650 BTC for rigs 1-4
Apparently he is ignoring you, not sure why though. Perhaps there is an OCD complex that forbids him from selling half the rigs instead of the whole lot. Don't know.....I thought it was a fair offer given the current prices for mining hardware. |
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415 BTC for the 4 you have on hand.
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War is over!
5800$ + shipping. Send a PM to me for details about payment.
$5,801? |
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I have created a motion on GLBSE to issue and additional 6,000 shares, the proceeds of which will be used to place an order for a BFL SC mini-rig. How would those be priced? They will be offered at the 5 day moving average prior to release. |
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I offer $4,000 for rigs 1-4.
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A mixture of good ideas and basic troubleshooting: - Do a clean re-install of Windows. It could be that simple!
- If you don't want to re-install Windows, do a clean re-install of your drivers with ATIman, here: http://atiman.go-board.net/
- Your RAM might be bad. Run Memtest86+ overnight and make sure the RAM is alright. http://www.memtest.org/
- When you mine, do you mine one card at a time (for testing) or all at once? Instead of mining with all cards and causing BSoD, try mining with single cards at a time. See if the 3rd card alone causes the BSoD, or if the 5970's have something to do with it.
- Are you using a custom BIOS on any of your cards, by chance? Undervolting/overvolting? Underclocking/overclocking?
- Test the 3 cards you intend for this rig in a completely different rig, to make sure that the issue is definitely card related, and not related to motherboard, RAM, hard drive, or PSU.
Hey all It turns out to have been a bad PCIe extender. Now have 4x 7970's up and running perfectly happy.....no issues at all. |
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Giga is going to clear 100K for doing nothing more than buying hashes at $.60 per MH/s, and selling them at $1.20 per MH/s.
Insanely jealous does not begin to describe my feelings!
"nothing more" and having the foresight to invision such an endeavour functioning profitably! Jealous too, I are. ;p @DILLIGAF, I'd give ya anything else, and Giga is certainly not a foolhardy businessman. But a ponzi? Even if any of the prescribed situations are true, to label it a ponzi would require the forethought to structure it as such. I just don't see it. It really is obvious in hindsight....wish I had seen it sooner. The only way Giga could get hurt on this is if difficulty plunged.....which seems preposterous with the coming technology changes. He went massively short on the value of hashes, and is gonna get PAID. |
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So what was your point in the first place? I said he is obviously paying out of pocket, and it is hella shrewd. You disagreed and said only if he is invested with Pirate.....but now you are agreeing with me?
My head is spining.
I was responding to ciuciu saying that Gigamining would go down if Pirate did, by showing that even with conservative numbers that Gigamining could make a ton of money even without Pirate. He just puts quotes under his text instead of on top so it looks a little funny. Gotcha. Giga is going to clear 100K for doing nothing more than buying hashes at $.60 per MH/s, and selling them at $1.20 per MH/s. Insanely jealous does not begin to describe my feelings! |
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I think your assumptions are pretty off.
1) he only issued 10K of the bonds at 1 BTC. I am sure the other 30K were issued near market price.
2) the exchange rate has been demonstrabley higher than $5 on average since GIGA floated the bond in April.
3) he has only paid out a total of 4,057 BTC in coupons thusfar (I have no clue where you came up with 15K), some of which is covered by his current farm
Here is a more realistic look at the situation:
1) Giga floats a total of 40,000 bonds at an average price of 1.1 BTC
2) Giga converts 21,818 BTC @ an average of $5.5 to purchase the 8 mini rigs
3) Cancels 4 of them and gets a refund of 60K
So this is where we are at the moment.....put yourself if Giga's shoes. What would you do?
You now have 18,125 BTC left from the bond issuance (44,000 - 21,818 - 5,057), as well as the $60,000 in cash from the refund. With the coming ASICs, you KNOW difficulty is going to massively increase, hugely depressing the coupon payments.
Assuming NO increase in difficulty (which is silly), you only has to pay out around 450 BTC a week (remember you have over 100 GH/s producing). That means you can pay coupons for 40 weeks before exhausting your BTC taken in on the issuance, and STILL be left with $60,000 in your pocket.
I think we all know what you would do.......
I made those assumptions because 1) they're more conservative and 2) they're easier. You're right that he would likely have more BTC available and will be in a much better position come October (or December, or February). Either way, Giga is in a great position here. He's likely to be first in line for MiniRig SC, so he'll make a killing when difficulty only doubles before it really explodes. If he doesn't offer the upgrade he was talking about, he has a huge farm that will probably stay current for a very long time in BTC terms for nothing out of pocket. If he does offer the upgrade path for a fee, he'll collect all the fees to his own pocket. Either way, win for him. He took the risk back in February to preorder the Minirigs out of pocket and then issued the bonds even though BFL Singles deliveries and specs were a clusterfuck, and he was rewarded for it. So what was your point in the first place? I said he is obviously paying out of pocket, and it is hella shrewd. You disagreed and said only if he is invested with Pirate.....but now you are agreeing with me? My head is spining. |
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I guess we can call it fractionary reserve mining. So if the pirate goes down he takes GIGAMINING with him! I have a question.
