My name is Derek and I am not ashamed to admit that I am borderline obsessed with Bitcoin and cryptocurrencies in general. I’ve gotten into cryptocurrencies after an article in 2013 that wrote about Bitcoin miners consuming more than USD$150K in electrical costs daily to keep the network operating. I can say that, in my opinion, Bitcoin is an invention that will carry all of us to a new digital age in finance.
I have just turned 39 in January 2014 and I live in Singapore, a city state where the costs of living is one of the highest in Asia, somewhat akin to Hong Kong. A very popular tagline in the 80s was that Singapore’s only natural resource was the people.
Doubtless to say, for someone who learned about Bitcoin, the pull factor was the increasing value of the USD/BTC rate and the fact that anyone could mint Bitcoins. It’s not surprising that the cost of energy in Singapore is also one of the highest in the world (almost SGD$0.28 per kw/h after tax), nonetheless I still went ahead to try my hand at Bitcoin mining just to see if I could leverage on Bitcoin to improve my lifestyle/quality of life.
Mining started with purchasing consumer components locally which consisted of AMD 7970 GPUs which got me started pretty quick and I placed orders for Black Arrow’s FPGA Lancelot modules as well as USB Block Erupters which by end of August 2013 I was running a pretty presentable farm of about 15 GHs. I was also in batch 1 of KNCminer’s Jupiter units and received it in mid-October 2013. It took me a couple of weeks to gather enough friends to collectively venture into the Jupiter purchase and I am very glad that everyone walked away with a healthy profit. All in all, it was a fun hobby getting involved in mining, and making new friends on the forums. It was also profitable I admit, but that was pretty much good luck as the USD/BTC rate shot up in the later part of 2013. Without that spike, I would still be pretty much in the red.
But I digress…
Singapore is a modern society and the percentage of technological/internet penetration in this city state is the 5th in Asia, even higher than Hong Kong surprisingly. Singapore’s GDP per person is the world’s highest at more than $60K in a Forbes report released in September 2013. In May 2013, there were 157K millionaires that resided in Singapore, making it the 10th ranked city in the world of with the most number of millionaires.
With Singaporeans open mindset of adopting stable technology and coupled with the financial prowess of the people, it will not be difficult to have Bitcoin penetrate here to drive adoption and increase the visibility in this part of the world. It also helps a lot that Singapore is akin to a trade hub in the region with many local and international banks situated onsite.
Thus I have taken up an increasing interest in promoting Bitcoin in Singapore and this blog will be somewhat like a diary to track and map the activities that I’ll be embarking on to put the word “Bitcoin” into the regular Singaporean lives.
I have a few ideas that I’m toying with to help make the term Bitcoin get noticed locally. I’ll update the blog here as time goes by.
I’ve also engaged a semi-professional photographer to help shoot some pictures of life in Singapore for those who are interested to know more about us here. I hope he can also help document in photos on my endeavors.
Recently, I’ve also taken part in an interview with a local reporter on Bitcoin mining and I hope that will be printed to aid in messaging to the masses.
~Until the next update.
Bitcoin Donations : 1Dch7ZW9SBWyypYUoemRDYn9tvFpDxAt78
Litecoin Donations : LScJgDY8CLsoWM5nN3BRLS6Py2Er8XTzMK
Dogecoin Donations : DQwM44KoN6Q71bSoaLvJkpSEW76LrkSJXy
|USD Rate @ USD$948|
|Current SGD (In-hand)||$2,894.90|
|Current USD (Exchange)||$0.19|
|Current SGD (Exchange)||$0.00|
|Current BTC (Wallet)||9.22707724|
|Current BTC (Pool)||0.00|
|BTC on Exchanges||2.20|
|Invested BTC on cex.io||2|
|Estimated Assets SGD$||$18,678.93|
|Updated : 23 Jan 14 @ 4.26pm|
As many of you should know by now, the Jupiter unit was sold away recently to a fellow miner in Singapore for 9 BTC. Let’s wish the new owner a profitable future with our hardworking unit.
As such, we are no longer in the mining business save for the 40GH left at https://cex.io. Our current holdings are shown above and there isn’t any new mining hardware out there now or in the near future that will at least ROI and thus, I think it is better off holding whatever we have now and/or trading.
Some of the guys have taken to other Alt-coins such as DOGE, MOON & LOT which have been fairly well received on the Alt-exchanges. Some of us have even made a tidy profit by buying in with BTC and getting out when the prices of the Alt-coin went up. It is something worth looking into but with a higher risk but higher rewards if the bet is well-made.
