloscomp.com/bitcoin/calculator

regards
Foofighter

sent PM with further feedback...

Please note, i added a Changelog on the end of the first post, in this Changelog I will write every changes of the project or additions to the FAQ.

See #1 changelog entry for more Information.

Best regards
Foofighter

depends on the future development.  Everyone should make his own assumptions.

what is the expected ROI? 4 months?

Hi,

from our point of view, fractional shares are not profitable enough to bring satisfaction to our Shareholders.

Also it would take a lot more investors to buy devices and would cause more workload.

I also think that around 0,55 BTC, is a pretty fair price for 1 share and should be affordable by everyone.

regards
Foofighter

If it's all the same, would you consider fractional shares for those with mere pocket change to throw in?

Orders that can be confirmed by me:

13-05-26:

Avalon ASIC Chips (SebastianJu) - 40 pcs.

13-05-27

Avalon ASIC Chips (t13hydra) - 32 pcs.

13-05-30

Avalon ASIC Chips (t13hydra) - 16 pcs.

13-06-02

Avalon ASIC Chips (t13hydra) - 32 pcs.



Sum: 120 pcs.

Hello ASIC Community Miners.

I have receiced an identity document and a recent bill from Foofighter to the same Person as on the ID including a receiving address. I also will receive the order confirmations.
So if the assembly is ordered and burnin provides order confirmations at his assembly service I can definitely check if he ordered the service or not. The Asic chip buy is already very transparent because Foofighter could provide verified payment addresses for the stated chip orders.

In the case Foofighter scams investor funds, I will provide every investor with Foofighters identity.

As scam I would evaluate a behaviour of Foofighter where damage to his investors is caused on purpose. Examples given:

Foofighter got the miners delivered but doesn't announce it or doesn't make payouts / stops his payouts respectively, is inactive in the forum for over 1 month.
If he announces his absence (vacation or hospital stay) the amount of time will be elongated respectively.

He is inactive in the forum for over 6 months and is also unavailable to reach in general.

I will exclude every circumstance where the chips deliverer or the assembly service of the ASIC devices is to hold accountable and Foofighter has no influence.
Example given:

Avalon doesn't deliver the ASIC chips.

Any circumstances beyond Foofighters control , (eg.: Foofighter house burned down, he gets shut down, the miners get robbed, etc.) in that case Foofighter has to prove that this was really the case.

One or more mining devices get damaged without inappropriate influence through Foofighter and cannot be repaired without additional costs.

The mining is not profitable any more, which means the power costs + the handling fees are higher or equal to the mining outcome, in this case Foofighter can only sell the miners and split the selling revenues proportionally to all investors, or the investors can have their mining device sent home to them depending if the amount of shares they are holding is equal to a full mining device. (this option would require to pay additional shipping and packaging costs which have to be paid by the investor)

Every other matter will be evaluated by common sense.

I have already provided this kind of service for other Projects:

yxts Avalon Gemeinschaftskauf: https://bitcointalk.org/index.php?topic=157128.0;topicseen

The beginning Candoos Avalon Community Mining, now listed as Cado.AvalonB3 on Bitfunder: https://bitcointalksearch.org/topic/avalon-update-lesen-gemeinschaftsprojekt-255-ghash-158935

and

Candoos BFL Community Mining: https://bitcointalksearch.org/topic/bfl-sammelbestellung-mit-hosting-160797

*I am personally not involved in this project and neither have I taken any payments from Foofighter or any other involved body, but I reserve the option to invest in this service myself.

** The purpose of this service is only to provide investors with some limited amount of security (Identity of the provider is known) while at the same time enable him to stay anonymous, which is understandable if you plan to host expensive mining equipment.
I don’t guarantee that this service is risk free and/or profitable.

***If somebody quotes this text it will be unchangeable bound to the forum.

reserved

Frequently asked questions:

When is this service available?

Which mining devices are we using?

How much Mining power has one of this devices?

How much Mining devices are involved in this project?

Will it be possible to sell my Shares?

How are the mining earnings splitted?

What is the payout frequency?

What happens if a Miner gets damaged during the project time?

What happens if the project isnt providable any more, an increasing amount of Miners gets damaged or we are in any other way forced to stop the project?


Why should we trust you?


How are you going to provide the promised transparency?

Hey guys,

in this thread I want to introduce a Community Mining Project which will run with Miners made of Avalon ASIC chips.

About this project?

• This project will be an investment project for you! You can buy shares from ASIC Miners, each share is equivalent to ~920Mh/s hashing power
• The more shares are bought the more Miners will be bought
• All shares and shareholders will be listed in this Thread
• There will be weekly payments
• Will will buy the ASIC chips in a group buy and we will probably buy the 20 chips Mining Units from Burnin ( one of his devices will provide 5,5GH/s hashing power)
• This service will be available as long as it will be profitable for our investors
• We are at no time the owners of the mining devices, we will only host and administrate the devices for you
• Each Miner with the Mining power of 5,5 GH/s will be splitted into 6 Shares

Advantages:

• no need to configure any hardware or software
• cheap hashingpower
• good community support, with frequend news

Please note: The first few investments will be taken to buy only ASIC chips, because these parts are the most time critical part of the Miner, in the case that there are no other investors I will pay the assambly service and other necessary costs on my own to provide the complete mining devices!

The costs of 1 Miner is:
1,72 BTC + 1,78BTC @100EUR/BTC

Actual weighteda average BTC Price from MTGOX:https://mtgox.com/index.html?Currency=EUR (Forum warning: Possible phishing link!) (Forum warning: Possible phishing link!)