Holy Jesus that's a lot of money. Has anyone credible ever done any market sizing of the btc services or hardware markets? At first blush it is hard for me not to estimate the btc specific hardware market as being less than 200MM even when you add up everyone's revenue since the dawn of time. It looks like avalon's total sales so far has been less than $10MM.<p>I assume this has to be about inventory - some kind of line of credit that allows them to offer customer financing, shift away from their pre-order system, or some kind of upfront cost associated with a process upgrade.<p>It's hard to believe there is much money to be spent on R&D for asic hashing, or that they would gain much via some big marketing campaign.