Fellow Bitcoiners, The mini rigs have arrived! Instead of wasting your time telling you how awesome these things are or how easy they were to setup, I'll just post some pics with captions. Here the rigs are in their full packaging.  Here are the rigs off of the pallet but still in their protective bubble wrap.  A rig unwrapped sitting on the desk to show just how massive they are.  Side view of the rig on the desk.  All of the rigs racked. Had to rework the shelving since they are over 16 inches tall.  Another one in the rack.  Everything is working with BFGminer and will be integrated into cgminer as luke-jr works out the kinks conman gets time to integrate it. If you have any questions, ask away! Best, gigavps P.S. You can see the monitoring of the mini rigs at http://gigamining.com/mgpumon/ |
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To all gigaminers: The 110% celebration has started. You can check out http://gigamining.com to see what the known pending coupon payments will be. You can see the mini rigs hashing away at http://gigamining.com/mgpumon/Took a little while to get everything up and running the way I wanted, and I have relearned a valuable lesson. Never trust a USB hub! I have one last thing to say. These mini rigs are the REAL DEAL! Dead simple to setup, get going and keep running. Thanks BFL for making the mini rigs. Best, gigavps P.S. Here's a little mining p0rn until I can get a proper post up in the FPGA section. |
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I believe you but I am dying for some pictures. Everybody loves pics, right ?  Pics are coming. These things are monsters. |
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To all gigaminers: You can check out http://ozco.in/content/user-top-20 to see that gigamining is now over 100Gh and climbing. Still working out a few technical kinks but the mini rigs have arrived and are running. Best, gigavps |
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My guess?
I assume the new hardware costs the same amount of money as the old hardware, the speed of the new hardware is 100 times faster, so the new bonds will be 500Mh/s.
The old bonds has a value around 1.1BTC before arrival of the asic's, the new bonds will be released at 1.3BTC each.
The holders of the old bonds can choose to upgrade the old ones to new ones for 0.5BTC each.
I assume I have the numbers all wrong, but this is how I personally would do such a thing.
I hope gigavps thinks like me and does something like this.
Hi pieppiep, Your idea seems sound. We will have to wait until we are a lot closer to the time ASIC actually arrives to decided what the final values will be. Best, gigavps |
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So you are pegging your hopes on gigavps' consideration of voluntarily and partially compensating you for the massive loss of value that your bonds are about to suffer. I can see how you would get excited by that.
Dont get me wrong, whats about to happen is of course not giga's fault and if he does offer a below market price upgrade to larger bonds, thats certainly laudable, but it doesnt change the fact that any current mining bond holder should not exactly get excited by the prospect of ASICs making their entry.
Hi P4man, Asking direct questions will get you direct answers. As for purchasing equipment that will devalue gigamining's bond value, this is the situation I am faced with. There are two options I see: 1. Don't do anything when ASIC comes out and watch all of my efforts with gigamining get eaten up by others with ASIC. 2. Offer something to gigaminers that allows for the opportunity to jump on an otherwise very costly ASIC investment. I would rather do option #2. What the exact details of this are depends on a couple factors that we will not know until a later date. If you think I'm going to turn my back on the bitcoin community or gigaminers and walk away, you best think again. I am here to do what is right, not what is convenient. Best regards, gigavps |
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To all gigaminers:
In light of how the Butterfly labs trade-in program works, I have decided hold back on ordering the 4 new mini rigs and will instead be ordering 4 SC mini rigs when BFL decides to accept orders. The net effect of this will allow for gigaminers to be one of the first to join in on ASIC profits when this equipment starts to ship.
Once I have more clarification from BFL around how all of this will work, I will post another update.
As for today's delivery of the first 4 mini rigs, I have a tracking number and the carrier says it is guaranteed for today.
Best,
gigavps
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So, let me get this right : what is going to happen when the ASIC pulls up and all these bonds will be totally worthless ?
Can you upgrade to say a 500 mhash/s bond then when the speeds are measured in TH/s instead of GH/s ?
Thanks !
Hi bulanula, Please see the quote below for clarification. Best regards, gigavps That being said, I am considering creating a new security, where holders of gigamining could volunteer to upgrade their gigamining bonds to the new bond, plus a fee. This would both keep the existing gigamining contract intact and would allow for an upgrade path for those interested in doing so.
All of this is still many months away, so until then, gigamining will remain at 5Mh/s. When the mini rigs arrive, we will still celebrate with 110% coupon payments for three weeks. Looking beyond, gigamining will continue to be both the largest and best perpetual mining bond in existence.
