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bASIC sprang forth from BTCFPGA which had a range of highly successful FPGA Bitcoin miners (ModMiner), and had hoped to release an ASIC design, taking pre-orders for funding.

On September 3rd, 2012, bASIC was announced as BitcoinASIC / BTCFPGA's 'fourth generation Bitcoin mining device'.[1].

On January 9th, 2013, the bASIC project was canceled[2] and claimed to have been sold to an Asian investor - this claim was later retracted.

On January 13th, 2013, the principal of the project noted "At this point, if you are thinking of sending me a refund request, I recommend you do a chargeback instead."[3]

On February 1st, 2013, a message was posted to the bASIC website stating that a "a devision of a huge corporate electronics manufacturer in Canada" had taken over the reigns.[4], later revealed to be CAN-ELECTRIC[5]. However, a purported exchange between a BitcoinTalk Forum member and Can Electric resulted in a statement suggesting that they were not involved in this endeavor.[6]