You sold bonds for 200Gh/s, but from what I see your mining capacity is lower than that. Am I missing something?
He is obviously paying the extra from the proceeds of the bond sale. Pretty shrewd if difficulty continues to skyrocket and ASICS become reality. As long as the coupon is paid, he is living up to the contract and no one should really care how he meets his obligation. Only assuming that he's invested with Pirate. Let's play the assumption game. This isn't exactly how it happened since he did multiple issues, but it simplifies things. 1. Giga issued 40k shares, and didn't withhold any for himself. 2. Giga got 1BTC for each share 3. Giga cashed out 25k of that @$5/BTC That would have netted him USD$125,000 and 15k BTC. Giga orders 8 MiniRigs to get up to 200GH/s for $120k in February, and pays dividends out of the 15kBTC while he's waiting. The SC announcement comes, and Giga cancels 4 minirigs and gets refunded $60k. He continues to pay the half the dividends he's not getting from his canceled minirigs out of the 15kBTC. October comes, and Giga buys 2 Minirig SC with the USD$60k e has laying around and trades in 4 Minirigs for 2 more Minirig SC. At this point, the probably still has a little of the 15k BTC kicking around, and 4TH/s of hashing power. If he sticks with the terms of his bond, he can pay out 200GH/s out of his 4TH/s mining farm and pocket the rest, with no out of pocket expenses. Even if he's feeling generous, he can increase each bond from 5MH/s to 50MH/s, and still have 2TH/s for himself. I think your assumptions are pretty off. 1) he only issued 10K of the bonds at 1 BTC. I am sure the other 30K were issued near market price. 2) the exchange rate has been demonstrabley higher than $5 on average since GIGA floated the bond in April. 3) he has only paid out a total of 4,057 BTC in coupons thusfar (I have no clue where you came up with 15K), some of which is covered by his current farm Here is a more realistic look at the situation: 1) Giga floats a total of 40,000 bonds at an average price of 1.1 BTC 2) Giga converts 21,818 BTC @ an average of $5.5 to purchase the 8 mini rigs 3) Cancels 4 of them and gets a refund of 60K So this is where we are at the moment.....put yourself if Giga's shoes. What would you do? You now have 18,125 BTC left from the bond issuance (44,000 - 21,818 - 5,057), as well as the $60,000 in cash from the refund. With the coming ASICs, you KNOW difficulty is going to massively increase, hugely depressing the coupon payments. Assuming NO increase in difficulty (which is silly), you only has to pay out around 450 BTC a week (remember you have over 100 GH/s producing). That means you can pay coupons for 40 weeks before exhausting your BTC taken in on the issuance, and STILL be left with $60,000 in your pocket. I think we all know what you would do....... |
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Just a quick update......we have increased our hashrate to 50 GH/s +
This offers tremendous value for those who are able to buy shares at .80 BTC
breakdown:
-each share now represents 5+ MH/s of hashing
-each share is backed by over .3 BTC worth of equipment
-each share is protected from the ASIC revolution due to our prescient transition to BFL hardware
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I have a question.
You sold bonds for 200Gh/s, but from what I see your mining capacity is lower than that. Am I missing something?
He is obviously paying the extra from the proceeds of the bond sale. Pretty shrewd if difficulty continues to skyrocket and ASICS become reality. As long as the coupon is paid, he is living up to the contract and no one should really care how he meets his obligation. |
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By the time the SC is released, he will made nearly $10k, so the upgrade will only cost him $5k. Also he has no import tax to pay and can visit the office to drop the MiniRig and pickup the SC, so he is making a killing here. HERO.
Who pays for overhead costs, such as electricity during this $10k generating-spree ? The ' Electricity Fairy' ? Electricity cost was accounted for at $0.14/watt, as well as some fees that pools charge. I know the electricity fairy personally. |
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The thing is though, that these are still miners, earning money every minute they are on. By the time the ASICs are available, you'll have mined $400-$600 per single. So it breaks down like this
If you have one single, buy 4 jalapenoes with your BTC, trade in your single for 4 more. 28 GH/s
If you have two singles, buy 1 Bitforce SC single with your BTC plus maybe $300. Trade in your 2 singles plus $100 for 1 more. 80 GH/s
And so on. I don't personally understand the position of "I'll keep my money until the ASICs are available" when you could be making money.
There's no way I'm going down to 650. One unit makes $3.50/day (depending on price and difficulty). I can just hook up the rest and mine and still be guaranteed $599 from butterfly later on.
$661..... |
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