Topic: [IPO Cancelled] - MYMINER: A professional Bitcoin ASIC mining project (Read 10540 times)

Germany is capable for the best and for the worst...

They are closer to embrace bitcoin than US or China, though I don't think that this is for the better.
For Christ shake if I want a fully compliant/regulated/systemic digital currency there is always Ripple.

IMO bitcoin was supposed to be something else, eg like AnonyMint envisions.

Nevertheless official adoption will skyrocket it's price!

Are you talking about the same Germany that fucked up it's reunion in nearly every possible way? The very same that killed the Economy of Cyprus by supporting the theft of saving accounts? Germany is among the worst contries regarding bureaucracy and I don't expect them to realize anything.

Sorry for offtopic.

Not at all sure just hoping that they (Germany) will realize the opportunity to kill 2 giants with one stone, even better than David knocking Goliath down

That said from a Greek whos country suffers from the Germanocentric EU (and its own stupidity).

Do you really belive Europa couldn't come up with stupid regulation as well?

It's a shame that todays regulators kill every innovation once they see it. Bitcoin seem to be a special area, but the same regulations also kill normal business innovation. If it hadn't be done 10 years ago it can't be done today without a big legal budget.

WTF is going on with US & China? They will lose their only chance leading in BTC ecosystem!
Europe here we come!

thanks got my btc back, its a shame it didnt work out.

----------------------------------------------------------------------------
Dear MYMINER shareholders,

We regret to announce that we have to cancel MYMINER IPO and buyback all the outstanding shares
at the IPO price 0.015 BTC per share.

The reason is that we cannot avoid the potential legal risks in China. Collecting funds from
public is still illegal in China. We used to think that IPO with BTC can avoid this legal risk.
However, it turns to be wrong after we consulted with several layers.

We realize that keeping holding your funds for this project is very risky and irresponsible.
we decided to buyback all the outstanding shares and return your BTC funds. We converted 1500
BTC to Chinese currency for supporting this project when BTC rate is low. Now we have purchased
all the 1500 BTC back at a high rate. We take all the loss of around 230BTC.

Thank you for trusting us and supporting this project. We are going to keep working on this
project with our own funds. We have finished the ASIC deisn and verified it on FPGA all by
ourself. After buyback the shares, we lack funds for ASIC tape out. We are looking for partners
who can fund us or buy all our ASIC designs.

If you are interested in fund us or buy our ASIC designs, please contact us by
Email:  [email protected]

Best,
MYMINER Team.


------------------------------------------------------------

In short.

Because of the risk which forced BTCGarden to quit IPO and the delay of Avalon orders, MYMINER would quit IPO and buy back all shares at IPO price in worst situation.
The team was trying to design and produce own chip to work around the Avalon delay, but the plan was halted due to the IPO risk.

Nay, they always clearly stated that they had 2 x 10,000 chip ORDERS (may & june) of which half would be resold using their own boards (sold as preorders)

That is so hard to understand it's painful... The gist I get is - they have the machines designed and ready to go, but they don't have the CRITICAL ASIC chips - I thought I remember reading that they had the chips IN-HAND before they even started this thing, and now it sounds like that was an outright lie.

Maybe it's time to stop giving my money to BTER and trade elsewhere.

From Google Translate -please don't take this as 100% accurate:

"Ladies and gentlemen, Hello everybody,

First of all to thank you for your attention and support MYMINER project.
In the past few months, our team at MYMINER spent too much on top of effort and hard work. Later IPO success, so
We saw everyone on this project concerns and expectations, our team also redouble our efforts to advance the project. From our feed
Annual Report, you can see some of our work, the results of the line we have no more publicly display, will be mentioned later.
Recently, however, some of the negative impact to the project caused a lot of obstruction. Our team is doing all efforts, trying to overcome the problem
To promote the results of the project. Positive attitude, originally we planned at a later time inside, and other issues can have a definite
Of the program, and then report you. But nearly two days of soaring prices bitcoin, bitcoins stocks plunge, let us make up
Determination, early to tell everyone, we are now on the latest situation in order to let everyone in the fierce market changes, the make their own early
Selection.

First of all, we talk about the recent encounter two major disadvantages.

1, it is well known reasons, BTCGarden canceled IPO.

