46k Spent on Bitcoin Mining Hardware: The Final Reckoning

Ter the two previous articles of this series, Dario Di Pardo listed the highs and lows of having spent many thousands of dollars on pre-ordered bitcoin mining hardware and then having to bear delays, poor communication and violated promises, spil some of the companies failed to provide the promised equipment ter time.

Te this last part of the series (see one and two here), Di Pardo tells CoinDesk which companies ultimately came good on their promises and which left him wishing he’d just spent his bucks on bitcoin. Di Pardo told CoinDesk, if he had one learned one thing from the practice, it wasgoed: No more pre-ordering for this stud.

Product: Prospero X-3 (converted to naked chips)

Price including shipping: $Four,978

Order date: 18th November 2013

Anticipated shipping date: 24th February 2014

Actual shipment date (chips): 11th July

Status: Converted to ASIC chips

Spil somewhat anticipated, Black Arrow missed their revised shipment date of 8th May.

According to the company, they have bot experiencing issues concerning the miner’s backplane, which are causing almost two months of extra delay.

Black Arrow recently announced the issues to be resolved and that both X-1 and X-3 miner orders would be dispatched by the end of July.

Together with the company’s latest news update, the option to convert pre-ordered miners into naked ASIC chips wasgoed provided, implying that each X-3 order could be exchanged for 100 ASIC chips, whereas you would get six chips for an X-1 order.

When a mining company starts suggesting a miner-for-chips exchange, it might be a good idea to go with the offerande, or you could end up with nothing at all, spil I learned from my practice with HashFast. With this ter mind, together with the now hefty delay te shipment and the fact they are not enlargening compensation further to match competitors’ prices at shipment time (which they said they would do earlier), I determined to go for the chips.

Obviously, one cannot mine with chips alone. Fortunately, Technobit, a Bulgarian company, would be capable of turning thesis chips into mining equipments, where each 400 GH/s equipment would contain four ASIC chips.

Because Minersource, a mining gear and co-location company spil well spil Black Arrow’s US-based reseller, organized a group buy for all customers who converted their order into chips, the houtvezelplaat assembly at Technobit can now be purchased at a discount. Even more, they managed to provide us a overeenkomst where each houtvezelplaat assembly can be alternatively paid for with four extra chips.

So with some money on top for chip coolers, controllers and power supplies (controllers and power supplies not necessary when opting for co-location), I would get a Five TH/s miner with a price tag that matches today’s stock prices, instead of the now overpriced Two TH/s X-3 miner (excluding the 1 TH/s compensation Black Arrow would send after all current orders have bot shipped).

Technobit is presently te the process of assembling all miners for the group buy, which will take about two weeks to finish.

Albeit none of the X-3 orders have bot presently shipped, some X-1 customers are now reporting receiving their hardware.

Price including shipping: $6,696

Order date: 18th November 2013

‘Assured’ delivery date: 15th February 2014

Status: Bankruptcy announced 7th June (no product or refund received)

Not remarkably, HashFast entered bankruptcy under chapter 11 on 7th June.

Spil a result and most unluckily, when that ship went down, my money went down along with it.

Because I originally wasn’t included ter the list of creditors the company introduced to the bankruptcy Trustee (no verrassing there either), I filed my rechtsvordering online through the court’s webpagina.

I can only hope at this point that spil a result of the reorganization process, I will get at least some of my money back.

Vendor: Virtual Mining Corporation (VMC)

Product: Fast-Hash One Platinum Edition (1 TH)

Price including shipping: $6,479

Order date: 24th November 2013

Anticipated shipping date: January 2014

Status: Refunded 23th June

Te addition to the Wood Law Rigid investigation, Virtual Mining Corporation and its parent company Active Mining Company are now under investigation by the Missouri Secretary of State because the CEO of both companies, Kenneth Slaughter, wasn’t following decent procedures when soliciting investors.

Maybe spil a result, shortly after this announcement the company’s webstek went offline and is now only displaying a refund form intended for former customers.

After applying for my refund using this form, I almost instantly got the order amount transferred to the bitcoin address provided.

Albeit glad I made it out if this venture with only some minor remaining health issues, I feel sorry for the many customers still waiting for their money.

If the company will manage to everzwijn get back on its feet, is yet to be seen.

