Pyramining, could you confirm btharper's statement? If you do, please edit the information...
Your account's bonus depends only on your referral deposits (1 level). Your account's income depends on referrals and referrals of referrals (3 levels). So, if you deposit 1 bitcoin, you will be rewarded 1.10 (1 + 10% bonus). If you get a referral and he deposits 1 bitcoin, you will be rewarded 1.20 (1 + 10% bonus + 10% from referrals). If your referral gets a referral which deposits 1 bitcoin, you will be rewarded 1.20, and your referral will be rewarded 1.20. If the mining activity generates 1 BTC per account, you would receive 1 BTC from mining, 0.075 from your 2nd level referral, 0.15 from your first level referral. You would send 0.18375 to your sponsor, 0.091875 to your 2nd level sponsor and 0.091875 to your 3rd level sponsor, if any. If you think I should explain this better, I will try working on it. I'm accepting advices to improove the F.A.Q. section. |
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Hey Pyramining, I have a question regarding the ASIC Hashing power/BTC.. I checked around 2-3 months ago, and at that time the amount of hashing power received per dollars spent, was higher than that of any of the ASIC-products on the market. But right now it's 0.7 BTC/GH or equivalent 32$ per GH, where BFL is standing at 20$ per GH.
How come? Was the price higher than initially anticipated? Does that mean that early investors are getting more bang for buck than anyone investing now, or do they get less than expected?
As we approach the results, costs gets defined better. This is the real/final cost of the first batch of devices, and they include also corrections on first design. The first batch will indeed cost more than predicted. However I expect prices to drop in time, starting already at the second batch. Early investors will be given their promised hashrate, if I understimated the costs it's my fault. They have also had an higher "risk" investing, so I think it's fair that they have an advantage. |
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About payouts: I'm waiting for ABCPool to unlock payouts. It shouldn't affect earnings once they do it.
About website: There has been a problem with the power on the premises, also miners have been affected for about 2 hours. Now it is solved.
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Any estimations about break even time of accounts, difficulty increasing, reward due to transaction fees, Gh/KW, lifespan of devices or any other you can tell us now?
At the current conditions full reward may be probably reached in less than 2 months. Estimated power consumption is around 900GH/s per kW. I can't guess how difficulty may increase. It depends on if and when other ASIC vendors will deliver their products. This is pure speculation so please don't take it as pure "truth": I expect that BFL could add around 200TH/s to the network. Another 300TH/s from bitfury,100THmine, and related ones. Then there is Helveticoin talking about 1 peta hash/s. If all these ones will deliver as promised we will see an increase of difficulty in the next months up to 1.5PH/s. In such an adverse scenario, with 1.5PH/s (peta hashes / sec) of global hashing power, breakeaven would still require less than 1 year. However by the time all this hashing power will be delivered, we should already completed all our current accounts. |
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Great news! Any plans to halt new fpga purchases and use all new funds for asics since we are only a month out?
Yes, that would not be such a bad idea. I still see active accounts increasing on a daily basis.
Probably most new people joining don't get the point that they also could invest in ASICs so maybe it could be time to thread all deposits as ASIC deposits.
It would be difficult to switch all the deposit to ASIC if they are not available right now: there are people who want to start mining immediately and they would get disappointed. Or nested account that would not work as they should. To invest into ASIC there are already two ways: 1) hold the funds until ASICs will be deployed. 2) Deposit using the final "1111" amount. Pyraming, if you plan to go solo, what will be your policy on transaction space?
As you might have seen we have hit the 250kb softlimit.
Would you stick with it? Increase it?
Since the hashing power is here for the members, I think it would be fair to let you discuss/choose what you would prefer, and I try to satisfy the requests in the best way possbile. Also if you really want to go solo, keep in mind that a fast connection is required and Bitcoind should have as much connections as possible. Otherwise you will probably end up producing a lot of orphan blocks.
