Tag Archives: kncminer

SGMC Update [2 Jan 2014]

USD Rate @ USD$820
Current Difficulty 1,418,481,395
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.



SGMC Update [16 Dec 2013]

Bitcoin rate calculated @ USD899 each.

Current Difficulty 908,350,862
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.)



SGMC Update [2 Dec 2013]

Bitcoin price is based off current rate of USD$1094.

Current Difficulty 707,408,283
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.

SGMC Update [18 Nov 2013]


Bitcoin is now USD$603 as of this writing.

Current Difficulty 609,482,679
Current SGD (In-hand) $700.75
Current USD (Exchange) $413.36
Current SGD (Exchange) $0.00
Current BTC (Wallet) 4.07219478
Current BTC (Pool) 0.11391983
Current NMC (Pool) 36.02744739
BTC on Exchanges 0.1
Expected USD Transfer $1,631.31
Energy Costs Till 13 Nov $70.32
Estimated Assets SGD$ $5,773.34

This is the current state of affairs.  Changes since last update :

  • Withdrawn SGD from FYBSG (Singapore Exchange).
  • Moved mining to Eligius pool so no more NMC generated for the time being. (Apparently NMC is also being generated!  Will update next post with the addtions)
  • Still pending USD withdrawal.

Watching BTC prices like a hawk for the past few days.  It is unbelievable today’s jump to USD$600.  Hope it will hold and go beyond!

SGMC Update [14 Nov 2013]

Current Difficulty 510,929,738
Current SGD (In-hand) -($671.51)
Current USD (Exchange) $0.00
Current SGD (Exchange) $891.91
Current BTC (Wallet) 2.20262487
Current BTC (Pool) 0.43489938
Current NMC (Pool) 36.02720075
BTC on Exchanges 1.5
Expected USD Transfer $1,631.31
Estimated Assets SGD$ $4,384.70

Time for another update now that BTC has blitzed past the USD$400 mark!

We have BTC, USD & SGD in multiple places at once now that we have more BTC to “play” with.  I’ve included the cost of running the miner at home at SGD$4 per day and the sheet above reflects the power cost for the past 2 weeks.

Rather than confuse everyone on the individual line items above, I have summarized into the last line “Estimated Assets” so it will be easier to see how much we are at now, factoring all the costs so far like power, GST etc.

The good news is that the next retarget may not be as high as the past 4 retargets.  It is currently estimated at between 10-20% (compared to the 30-40+%) in previous retargets.  This means that we will still be holding close to the 0.5 BTC/day mining rate.

For those who have told me that the miner is down as they see the hashrate as 0 to the right side, don’t worry.  I have temporarily moved the mining to a different pool.

If you want to see that stats as well as to check if the miner is running or not, the link is below.


SGMC Update [5 Nov 2013]

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 Difficulty 390,928,787
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.



SGMC Update [28 Oct 2013]

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.

[1] Current SGD : SGD -$615.51

[2] Current USD in BTC Exchanges : USD $656.53

[3] Current BTC in Pool : 0.80503717 BTC

[4] Current BTC in Cold Wallet : 0.76361595 BTC

[5]Current NMC in Pool : 14.49369775

*[1] 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.

*[2] These are USD collected after sales of BTC, but not withdrawn to Singapore yet.

*[3] BTC not withdrawn into cold wallet yet.

*[4] BTC sitting in cold wallet.  Process is to send them to the exchange before selling.

*[5] Namecoins (NMC) are obtained automatically from BTC mining on our pool.  The going rate for NMC is about USD $0.47 per NMC.

KNCminer Jupiter Miner

It’s September and the difficulty is 65 million.  The next retarget looks like it is going to be at 85 million, which isn’t good outlook.  I feel it’s not going to plateau anytime soon and the end 2013 hope of difficulty is unlikely to maintain in and around 250 million.

In any case, KNCminer has provided some updates on the miners that they are manufacturing as well as hints of shipping taking place “towards the end of September”.  Ours will ship in October and I sure hope it will be early October so that we can get online before difficulty exponentially scales up.

Here is the chassis for the miner.  Dimensions are about 40cm x 50cm.  Unfortunately height is not been released but I would hazard a guess at around 4U if put into a standard computer rack.


As you can see, it kind of looks ugly.  But who cares as long as it prints us the money that we’re all hoping for.

There’s also a pic of the PCB where the ASIC chip will be on.


This is the board that will have 1x 100GH/s chip sitting on it and the Jupiter will have 4 of these boards installed on it.

Even if difficulty is spiking now.  The good news is that BTC is steadily rising and is now around USD$144 on Mt Gox or SGD$175 on FYBSG.  If prices continue to rise, then the loss of BTC from mining isn’t that hard to stomach since it will be compensated by the increasing BTC price.