Bitcoin Forum

I'll plan offering service that'll allowing you to buy Mhash/s of my GPU cluster for a limited period. You'll get a part of the generated coins after a week according to the number of Mhash/s you bought. So, if you buy 1 Mhash/s for one week for 3 BTC the cluster will generate about 5,5 BTC for you which you will get after the week. You'd win about 2,5 BTC in this case. If difficulty goes crazy or the cluster doesn't generated a single block (unlikely) in that week, you'll get less or even nothing.

You can buy more or even less than 1 Mhash/s. For easier calculation the amount you buy must be in multiplies of 1/6 Mhash/s.

1/6 Mhash/s for one week = 0.50 BTC

I'll offer a total of 30 Mhash/s. If you're interested please email me at tcatm@gawab.com with the amount of 1/6 Mhash/s-chunks you want and your bitcoin adress for payment. I'll then give you an address to send the bitcoins to. For 2 Mhash/s buy 12 chunks.

If this works well, I'll start a service selling up to a few Ghash/s.

Update: 0 Mhash/s left

so if I understand correctly, you take all the coins the cluster generates in a  week and divide them among the investors, in proportion to how much Mhash/s they rented?  Or do I only get the coins that "my own" rented GPUs generate?

You get what your rented Mhash/s would have generated on their own. The interesting part is, that this can be far less than 50 BTC. You could invest 0.50 BTC and get 1.2 BTC after a week, even if one Mhash/s would generate only one block every two months.

nice idea,

i'd take 'em all, but for now to leave some space for others,  ;D
i'm in for 3 Mhash/s, or 18chunks.

mail is on its way.

Got the mail :)

Possible to pay with another method other than bitcoin, as i don't have any at the mo.

You can buy bitcoins at mtgox.com or get 0.50 free bitcoins at the faucet: freebitcoins.appspot.com

So this is like a futures market for gold mining, as you are selling contracts based upon your mining capacity.  Hmm.

I like the idea, but there is no way that I can see that your customers can audit you, or otherwise verify for themselves of your honesty.  Would you be willing to go to the extra trouble of a self audit, and publish it in some manner?

What is your business model here?  In other words, what do you expect to gain from the renting of this generation capacity that you could not otherwise get from the generation capacity directly?

This is just an attempt to help people with less hashing power get some bitcoins. If difficulty stays low, I'll actually give bitcoins away for free. I think there are many users with less then 1 BTC and some that have > 1000 BTC. those with only 1 BTC can't afford to pay services with bitcoins and mtgox keeps the bitcoins for 30 days because of paypal.

Bitcoin Faucet 2.0 it sounds like.  i'm in.

for those that dont have any and dont want to trade on the markets for 1coin,
PM me and i'll send you 1 or 2 (depending on my mood) to get some chunks.

hurry up before its to late.  :D

imho 30Mhash - is to little hash to deal with... it's just 1 new Nvidia GPU

I'd like to participate.  Any chance you can squeeze me in?
Emailing you.

Is there any chance i could get a few slots please?

I'm in if you do this again!

Indeed too little hash, but I like the idea, put me on the list for the next round  ;)

I try to keep it running 24/7 but I can't guarantee that uptime. So far 1 Mhash/s has generated about 4.27 BTC since monday.

Any updates on this so far?

I sent the generated bitcoins. For easier calculation I also sent coins to people who joined a day later. The 30 Mhash/s generated 3.69 blocks during the last seven days.

kewl, made a whopping 78% profit in just about a week.  :D

how did it work out for yourself, are you going to do this on a regular basis now?

AH nice one thank you ;D can i pay for another weeks mining please?

Thank you!

Next round: 1 Mhash/s for 30 days for 15 BTC in any fractional amount (e.g. you can rent 2 khash/s for 0.03 BTC).

Email me at tcatm@gawab.com to order.

Now that's interesting, because there are likely to be a couple of difficulty adjustments during that 30 days.

It should still be a win. Either the bitcoin community increases and (hopefully) the value of bitcoins or you get a few free bitcoins.

just sent you a PM

+ 1  ;)

I'd like to pay USD for hash power. Can this be set up?

Order placed by mail  :)

I would be interested in doing that also.

I like buy some khash.
I send you one mail,  :D

For paying in USD: I'm in Europe so I'd prefer EUR as Paypal charges conversion fees. Any idea how to set this up?

how many Mhash/s do you offer in total?

how much is already bought and how much do you have left?

I can add hardware when needed so there's no hard limit. For orders > 100 Mhash/s it might take a few days to set up the hardware so you'll have to wait more than 30 days for your coins.

Payment via Paypal is now possible.

1 Mhash/s for 30 days == $1.30

thanks. I am relieved.

How are you progressing in generating. Are you still expecting to return more BTC than we invested after 30d?

One Mhash/s should generate about 19 to 24 BTC. Everyone who bought two days ago has generated 1.72 BTC / (Mhash/s).

PM coming!

Hi,
would you mind sharing what progress you are making?

thanks

approx. 9.92 BTC/(Mhash/s) after two weeks.

Thanks for the update. It looks like we would have been a little better off buying at the beginning that generating, but better off generating than buying at the end.

I guess it is a little more complicated though because if the value and difficulty had decreased we'd do a lot better generating than buying at the start.

Even if difficulty rises even more I'll at least make sure everyone who invested makes a small profit form it.

It looks to me like difficulty will rise soon. How many Mhash were sold in total?

I think we will all make profit compared to buying coins now.

~400

Whats the expiry date please?

30 days, i.e. the earliest will end on wednesday.

Ok thank you

Is this an ongoing offer? Can we still buy in?

No, the offer won't be repeated.

Any particular reason? Is it difficult to manage?

I do appreciate that you did it.

And indeed it returned a bit more than this. Very worthwhile from my point of view.

Thanks tcatm for doing this. I can't see that you gained anything directly from it, so I guess for you it was a community-building exercise.

It was very professionally done too, no need to chase up the payout etc. Thanks again!

a bit more than what?

here's my results:

round 1 (7days)
+2.34BTC/mhash

round 2 (30days)
+1.26BTC/mhash

still profit though, thanks tcatm.

A bit more than the cost to participate.

Price: 15 BTC per Mhash/s for 30 days
Payout: 16.26 BTC per Mhash/s at the end of the 30 days

That's equivalent to earning interest at 8.4% per month, equivalent to a compounded annual rate of 163%.

i wouldnt recommend to calculate compound annual rates here.
it dropped from ~78% a week to ~8% a month and i guess it will (or would if this kind of service is offered by anyone) go a lot deeper while difficulty still shoots up like it does lately, we're still closer to, or even above 10blocks/hr than 6.

Still have not received my  ???

You received your coins in Block 84586.