Update: first ASIC accounts has been activated, almost 100GH/s are online. First ones who deposited will find that their queued deposits became active.

Maybe mining will not be 100% stable for the next 2 days.

I expect that the queue will be emptied in a few weeks. Meanwhile I am planning the second production batch which will have much lower costs ( = greater performances per BTC) I will update parameters for new deposits as soon as I will be able to do all the math.

I think that after the deployment will be complete, I will get a few days vacation! I need it! :-)

Happy mining!

Besides the fact that writing with this tone is really annoying and you don't deserve consideration, probably you didn't read everything when you made the deposit. If you have a problem you can discuss it politely, without defining "SCAM" people who are working. I am myself mining with Pyramining and it's in everyone interest to keep it efficient. However things change fast and designing / deploying hardware is not an easy (and fast) task. There are periods of time when the service is extremely profitable (like last year's spring) and periods of time when it's not (like this year's spring).

And don't say: "if I bought Avalon in November, I would have earned more": at that time there were several ASIC projects and you couldn't know which was the right one to invest with. Here maybe you don't have always the most efficient solution, but also the risk of losing bitcoins is almost zero.

My target is to keep it on average more profitable than doing self-mining. See how many money has been lost with preordering of BFL stuff and other mining farms. Try to compare how much would you mine buying (existing/real) hardware by yourself. Many of those who bought mining equipment didn't breakeven. People who invested in FPGA technology now can benefit from ASIC technology without investing more. If technology changes scare you so much (rewards times temporarily inflating to huge numbers), just don't invest.

And for those who invest, I will always give all my care in order to achieve the best results I can.

However, you are lucky because the reward time will shrink considerably in the next few days.

And the host where you have to insert the USB miner? And the UPS? And the emergency generator? And the air cooling? And the power to run it? And the redundant internet connection? And the space where all the stuff is placed? And all the work made to set up things?

First batch has this cost. Next batches will be cheaper. Everyone will get the MH rate that was "advertised" at the time they made their deposit, even if it's under the real cost. I took that risk. So why complain?

There is a change on how deposits work. I already updated the website description:

Since the hardware is not infinite, all deposits will get queued and they will be activated once it's their turn, on a first-arrived-first-served basis.

Actually the queue is 2.2Th/s. If you deposit now, your account will be activated when more than 2.2Th/s of mining hardware will be deployed.

If the queue goes down to 0, then the account becomes active immediately.

Of course I will try to keep the queue as small as possible.

Quick update: Assembled boards will be ready this week, so within 1 to 3 weeks ASICs will be deployed.

I apologize if I can't answer everyone, I receive a huge quantity of messages and I can work or answer, not both. Anyway I will reply to every PM and email as soon as I will finish deploying ASICs in the next days.

I know things went very long and silence is "ugly", but it has been a very hard work.

I am trying to make a deal with one of the third-party Avalon producer (one of those who buy chips and make their own miners). If he will confirm the planned time-frame and guarantees shipping, and accepts to use an escrow service, I will buy some hashing power from them, while waiting for our own to be ready.

I am not confident in pre-ordering BFL things (who knows when they will ship??), Avalon is really slow (but maybe third parties are not, once they have their chips) and Asicminer is far too expensive, no advantages.

Payouts are stuck in ABCPool. Sometimes it happens. As soon as they release the credits, you will get your payouts. Don't worry, no bitcoins are lost.

I am alive and healthy (and I hope I will continue to be for a long time... :-) :-) ).

I didn't logging in frequently because I am working overtime to bring ASICs as fast as possible, and I didn't have much news to tell. Don't be worried.

I just realized that the new calculations are producing ugly x.x9999999 payouts. The amounts are correct but they are not rounded to 0.1. Next payouts will look better.

Since the bitcoin value is noticeably higher than when Pyramining started, the payout threshold has been lowered to 0.1 BTC.

New miners are very close, please keep a bit more patience and we're on. I'm solving issues with PCB and firmware. Last chips are working in a reliable way and we're around 4W per GH/s. There is still huge work to do, but the most difficult part is done.

No, only the ASIC deposit is paused until ASICs will be deployed, and you can do it with the current account, you don't need to create a new one for the purpose.

Message for the owner of the account: "zxk8ep7a":  Please, contact me with a PM on the forum or by email at info@pyramining.com. Thanks.

We are working on the prototypes. I don't have any ASIC mining for myself. First production will be used in Pyramining, and ASIC deposits will be activated in order of arrival. I will deposit 50% of the ASIC amounts received until the promotion was valid using the depositors as sponsor. So my profits will derive from Pyramining as if I was a normal member, helping a bit those who deposited in favor of ASICs.

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Only a few words: do not feed the trolls.

Everyone with at least a little experience on mining is able to understand the dynamics behind. I am trying to give this service at the best of my possibilities, and if you are able to dig (using blockchain.info or blockexplorer.com), you will all see that all rewards are coming from mining and not from other member's funds.

If there is anything you don't like about the service, or if you think that something could be wrong or improoved, I am available to listen and discuss about it. On the other side, posts accusing this to be a "scam" just get ignored, I don't have spare time for that.

I apologize for little comunication in these days, we're working really hard on the project. I have no news yet, and it's right, keeping asking won't speed up our work, it may just delay it a bit more.

MTGox issues today caused some trouble to Pyramining: bitcoin deposits are converted automatically and used to buy infrastructure and/or to fund ASIC development. Since MTGox API/services are down, also the GUI/provisioning interface stopped working.

Anyway no bitcoins are lost. No deposits are lost. Mining is keeping it's pace. Web services will be restored as soon as MTGox will become available again and hashing power to new deposit will be calculated at the rate of MTGox prices when it will be restored.

Many of you wrote several personal messages, I am going to answer everyone and process the queue withing tomorrow.

Since there are only ~4TH/s available at first, and since ~3TH/s are already allocated (2TH/s under promotion, which imply that I will put 1TH/s under their accounts), one compensation could be that you will be sure to get ASIC hashing power! ;-)

I also need to solve the problem of limited amount of available hashing power. If when I deploy ASICs, there will be too much demand, it would become a problem. There is still ~1TH/s of margin. I will think about this in the next days.

50 months are required with CURRENT hardware, when ASICs will be deployed it will shorten a lot! The time required to complete the accounts will depend on the difficulty by that time, however it may be as short as 2 months.

As I told you before, by mid april I'll have a prototype running, for full deployment expect mid/end of may.