That's not easy to guess: it depends on several factors: everytime a referral deposits any amount, this number might change. And since a referral gets 15% from his referral revenues, in case he has a very big referral under him, it might also get "completed" before your. I could try to foresee an apporximate amount and insert that statistic, but I would like to avoid discussions of the kind: "I deposited 10, it said the expected reward was 15, but I received only 14.768433".

Currently I am working on a way to automatically (and dynamically) add some hashing power to balance "bad luck" of some pools. This feature will be activated when the first big batch of FPGA units will be ready (it should be around the end of this month), in order to keep all active accounts in line with the reward time expectation.

Hardware status update: All the components for the next infrastructure production batch (around 50GH/s) have been received. It will take up to 2 weeks to be assembled and become ready to install. Before the end of June they should be available to mine for Pyramining on demand. 100Gh/s more are scheduled between the half and the end of July.

I already discussed this (probably on the old forum post). Hardware will be kept working on Pyramining, until it fails. This is done in order to keep low break-even times even after the bounty for the mined blocks will halve, around the end of this year.

Note that Spartan6 FPGA working 100% of the time at these rates have an estimated lifespan of about 2 years. This policy allows to keep hardware infrastructure constantly updated. It should be profitable for the next 4 years, before another bounty halving will occour. However it's reasonable to expect new technologies by 2016, that are likely to be affordable thanks to this strategy.

I just applied the changes


I am still not satisfied with the wording, I am not sure it's clear enough. If you have better ideas, I will listen... :-)

Or maybe I should write a doc explaining these details.

I am going to change the description from: "New deposits efficiency" to "New infrastructure efficiency", and add a line with the average (or current) infrastructure efficiency, so it should become more clear and transparent.

Yes, sorry, it was 9MH/s per BTC! I fixed it.


Maybe the description is not clear enough.
The parameter you see is the efficiency for new infrastructure. But there exist also older infrastructure that had higher costs. The "equivalent hashing power" is the average cost of the whole thing. When new deposits are made, and new infrastructure is added, the average cost drops, therefore your equivalent hashing power will grow over time.

The more infrastructure will be added, the more I will be able to optimize the production process, and everyone (also older accounts) will benefit from this. The most efficient price will be reached at ~60000 BTC invested. We are currently at ~ 28% of that target.

In the last few days I have been able to make some new (and better) deals with hardware components suppliers. I am making a lot of efforts to find every possible way to get lower infrastructure costs. At current conditions, new hardware costs around 112 / 113 BTC every GH/s. It means almost 9MH/s per BTC (or 1.75MH/$, or 0,57$/MH). I don't know if there is any more profitable mining investments out there. ;-)

Also note that even existing accounts will benefit from this: when new funds are deposited (and new hardware acquired) the average hashing power cost gets smaller, and the "equivalent hashing power" of each account will increase.

I am estimating that when we will reach a total of 60000 BTC as deposited funds, infrastructure costs will drop below 100 BTC / GH/s. Complete rewards will take less than 5 months (probably 4), and after the solved block's reward will halve, it will be still less than 9 months.

I hope to gain your trust so we can reach this target. Pyramining will become an extremely interesting investment tool for everyone.

For complete transparency:

https://bitcointalk.org/index.php?topic=33586.msg918654#msg918654

No, it's the PPS pool I am using that is having some toubles with their wallet. They say nothing has been lost, but they can't make the payment right now, we just have to wait for that to be fixed. Expect one bigger transaction when they are done. I checked pyramining credit and on the pool and it's growing normally.


It's the average reward of the whole operation. You begin to get rewards as soon as you start the account. Referrals may come later. Rewards are calculated on the _current_ bonus rate, which can change in time...

For example: if you start with 10% bonus and add other 10% bonus through referrals after a few months, when you already got 50% of rewards, your average reward at the end of the operation will be 15%.

Hope this is clear enough, in case just ask.

No, it is not possible: for security reasons, accounts can't be modified, therefore there is no way to modify a "payout address".

Because of poor performances of P2Pool in the last two weeks, Pyramining rewards is slower than expected.

The most obvious solution would be to move miners to another pool. However since I like P2Pool concept and I see how much work is being done behind it, I am proposing another possibility, if you agree: keep at least 50% of hashing power on p2pool (as it is now) and as soon as next batch of hardware will arrive, I will dedicate 20GH/s of my personal mine to Pyramining at my expenses for the time needed in order to re-align rewards to the statistically expected rate.

What do you think about this? Do you find it a viable solution?

Here everything is working as expected. Check that you are logged in. Try clearing the browser's cache. If it keeps working in a strange way, please report through PM. Include your browser version and your account label.

No they aren't exactly shares neither bonds. When you join you rent cheap hashing power (7.75 MH/s per BTC), and it starts mining until repays your deposit, plus a bonus. It's similar to a bond but can't be traded. I don't know if it fits in your table but would be nice to compare against other mining ops expecially for the competitive price per MH/s and the very high profitability.

I didn't notice any downtime. Write me in case it will happen again, just to double-check that everything is fine.

Is this valid also for Mining Ops that are outside GLBSE? Can http://www.pyramining.com/ be included?

Hashspeed is before taking into account electric costs, that account for ~ 7% at the current conditions. There are not any other cuts.
Note that in these days reward rate is a bit reduced due to P2Pool bad luck, which actually accounts for ~ 50% of the hashing power. If bad luck will not go away, I will move some more hashing power to a PPS pool until P2Pool will return closer to the average.

Personally I would stick to P2Pool, but there are many members who are asking me to move to more constant sources of revenue and I should take this into account.

I applied a filter on the statistics table: only accounts with at least 0.1BTC will appear there.

While it's funny to see very large bonus percentages on tiny amounts, it could seem unrealistic to new members who don't know about pyramining well enough to figure this out. I hope you all find this reasonable, expecially the guy who deposited 1 satoshi and reached an 8 numbers reward bonus % on it. :-)

Unfortunately we are not an exchange and we aren't structured to manage this. It would also make things much more complex to manage. What if someone sends in any currency, and at that time it gets converted by us with a sub-optimal conversion ratio? Exchange fees are reasonably low, compared to the default earnings you can get on pyramining, so it shouldn't be an obstacle.

Yes, the allocated capacity is real, you can compare your rewards with the expected income based on your "equivalent hashing power" using any online mining calculator. Notice that it can be slightly less than expected due to P2Pool: there is some variance and the last two weeks were quite unlucky (stats are online).

Actually there is no way to utilize other currencies, but I think it wouldn't be difficult to use an exchange to get your bitcoins.

Pyramining is not anymore in beta-testing. It can be considered stable. Now it has a new look, I hope everyone will like it.