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Take those users who 'shot the wad' to purchase TONS of BFL hardware, that will essentially be worth NOTHING if they keep it and will only end up forcing them to spend MORE, just to get back on top where they were before.
Sure, some might see this as a great deal....but what about THOSE who STRUGGLED to buy 1x Mini-Rig @ $15,000 ? How easy will it be to come up with another $15,000 just to be competitive again, rather than being left with a $15,000/25 GH DOOR STOP when that SAME Mining power will be purchased by NEW buyers at a FRACTION of the price ?
This is the exact scenario that is going to very bad for BFL if bitlane's conclusions are true. Unfortunately, we'll have to wait for BFL to clarify. +1 for clarification |
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Here's how I think the 'Last Nail in the Coffin' will play out...
The Jalapeno will be sold outright, new purchases ONLY.
The Bitforce Singles (current) will ONLY be accepted for 'Trade-Up' against the purchase of a $1300 SC Singles (they get another $700 out of you)....
The Mini Rigs will ONLY be accepted for 'Trade-Up' against the purchase of a $30,000 SC Mini-Rig (yes, they will get another $15,000 out of you).
..AND I believe this will ONLY be a 1:1 trade-up Ratio. So, no trading in 2x current Bitforce Mini-Rigs for a single ASIC Mini-Rig etc..... THEY WANT MORE OF YOUR MONEY and have put you in a LOSE/LOSE POSITION....
It would definitely be tough for current customers to trade up if they have sunk all of their cash into current technology. If bitlane's prediction is anywhere close to true, some will be stuck and the trade in program will not be helpful in those cases. |
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Christmas came early this year.
+1 |
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I wouldn't be surprised if this was a zombie node reporting blocks for the entire botnet.
Seems like the most plausible explanation.
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So does this mean that you have finally taken delivery of your January orders? I have been waiting patiently for you to get them first before diving in.
Hi Cablez, I've had a confirmed delivery date of Wednesday for the first 4 mini rigs. I have also talked with luke-jr and he is working on updating cgminer to work with the new controller for the mini rigs. Things are coming together slowly but they are coming together. Best, gigavps |
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1 BTC = about $6.00? $6/5MH = OVER $1 per MH.
yochdog is very good at math. |
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Giga -- any chance for a status page showing the remaining GPUs?
Hi Lumpy, There are two status pages for the time being: http://gigamining.com/mgpumon/ & http://wa.gigamining.com:81/mgpumon/Both of these pages are linked from http://gigamining.comThere are still 5 rigs offline in WA as the move did not go so well for them. They should be coming back online once some other items are taken care of out there. Since the mini rigs did not show up when they were supposed to out in WA, they will reside here in FL for a while. Best, gigavps |
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I recently started to invest in gigamining after being impressed by your handling of the BFL Single auction, I bought in for 500 bonds between 1.44 & 1.38, I'd like to continue investing long term & an upgrade for a fee to new bonds, a bit like BFL is offering by discounting previous outdated products against new orders for the next gen ones seems to me the fairest way to go in the interests of your existing investors & continuing good will
Hi Otoh, I have already reserved the ticker symbol TERAMINING exactly for this event. Obviously, we need to know a lot more before the final plan is in place but what I have outlined is what I think should happen. There is a lot of time between now and then though, so gigamining will continue to make coupon payments. Best, gigavps |
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To all interested parties:
Gigamining is a perpetual mining bond. When you purchase a gigamining bond, you are entitled to future coupon payments, nothing more. There are no motions, ownership in a company or anything else like what you would see with a stock.
To Burt's point, he is correct that contracts should not be changed. I have thought long and hard about this and I feel the same way. I did not ask the bond holders to change the contract when difficulty was going down and I feel the inverse should hold true.
That being said, I am considering creating a new security, where holders of gigamining could volunteer to upgrade their gigamining bonds to the new bond, plus a fee. This would both keep the existing gigamining contract intact and would allow for an upgrade path for those interested in doing so.
All of this is still many months away, so until then, gigamining will remain at 5Mh/s. When the mini rigs arrive, we will still celebrate with 110% coupon payments for three weeks. Looking beyond, gigamining will continue to be both the largest and best perpetual mining bond in existence.
Best regards,
gigavps
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To all gigaminers:
The coupon payment is out.
Best,
gigavps
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Will more bonds be on the market to cover the cost of the new hardware?
Hi redbeans2012, I will not be issuing anymore bonds to make these purchases. It seems the recent price rise along with a couple other events have led to instability in the price of mining bonds. I will continue to make coupon payments and release news of new gigamining happenings when the time is appropriate. Best, gigavps |
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