Topic: [GLBSE] BFLS.RIG - BFL Hardware mining & Sales - page 4. (Read 28359 times)

Could I please get an answer on this one?!

+1 for preferring to continue as a shareholder.  That being said, if a liquidation is forthcoming, I think an auction would be the best way to go about doing so. 

Yes, I agree with that. Existing BFLS and BFLS.RIG shares would be converted to 'ASIC' shares using formulas found earlier in this thread, meaning that additional shares would be created and assigned to Josh. The ASIC (and remaining FPGA) equipment would be auctioned off with the proceeds distributed according to how many shares are held.

I have stated numerous times that I would prefer to continue as a shareholder here, but I respect the terms of the original contract which states that should the operator be unable or unwilling to continue, the assets would be liquidated and the proceeds disbursed. If that is what Josh decides to do, it is his decision to make.

The really big problem is that the asic upgrade is not factored there. If Josh doesn't want to deal with this further, the best way would be to liquidate everything after the conversion to asics, by auctioning them. This would guarantee a correct book value for the shares, based on the current value of asic hardware.

I don't know what you paid, but this is what I paid:

Josh,
Are you thinking that people should take delivery instead of hosting?  It would be an option I wouldn't mind if you suggested as such.
And/Or take partial delivery.

Still wondering if you have come up with a plan for WHAT could be hosted?
Just MRs?
$300 for original MR converts to $300 for MR (1.5th) or $325 or $300 per MR (500ghash), etc.

I am interested in seeing what you have come up with before waiting until taking delivery of units.

Also, is there any hint as to how many units are in the queue (and how many in that queue are slated to come to you (hosted or purchased by you)).
- Just hurts to see Jody posting MRs shipped from Day1 orders as I can't imagine there being that many.

Any idea how many FPGA units were paid upgrades to ASIC?

I don't know the meaning of the word 'moot' but that chip is tested by a lot of people and is working fine.

https://bitcentury.io/blog/initial-testing-of-bitfury-asic

I'm only suggesting something, you have to come up with a solution.

The only demonstrated efficiency for Bitfury is 1.2GH/sec @ .8W/GH.  There's still no working product available, so it's kind of moot.

I meant the other BF... 2.7 GH/sec @ 0.8W/GH.

Using this would solve a lot of your/our problems.

Or is this not something you would like to consider ?

Gigavps does not have anywhere close to 30 rigs at this time.  I'm not sure why people think he's got tons of rigs right now. 

For 3 TH, that would run over 14 kW of power, not 3 kW

Ok, but we're talking here about 2 rigs, Giga bought 30 orso, how can this be such a problem ?

Why don't you cancel the ordered rig upgrades, get a refund and rename this project BF.RIG ?

This way you will not have a problem with clients/hosting/power costs, less the 3 kW usage for 3 TH and operational from October.

I'm not trolling, just trying to think out of the box (into another box;))

The reality of the situation is that I'm probably not going to get all of my orders in the order I ordered them in (that's quite a sentence).  Due to the delay in our shipping and the huge backlog, I am going to have to take a back seat to other paying customers.  It's doubly frustrating for me, since I bought and paid for orders before my employment for BFL was even a consideration or in the works, so there's no technical ethical dilemma to resolve... however, lots of people are/would be upset if I took all of my orders on day one for fairly obvious reasons and cries of bias and unfair treatment would abound.  Rightly or wrongly (and it pisses me off, make no mistake), I am simply not going to be able to take all of my orders in the order I should, because I am employed by BFL.

This whole deal really stresses me out to be honest and every day I consider just selling the whole deal and not having to worry about it anymore.  I would potentially consider selling the whole BFLS part and parcel to a trusted buyer, but I'm not even sure how to value it properly for a sale and if there is even anyone out there that wants to run BFLS in the same manner.  I would really like to move on and not have to focus on this particular issue any longer, as I really don't have time for it currently. 

As far as power and space goes ... I can acquire enough for those things, but it is fairly costly, so I'm not sure how to convert the BFLS shares into the ASIC shares at a fair rate, since the current rate measured by the percentage held back for operating costs is likely to not be enough to cover expenses going forward.  While it will be fine up front, on the back end I would be taking a substantial loss I suspect, so converting now at one rate would not account for the rate later on. 

One thing I can do in that situation is take the hosting costs out from the top before paying out shares and once the hosting cost is satisfied each month, start paying out the shares as appropriate.  That'd kind of a headache though.

One thing I can confirm is that Day1 orders which paid with BTC are ahead of Day1 orders which paid via wire as it took BFL several days to confirm a wire. == Day4 order.

From BFL_Jody's blogs on the BFL forum, they are still working through 'Day 1' (June 23/2012) orders for minirigs and singles. So not everyone who ordered those on the first day has yet received anything. Josh seems to be one of those unlucky ones. And he isn't alone.

As for Eclipse going to 10TH (actually 12TH as I write this), there are many Avalons, ASICMiners, and BFL Jalapenos (plus whatever Singles from 'Day 1' already shipped) out in the wild now, and continuing to increase ... it isn't unreasonable to expect that at least a portion of those would mine at Eclipse. Look at how much Slush (18TH now) and Eligius (10TH now) have increased over the past month or two; they each added nearly 10TH to their 'pre-ASIC' hashrates ... and so did Eclipse. Nothing particularly unusual here.

Before an angry mob forms to cry "Foul!", how about waiting until minirigs from 'Day 2' start shipping. Assuming Josh has 'Day 1' orders, he should have his by then. And if he doesn't, I'm sure he'll be as angry and frustrated as the rest of us.

Josh, can you share what actual SC hardware is earmarked for BFLS/BFLS.RIG, and how much of that is a 'Day 1' order? I think the issue of power requirements was left unresolved; you last mentioned that you were working out a deal to make more power available.

Not possible.

Sorry, I don't believe you.

Eclipse went from 2 to 10 TH... and you don't have a rig ?

Because I have no minirigs.  As soon as I get some, I will.

Ok Josh, it's time ...

I know you ordered 2*1.5TH Asic rigs way before Giga so why aren't you sharing profits with your shareholders ?

It's only been three weeks.

Still no news?