A few folks in the venture are also itching to “cash out” now and based on the table above. Per-share cash out now will include the following :
SGD$93.38 & 0.43313152 BTC PER share
Interested parties who want to cash out now for CNY as well as hold some BTC for trading fun, please let me know.
|USD Rate @ USD$820|
|Current SGD (In-hand)||$993.87|
|Current USD (Exchange)||$0.19|
|Current SGD (Exchange)||$371.22|
|Current BTC (Wallet)||1.24386431|
|Current BTC (Pool)||0.09373763|
|Current NMC (Total)||1.44201607|
|Current IXC (Total)||1.10324233|
|Current DVC (Total)||38.96181725|
|BTC on Exchanges||0.6|
|Invested BTC on cex.io||2|
|Estimated Assets SGD$||$5,379.72|
|Updated : 2 Jan 14 @ 2.01pm|
Happy New Year to everyone! May 2014 and the vitality of the horse bring everyone great fortune, wealth and health this year!
Many things have happened these few weeks and finally a new update just a day after Bitcoin mining difficulty has re-targetted to 1.4 billion.
We are now consolidating 50% of BTC mined to be re-invested into cex.io cloud mining service. As to the remaining 50% of mined BTC, it will follow the same lifecycle as per the past few months where it will be liquidated on the local exchange and proceeds will be used to fund operating costs as well as to build up for dividend payments to the groups’ members.
Please note that the value shown in the table below already excludes the SGD$18.6k payouts back to all members. We are still progressing through the 2nd dividend payout as of this writing and everyone should receive their monies soon.
Kindly keep expectations in check as it might take a little while more for the 3rd dividend payout. Realistically, out of the SGD$5.3k in assets we have now, only SGD$3k is easily liquid.
On a last note, power prices have fallen in Singapore and there is a little bit of savings regarding power costs. Negligible in my opinion. Moving the miner back to the original cost-free location is still a good option, unfortunately, tests have shown that Internet connectivity at the old site remains unstable. I have had to run back to the old site a couple of times the past few weeks in order to reset the router.
Anyway, everything is still looking good. Though there will be new processing power coming online soon and it will definitely spike difficulty, we are still making good money. There still isn’t something out there that looks like a winner yet but everyone’s on a lookout should something appear over the horizon.
Bitcoin rate calculated @ USD899 each.
|Current SGD (In-hand)||$3,611.43|
|Current USD (Exchange)||$0.19|
|Current SGD (Exchange)||$3,896.02|
|Current BTC (Wallet)||3.02605034|
|Current BTC (Pool)||0.57738866|
|Current NMC (Total)||16.02158|
|BTC on Exchanges||1.8|
|Estimated Assets SGD$||$13,628.38|
|Updated : 16 Dec 13 @ 3.44pm|
I am happy to announce the ROI of the Jupiter system earlier this month. It has been great having the opportunity to be able to get funds from you guys and to be able to work towards the first milestone! Payouts of the original investment are still in progress and everyone should be paid out the original investment by Xmas.
Please take a look at the current holdings table above. Do note that it does not include the monies that will be paid out to each individual investor and this is a snapshot of the pure PROFIT from now on.
Some highlights so far.
– MtGox has been disappointing in their withdrawals so I told them to
go fuck themselves cancel the withdrawal and re-credit the monies back to the account. I bought BTC and sent those BTC to FYBSG and liquidated for SGD instead. We might have lost a bit here and there on transaction fees but only a couple of dollars and the peace of mind that the money will be in-hand 24 hours after a withdrawal request.
– Mining rate has dropped due to the increase in difficulty and we are looking at > 1 billion difficulty in the next retarget. This means that our Jupiter will soon be making close to 0.2 BTC/day. While it is still profitable but we will need to plan on maximizing profits while increasing our BTC holdings. I have some ideas that I am putting down into a document for everyone to review.
– Other than the above, everything is still business as usual. Mining and then selling off a small portion for a “higher-than-average” market price. I reckon another payout to all investors once we have > SGD$9.3k on hand, which kinda looks that it will be happening soon. Then I can say, we all did a 100% profit. Then we’ll look at 200% and 300% (300% seems to be the target that some of the investors are aiming for, which I am actively trying to make into reality.)
Bitcoin price is based off current rate of USD$1094.
|Current SGD (In-hand)||$700.75|
|Current USD (Exchange)||$474.88|
|Current SGD (Exchange)||$2,361.74|
|Current BTC (Wallet)||8.14154777|
|Current BTC (Pool)||0.39959953|
|Current NMC (Total)||3.54143296|
|BTC on Exchanges||0.2|
|Expected USD Transfer||$1,631.31|
|Energy Costs Till 30 Nov||$155.71|
|Estimated Assets SGD$||$17,416.46|
|Updated : 2 Dec 13 @ 12pm|
Here is the updated table as of current. Please see list of new activities below.
- Traded all our Namecoins (NMC) at a very good exchange rate of 0.013 BTC per NMC (current rate 0.00822). This yielded around 0.7 BTC which was then added to the group’s wallet.
- Switched mining pool back to bitminter.com, so this blog stats should show up now.
- Still pending USD transfer from MtGox. Decided not to use them in future and will probably convert on FYBSG instead. Will continue to look out for other alternatives.
And some interesting crypto-news.
KnCminer released a new pre-order of Neptune units at USD10K each, promising to hash at 3TH/s per unit. Unfortunately, I wasn’t able to get my hands on any as I was out of town and didn’t get the email notification until I came back.