We are very sorry to see the garden this event occurs, although we have to be prepared before, but it still caused us
A great impact. Although MYMINER project leader abroad through offshore companies operate the project, to raise funds for the ratio
Special coins, you can maximize the time in the garden to fight the impact of the risk, but our domestic technology team members still in government
Among the risk policy. Once they are affected, the whole project will not work correctly.

2, ASIC chip supply delay

Back in April we had buy Avalon ASIC chips in May and June each book 10000 Avalon ASIC chip,
For the project's initial operation reserve well in advance. Chip booking later, we go all the technical team, as early as July 15 before
K16 has completed the development of the mining machine is the first to complete the development of foreign two teams. After our team nonstop
Completed a matching heat sinks, fans, chassis design and procurement from abroad all the peripheral chips, a listed company with domestic
Mining machine processing contract signed, everything is ready, only to produce high quality K16 solution mining machine. But Avalon ASIC infinite
Postponed, so we are very passive situation, the smooth progress of the project overshadowed.


Talk about the face of these two adverse factors, we make the effort.

1, the domestic technical team members have been under strong political pressure, had to admit that so far we still do not find
To a good solution.

2, in order to meet current and ASIC chip that may arise after delivery delay, supply manipulation, price manipulation and other unfavorable due
Factors, we decided to develop its own ASIC chip, which is what we have mentioned Plan B. We have 11 years of absorbing a
Experience in ASIC design engineer, and a part-time front-end ASIC design staff, a part-time back-end ASIC designers to join our
Team. In ASIC professionals and other team members of unremitting efforts, we have finally completed the design and simulation through our
ASIC chip prototypes. According to the original plan, we can finish in two weeks time chip Layout design, then 0.11um
Chip production.

Finally, talk about our current state.
Since the first one disadvantage we still do not a good solution, put the chip Plan B is now suspended. If the problem is a
Straight unresolved, we will implement Plan C: Cancel IPO, the issue price repurchase stock. Plan C will allow us to suffer losses
Heavy program. We raise funds to bitcoins later, we will convert half of bitcoins RMB, plans to expand production
, Procurement peripheral devices, deployment room. Since Bitcoin prices have jumped nearly 20 percent, if this plan is implemented, we will therefore
Loss of nearly 100,000 yuan for recovering bitcoins.


This is our latest case, advertising that has new progress, we will notify you.

MYMINER Groups Team.
August 19, 2013"

Can you post here?

Yep, the price is tanking.

Update:
http://myminer.com/pages/6

Just...wow.


 

What does "professional" have to do in this discussion? Which Bitcoin mining company have you been working for on a permanent basis as an employee, so you may claim being a "professional"?


Perhaps not nearly as well known as all that.

See here, come back later.

Heads up to anyone involved - in case you aren't aware yet, Avalon is experiencing serious delays on their chip orders:

https://bitcointalksearch.org/topic/incoming-avalon-news-892013-269950

http://www.avalon-asics.com/

How are the "share" holder going to be paid out? Do you have to be registered somewhere or directly to your bter.com account?

Looks like the guys running MYMINER are not really active on the english forum – too bad I don't understand Chinese.

Is anyone answering shareholder questions still, or can I start selling in bulk?

Hi freeworm,

So the IPO sold out and today's stock performance was pretty nice, which makes me feel like dancing.

BUT can you specify a more precise timeline when the first dividends will be paid? Your website says September, does this mean the farm will be up in 4 weeks?

Ah, good to know. So they raised 3000 BTC, that's the equivalent of 38,461 Avalon chips – around 10 TH/s.
I guess that puts them in a good position for their venture.

Totally BTER sold 200,000 shares at 0.015BTC. The administrator told me that it would certainly be higher than 0.015BTC/share if the rest 50,000 were supposed to be sold.

Ah good catch I guess what they mean is 700,000 is the max, from what I saw, there were only about 100,000 shares available on bter to sell. I guess for this round they will stop at 2000 BTC

Are you sure they sold all 700,000 shares? That would be 10,500 BTC, but their update from Aug 1st says:

2,000 BTC would be around 133,000 shares.

The best thing about this IPO is it's completely free to trade no trading fee whatsoever

700,000 shares sold in IPO, I don't think any additional shares are coming.