Not a problem. I have 100Mbit/s connection and in a couple of months it will become 20 times that, so I don't think having a well interconnected bitcoind is an issue! ;-) |
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ASIC update: first units will be deployed during mid April, software will need some refinement, probably a couple of weeks, and then mass deployment will be done.
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I think pyraming uses abcpool for its mining, and that pool is a proxy pool which at minimum uses oz coin, not sure which others... due to this you have to ensure that the upstream pools ook at these options not pyramining.
Correct. Most of the hashing power goes to ABCPool right now. Things will be different when ASICs will be set up, we will go solo-mining then. |
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I've read through some of the past posts and I'm confused, can payout addresses be changed? I read something about sending a signed message, how would I go about doing that?
It is not possible to change the payout address of an account, this is a protection against thefts. However, try to write a private message explaining your reasons and we will find out what can we do. |
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pyramining, are you still working on ASIC-implementation?
Sure, working non-stop. I know that everyone is impatient... by next week I will probably have first details to share. However I assure you all that designing an ASIC is a very delicate task, probably you already have an idea seeing how many are failing (even companies with much more capital than me). The good news is that issue after issue we're going to reach a stable version to put into production. For the most worried ones: as I already said, if it (really) comes out any other asic, I will buy it for pyramining. I already am evaluated Avalon as a temporary solution, but as far as I know, only a really few units have been delivered, far less than those in order, and I am a bit suspicious about that product. Let's see what happens. |
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And i have also a question about the old infrastructure, do you sell single gpu card ?
There aren't any GPU, the current running equipment is only FPGA based. Maybe I will consider to sell some, in this case all collected money would go into new ASIC and assigned to Pyramining. However I don't believe that when FPGA will not be profitable anymore, there will be someone who wants to buy them! ;-) |
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I observed that some days ago, the parameter "ASIC GH/s cost:" was lowering progressively, then increased and after that has begun to decrease again. Is that due to an increased ASIC implementation estimation cost? Is happening something severe in this proccess?
It depend on the value of Bitcoin. If BTC increases, you have more GH/s per BTC, if BTC decreases, the performances decrease accordingly. As already said Ricciolone, I buy the stuff in Euro/Dollars. I feel strongly confident with pyramining policy, but I´m just curious about the technical details.
We are still at a point where specifications may change significatively. When the boards will be working, I will provide extensive information. |
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Any further update on the ASIC's? Any new projected timeline?
Still working on it. However as I stated, should any ASIC become available before, I will order those to fulfill the preorder amount, I won't care if they cost more (unless the price is unreasonable). |
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Minor update: added statistics about total and completed deposits.
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The automatic backup of the blockchain script hung. Already found the "bug" and fixed. There has been no damage to anything, it only put the site offline for a while. :-(
Everything has been restored.
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Payments work again, thank you very much. And on the positive site. After a few days you get quite a reward  Proportionally is the same! :-) |
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I confirm, auto-payout is not working and I can't manually request the payout because "your balance has exceeded the amount for manual payout".
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Any thoughts or plans to implement an API for pyramining? Looking to play with it a bit in GDocs
Actually I am putting all my resources in ASIC development, anyway an API is planned. I can't set dates yet. |
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Little update on ASICs: we're still working hard on the project. It seems it will take a bit longer than planned. Designing custom hardware is not an easy task (as you can see also from the other projects that keep getting delayed).
For those asking for pictures, chips are not produced in my facility, I will make some pictures as soon as I will receive the boards from the first batch. Currently we're still working with prototypes and finalizing designs.
However should it take too much time to be ready, I will consider to buy some boards from another producer (only after they will be available, I won't risk to spend YOUR money into preorders), to match the current allocated ASIC hashing power (I will pay for the difference in price), so all deposits will start to get revenues. This should make everyone happy, even if there will be extended delays.
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I don't have any useful update yet. Please don't be impatient, I know that Avalon is probably shipping, but our solution should be far more competitive, so there will still be an advantage.
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