Product: CoinCraft Desk 1 TH/s (+ 0.Four TH/s compensation unit)

Price including shipping: $Five,758

Order date: 28th November 2013

Anticipated shipping date: February, week 1

Actual shipping date: 2nd April

Status: Miners performing well

Bitmine has manufactured some sturdy mining hardware, with both the 1 TH/s Desk and the 0.Four TH/s compensation unit I received hashing continuously and flawlessly for overheen three months now.

However, because of the delays te shipment of the CoinCraft Desk and CoinCraft Equipment that resulted ter many disappointed customers, the company is fighting to keep afloat.

Due to the many refund requests which caused a shortage of funds, Bitmine is now postponing further refunds to customers till spil far spil October, much to the their frustration – a similar situation CoinTerra customers have bot facing.

To raise the necessary funds to sustain, the company is now suggesting hosted mining plans and a revised, lower priced 1 TH/s CoinCraft Desk.

Product: Neptune (converted to Trio TH/s Jupiter)

Price including shipping: $Ten,175

Anticipated shipping date: Q2 2014

Actual shipping date: April 29th

The repair process of the seven violated boards wasgoed fairly slick and a few days after sending back to KnCMiner the cracked ones, I received fresh boards – decently packed this time.

The 28nm Jupiter miner I took ter exchange for my Neptune order now hashes away steadily at about Three.1 TH/s while consuming around Trio,800 watts at the wall, which averages out to about 1.22 W/GH/s.

The fresh 20nm Neptune miner that has bot shipping spil of the end of June, hashes at around Trio.Three TH/s while only consuming half the power vanaf gigahash than its junior brother does.

Despite the efficiency improvement and the fact that Neptune customers – at least those who took the time to read the suggest’s puny print – will additionally receive a compensation unit te August, I don’t think I made too big of a overeenkomst when converting my order after all, spil I got the Jupiter equipment two months earlier.

Product: Viper (Scrypt) Miner (250 MH/s)

Price excluding shipping: Five,450 ($8,984)

Anticipated shipping date: July 2014

Alpha Technology eventually announced further enhancing the spectacle of both available Scrypt miners, to match competitor products at shipment time.

The Eighteen MH/s Viper will now be performing at a ondergrens of 50 MH/s, whereas the 90 MH/s miner will be hashing at a ondergrens of 250 MH/s.

While approaching the July shipment deadline, the company went awfully quiet.

Whether this will prove to be a positive thing, has yet to be discovered.

Product: TerraMiner IV Two TH/s (converted to 2x 1.6 TH/s)

Price including shipping: $7,253

Anticipated shipping date: May 2014

Actual shipping date: 29th May

Status: Converted to 2x 1.6 TH/s miners

After still not getting any replies to my emails I sent to the CoinTerra support team asking for a (partial) refund, I took a hint from one CoinDesk commenter and determined to call them instead.

The practice turned out to be pretty similar to participating te a telephone spel where you’d have to be the 100th caller ter order to win a prize, except that you’d very likely win said prize sooner than someone from CoinTerra actually answering the phone.

However, when you get a hold of somebody eventually, you realize the company has some superb support representatives working there who indeed care about your case.

But spil time IS money te this business, the company truly ought to expand its support staff ter order to limit customer frustration.

After a long period of mailing and calling back and forward I took the introduced suggest of getting an extra TerraMiner IV (1.6 TH/s) for an reserve $1,000. Additionally, I opted for the cheaper (ground) shipment option instead, to reduce the toegevoegd costs.

Getting two miners for a total of $7,000 excluding shipping costs wasn’t the best suggest after all, spil a few days after I accepted the overeenkomst, you could buy a single, now ter stock TerraMiner for $Three,000.

My pre-order wasgoed ultimately sent out on 29th May, 7 weeks after they began shipping from stock.

After about Ten days of operation one TerraMiner broke down and had to be sent back for repair. Spil a result, I lost about a month of (precious) mining time from this machine.

To this day, the hashrate of both equipments combined remains unstable, varying inbetween Two.7 and Trio.0 TH/s.

Product: AntMiner S3 batch 1

Price including shipping: 0.75 BTC

Anticipated shipping date: 20th July

Actual shipping date: 20th July

To detect what all the fuss wasgoed about, I determined to order the latest AntMiner from Bitmain.

The S3, a product that has bot selling like hotcakes since its release, reaches hashrates up to 441 GH/s while consuming merely 340 watts from the wall.

No surprises, no delays, no tricks, but plain getting what you paid for, spil you would expect from any other welvoeglijk company.

Bitmain even suggested compensation ter the form of a 10% coupon or seven procent refund, because actual specifications were slightly off initial specifications.

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