There are several reasons for this:

- this is a less than 0.5% margin operation, my earnings come from the "savings" that I obtain for my own personal equipment. I keep 0.5% on payouts (I use it to cover bitcoin network transaction costs, even for who invested 0.00001 coins and some other minor things).

- I own a business (not bitcoin related) which absorbs me a lot of time. Pyramining should take me the less time possible, and by my point of view, it should be in a "poll" fashion and not "push". This way I can optimize all the time necessary to manage it. Therefore I wouldn't like to have (as an example) my cell phone ringing at any time of the day weekend included! :-)

- Sadly I live in the same country as Bitscalper (and I am not proud of it). However I never heard/know of him before starting Pyramining. He didn't lie, here laws are really weird and not precise at all. It's not clear whether bitcoin economy is legit or not. Even consultants don't know exactly and adviced me to not publicly advertise this business until there will be either a new regulamentation or (hopefully) someone else who sets the first case, and see what it will happen to him.

At the same time I am not completely anonymous, if you dig through all details you can find out my identity. Also some of you already managed to come and see the mining infrastructure personally.

Upon request I showed also pictures of the mining equipment and the photovoltaic stuff.

If you really need to know more about me (personally), PM me with your reasons and maybe I can disclose everything.

For people who don't trust me enough because of the little transparency about my identity, there are third party initiatives, like the rock trading who offers insurance on the deposits by using them as a referral or GERBITIN.PYRA on GLBSE.

Electricity here is not cheap, but I have a 70kWp solar plant installed which lowers the electricity cost. Here the average solar power radiated is 1300W/m2, so I can obtain ~ 80000kWh/year from it.

Besides electricity cost, if ASIC miners will really hit the market, difficulty will increase so much that current hashing power would earn really little bitcoins. However I won't worry until I will see one working.

When (if) ASIC will hit the market, I will invest into that technology in order to keep the farm profitable. I am also working on custom projects, and I will invest in anything that comes first.

Actually I don't see ASICs anywhere, therefore all funds are going into FPGA. We'll buy ASICs when we will see a real one. Unless there will be more efficient FPGAs, of course.

It would be stupid sticking on current FPGA units when there is something better available. *WHEN* there will be something better available.

I can't deny you to post here links because it has not been stated when the thread was open, but nothing prevents me to write a script that invalidates links posted here when they are just an advertisement, without any other useful content.

Minor changes affect all members, major changes only new ones. The new link referrals expiration behaviour will impact everyone. I didn't officially announced anything else (like payments topping), and if I will, they will impact only new accounts & deposits and not existing ones. It's not nice to change rules after, unless everyone would benefit from it.

Cascading referrals means spreading revenues across other members and therefore reducing revenues of people who worked to obtain them.

I am asking please to not post messages containing only links advertisement in this thread. I will introduce a note on the login page that discourages to search for links in this place. It will be online in a few hours.

Yes exactly.


I already thought about something similar, but I didn't find yet the right solution.



P.S.: since people keep posting here their links, I am thinking about creating a new topic for support/discussion, as suggested by PSY (even because this guy has already other entries, at least one other in this page!).

I am planning a new improvement: to give only 1 or 2 referral links instead of 5, which won't expire until referrals deposit more than the amount deposited on your account (whole amount if it will be one link, half that amount if they are 2 links). This way, the more one deposits, the longer lasts his link. Links would not expire if someone creates an empty account. It would be nice to hear your opinions.

I agree, there are already a lot of threads in various sections of the forum where referrals are announced. Starting another thread as "support" means less visibility to all answered questions available in this one. Let's try to invite people to not post advertising links here, if we see that it's sustainable we'll go on this way, if people keep advertising, I'll start a new thread for the support.

I agree with both btharper but also to Monkey1, it would be nice if we use this thread for discussions about Pyramining and choose another one for your referral advertising. This way it will be easier also for newcomers to read old (and already answered) questions. Besides, I always look at this threand and answer to all yet unanswered question, and I think I never missed one.

Am I wrong or Pirate declared default? What happens now?

Just to clarify any doubt: an account bonus depends on referrals' deposits. You can read these two posts that should explain it pretty well:

https://bitcointalk.org/index.php?topic=80845.msg945134#msg945134

and

https://bitcointalk.org/index.php?topic=80845.msg964613#msg964613

120Gh of infrastructure were added, but it's allocated to Pyramining at every deposit made. I anticipated the funds to buy it, and I'm using the exceeding power to mine for my own. Anyway this infrastructure is ready to mine for Pyramining when deposits are made.

As already explained, the 8.9 MH/BTC is the average cost of the existing infrastructure. It's increased with time because it is an average of all the allocated hardware. New infrastructure is currently added at 11.21 MH/BTC.

The cost of the new infrastructure is proportional to the value of Bitcoin at that time. New infrastructure were at 17MH/BTC when Bitcoin value was close to 13 EUR, now that the value decreased, also the new infrastructure cost has changed.

It is correct. Total referrals are account created using your as a sponsor, while active referrals are accounts where someone deposited any amount and that has not completely rewarded yet.


Bonus increases immediately on every deposit made by any referral, in proportion to your amount and the amount deposited by them. Read back in the thread, it's already explained in details.
[/quote]


Bug or Bus? :-)

When ASICs will be available, all the new deposits will be invested into ASIC hardware at the advantage of everyone (present and past members). I can't make a plan without even know if ASICs will really hit the market in 8 weeks, also because nobody has ever seen one yet.

Besides we're finding an agreement with a partner to produce our own ASICs, after evaluating every detail. This approach could take up to one year.

In the meanwhile we will keep investing into existing hardware, always keeping an eye open to price and performances. Today it's FPGA based, tomorrow might be something else, depending on what market and technology offer.

News update: Before the end of the week a new infrastructure batch will be assembled and installed. There will be a bit more than 60GH/s ready to be added upon new deposits!

P2pool didn't find so many blocks to say "a lot", and it takes near to 24 hours to get them credited. However I split the hashing power over several pools to completely reduce variance. Starting from yesterday it's split equally between: p2pool, ozcoin, abcpool and eclipse. I set up the auto-payout to 10BTC, so apart p2pool income, all the rest will get credited all at once today...

Be patient, :-), on the average rewards are steady! :-)

I also appreciate what has been done.

I did some research too, and I am quite convinced that he is bitscalper.

We know his name and we know he's in hong-kong. What do we do now?

I have been accused to be Bitscalper when I published my service months ago...