How many shares have been sold during IPO? And will there be another wave of shares at IPO price?

The performance of this stock is far better than my expectation, just one week and we are now at +33% of IPO price.
Hope to hear some major announcement of work progress soon.

I like how the shareholders get all the dividends till they break even.  How do you plan to counter jumps in the difficulty?

Assuming you are able to deploy enough miners to reach your target before November (10-15%), can you give a rough estimate on how much each share will earn (minus all outstanding costs).

1, The mining machine selling profits will go to dividend after taken cost and reinvestment deductions.
2, No we haven't received our first batch Avalon chips ordered in May
3, Yes, we are buying in-hand ASIC chips in the market
4, We are cooperated with several ASIC teams to guarantee chip supplies in the following months

1.目前已经预定的矿机至少产生8万美元的收益，请问这个收益会全部体现在9月份的分红中吗？
2.目前Avalon芯片的到货情况如何，5月初订货的客户现在收到芯片的多吗？8月份收到第一批1万片订单的概率有多大？
3.介于目前Avalon的供货速度，除了ipo成功后收购现货芯片外（现在现货芯片好像很少），还有什么打算能保证9月份的算力吗？
4.如何保证10月份生产、在11月份部署20-50TH/s的算力，感觉即使现在ipo成功后下单购买Avalon芯片，11月份估计也没法到货吧？

We have raised more than 1500 BTCs in 2 days in this IPO. We are considering to close this IPO in one month at the end of August. The IPO price is always 0.015BTC before we stop it.
We expect to receive two batches of avalon chips in August and manufacture BTC miners as soon as we receive them. After that we'll deliver BTC miners to our Chinese customers and deploy our mining farm.
And then the dividend payment starts.

2, In this IPO, the price is fixed at 0.015B as we promised.
In case there's a second IPO when we need to collect more capital from the community, we will work out a new scheme

1, Yes we are, after the IPO and after we figured out how to deliver the dividend to the shareholders on BTCT/BF
2, We are happy to see competitions among chip producers because it means we'll have more options and better rate in ASIC chip purchases.
3, We plan to stop it at 300,000-500,000

Before IPO, we have already spent $180,000 (we bought them when BTC/USD rate was high) on 2 batches of avalon chips. We have spent $80,000 on purchasing of supporting chips, components, PCBs, fans, controllers, designing of heatsinks, arranging of PCB assembly.  We have already sold half of these chips in pre-orders all by ourself, which will generate at least $80,000 revenue.
We have several team members who have spent a lot of time on this project since May.

We have a team who have developed and been running Bter.com.

The two core team members are:

One Ph.D of electrical engineering, who is a Chinese got his Ph.D degree in Canada. He published more than 5 papers on scientific journals including optics express, JLT, etc.
One Master of electrical engineering, who is also a Chinese got his degree in Canada. He got his PMP certification later in Canada.

I'm not sure if i missed this in your initial post. This point raised some questions for me and apparently, if we can trust those translators, for the chinese guy too.

Lets say you raise the needed 2000 BTC for the IPO to be a success, and afterwards the IPO share buys decrease drasticly.
What's the timeframe/deadline for issuing shares at IPO price? At what point you'll be starting to pay off the projects investments, given IPO went well with >2000BTC raised?
Will newly issued shares increase in price at the point of IPO success (2000BTC)?

looking on a grilled cat,

camu6

Babylon translation not much better
Since the day of, I used Chinese journalist. As upstairs,
1, why not btct bitfunder or the release?
2, if you have a minimum release target is 2000 B, about 16 W unit, 54W unit (if you have, do you still have the 0.015 B/price issue? If it is not, it is more than 0.015 B, then, it is a good idea to be specific about the subsequent period of the expected price and arrangements, so that you can ensure that advance equity interests, and the buyers for a reasonable price to buy IPO, in order to avoid Stock price because you have the ipo stock price fluctuations. hope to be able to explain! Look at the oven only cats!

Damn, you gotta love those chinese folks

Definitely an interesting project, will keep an eye on the IPO!

