Bitcoin Forum

We have acquired Bitcoin mining hardware of 1 TERA HASH ( 1,000 Giga Hash per second).  This hardware is expected to go online sometime in January.

As incentive to mine ZenithCoin will will be distributing the proceeds of this mining operation to ZTC holders.

The distribution will begin when the hardware is online and will  last 6 months. Distribution will be done at the end of every month.

At this time, there are 1,310,112 ZenithCoin (ZTC) that are outstanding.  This increases over time at the rate of 24 coins every 2.5 minutes.

Here are some rough calculations as to how many BTC you shall receive per ZTC coin.   These calculation will vary depending on difficulty at the time of mining.

The first month of January will be a partial month, so let us use a full month in February to make the calculations.

Assuming a difficulty of 300,000,000 for BTC in Feb. (current difficulty is 112,628,549 ).  

A total of 1.67 BTC will be mined  per day.   For 28 days in February, that is 46.76 BTC.

Assume that there are 2 million ZTC by the end of February.  The amount of BTC per ZTC that you will receive will be: 0.00002338 BTC.   I have created a table so you can see how much you can make by holding ZTC:

1,000   ZTC -   0.02338 BTC or 2.9225 USD (at 125 USD / BTC )
10,000 ZTC -   0.2338   BTC or 29.225 USD
100,000 ZTC -  2.338    BTC or 292.25 USD

This is just for the month of February!!!

Owning ZTC gives you a share of the mining profits for the next 6 months!

Finally, a coin that pays yo back for holding it!!

More detailed rules will follow.  If this program is successful, we can continue to add more hashing power as budget permits.

Note:  There is no need to register - ZTC and BTC addresses are the same.  All you need to do is export your ZTC address and import it into the BTC client.  Only ZTC held at the end of every month will receive the BTC proceeds!

This promotion has been cancelled because the hardware manufacturer (Cointerra) is 2 month delayed in their shipment.  Therefore making any mining 2 months from now highly unprofitable in terms of energy costs and equipment costs.

Difficulty has increased by 10 fold since announcement 8 hours ago.

Best time to accumulate coins is when difficulty is low!

So we don't even need to give you the ZTC? Just hold it, and recieve BTC? Like POS type deal?

Yes,  you hold the ZTC.   It is like a bond.  Holding it entitles you to a share of mining.

Yes, like PoS, however you get BTC instead.

well this sure sounds interesting :)

Completely sound strategy too!

so how do you import a zetacoin add to bitcoin wallet?

I beleive he is talking about Zenithcoin, not Zetacoin.   But question still stands for me..

Whens the hardware online?


Could you explain how to do this? I've never done it before.

BTC difficulty will be above 1,000,000,000 by February. How does this affect your calculations?

You meant ZenithCoin ... use the importprivkey  https://en.bitcoin.it/wiki/How_to_import_private_keys

on zenithcoin use dumpprivkey ...
on bitcoin use importprivkey

simple enough.

hardware is scheduled for january 2014

I have only control of the GHs that I can deploy.   The actual difficulty in Feb. may vary.

this is freaking awesome!!!!    ;D

love it, brilliant...

im now kicking myself in the ass for not having more ZTC  :'(

props on a bad ass idea ....

for some really odd reason i feel compelled to mine this italy coin for the first couple of days after launch, after that.. ill be mining some ZTC  ;)

Wait, isn't this the coin, with the 50% tax, or some shit?

Yes.. If you dont understand the possible positive long term aspects of that fact i would like to point you in the direction on a random flavour of the day pump n dump coin.
These BTC mining shares will provide the best PoS ever so far in crypto history and also strenghten Zenithcoins foundation.
 

You probably don't want to wait,  the difficulty is inching up.

The miner centric pump and dump crowd just doesn't get it.

Too bad they are out of the action on this one.

Furthermore, there's no way they can retro-fit any of their pump-and-dump coins to create value like this.   

Friendly bump and also.. Guys & Gals come get your Zenithcoin at: http://hippie.hopto.org/   PPLNS pool.

