You will see the completion % of every deposit, like in the example, and a resume with total deposit. This is valid for all deposits sent after the update. Deposits made before the update will be seen as one.

It doesn't affect the 1BTC payout, because as soon as the balance (the sum of the credit of all deposit) reaches at least 1BTC, it gets paid back.

Cons: almost nothing.
Pros: it's more fair for everyone.

Reason? If someone has a big account (example 1000 btc), and it gets completed, actually if it sends other 10 BTC, he will obtain results at the speed of 1010 BTC (now it doesn't matter, but as soon as hardware will start to fail, he would subtract hashing powers from new deposits). After the change, he will gets rewards at the 10BTC speed, so every deposit will have the ~10 months return.

The new feature will just "expire" old deposits when calculating the allocated MH/s per account.

However hardware will be kept at work for Pyramining, and the result is that there will be a better MH/s per BTC for everyone.

Older accounts will see this only in new deposits.

It's not possible to "withdraw funds" but rewards from mining operations are being sent in 1 BTC slices. If the deposit is less than 2 BTC, it will take ~ 10 months to get anything back. Larger amounts receive rewards (on their rewards address) daily.

It means up to the very top of the tree.


Yes, exactly!


Beware that there will be two little changes in the next few days. The upgrade is almost ready so I can announce it already:

1) there will be no more chances to join without a referral. This is made to disincentivate people in making 0.x account with all the capital after, in order to help members receiving more rewards and a % of the referral (and sub-referrals) mining results.

2) Deposits will be kept separated inside the account. Now all deposits are joined in one single balance. Soon they will be kept separated inside an account, and it will be possible to see the completion % of each single deposit.

This will not change anything for current members, it will affect only new accounts, made after the update.

It would explode! (kidding)

It's not possible, because you don't know the deposit address until you insert the rewards address. So one of them must point outside.

I can publish some documentation in the near future, now I am just exploring which is the interest in this subject and if this is a proper way to get funding.

I invite you (and any other who is interested) to drop an email at info@pyramining.com with the indicative amount of funds you're willing to dedicate to this project. If I'll see that there is enough interest, we can proceed on this way.

ASIC update: I am cooperating into a project to build new ASIC hashers. The R&D part is almost done. Expected results will be a product that is capable of 1TH/s with 0.5KW  as power requirement (almost 1/3 compared to BFL) and 1/3 of BFL cost. This means that it will remain profitable for a lot of time even with huge difficult increase.

It's not meant for selling: we are a little company and we don't have enough staff to make an external box with cool design, user-friendly software, customer care and so on. So I think that to keep price and performances very attractive/aggressive, it's better to concentrate on the core development, and in case, selling it "as a managed mining service", and not as an hardware box.

The new infrastructure will be used for Pyramining too, but I am planning also another mining farm without the "referral system" for those of you who are scared by the pyramid-scheme assonance! :-)

At this time, production will require more or less 10 months. The needed investment is huge too (a bit less than $2.000.000)! :-) I can cover more than half of it, and I am wondering if there are any of you who would like to partecipate for the remaining ~100.000 Bitcoins (at current price, $9.x). I accept all your comments and I'd like to discuss it.

Also I don't plan to use GLBSE for two main reasons: 1) keep everything simple, 2) GLBSE gets a (small) % and at those levels it's a significant amount that it would be better to funnel into the development/production and get more power.

My idea was to set up a website for the collection of funds: I keep accounts with every deposit, and I will keep those bitcoins safe. When the complete amount (my capital + deposits) reach the threshold, I will start the hardware production. In case it will not happen before a due date (to be established with you), all funds will be sent back to their owners.

If I can't reach the target alone I will need to involve other companies, but I will have to share also the technology, so there might be a bit more "competition" on mining out there. If we can find the way to do it with our own forces, profitability will be very high.

Return of investment, considering the _WORSE_ case with huge difficulty increases, will be in less than 1 year starting from when the infrastructure will be installed/working. Otherwise it will be as short as 3 months.

What do you think about it? Should I start a new thread for this discussion?

Cost for the NEW hardware halved, so new hardware is added at the cost published on the site. Older hardware has been paid more.

An example (numbers are invented):

in May people deposited 1000 BTC with 5 MH/BTC = 5GH/s.
in June people deposited 1000 BTC with 10 MH/BTC = 10GH/s.

the result is that at the end of june there are 15GH/s that costed 2000 BTC, so current hardware is 7.5MH/BTC.


Times would be halved in two circumstances: 1) half of the accounts get completed. Hardware remains, hashing for the remaining half of the accounts. 2) Significatively large deposits (or lots of small ones) are made at the new price, in order to lower down the average MH/s per BTC.


