Topic: [HAVELOCK] AlcheMiner Scrypt ASIC - page 5. (Read 24550 times)

The AlcheMiner IPO is officially underway on HavelockInvestments.com!

In order to let the ALC team focus their efforts on the business, they and Havelock have asked me to manage Investor Relations here on the forum.

Feel free to pose any questions that you'd like answered by the team and I'll be happy to relay them!

Same. 20BTC worth have sold on Havelock already... Someone's willing to put some money down.
https://www.havelockinvestments.com/fund.php?symbol=ALC

•Investor Repayment Priority
–Net company profit will be first distributed to shares sold to investors at IPO and held by Angel Investors until their original initial investment of 0.14 BTC is fully recuperated before any dividend is paid to the Founders’ shares

Investors will receive 100% of the dividends first providing a 100% ROI in the first year on the $4M invested by the IPO.

This is not an all or nothing IPO. There is VC funds in the sideline waiting to jump into this company. We worked with AlcheMiner to bring this Fund to Havelock to provide our customers with the opportunity to participate in the funding process.

I am looking at this Ipo and thinking "I like it and I want in". But the numbers says otherwise, Market trends, valuation, expectations.........,

No chance, that they will sell this IPO in these times. Bad timing.

I had initially missed this while skimming last night, but I had a chance to read it all this morning, and unfortunately I have a concern about the overall offer itself.

As far as I've read, Alcheminer is solely a manufacturer, focusing on R&D and equipment / IP sales. This is all well and good, but it means everything they do / earn will be based in fiat. Let's think about this from a USD point of view:
Initial offering per share is (roughly) equal to ~$56 (ignoring fluctuations at this point).
Overall company valuation is $11.2M:
-- IPO - $4.48M (40%)
-- Angel Funding - $3.36M (30%)
-- Founders - $3.36M (30%)

In this case, I'm assuming (it was never specified) that monthly net income is dispersed as a dividend. If their projections hold true, 2014 dividends (total) for Investors should amount to about $45 per share (40% of the projected $9M net income / 80,000 shares). 2015 dividends (total) would then amount to a nice $96 per share, again based on their projections.

As it stands right now, the projections seem fairly reasonable (2014 revenues only require selling a few thousand units).

The problem with all this is the BTC/USD volatility. The share price is 0.14BTC, and 2014 dividends would amount to 0.1125BTC (assuming a rate of $400 per coin). But what happens if we see a spike to $600, $800, $1000 again? Suddenly those dividends are only worth 0.075BTC, 0.056BTC, 0.045BTC.
What about in 2015? Anyone know what the price per BTC will be then?

What made ASICMiner a good investment wasn't just that they dealt in development and equipment sales, but that they were miners as well (and the first large ASIC farm). This meant that anything they earned could be distributed as a dividend without having to be converted first, leaving shareholders largely unaffected during the price spikes / drops between January - May 2013.

Even if Alcheminer went this route, they'd still have to contend with fluctuating altcoin exchange rates, which can be even more volatile than BTC/USD.

Glad to see more players!
Chinese translation posted and weiboed.

http://bbs.btcman.com/forum.php?mod=viewthread&tid=17586
http://weibo.com/3552119670/AFclojbf7

price after IPO will go slowly to real number about 0.0014 BTC for this. I will avoid this

I gave it a read as well according to their timeline and demo they have finished development and need the money for production of units.
Although it is a good question what the 30% angel seed funding was used for assuming R@D
That said I do think the cost is different between script and Asic production although I do not know the specifics.
The valuation is 11.2 Million with Angels and Founder Shares involved but at least it was stated in the prospectus.
When I did the math I got those numbers, although I definitely could read that as 1 BTC = 1000/USD  as well --> 11,200 BTC = 11.2 Mill

Math:
11,200 Divide by 0.14/share = 80,000 Shares the Public Share valuation
Another way to read it is
200,000 Shares * 0.14 BTC/Share = 28,000 BTC * 400/USD Share = 11.2 Million
The Bitcoin Based Value is 11,200 then the remainder should be capital or fiat.
Total IPO funding in BTC: 11,200 BTC
Total Fiat equivalents measured in BTC = 16,800 BTC
Company value if all in BTC at 400/USD a share = 28,000 BTC

Valuations aside it is nice they benchmark another company Silver Fish when trying to get that number rather than just something in:

Funding for IC fabrication and miner manufacturing:
 Approximately $3,600,000
– R&D Cost & other costs: USD$400,000

Funding needed specifically for large scale manufacturing of proven chips at least that is what I get from the demo and prospectus.

The two videos should be identical one in Chinese the other in English but it does not hurt to confirm.
Props for a two language demo though
https://www.youtube.com/watch?v=HUvSZStKg4s&feature=youtu.be
https://www.youtube.com/watch?v=edS8I02a8UI&feature=youtu.be

In this IPO:

We have a human face to this company with a recent video showing it working
And a schedule to follow with the first production run and distribution within three to four months of the initial IPO

• IC front-end design has been proven via FPGA:
IC back-end design to be completed in next two weeks
• Tapeout to world’s leading foundry in April 2014
Chips expected to be delivered in June 2014
• Shipping of final products will begin July 2014

Only time will tell how it goes in the end.
Did about a dozen edits think this version looks ok 

I suppose it was more 'tongue in cheek' than anything else. Consider it a prelude to the coming storm of "zomg so overvalued", and "their value iz waayy 2 high" 

Whether or not raising $4M is needed, I don't know. My first thought was, "OK, they need money for R&D that doesn't include preorders...cool...but then what the hell was the Angel Seed Funding used for, especially to warrant a 30% stake?"

$11.2 million?

their serious?

Why? 4 million usd is a lot for a startup but 28nm nre costs are pretty expensive afaik.

Edit: 4 million actually sounds too much even for 28nm. Asicminer only needed to raise $200,000 or 5% of what they are asking

I'll have to read up on this a bit more, but it's piqued my interest at least.

Though unfortunately I can't say I trust a startup that states in their initial prospectus:

It depends.

Only a few select altcoins are profitable.  I got very lucky with Doge & Aur.

There's a ton, but it seems like most altcoins are moving to a new algo (x11)..there was even talk about hardforking ltc to a new algo as well...


edit: X11 right now is asic resistant.  When script asics come out I am anticipating most alt coins to not be script (asic resistant)


edit again: also you need to considar the knc titan...250MH for around the same price.. delivery is unknown but probabably shortly after this

Interesting.


Wouldn't we all like to know?

If there is a chance then it will be with the most efficient miners.

 

I just checked out the website and it looks interesting. I take it the miners being offered are not for mining BTC. What Alt currencies can be mined with these?

If I purchased the ALCHEMIST 128Mh/s miner for $9995 and received it in July could I have any chance of making my money back (or dare I say make a profit) by mining Alt coins? Those familiar with mining Alt coins please comment if this is viable and what I can expect to generate on a daily basis with this machine.

Replacement for NEOBEE[Q] and COG?

reserve

Observing post will need to read the prospectus and other information later but this is neat who knows may be the next AM for Scrypt