My first 30 days running a Bitcoin only E-commerce business.
The MineNinja store, www.mineninja.com, has been up for a month now, so I figure its a good time to reflect on the whole experience of running a business that accepts Bitcoin exclusively. I’ve run other E-commerce websites, mainly selling digital products for PayPal. In my previous experiment I tried adding Bitcoin payment to one of my best performing products and honestly got less than stellar results even offering a huge discount. After studying the market I determined that a better path was to offer a product that would appeal to one of the core segments of the Bitcoin participant population: Bitcoin miners. The MineNinja is a Bitcoin mining controller for managing USB connected ASIC devices. I underestimated how difficult the whole process would be from manufacturing to shipping. The first few orders were very painful to fulfill. There were many late nights spent trying to dial in the packaging and shipping. 3d took some time to get dialed in correctly, and we threw away a ton of failed prints. It was a great learning experience. I also learned that keeping everything denominated in Bitcoin is risky. When the price of Bitcoin fell, and I didn’t update my pricing quick enough, we had sales that resulted in a net loss. I could eliminate this risk by pricing in USD, but it’s a matter of principle to keep it all Bitcoin. I didn’t do any sort of advertising, no Adwords or anything like that. All I have done is just a few posts on bitcoin and Bitcoin related forums. I did a total of 28BTC worth of sales for the first month. Expenses: Startup Investment - 3D printer: $2195 Cost of Goods Sold:
USB Block Erupters: 10BTC
Power Supplies: $75
microSD cards: $100
The USD denominated supplies were personally funded. I am trying to keep all the BTC earnings in BTC. I am moving my supply chain to Bitcoin as practical. I found a cool 3d Printer company www.makergeeks.com that accepts Bitcoin payments so next month’s personal finances will be a little better. I’m still having to pay USD to buy the boards as I have not yet found a supplier that accepts Bitcoin payment. I don’t think my decision to go with a completely open source solution hurt sales too badly. Most customers chose the more expensive ready-to-mine options over the build-your-own. I got hit hard for BeagleBones when the BTC price dropped, and I didn’t adjust prices, but thankfully my low inventories and a recent rebound in price insulated me from disaster. Now that I have shut down my GPUs, I can move the business from the dining room table to the room we now refer to as the "crap room." The big weekend project is to clean it out and convert it into the CoinNinja headquarters. I’ve got quite a few cool things planned for the MineNinja project and other CoinNinja Open Source projects. Stay tuned.
Open Source startup CoinNinja (www.coinninja.com) launches its first product geared for miners of the Bitcoin crypto-currency. The MineNinja is a turn-key device for hosting Bitcoin mining hardware, such as ASICs from Butterfly Labs, Avalon, and ASICMiner. With the bitcoin mining market rapidly moving to ASIC devices which provide more Hash power per watt, the MineNinja is the perfect compliment as it further reduces power consumption by eliminating the need for a PC. "We chose the BeagleBone Black over the Raspberry Pi as it is truly open source. The BeagleBone design is totally open, and that cannot be said about the Pi. Furthermore we found the BeagleBone to be far more reliable, and operating temperatures to be significantly lower.” Leveraging the power of Open Source development, the MineNinja is a great example of the Maker revolution for innovative small business. The MineNinja is small batch manufactured using the Open Source BeagleBone Black from Texas Instruments and its enclosure is 3D printed on an open source RepRap 3d Printer. The MineNinja is so low-power that it can easily be powered using only a USB port. "We believe in the Open Source movement, all of our hardware and software is fully open source. We encourage users to make their own MineNinja, everything needed to make your own be easily found in our Github repositiory." - states Alessandro Nardella, Lead Developer at CoinNinja. The MineNinja leverages existing open source software such as Angstrom Linux, Cgminer and the ANUBIS web front-end to Cgminer. The MineNinja uses the BeagleBone Black without any hardware modifications, which allows users to further refine the product by adding their unique contributions. The MineNinja BeagleBone Bitcoin miner is available today in limited quantities at www.mineninja.com.
The controller for the iBeLink DM384M DASH (X11) ASIC Miner is running on the Raspberry Pi inside the device and is apparently based on the MineNinja Open Source/Free Platform for Bitcoin Mining on the Ti BeagleBone Black that is modified for the specific hardware. You get a basic web-based interface for configuration and monitoring of the mining hardware, once you plug in the device in your ... MineNinja. Open Source BeagleBone Black Bitcoin Miner. WebUI- Contents should be uploaded to /www/pages/ if you are using the defualt lighttpd configuration. The WebUI is based on Anubis. We will consider pull requests to these files. Beliebte Bitcoin Miner sind die Antminer. Die Miner werden einfach via LAN-Kabel an einen Router angeschlossen. Anschließend können diese über den Webbrowser konfiguriert werden. Es ist kein weiteres Gerät oder weitere Software nötig, da es sich um Standalone Miner handelt. Die neuesten Miner haben mittlerweile auch ein integriertes Netzteil. Wer Bitcoin selbst von zu Hause aus minen will ... The MineNinja is a turn-key device for hosting Bitcoin mining hardware, such as ASICs from Butterfly Labs, Avalon, and ASICMiner. With the bitcoin mining market rapidly moving to ASIC devices which provide more Hash power per watt, the MineNinja is the perfect compliment as it further reduces power consumption by eliminating the need for a PC. NinjaCoin is a digital anonymous cryptocurrency. Secure, private, untraceable. Minable with cpu and gpu. Guaranteed by the proof of work of the ninja miners, with easy-to-use mobile wallet. It's based on cryptonote blockchain.
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