I have also started to “daytrade” at https://cex.io (link is to the right side of this page) by using BTC to buy cloud hashing compute power and immediately reselling them at a higher price. So far been good and I haven’t made a losing trade…. yet. It might happen but I believe with the Bitcoin craze going round now, it’s tough to make a huge loss if you are not greedy. Do use the link beside this post and check it out!
For those who are able to control multiple servers and/or PCs, there is a relatively new CPU-only coin in town called ProtoShares. You might want to check it out. Free money if you have spare CPU power.
Current holdings are shown below. Do note that we have USD$1000 in transit via international wire transfer to a local bank. I haven’t checked yet but should take a few days to arrive.
|Current SGD (In-hand)||-($615.51)|
|Current USD (Exchange)||$631.31|
|Current SGD (Exchange)||$276.33|
|Current BTC (Wallet)||0.01099002|
|Current BTC (Pool)||0.75414233|
|Current NMC (Pool)||27.62580494|
There is going to be another difficulty retarget later today in approx. 12-14 hours. Definitely > 25% difficulty jump. On another note, BTC as of now is trading at USD$241.
Personally, I feel that the PRCs are really into the BTC craze. I love to look at their exchange volume at https://vip.btcchina.com/. They have impressive trade volumes and based on the meagre knowledge I have on currency trading, I have a gut feel the Chinese are pushing the envelope.
On the Bitcoin hardware side of things, recently Hashfast delayed their shipments and caused some unrest in the community. Fortunately for us, it keeps the mining window open for a while longer for the KNC owners to milk the Bitcoin cow for everything they’ve got!
KNC November shipment are rumored to have shipped, though there is no proof but it is definite that the November batch will go out on time as compared to the Sep/Oct batch.
Well, I hope that Hashfast & Cointerra (the 2 upcoming and most-likely-to-produce-miners shops) all the best in their launches. It’s going to be a crazy end to 2014 and here are my biased speculations.
- BTC price crashed as everyone cashes out for X’mas, falling to a low of USD$120. Weeks later in early January 2014, China investors take another huge dump for Chinese New Year, dropping BTC even more.
- Hashfast & Cointerra folds due to the drop in BTC price and close to 1 bill difficulty, forcing all their customers to refund their pre-orders.
- KNC miners prices on eBay shoots up due to KNC being the only viable hardware platform to mine BTC efficiently.
- Thus, after the dust settles, only Bitfury, KNC & a handful of ASICMINER USB/Blades will be the only hardware keeping BTC decentralized and up.
Update again after the difficulty retargets with the new daily rate based on the rise.
Jupiter receipt date : 18 Oct 2013 (Online & hashing in the later part of the day)
Unfortunately, 2 days after delivery, one of the ASIC boards went kaput and had to be sent back to Sweden for RMA. At this juncture, they claimed to have received the faulted board but I am awaiting their email on the replacement status.
In any case, here are some of the details of the current financial status of this venture. As always, for details, please contact me separately to have a look at the Excel sheet that I am tracking all these on.
 Current SGD : SGD -$615.51
 Current USD in BTC Exchanges : USD $656.53
 Current BTC in Pool : 0.80503717 BTC
 Current BTC in Cold Wallet : 0.76361595 BTC
Current NMC in Pool : 14.49369775
* The reason why SGD is negative is due to GST charges upon delivery of the mining machine as well as the cost of sending the faulted board back to Sweden.
* These are USD collected after sales of BTC, but not withdrawn to Singapore yet.
* BTC not withdrawn into cold wallet yet.
* BTC sitting in cold wallet. Process is to send them to the exchange before selling.
* Namecoins (NMC) are obtained automatically from BTC mining on our pool. The going rate for NMC is about USD $0.47 per NMC.
After last night’s difficulty retarget, below find the new assumptions on revenue for the Jupiter unit. Do note that the USD/BTC rate has also been adjusted to current state.
The earlier we receive the unit the better of course! Receiving later would affect earnings.
|Period Beginning||Est. Difficulty||Growth||BTC@400GH||USD@400GH|
|Thursday, October 03, 2013||83956560||17.89%||31.14889164||$2,848.57|
|Tuesday, October 15, 2013||98976388||17.89%||26.42199662||$2,416.29|
|Sunday, October 27, 2013||116683264||17.89%||22.41241546||$2,049.62|
|Friday, November 08, 2013||137557900||17.89%||19.0112948||$1,738.58|
|Wednesday, November 20, 2013||162167008||17.89%||16.12629981||$1,474.75|
|Monday, December 02, 2013||191178686||17.89%||13.67910746||$1,250.95|
|Saturday, December 14, 2013||225380553||17.89%||11.60328056||$1,061.12|
|Thursday, December 26, 2013||265701134||17.89%||9.84246379||$900.09|
|Tuesday, January 07, 2014||313235067||17.89%||8.34885383||$763.50|