Bitcoin ASIC Hosting Winter Fire Sale

Bitcoin ASIC Hosting is ready for winter with a fire sale at $60/kw with capacity available starting in November with a 6-month prepaid commitment.  With over three years of cryptocurrency focused datacenter experience, we at Bitcoin ASIC Hosting have optimized our cooling and power distribution methods to offer the premiere datacenter experience at a fraction of traditional costs.  We understand the importance of your investment and treat all miners in our datacenter as if they were our own.  Located in Central Washington, Bitcoin ASIC Hosting takes advantage of hydroelectric power, lowering our carbon footprint, proving that technology and nature can grow in harmony.
 
The amenities you will enjoy at our datacenter for this price are:
+Live Monitoring
+Fully insured against theft and Acts of God
+24/7 dedicated cooling
+Hard resets/pool changes/miner settings adjustments
+State of the art power distribution, racking and cooling
+The world’s fastest Internet
+Support from the most experienced Bitcoin mining techs across all platforms.
 
For general inquiries please email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit our website at www.bitcoinasichosting.com.  For specific questions about enterprise mining or an existing mine you are looking to host immediately I can be reached directly at This email address is being protected from spambots. You need JavaScript enabled to view it..
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Spondoolies released the industrial strength "Pickaxe" SP50 Bitcoin miner

Spondoolies SP50 Bitcoin MinerThis is the latest Bitcoin miner from Spondoolies, the SP50 Pickaxe.  This is released only for large commercial miners according to Spondoolies.   Looking at the whooping 16Kw needed to power this beast, they are correct.  You will need some serious power distribution and cooling to even handle a single unit.  The hashing power is the most impressive aspect, tipping the scales at 110 TH/s of mining capability.  They state it only used 0.15 / Watt per Gh/s, this makes it the most effiicent mining solution available to the commercial mining market.   We assume is still uses that clean UX admin interface and the design is pretty clean, getting its inspiration from the current Blade server chassises from Cisco.   The blades look to be the mining modules, 10 blades in all.  That means they have gotten 11 TH/s in each blade, that is a major improvement over the SP35 Yukon. 

Specifications from their website:

Item

SP50 "Pickaxe"

Effective Hash Rate

110 TH/s ± 10%

Nominal Power Consumption

16.57 KW

Power Efficiency

0.15W/GH/s

ASIC

800 Spondoolies-Tech Pickaxe ASICs

Controller

TI Sitara 1GHz (based on Beagle Bone Black)

Controller Board OS

Linux (embedded)

Mining Software

cgminer with custom plugin

Form Factor

11 U rack mountable (mounting ears provided)

Network

Single 10/100 Ethernet port

Fans

6 X 120 mm

Power Supply

10 x 16 KW

Input Rating

180 - 264 VAC

Ambient Operating Temperature

0 °C to 35 °C

Emissions Compliance

FCC / CE

Safety Certification

CE

CFM1350
 
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Bitcoin Miner Power Efficiency -- Why should I care?

Bitcoin mining in 2015 is now serious business.   In the early days of Bitcoin mining, that we participated, mining was a completely different beast when is comes to income earned compared to expenses to mine.  A majority of the mining capacity was multi-GPU mining units with just a sprinkling of pre-ASIC hardware that still carried a large premium.   Much has changed since those days.  We are now in the 4th Generation of ASIC Bitcoin mining hardware and over 400 petahashes of capacity. 
 
The modern Bitcoin miner is of a much more professional nature while they understand you not only need efficient Bitcoin mining hardware but a comprehensive hosting plan to maintain their mining capacity over the duration of their investment.  At the heart of these calculations is the power efficiency of the Bitcoin miner.  What this boils down to is the how many watts does the miner use for each Gigahash of processing power.  Take the newest offering from Antminer, the S7, it takes only 1,210 watts  to produce 4.8 Terahashes of mining power.   This equates to 0.25 Watts of power per Gh/s.  That is a huge leap from the first generation of ASICs like the Avalon that was a 8.3 Watts per Gh/s.  The newest generation is 32 times more efficient than when ASICs first started mining Bitcoins on the Blockchain.  This trend will continue. 
 