I didn't ask anybody to be "grateful". It's just that for a several circumstances (P2Pool low performances in that period, shortage of infrastructure and so on) the last 6 weeks had very slow/little returns. In order to keep the ROI in time with the expected performances I find it correct by my side to offer temporarily more hashing power for free, so ROI will be not more than 9 months (instead of ~12, when it should have been 10).


If you think that your advertising doesn't give you expected results, we can discuss about it and find a way to improove it. I have been busy building the new infrastructure in the past days, but now it's done, and I am open to new ideas and I am willing to evaluate any of them.


I advertised 120GH/s of new infrastructure to let investors know that if they invest fairly big quantities of bitcoins, I have already at least that infrastructure available to be added in no-time.

You made your calculations wrong. Please check them again. It's not possible that you get a 2 years breakeven.


Please don't write things that are not real.

7.96MH/BTC is the average performance, counting up old hardware and new hardware. Each new bitcoin deposited increases the total hashing power of  14.41 MH/s (actually) therefore increasing the average.

9 months for breakeven is a great result and a very short term. I don't think that any mining operation can obtain such high performances.

Actually there are 63.8GH/s officially allocated. In reality, I put another 80GH/s (temporarily, using my personal funds), in order recover from the initial period which have been too "slow" because of several causes. These extra 80GH/s will be removed in about 6 weeks and therefore are not displayed in statistics.

When other deposits are received, the 63.8GH/s increases, and they are allocated from the available hardware, which is around 100GH/s now, and it will be increased by other 120GH/s by september.

Update: the infrastructure update is complete!

ASIC technology actually has a big cost in R&D, but in production one chip would cost under $5. If someone else would make an ASIC product, he could be able to sell it at very cheap prices. Difficulty would skyrocket even more. How could people be profitable buying BFL Mini Rig SC units at $30.000??

Maybe it's worth to mention: if in the future it will happen that you see the website down, don't despair, I won't ever shut it down without notice. Just keep your breath and you'll see it coming up again a while later!
I think it's not worth it to spend money on a redundant web platform to keep the site up during maintenance, I find it's better to invest it into mining hardware and maximize profits!!! I will always try to keep downtimes as short as possible.

It is everything automated. 1 BTC is a fair amount (people won't starve because they're waiting their 1 Bitcoin back) and allows to reduce the quantity of transactions (and costs, not only bitcoin fees - I am referring to keeping logs, consistency and everything related).

Works on the new infrastructure are almost completed. Now you can enjoy all the benefits of Pyramining. Thanks for your patience in the past few weeks.

Two news that might interest some of you:
1) There is another 120GH/s upgrade in progress, it will become operative on September.
2) We started working on our own ASIC infrastructure (not B*****F** L***), but it's too early to say anything more about it.

Happy Pyramining!

It was down for maintenance. I will manage a way to put up a notice for the next time. By the way, new infrastructure is online, I didn't finish yet but from now on, you should see an increase in rewards. I'll work hard Saturday and Sunday too.

That is because many new accounts/deposits have been made, and resources are split among them. New accounts exceeded the hashing power of 1 box. Maybe the news of the incoming infrastructure had this consequence. However I invite you all to comment after the work will be finished, expecially because we're just 1 or 2 days from it.

Thanks for understanding. There is really a lot of work to assemble all that stuff, and very simple things like taking heat sinks out of the boxes and mount & fix those tiny clips in the exact position to fit them on the boards (600 pieces! It took more than one day only for this), or putting thermal paste on the surface of the chips without splashing it all around the board need a lot of time and patience.

Instead of building one box at a time (it would have taken much more time), I decided to assemble all rack-cases, prepare all the heatsinks, put thermal paste on all the chips, mounting all heatsinks, flashing all the firmware on the units and test them, and so on. That's why all the units will be all ready at the same time.

I had also to patch the management software for a bug discovered with new hardware (now it's working properly).

I'm at the point of putting boards into rack cases. Most probably before friday night (less than 1 day) I will be able to finish the work. If not, it will be the day after, and I am sure that everyone will be more than satisfied from the results. I know that working under pressure makes people more productive, and everybody is anxious to see bigger rewards, but it's not the case to say that's there's something "fishy"! If any of you want to come and see in person (or help me with the assembly), you're welcome!

We're working hard on the infrastructure update. All the units will be added in block. If everything will go on time it will be before friday evening. If something will be wrong it could take up to sunday evening (yes, we'll work even during the weekend for this update).