What do you mean? Google translate does a 'bangup job' with Chinese

"Since it is heavenly, I use Chinese to ask it. As upstairs to ask,
One, why not btct or bitfunder the issue?
2, if your goal is minimum issue 2000B, which is about 16W shares, then the subsequent 54w shares (if all the words in issue) are still at 0.015B / shares issued at a price? If not, that is more than 0.015B, then it is best to be specific since a few of the expected issue price and arrangement, so you can ensure early stake in the interests of, and after the buyer at a reasonable price to buy IPO, in order to avoid ipo price because you caused the stock price since the excessive volatility.
Hope to explain! Looking on a grilled cat!"

Not very helpful.

既然是天朝的，我就用中文问吧。正如楼上问的，
1、为什么不在btct或bitfunder上发行？
2、如果你的最低发行目标是2000B，也就是约16W股，那么此后的54w股（如果都发行的话）是否仍会按0.015B/股的价格发行？如果不是，也就是超过0.015B，那么，最好能具体说明一下此后几期的预期发行价与安排，这样可以保证先期入股者的利益，和后买者能以合理的价格买到IPO，以避免股价因你们此后的ipo导致股价过度波动。
希望能解释一下！看好下一只烤猫！

Clearly a more sane valuation then a lot of recent IPO's. Good luck! I snagged a few thousand shares to diversify from my other investments.

Some questions:
- Are you planning to bring this project to other btc stock exchanges (BTCT, BitFunder...) as well? Or will this stay solely on bter.com?
- What are your thoughts about the HashFast project?
- How many shares are you selling in the first IPO wave?

I'm wondering this too, I understand that it is incorporated and I could be wrong but I was aware that apparently registering a company in the BVI means that you do not have to publish a lot of important information. According to a few sources director and shareholder information does not have to be disclosed, neither any accounting regulation or annual report. I think if you plan to raise ~$1,000,000 USD (BTC10,500) there should be something legitimate available for people to identify your company and you as director/probably 100% shareholder. Since (apparently) we can't access any registers even though you've registered a company so no one can really tell if you have or not.

Source: http://www.onealwebster.com/guide-to-incorporating-companies-in-the-bvi/

Again I'm no expert on international corporations regulation and law, particularly in BVI company law so someone can prove me wrong.

So currently BTI values itself as $405,000(30% ownership). Can you explain how you came up with that value?

Well presented. Who runs the company? Can we have more info on the management team and their experience/knowledge? Thanks

So who is paying for the growth fund among 70% public shareholders and 30% BTI? Is it going to be like 5% from public and 5% from BTI?

Thanks for pointing out. should be up to 10500BTC.
Actually 2000-3000BTC would be enough at the first stage to let us deploy 20Th/s hash power in November

Does not compute.

Sure. We are going reinvest and keep increasing our hashrate to around 10-15% of total network hash power.
The percentage is depending on how fast the network hashing power grows

Would you actively reinvest part of the income to grow the hashrate and keep up with competition?
If so, what is the percent?

You mean Avalon?

We ordered 20k chips in May and June for this project. 10k has already been sold in pre-orders to our Chinese customers and the other 10k will be deployed in our mining farm in the end of August of the beginning of September depending on the arrival date of the chips. The chips are supposed to arrive in August.

So,where is the chip?

UPDATE Aug.25:
----------------------------------------------------------------------------
Dear MYMINER shareholders,

We regret to announce that we have to cancel MYMINER IPO and buyback all the outstanding shares
at the IPO price 0.015 BTC per share.

The reason is that we cannot avoid the potential legal risks in China. Collecting funds from
public is still illegal in China. We used to think that IPO with BTC can avoid this legal risk.
However, it turns to be wrong after we consulted with several layers.

We realize that keeping holding your funds for this project is very risky and irresponsible.
we decided to buyback all the outstanding shares and return your BTC funds. We converted 1500
BTC to Chinese currency for supporting this project when BTC rate is low. Now we have purchased
all the 1500 BTC back at a high rate. We take all the loss of around 230BTC.

Thank you for trusting us and supporting this project. We are going to keep working on this
project with our own funds. We have finished the ASIC deisn and verified it on FPGA all by
ourselves. After buyback the shares, we lack funds for ASIC tape out. We are looking for partners
who can fund us or buy all our ASIC designs.

If you are interested, please contact us by
Email:  [email protected]

Best,
MYMINER Team.