The reason this is so important is because as the difficulty rises, the more inefficient miners will have higher expenses to generate their Bitcoins.  With rising difficulty, you can imagine miners being trapped on an island with rising water (difficulty), the more efficient your mining hardware, the higher land your operating is on.  Once your underwater, this means that your hardware is costing more in hosting expense than the underlying Bitcoins it generated in a given set of time.  This means that if you are mining in this manner, you are speculating that the price will increase long-term and that is worth mining at a loss in the present.  This situation you will find become increasingly rare.  Many large miners we speak with are quite aware of this and the mining operation needs to stay in the black.
 
The other force pressing on this calculation is the hosting expense of running tens or hundreds of Bitcoin miners.  Along with this march of increased mining efficiency, it has along increased the amount of heat and power required to effectively run these miners.  This is where traditional data-centers and Bitcoin colocation startups come into play.  The power density needed to run a medium or large farm outstrips most commercial buildings and will require extensive and expensive upgrades to make capacity available to operate the miners.     Their most important expense is what the utility charges them for power.   Power rates vary all across the world and even state-to-state in the U.S and Europe.  Hosting companies need to charge a price to Miners that covers their utility costs, along with other operational expenses.
 
That means that because of the dependency of miners on using some form of hosting, means there is a price floor above the raw cost of electricity that equates into the mining profitability calculations that determine the overall performance of the investment.  Currently in my calculations, a price under $210.00 USD per Bitcoin is so low that long-term mining is not profitable with the current generation of miners.  

Mining is a zero-sum game, you get Bitcoins via mining by reducing the amount of Bitcoins going to all the other miners that were mining before the newest miner came online.  This cold war arms race will continue until the Bitcoin mining in its current form is consolidated into a few large mining interests that are likely privately funded with small independent miners becoming extinct over time.  Once we make the move to 14nm-16nm ASIC chips for Bitcoin mining, I see a real possibility that no more Bitcoin ASIC miners will be offered at retail to anyone wanting to get into mining.  The engineering expenses alone will make the risk pretty high, so anyone backing that will want certainty and that will mean not relying on the general public to recoup the expense.   Stay tuned, we will be writing more on this subject and the next 3 years will be very defining for the future of Bitcoin mining.
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Antminer S7 Bitcoin Miner released

Antminer S7 Bitcoin Miner This is the newest offering from Antminer.  The S7 is not their fastest offering (That goes to the new S5+), it is their most efficient Bitcoin miner ever released.  It clocks in at a hair over 4.8 TH/s from a mere 1,200 watts of power.  This now rounds out Antminer's current stable of miners for the market.   3 PCI-E connections will be required to run this mining unit.  Any PSU that can handle 1300 watts or more will have more than 4 PCI-e connections so you will be covered there.  They have a simple web interface like the rest of their units.  This is a positive development in power efficiency.  All miners want to see more hashing power for every watt as difficulty continues to rise.  This is also one of very few hardware manufacters that are making miners for the general public so these should be fairly popular.   Here are the specifications from Antminer's website.


S7 Specifications:
1. Hash Rate: 4.86 TH/s ±5%
2. Power Consumption: 1,210 Watts (at the wall, with AC/DC 93% efficiency, 25°C ambient temp)
3. Power Efficiency: 0.25 J/GH (at the wall, with AC/DC 93% efficiency, 25°C ambient temp)
4. Rated Voltage: 12V+5%, should not be less than 12.0V
5. Chip quantity per unit: 162x BM1385 ASIC
6. Dimensions: 301mm(L)*123mm(W)*155mm(H)
7. Cooling: 2x 120mm fan
8. Operating Temperature: 0 °C to 40 °C
9. Network Connection: Ethernet

Link
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Bitcoin Mine Cooling Options - What are my choices?

