Bitcoin mining is a risky business these days. From buying thousands of dollars’ worth of equipment from what seems to be a reputable company, only to find out that it will take
over a year to receive it, to scams of every shape and size. You really have to be careful where you put your money these days. Another threat to bitmining, especially to the small guy who played it safe and only ordered a BFL jalapeno, is a little thing called variance. Without going into a long description of variance here, it can best be understood as your competition on the network at any given time.
We understand all of this. Several months ago, a couple of friends and I decided that we wanted to get involved in bitmining for the long-term. So we pooled together a few bucks and began looking and learning. Luckily, we didn’t follow the herd and send all of our money off to BFL. We kinda figured there would be other serious players in the market by now. A few smart trades later and our cash pool had turned into a nice BTC fund and we figured we were ready to go. But go where? Who else was doing this? It was while looking through and debunking basically every ASIC’s claim or pre-order dream we came across, that I learned of KnCMiners.com. Their website wasn’t very flashy and they seemed, at first, to be a long way out of our time-line. (lol it seems nobody pays attention to our time-line.) At first, I just bookmarked them and moved on. Then, one day, after another frustrating couple of weeks looking for something, anything to get us started, I got a newsletter and ended up contacting KnC. After exhaustive research, not only into the company but also into the individuals representing them, we knew we had found what we were looking for.
A strange by-product of all this waiting, watching and listening was a very good education on things like variance and the threat of mining monopolies. Again, I won’t go long here and talk about all the wrong involved in mining monopolies but I will try to briefly explain our plan for dealing with both. The idea is really very simple. We had enough capital to invest in 1.75 TH/s of equipment. But that much split between 3 guys would create large pools of BTC that were difficult to spend. The tendency would be to hoard. Hoarding in our shared opinion, is a very bad thing for BTC as a whole. While it does serve to drive up prices in the short-time, in the long term bitcoin will never grow if everyone is hoarding them. So we decided to sell off 1 TH/s of the network to as many small miners as we could get involved. At the same time, I approached KnC with the plan and requested to have all of our mining servers housed in their data center in Stockholm, with 24/7 tech support from the most reliable team in the world for the job; the guys who designed and built them. I am confident that we are now involved with the most competent people in the bitmining industry and can therefore offer the most valuable and worry-free claims available. This is what sets us apart from the average-joe-bitminer who sets up a machine in his basement and plugs it into his wall socket. With KnC your claim has a 95% network uptime guaranteed. Nobody else could realistically come close.
The way this helps variance is by putting a lot of work out on the network for miners to do. This helps the network and creates transaction fees that a miner can collect in addition to generation blocks. We kinda look at it like working a muscle in order to make it stronger.
Not only are the extra transactions, (1,000’s a day), good for the health of the network but we also believe that getting many people involved in bitmining is the best defense against bitmining monopolies. It’s hard to realistically imagine a situation where a person (with sufficient equipment of course.) would lose money in the bitmining field. Mining incentives are built into the system. If variance goes up, then there should always be a corresponding rise in fiat value. Conversely, if the value of BTC were to drop drastically and temporarily remove the profit of bitmining then there would be a corresponding drop in miners and variance (which would then lead to more hoarding and a new short term growth period) either way, for the ones who stay in, it is hard to imagine any of them losing money. We are in it to win it. We will still be around when all of this is just ASICs legends. We see all of this, and more on the horizon for BTC. We are in it for the long haul and are already looking at 5-year strategies for boosting BTC growth. For now though, we are concentrating on only 1 TH/s of claims. There will no doubt, be more added to this later, when $/GH is a more determined factor. For now we are allowing members to get in at what is basically our cost for setting it all up. We find that the prices are in-line with questionable equipment manufacturers who have a 6-month (or longer, they will never say for sure) shipping queue. Anyone who is smart enough to have found this page is smart enough to see the implications and real-life potential here.
The pool will go live on Oct.1, 2013. Each mining claim is good for 1 year. Pool will be designed to make multiple pay outs daily so you will never need to wonder if you are making money; just refresh and watch it grow. We hope you will join us in our efforts to make BTC a stronger community and profit with us by doing it. In keeping with that support-for the-community attitude we have decided to bring this offer here. The special prices available here are only for those claims purchased through this site. Claims being sold elsewhere will likely sell for a bit more. Because of the way funding is organized here we will be offering 10 BTC blocks of claims at a time. If you want to buy more than is being offered, simply email me and we can set up a way to handle it through BitcoinStarter. Once one 10 BTC block is filled another will be posted until all spots are filled. We need to support each other and all support BTC in order for this to work right. As an unconventional start-up, we at BitcoinMinersUnion.com are very grateful to places like BitcoinStarter that help us get the funding we need to grow with the emerging market.
Please contact me either here or at BitmMineForeman@bitcoinminersunion.com with your email address and wallet number(s).