Tag Archives: venture

SGMC Update [23 Jan 2014]

USD Rate @ USD$948
Current Difficulty 1,789,546,951
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.


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 Venture] State of the Coin

To the members of the Jupiter Venture, please review the document here.  We will need to call for a vote soon on how we are to proceed from the difficulty retarget for the benefit of all the members in the venture.


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 [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.



KNCminer Updates [29 Aug 2013]

Current Difficulty 65,750,060
Est. Diff Increase (Daily) 1.78%
Est. Diff End 2013 640,253,200
Est. Jupiter Online 15-Oct-13
Est. BTC earned End 2013 53.4258965
Current BTC/USD Rate 128.3
Est. USD earned End 2013 6,854.5

New retarget and new numbers as shown above.  It seems like revenue will be dropping as more processing power comes online.  Best thing now is to take ownership of the Jupiter unit as soon as possible and/or hope for difficulty to plateau out for 1-2 retargets.

KNCminer updates [14 Aug 2013]

Current Difficulty 50,810,339
Est. Diff Increase (Daily) 1.43%
Est Diff End 2013 365,666,551
Est. Jupiter Online 15-Oct-13
Est. BTC earned End 2013 78.05645561
Current BTC/USD Rate 110.6
Est. USD earned End 2013 8,633.04

Wow, what a big jump in difficulty this retarget!  The difficulty jumped more than 35% just to cross the 50 million mark in terms of difficulty.

This will definitely kill off all the remaining miners depending on GPUs and FPGAs who do not have access to free power.

I have also changed the way BTC earnings are calculated and will stick to this method of calculation as compared to the previous method.  I have also hazard a guess that we should have the Jupiter unit up and running in mid Oct and hope the Gods do give their blessings to have this come true.

The other news is that now I am officially a reseller (who isn’t) of KNCminer products so feel free to refer people by using this link.


SGMC Venture Update [5 Aug 2013]

Here’s the new predictions after the last difficulty retarget.  Hoping that the difficulty increase to plateau for one or two retargets.  Difficulty is rising very fast and the network hashrate is growing strong.  If this keeps up, we may not ROI that fast after receipt of the Jupiter unit.

Period Beginning Est. Difficulty Growth BTC@400GH USD@400GH
Thursday, October 03, 2013 85265159 17.91% 28.3115418 $2,974.41
Tuesday, October 15, 2013 100536149 17.91% 24.01114562 $2,522.61
Sunday, October 27, 2013 118542173 17.91% 20.36396037 $2,139.44
Friday, November 08, 2013 139773076 17.91% 17.27076618 $1,814.47
Wednesday, November 20, 2013 164806434 17.91% 14.64741427 $1,538.86
Monday, December 02, 2013 194323267 17.91% 12.42253772 $1,305.11
Saturday, December 14, 2013 229126564 17.91% 10.53560998 $1,106.87
Thursday, December 26, 2013 270163131 17.91% 8.93529811 $938.74
Tuesday, January 07, 2014 318549348 17.91% 7.57806641 $796.15
Total 144.0763405 $15,136.66

Meanwhile here’s a quick look at our holdings as well.

SGD (In-hand) 97.56
BTC (Held in Pool) 0.00288992
NMC (Held in Pool) 0.01683428

SGMC : 1PxH5B5KEN1T7NSjyCuf4jRE5Sd1n3anQr

KNCminer Venture Predictions

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
Total 158.594604 $14,503.48

KNCminer Venture [17 July 2013]

After paying KNCminer for the upgrade to Jupiter, below is our current balance.

SGD$ 97.56

KNCminer has updated the system to reflect the Jupiter upgrade!  Steady!  Let’s hope it comes early in October!