When a Bitcoin miner is designing their mine including: what mining hardware to run, where to locate or colocate and how to keep everything cool.  This is the purpose of this article.   Bitcoin mining hardware takes electricity to power the hashing chips and converts it to process Bitcoin transactions.  Most of the power gets converted into heat which needs to be dealt with or you can slow down and ruin your mining hardware.  Thermal Management is crucial in getting the most out of your mining hardware.
 
When approaching cooling I find it helpful to recognize that if you are looking for optimal hashing performance, you need to understand the difference baseline cooling and supplemental cooling strategies.   Now I understand that is some overlap in a couple of these technologies but in my experience you need to focus on baseline cooling if you want to operate year round. 
 
Here is a basic outline of the different cooling technologies and how each one operates:
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Power Distribution Options - What is a Bitcoin Miner to do?

DisclaimerThis is presented as information only that should be used to structure a conversation with your licensed electrician on design choices.  Doing unlicensed and unpermitted work can create an unsafe environment that can have increased fire hazard or death of personnel by electrocution.  Please be smart and safe.
 
 
In this next article we will be talking about power and some of the different options for getting that all important electricity from your local PUD into your Bitcoin mining farm.  This is an important question to address early on in your mine design phase.  Electricians are not cheap and the choices you make here will follow with you over the duration of the Bitcoin mines' operation unless you decide to change direction or removing the old distribution to make way for the upgrades. 
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Hot Aisle versus Cold Aisle Containment -- What should a Bitcoin miner do?

When building datacenter infrastructure to run your mining equipment, thermal management is going to be one of your most important concerns to manage when planning and operating your mine.  Heat is not your friend in Bitcoin mining.  Have a good plan of how to deal with the heat output of miners is critical to the success of your Bitcoin mining operation.  If you are already colocating in a traditional datacenter, this choice has already been made for you.  Overwhelmingly, hot aisle containment is the standard design element in most modern datacenters. 
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Choosing Miner Hosting, Colocate or New Build for increased Bitcoin mining?

Last night I was doing some research and came across this interesting piece about businesses having to decide between expanding their current datacenter operations or using traditional colocation to host their needs.  This got me thinking that Bitcoin miners may be going through the same dilemma.   They have to choose between co-locating their mining hardware with a datacenter provider or building their own mining facility.   As mining becomes increasing competitive and professional, you tend to see larger and larger mines even as the number of  professional miners is falling.  Bitcoin Mining is still open to everyone and there will be opportunities for the foreseeable future but mining "for profit" is changing in character so that if you want to do this as a full-time job, you will need some serious mining hardware and a facility that can run it.   This is where this choice comes into play.
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KNC Jupiters & Super Jupiters added to Sale List

As per the title, we are selling a bunch of KNC Jupiter and Super Jupiters.   They come as-is, they are functional units that were decommissioned and stored well.  They do come with controllers boards & high-quality PSU.  The customer will be responsible for covering the shipping costs to their location.

Hardware Count:
6 - KNC Jupiters (Oct Batch)
8  - KNC Super Jupiters 
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Bitcoin ASIC Hosting expands to third location; one Megawatt of hydroelectric capacity brought online in Central Washington. 2.5 Megawatt expansion underway

FOR IMMEDIATE RELEASE
CONTACT: Allen Oh
COMPANY NAMES: Bitfund LLC & Bitcoin ASIC Hosting
Voice Phone Number:  1-425-213-8754
Email:  This email address is being protected from spambots. You need JavaScript enabled to view it.
Website:  www.bitcoinasichosting.com
Bitcoin ASIC Hosting expands to third location; one Megawatt of hydroelectric capacity brought online in Central Washington.  2.5 Megawatt expansion underway.
 
