Reports

Canceling the IPO* 

We will cancel the IPO* today. BTCFPGA, LLC is unlikely to deliver the product. Restructuring attempts have failed and the manufacturer is most likely bankrupt. While the contract is still running it is unlikely that the project will deliver what was promised initially.
The evaluation rewards will be of course paid as usual.  
Created on 2013-01-15 10:58:00 by Leszek Rychlewski; Published on 2013-01-15 11:02:01 by koji;

bASIC manufacturer problems 

Tom, the owner of BTCFPGA, LLC posted that he has problems with the delivery of the purchased boards:
https://www.btcfpga.com/forum/index.php?topic=954.0.
The timing is not a problem but it is not clear if after a wave of potential refund requests the company will be able to deliver the hardware. Because of this we will not close this IPO* before the situation will be resolved. We will cancel the IPO* (distribute evaluation reward) if the situation is not resolved in the coming week.  
Created on 2013-01-09 00:52:00 by Leszek Rychlewski; Published on 2013-01-09 00:56:36 by koji;

IPO of the 72TH-mine 

The asset is a 72 terra hash/s bitcoin mine. The hashing hardware consists of 1000 bASIC boards provided by BTCFPGA, LLC. Today’s network hashing power is 3 times lower than 72TH/s but this situation will change dramatically in the next 2 months before the deployment of the hardware. The hardware will be located in the datacenter provided by the hardware manufacturer. The monthly maintenance and management costs will be kept at 10k USD level (converted to BTC). Hardware will be produced by the end of February 2013. Mining will start at the data center on 2012-03-15. Estimations based on a predicted realistic continuous monthly network hashrate increase of 100TH/s (starting from 0TH/s on 2013-01-01) point to a return of investment in October 2013, a IRR of 10.2% (calculated on a monthly basis) and an NPV of 1 200k USD (based on a 0% BTC discount rate). The suggested valuation of the venture is 1M USD, which is currently below the retail purchase price of the hardware the venture owns. The venture will be legally operated as a PicoStocks project. No separate legal entity will be created.

The venture has 1M shares. The minimum price is 0.06BTC per share so the minimum valuation of the project is 798k USD at an USD/BTC exchange rate of 13.3 (today). The suggested price per share is 0.075 which corresponds to a valuation of the asset at 997k USD. 
Created on 2013-01-03 22:02:00 by Leszek Rychlewski; Published on 2013-01-03 21:34:27 by koji;
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