------------------------------------------------------------

UPDATE Aug. 1, 2013 update: We have successfully collected more than 2000BTC in this IPO. We are going to stop issuing shares very soon.

Project Website: http://myminer.com

MYMINER IPO starts 1 hours later after this ann at https://bter.com/trade/myminer_btc


MYMINER Project Introduction

MYMINER is a bitcoin mining project operated and maintained by Bitcoin Technology Incorporated (short for BTI ) registered in the  British Virgin Islands,  who is also the owner of the well-known Bter.com crypto-currency exchange platform.  In this project, BTI doesn’t develop or produce ASIC chips. Instead, BTI purchases ASIC chips massively from the existing ASIC chip providers (Avalon, Bitfury, BFL, KcN, etc.) all over the world and manufacture bitcoin miners in batches with very low cost in China. By using the self- manufactured bitcoin miners, BTI deploy bitcoin mining farms in China where the electricity rate is extremely low. All bitcoin miners hosted by BTI are overclocked to the top stable state to maximum the hashing efficiency. At the same time, BTI sells self- manufactured bitcoin miners to public.

MYMINER IPO

BTI issues at most 700,000 MYMINER shares to public for raising up to 10500 BTC capital. The price of each share is 0.015BTC. Each share gets 1/1,000,000 dividend and has 1/1,400,000 voting power. After the MYMINER shares are fully issued, MYMINER shareholders and BTI get 50% voting power each and share 70% and 30%, respectively, of the total profits from MYMINER project. The dividend will be paid weekly after the first dividend payment begins. The dividend payment is scheduled to begin in September 2013 when the mining farms start operating. MYMINER project’s profits come from both the bitcoin mining and the bitcoin miner selling incomes. The profits will be paid to MYMINER shareholders in 100% as dividend before MYMINER shareholders get their investments back against the IPO price. The issuer, BTI, may stop the IPO at any time after raising enough funds. If this IPO fails, the collected investments will be 100% refund to shareholders in the form of BTC.

Buy/Trade MYMINER shares

The MYMINER shares are issued on Bter.com exchange platform and can be traded instantly after purchase on the same platform. The IPO price is 0.015BTC. The MYMINER shareholders have the lifelong voting power and share the profits of MYMINER project.

Buy shares: https://bter.com/trade/myminer_btc

Net profits calculation
Gross profits (in BTC) = total BTC mined + total income of selling bitcoin miners converted to BTC
Total costs (in BTC)=Equipment costs(chips, other electronic parts, components, productions, logistics) + Maintenance costs(electricity, hosting space rental, internet accessing) + R&D costs + labour costs
Net profits=Gross profits – Total costs

Dividend payment
Each share can get 1/1,000,000 dividend of the net profits.  The dividend will be paid weekly to the shareholders in BTC to their accounts on Bter.com. Shareholders can trade and/or transfer BTC to their wallet immediately after receiving the payment.  The dividend payment is scheduled to begin in September 2013 when the mining farms start operating. The profits will be paid to MYMINER shareholders 100% as dividend before MYMINER shareholders get their investments back against the IPO price.

Why MYMINER project is attractive
The Bitcoin mining is very profitable and attracted many individual miners and teams to participate. The competition of this business is getting fierce and has entered a professional stage, which competes in technology, capital, equipment cost, operating cost, etc.
The technology ability and operation capability of BTI have been displayed and recognized through “Bter.com project”. Bter.com is very popular bitcoin exchange platform in China. It is also well-known as an crypto-currency exchange platform in the English world.  Currently Bter.com has more than 12,000 registered users and 10,000 daily visits and more than 1 million daily hits (including bots).  
 