I understand that I can make more, mining straight BTC, and, you don't get half my mining efforts going into your wallet, to get dumped should this scam coin ever hit an exchange. ::)

Forum postwhore troll with "excellent" trust screams scam, its stated quite clearly in several threads and on the webpage how block shares are distributed, its no big secret.
Imagine if it was a scam of epic proportions why even introduce a PoS like this, why not keep the bitcoins in the first place, sometimes it help alot to think a little longer then your nose reaches.
Some DEV`s & community`s actually think a little more long term then the average life span of random coin introduced on this forum.
Im new to this coin, i admit im taking a risk mining it, as i do with almost any altcoin.
If you dont like it, dont mine it, a simple solution - go mine ADT, TEC or any other coin of the future you might prefer today tomorrow you jump on the next one ;)

He's paying people BTC, to mine the coin, because he gets 50% of every block mined, straight into his wallet. If it were to ever hit Cryptsy, he stands to make much more BTC then he will be paying out, when he dumps those coins. Is it really that complicated?

You still don't get it do you?   When sells their shares in an IPO, do they sell on the shares?  No, they keep a big percentage with the folks who are in the company.     Yes, I am paying folks to mine the coin.  Isn't that what all the exchanges do?  They pay for coins that are mined by miners   I am saying, if you hold on to ZTC, you get BTC shares from a 1 terahash miner that we've acquired.

These terahash miners don't come cheap.   I'm sacrificing that hash power to promote this coin.   

Simple economics.   

If you don't think this is a bargain, then don't bother mining. 

However, if you look at all those pump and dump coins at cryptsy... you'll quickly realize that almost all of them has lost 90% of their value since they were released.  They will lose another 90% of their value in the next 3 months.   That's because most of their devs have abandoned ship and are now promoting yet another coin.   

Zenithcoin by contrast has ignored the pump and dump route and focused solely on creating value for its coin holders.

I am not alone...  :'(

Thanks anyways, but I'm not a big fan of koolaid. I, like everyone else, hated your scam coin, the minute it was released, and re-released, with your 50% taxation, and your invite only premining period, and I still hate it now. If noobs, who were not here for the shady release, and attempted take over of ZTC, want to blindly support ZTC, what the fuck ever.

OK i know its a risk but i see it like this, IF this BTC PoS comes out clean it will generate value for both the coinholders and Zenithcoin itself. This coin is not "cryptsy friendly" i admit that but at the same time the options right now are endless compared to most if not all other coins. Large % of the accumulted coins by the foundation can be used for maybe more PoS rewards in Zenithcoins, rest can be sold upon exchange release and those funds could be used to aquire more BTC hashing power that generate more distributed PoS in the future or whatever, options are endless right now.
One thing is for sure and that is that this coin wont be pumped, dumped and then forgotten in 3-4 months.
Is it a risk investment hashing this coin!? Yes it sure is it but im confident the risk is ALOT lower then the folks that actually did buy AndroidsToken upon Cryptsy release.  ::)
Hydroponice your just fucked up calling sceptical miners for "blind support" and screaming scam, look at your own track record, you know others like you know yourself they say...

There are more options for income generation in the future.

We are working on an exchange.... so expect additional revenue from exchange fees. 

Importing the ZTC addy caused the Biticoin client to hang and eventually crash.

Tips ??

Scammer accusation thread ---- >>  https://bitcointalk.org/index.php?topic=412424.0

The miner was from Cointerra that was expected to arrive in January.  Unfortunately, it is out of my control in that they are extremely delayed,  and at this time unprofitable to acquire.   This is a business decision to stop the purchase.  If you don't like it,  then sell your coins.

Wasted?  You have every opportunity to sell off your coins in an exchange or to sell it to any body making an offer.  

Bribing people?  People are earning their ZTC by making an effort to promote it.

How did you earn your ZTC?  You mined it.  How do other people earn their ZTC? They promote it.

So if things don't go your way, you scream "scammer"?