Bitcoin ASIC Hosting, a subsidiary of Bitfund LLC, has risen as the premiere co-location service since opening its doors in May 2012.  Bitcoin ASIC Hosting has proven to its clients and the local community a commitment to excellence; driving business and growth in the public colocation industry.  Becoming versed in the art of thermal dynamics and power distribution, Bitcoin ASIC Hosting are utilizing innovative cooling methods alongside efficient power mapping to construct the most efficient cryptocurrency-specific datacenter.  This facility will be running on completely green power from Columbia River hydroelectric dams at $100 per kilowatt.
 
Over the past three years, Bitcoin ASIC Hosting has fine-tuned its customer service relations in addition to its maintenance and upkeep procedures.   Our slim and experienced staff troubleshoots everything from RMA ASIC board assembly, private pooling and responsive customer service.  As veterans in the industry, Bitcoin ASIC Hosting sets a standard of excellence; providing top-tier service to their clients and informative consulting to those planning to enter the market.
 
Bitcoin ASIC Hosting expanded into co-locating scrypt ASICs, providing stable hosting for upcoming alt-coin mining operations.  Bitcoin ASIC Hosting has isolated the unique demands and density requirements of the evolving cryptocurrency mining market, constructing a facility capable of handling units and boards of all varieties.
 
The expansion of their megawatt datacenter is the natural progression of the company.  Having taken no outside investment or customer presales for their projects, Bitcoin ASIC Hosting is completely dedicated to their clients.  Bringing online one full megawatt of capacity allows miners of every scale to experience worry-free mining in the affordable hands of experts.
 
Bitcoin ASIC Hosting is reserving space in their facility immediately on a first-come first-serve basis with flexible plans to accommodate the needs of each individual miner.  Inquiries for reservations and information can be sent directly to This email address is being protected from spambots. You need JavaScript enabled to view it., for custom datacenter build-outs and consulting please mail to This email address is being protected from spambots. You need JavaScript enabled to view it..
 
About Bitcoin ASIC Hosting
Bitcoin ASIC Hosting was one of the first, and are the biggest name in ASIC hardware co-location.  Bitfund LLC is a dedicated team of Bitcoin enthusiasts with expertise in ASIC mining hardware consultation, custom data-center build outs, and cold coin storage solutions.  Bitcoin ASIC Hosting has been a Bitcoin hardware hosting provider for over 2 years.  For more information, contact: Allen Oh (425) 213-8754
 
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Bitcoin ASIC Hosting expands capacity in Dell's Western Technology Center

Bitcoin ASIC Hosting is proud to announce an expansion deal with Dell Inc.  Together, we are excited to bring 4-megawatts of tier-3 datacenter rated hosting capacity to the crypto-currency mining market.  Our flexible contracts and scaling capacity is set to accommodate Bitcoin miners, and their expanding operations.  Quality hosting capacity is essential for increasing demands of Bitcoin mining operations.
 
This opportunity comes as an addition to Dell’s recent announcement to accept Bitcoin for customer sales via Coinbase.  This announcement is a giant leap forward for bringing Bitcoin into mainstream.  This article can be viewed here: http://en.community.dell.com/dell-blogs/direct2dell/b/direct2dell/archive/2014/07/18/we-re-now-accepting-bitcoin-on-dell-com.aspx
 
Bitcoin ASIC Hosting and Dell Inc. are providing the first large scale & high-density crypto-currency hosting facility available to the public.  Operating with a record of excellence in co-locating every available type of ASIC hardware on the market, Bitcoin ASIC Hosting's team of expert engineers and customer service representatives provide the support to take the micromanagement out of your mining investments while maximizing performance of ASIC mining hardware.
 
Strong mining competition has driven the Bitcoin mining industry into a great era of innovation.  Just 2 years ago video cards dominated the Bitcoin mining market with unbelievably poor efficiency.  We are now reaching 28nm ASIC chips and reaching efficiency at less than a watt/GH.  Accompanying these innovations in chip design and board production are greatly increased unit sizes, power consumptions and cooling requirements.  "Large residential operations are no longer feasible for the latest generation of Bitcoin mining hardware", Lauren Miehe says, head of Operations for Bitcoin ASIC Hosting.  Bitcoin miners must now consider co-location to reach the maximum potential of their hardware investments.  Dedicated cooling and power are costly upgrades to commercial and residential properties.  Bitcoin ASIC Hosting and Dell are here to help.
 