BTI (former Bter team) started the MYMINER project in May 2013.  Two batches of Avalon ASIC chips have been ordered in May and June. Hundreds of bitcoin miners have been sold in pre-order to Chinese customers.  The bitcoin miner manufacturing is arranged to start as soon as Avalon ASIC chips are received in Shenzhen, China in August.  Bter team is the only team who has worked out and demonstrated the BBKcoins K16 mining board in China as early as July 15. The progress details can be found at http://myminer.com/pages/2 (in Chinese).
BTI has very strong technical capability to manufacture low cost Bitcoin miners and massively deploy mining farms. Compared with other mining participants, BTI’s superiorities are as follows.
1.   BTI purchases ASIC chips and other electronic components massively to lower the parts cost by more than 30%. BTI cooperates with OEM factories in Shenzhen, China to lower the manufacturing cost by up to 30%. All hosted bitcoin miners are overclocked to the top stable status to gain up to 20% extra hashing power.  
2.   MYMINER mining farms will be deployed in areas in China with very low electricity cost which is only 20%-50% of that in other countries such as USA.
3.   MYMINER project uses self-build mining pool/solo-mining which is more stable than public mining pool, less exposed to cyber attacking and save 3%-5% mining pool cost.
Therefore, the overall mining costs of MYMINER’s mining farms are very competitive, which means this project is quite profitable and will last for long. BTI will keep increasing the hashing power and make it hovering at around 10-15% of the total network hashing power. In the meantime, the self-manufactured bitcoin miners are sold to public to get more profits.

Hashing power deployment schedule
BTI has already ordered 20,000 Avalon chips in May and June. Half of these chips have been consumed in bitcoin miner pre-orders to Chinese customers. The other half will be deployed in the first mining farm.  If the MYMINR IPO success,  BTI will keep producing bitcoin miners and scheduled to deploy 20-50TH/s hashing power before November. MYMINER will continuously increase hashing power until 10%-15% of the total network hashing power.

About BTI
Bitcoin Technology Incorporated (short BTI) is an offshore company registered in the British Virgin Islands . BTI is currently operating two independent projects,  Bter.com exchange platform and MYMINER bitcoin mining project.

Q&A

Q1: Why IPO while you have already heavily invested by yourself?

Decentralize hashing power to protect bitcoin ecosystem and get investments to increase MYMINER project’s scale to make it more efficiency and competitive.

Q2:  Why BTI is trusted?

BTI is the owner and operator of  Bter.com . Bter.com is a very popular bitcoin exchange platform in China. It is also well-known as an crypto-currency exchange platform in the English world.  Currently Bter.com has more than 12,000 registered users and 10,000 daily visits and more than 1 million daily hits (including bots).  

BTI (former Bter team) started the MYMINER project in May 2013.  Two batches of Avalon ASIC chips have been ordered in May and June. Hundreds of bitcoin miners have been sold in pre-order to Chinese customers.  The bitcoin miner manufacturing is arranged to start as soon as Avalon ASIC chips are received in Shenzhen, China in August.  Bter team is the only team who has worked out and demonstrated the BBKcoins K16 mining board in China as early as July 15. The progress details can be found at http://myminer.com/pages/2 (in Chinese).

Q3: How does BTI maximally lower MYMINER shareholders’ risk?

To maximally lower MYMINER shareholders’ risk, BTI pays all profits of MYMINER project to MYMINER shareholders until they break even against the IPO price. In other word, if eventually BTI issued Y MYMINER shares,  the shareholders can receive 1/Y dividend per share until they get their investments back in 0.015BTC per share.  Thereafter, the shareholders get 1/1,000,000 dividend per share.

Q4: How to guarantee the transparency of the profit dividend?

BTI will publish income and costs reports regularly on MYMINER project’s official website “myminer.com”.  Information about mining income, miner selling income and hashing power, etc. will be accessible to shareholder in videos, pictures or real time data.

Q5: Why don’t get investment from angel investors?

Bitcoin is a brand new area, angel investors know very less about this business. On the other side, solo investor is not good for the decentralization.

Q6: Why don’t IPO until all hashing power is deployed?

The key competition in Bitcoin industry is time. The IPO process will take time, while the deployment of hashing power will also take time. We have already purchased parts and components months ago to save as much time as possible to deploy hashing power. Next, during/after the IPO process, we will spend more money to deploy more hashing power ASAP.

Q7: How to determine if the IPO succeeds or not?

BTI has invested more than 2000BTC in chips/components purchasing, mining board manufacturing, R&D, etc. BTI plans to raise at least 2000BTC to expand MYMINER project’s scale. If the IPO raises no less than  2000BTC, then the IPO is success. After the IPO raises more than 4000BTC, BTI can stop issuing MYMINER shares at any time.

Q8:  What if the IPO fails?

If BTI failed to raise more than 2000BTC in the IPO, BTI will return BTC to all investors in 100%.