I am making the best effort to promote this coin.  What are you doing as a miner?  Do you feel entitled to some kind of just compensation?   Well the only compensation you will ever get is through an exchange,  and if you are working against its listing, then you sir are an absolute idiot.

What you are saying is that rather than get compensated for 84,000 ZTC coins that you hold,  you would rather that it be zero.  That is stupid.

Now you're pulling exuses out of your ass. And get it right ! YOU hold half of the almost 84000 ZTC that I have mined.


No mention of Cointerra here.

Can you prove that you had made such arrangements ?

Here is the cointerra thread:

https://bitcointalk.org/index.php?topic=267552.msg3801486#msg3801486

Look,  why don't you sell the 84,000 ZTC coins you hold to me.

As I said,  I will buy them all for .12 BTC.

This...


.. is a far cry from the newly editted original post ...


So which is it ?

PROVE you are or were involved with Cointerra.

Both...  not a lot of miners participated and cointerra hardware was delayed 2 months.  

you can go check www.thegenesisblock.com to see how much money a cointerra tera miner II will make in April.  

Here is the calculations:

Break Even Period:   No break-even in first year   Total Fixed Costs:   $3600
Max Profit:   $   Monthly Power Costs:   $64.8
Month   Difficulty (MM)   Time per
Block (days)   Monthly Revenue   Monthly
Profit   Cumulative
Return
Apr-14   13474   670   $1,000   $940   $(2,660)
May-14   26410   1313   $513   $448   $(2,210)
Jun-14   51764   2573   $261   $197   $(2,020)
Jul-14   101457   5044   $133   $69   $(1,950)
Aug-14   198855   9885   $68   $3   $(1,940)
Sep-14   389756   19375   $35   $-30   $(1,970)
Oct-14   763921   37975   $18   $-47   $(2,020)
Nov-14   1497285   74432   $9   $-56   $(2,080)
Dec-14   2934679   145886   $5   $-60   $(2,140)
Jan-15   5751971   285936   $2   $-62   $(2,200)
Feb-15   11273863   560435   $1   $-64   $(2,260)
Mar-15   22096772   1098453   $1   $-64   $(2,330)

I am not going to go into a lot of red ink.   Cointerra promised machines by January, but they have not shipped anything yet.  

Here is the order information:

Order: KA3508
Product   Quantity   Price
TerraMiner II – 1TH/s, Networked Miner (January Batch) (#GS1100-01)
1   $3,499
Cart Subtotal:   $3,499
Shipping:   $258.93 via Next Day Air (UPS)
Order Total:   $3,757.93
Note: Notes about your order, e.g. special notes for delivery.

Not my fault that the product cannot be delivered on time.  

Ultimately this is a business decision. 

I suggest you take the money I am offering you for the 84,000 ZTC and go buy some GHash at CEX.IO.

so is this all DEAD now or what? does anyone want to buy my ZTC?????

WARNING !! The following contains scenes of sockpuppets. :P

Ask Carlos or FrictionlessCoin or solracx...

https://bitcointalk.org/index.php?topic=424724.msg4680994#msg4680994

Hip so your telling me in a nice way to just delete the wallet?

LOL ;D

Its your call.

I'm holding on to mine in case it ever becomes classified as evidence for whatever legal matters may spring up. ;)

Hip your killing me my man but OK, was looking for more of a direct answer

1000 ghash BTC per day = 0.229 + 0.229 + 0.229 + 0.229 + 0.229 .... :D

http://dustcoin.com/mining

I'm sure there are plenty of good lawyers who could help us recover some of that.

What would people say/do if it becomes known that the 1000 ghash has been online for some time now ?

 

Again you have trouble reading.

Here is the original post, let me highlight to you the sections.



No January delivery,  no hardware online,  no proceeds.

I already offered you compensation for your existing ZTC coins.  You did not take it.

That is the best I can do under the circumstances.   

If you want more,  then you will have to wait till ZTC is traded in an open exchange.

   

When will is be traded if they will.... Also what are you paying for around 30k

Prbably 1 ZTC will cost around 0.20 $$ when its hits an exchange ;D