We are ecstatic that Dell, a worldwide industry leader, has shown such flexibility and support of a growing local company in the dynamic emerging market that is Bitcoin mining.  This forward thinking and technical expertise on Dell's behalf is what we looked for when evaluating a hosting partner.  Coupled with Dell's SmartHand support and world-class facility, our hosting solution provides the proper environment the needs of all high technology computing solution.   Dell is setting the standard for advancing the growth of innovative technologies.
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Cointerra Terraminer IV Hosting

As the density of ASIC miners keeps reaching new levels, there is one unit that is leading the pack.  The Cointerra Terraminer IV comes in at 2000watt (2kW) usage hashing at speeds between 1.3 and 1.8TH/s.  The difference in performance is directly related to cooling, as the internal temperature sensors are very reactive, and will cycle down unit performance when ambient temperatures reach too high. 
 
Often one core of the Cointerra Terraminer IV is disabled temporarily, as the unit is split into two cores known as CTA1 and CTA0 both with their own power supply.  The construction of the unit is quite impressive, the power supplies can be replaced and swapped without opening the box or voiding the warrantee sticker on the unit, although opening the box is required for any advanced troubleshooting or investigation.  Please consult Cointerra directly before performing any advanced maintenance on your unit if there is an issue.  Often Cointerra will allow you to open the box yourself, but you must gain permission first to not void your warrantee.
 
Cointerra Terraminer IVs are the densest units on the market, coming in at 4U height and ~30 pounds.  These bad boys are definitely the beefiest, and running them in a standard commercial or residential setting causes significant heat and noise issues if you enjoy peace and quiet and prefer to separate your house from a sauna/airport hybrid.
 
In order to maximize the uptime of your Cointerra Terraminer IV, ambient temperatures ~70 degrees is highly recommended from dedicated cooling.  Manually resetting the miner has proven to be an effective method of avoiding the cycling down process from internal temperature sensors.
 
Overall, the Cointerra Terraminer IV, is one of the most engineered units on the market and we are proud to provide the best colocation available.  We have the tools, skills and experience to maximize return on your Terraminer IV and take the micromanagement out of your Bitcoin mining investments!
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Lost Coins

Lost Coins
 
The Bitcoin protocol is made so that 21 million Bitcoins will ever exist within the network.  As of the day this article was written, February 27th 2014, 12.45 million coins have been distributed.  I often am asked is there any way to recover lost coins?
 
There are several ways coins can be lost.  One way is not having a private key to access the wallet that contains Bitcoins.  This can happen if you do not have any backups of your wallet.dat file and it becomes corrupted.  Another way is to send transfer Bitcoins to a valid address you do not control.  Destroying or deleting backups can also be a cause.
 
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Simplified MtGox Breakdown

Simplified Breakdown of MtGox
 
Many people have been asking me recently on what I think about the recent developments in Bitcoin, especially the MtGox issue, so I figured I would write this to share my knowledge and my opinion.
 
There is abundant sensationalist information online about the stability of Bitcoin in light of recent events.  First and foremost Mt.Gox is a historic landmark for Bitcoin.  Before we had many competing exchanges such as Bitstamp, BTC-e, BTCChina, MtGox was the authority on pricing and exchanging Bitcoin.  At this point in history, MtGox was very successful in stabilizing Bitcoin’s price and making Bitcoin trading publicly accessible around the world.
 
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Notice: Change in pricing model for hosting (details inside)

Bitcoin Mining Community,

To be honest this has been a decision that we have been putting off making to see if the network’s unprecedented increased in difficulty would taper off at some point or at have the curve flatten a bit.  As most of you know, we have been seeing rising at over 60% per month for a sustained amount of time.  This has forced us to make a major change in our pricing model.

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