I see that you are impatient! :-) Wait a few days please, and then we will comment new performances all together! :-)


Since we trust each other, there is an agreement between us where any pyramining member can trade with them their account. They will buy it and pay for the outstanding part of the account minus a fee. After they paid, the rewards address of the account gets switched to one of their addresses.

Right now I have a few boxes containing the FPGA boards, a few boxes containing the heatsinks, some other containing power supplies, other with rackmount boxes, others with hubs, thermal paste, and other items&tools, waiting for me to assemble them.

And what if I use deposited funds to preorder BFL equipment and they don't release it? If they run away with money, investors will not be in a good mood. If they will delay shipping, the capital will anyway be "freezed" and it wouldn't produce any reward. I think that preordering BFL equipment is a bigger risk.

The WORST thing that can happen is that BFL starts shipping ASIC equipment in october, I will place orders, and they will take some months to deliver it. I have a strategy in mind to alleviate this, and at the same time I think it's not productive to speculate on "how things could be", we don't have the crystal sphere to see in the future.

Consider also that ASICs are not FPGAs, they have a huge cost in engineering and setting up production, but after that, chips will cost a few dollars each, and they are mass-produced. I don't think that there will be problems with supply, and if there will be any, they probably will be "artificial". I don't think it's worth preordering.

Would you feel safe investing (preordering), with other people's funds, hardware from a company that's far away, nobody visited it, claim unrealistic performances, has a bad customer care, the address published is a PO box, claim to have a venture capitalist and doesn't mention who is it, asks 100% price for preorders, ... (I can continue for several rows).

Update on new infrastructure: first of the 13 new boxes is online and working, I had some issues with software that will be fine-tuned in a couple of days. I also decided to disclose pictures of new hardware to any investor who will ask through PM. Write me a PM and your deposit address and I will answer with link & password to view pictures. N.B.: pictures will be made in the next few days so expect them to be available around the next weekend.

I am receiving several private messages asking about what would it happen if/when there will be ASICs miners available, I am answering here.

There can be TWO scenarios:

1) BFL is "cheating" (this is what I think it's most likely - Note that it's just my personal opinion).
On October there will not be ASICs available. My point of view is that 3.5GH/s with 2.5W of power requirements (or 5W with USB 3.0) are unrealistic. I expect that the power needed by optimized ASIC hardware is at least 15 times the declared power consumption. Moreover to achieve extreme power reduction a recent technology process must be employed, which would cost more than the miners market would ever spend at least in the next 2 / 3 years (10+million USD).
It could be a marketing move; this way people, scared by the eventuality that their hardware will be worth nothing, would buy only their current products because of the 100% rebate, therefore starving competitors.

2) BFL is not cheating.
No problem. If ASIC optimized miners will hit the market, new deposited funds and my private available capital will be used to buy them, and everything continues as usual.

Meanwhile I am considering Hardcopy technology for the next batch of new infrastructure.

Last but not least consider that Pyramining infrastructure is real and working, ASICs are only "chatter" for now...

I suggest you to not have too much hurry and wait a few days to compare new results! :-)
After all the new infrastructure will be added (as I previously said I expect to complete this task within the incoming week), you will see drastic changes in rewards size/speed.

I did some maintenance and security upgrades, but it took more than expected.. however everything is back up and running. I am connecting the first new devices tomorrow, and all the 120GH/s during the next week.

I apologize for the ~ 1 hour downtime.

I'm working in making all the stuff ready. Tomorrow the first box should be ready and it will be connected and in the following days I will connect all the others. In a few days they will be all online.

If you read previous posts, it is already explained. With every deposit you rent more hashing power. Of course the time needed to complete the account is proportionally extended. The bonus % gets recalculated on each deposit, and it never go under the initial 5% or 10%. So for 181 BTC you will be rewarded with 199.1 BTC plus eventual referrals.

120 GH/s more or less!

Update on new infrastructure: FPGA boards are ready! Now they have to be configured with the firmware, tested, and mounted into rack cases. They should be ready for mining during the next week.

FPGA boards are under production at the assembly house, I should receive them before the end of the week. Then I have to install the boards into rack cases and configure everything. I expect that everything will be operative before the end of next week, I'll keep yo
u updated!

I am currently out of office and I broke my smartphone, I apologize for the late answers. I am searching for another smartphone that can replace my ex N900.

Zyc: I don't understand your question, please try to ask with other words.

About the day without payouts, don't worry, when it happens, the day after payouts are doubled. The average daily revenue is almost the same.

About expiring referrals: I did't expect abusing. As soon as I have the chance, I will update the code to expire a referral after a certain amount.

Exactly.

When P2Pool finds a block, it takes almost one day before it becomes "usable" and gets credited. Other pools (the second most used pool is abcpool.co) have daily payouts. However I just did a comparison between Pyramining payouts and P2Pool ones, they don't match exactly.

No, when the account is "completed" (after receiving all the deposit and bonus), you won't receive anything more. The account keeps existing in a "frozen" state.


Sure, it's possible to re-fund it anytime, even after it's completed. Accounts are never closed/deleted. If it is complete and you deposit more funds, it becomes active again.

Vescudero invested also into Pyramining, and as far as I know, he is serious and reliable.

Yesterday I tested the pre-production units (prototypes), they were working as expected, in ~ 10 days the new hardware will be ready.

I agree and this is one of the reasons that prevented me to make a mining company (bonds) on GLBSE. With Pyramining you don't buy assets, you rent them, so you don't lose any value.

Until the account is active, you will get dividends + part of the deposit. Once the deposit is paid back (~10 months or less), hardware previously bought with it is kept at work for other/new members. Because of this, increasing difficulty or bounty halving should not be an issue.

The availability of new technologies does not affect the value of the deposit/investment because it gets paid back anyway in its whole. Should ASICs (or a cheaper technology, compared to the one in use) come out, new hashing power would be bought with that technology and every member benefits from this.

Nothing prevents any member to deposit again if they want a longer term investment.

The referral system allows everyone who invests a bit of their time to earn more than the standard 5-10%.

The only drawback is that an account can't be closed earlier than planned, because the deposit is entirely used to buy infrastructure. Third parties however are already offering to buy for a small fee the outstanding position, offering insurances and so on (google for it).

This method is a win win for both the mining company and their investors, and as far as I can tell I don't see any drawback in case of bitcoin value changes, mining difficulty variation, technologies, and so on.

If you manage to find some referrals it becomes an high-income investment. If you don't, you get 10% (5% if you don't have any sponsor, but it would make little sense ;-) ), which is smaller than piratewhatever operations, but it's plain safe and you know what your bitcoins are used for.

To avoid repeating everything, take a look at the official thread for more details: [https://bitcointalk.org/index.php?topic=80845.0].

I would appreciate any comment/thought, expecially in case it could help improoving the service.

If you read the discussion it's already explained. While miners find valid blocks, an amount proportional to your deposit is credited at your balance. Whenever this balance grows bigger than 1 BTC, a transaction to your payout address is made. If your accounts has less than 2 BTC to be received, the transaction is delayed until you get the full amount (to prevent a final transaction smaller than 1 BTC).

Valid blocks are found several times a day.

A catholic priest, a rapist and a pedophile walk into a bar.
He orders a beer.

:-) :-)

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