To all Gigaminers, Even with Sonny's past coming to light, I am proud to do business with Sonny, Josh, Nasser and everyone else at Butterfly Labs. They are a great group of people and they have proven that they can over deliver on their latest product release (the mini rigs). Gigamining is run with a lot of BFL equipment and I am proud to continue to do so. Their equipment thus far have been revolutionary in bitcoin mining and I expect nothing less with their next generation ASIC products. Best, gigavps |
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Do you have rollntime working yet?
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So if you have a working setup with backup pools please help test this. I'd like to have some confidence that it's stable before setting it up on port 8332.
Hi DrHaribo, I'm running 52Gh to port 9000 with cgminer 2.5.0. The efficiency is hovering around 1400%5000%.  Best, gigavps |
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I'm not talking about anything other than the upgrade proposition. BFL takes BTC yes, but the amount is based soley on USD. It has nothing to do with BTC really. Somebody just tell me to shut it if I'm way out of line.
My opportunity costs are: - Buying the ASIC equipment.
- How many BTC I would make if I didn't offer Teramining.
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Giga, I like you but the thing I don't really get is this:
Originally you floated a .25 upgrade cost, we all filled out the form etc... Based on that everyone got excited and the price spiked up to 1.10 or so. Now it's moved up to .29, but in addition BTC has gone up several dollars since then. The upgrade should be USD based since the cost of upgrading is USD based. I think the gigamining has dropped in value because the upgrade cost is significantly more than we were expecting and that doesn't taste good.
Sorry for not replying more, the flu has taken over my household. As for your question, my opportunity cost for providing Teramining is not in dollars, it's in BTC. |
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To all Gigaminers: Below is the Teramining contract. Please have a once over and leave any constructive comments in the thread. Best, gigavps The holder of this bond (“THE BONDHOLDER”) will receive as coupons a number of bitcoins equivalent to 100% PPS output of TWENTY TWO AND ONE HALF MILLION HASHES PER SECOND (22.5Mh/s) for as long as they hold the bond. Coupons are to be paid every Monday for the previous 7 days by THE ISSUER or an assigned agent of THE ISSUER. Coupons are not pro-rated; you must hold the bond at the time the coupon is paid. GUARANTEED MINIMUM VALUETHE ISSUER will guarantee a minimum value of 0.02 BTC per bond. BUYBACKTHE ISSUER has the right to buy back any bond at any time at a price equivalent to 105% of the highest price the bond was traded on GLBSE over the previous 15 days (360 hours). INITIAL RELEASEThe only way to initially own the bond is through the upgrade from GIGAMINING. There are two ways to upgrade GIGAMINING bonds: - FREE UPGRADE: This is a one for one swap of GIGAMINING for the bond.
- PAID UPGRADE: This is a one to four swap of GIGAMINING for the bond. A payment of .29 BTC per GIGAMINING bond is also required.
By THE BONDHOLDER upgrading their GIGAMINING bonds they are giving up all rights to the GIGAMINING contract at ( https://glbse.com/asset/view/GIGAMINING) and are returning the GIGAMINING bonds to THE ISSUER. The right to the upgrade is proportional to the number of GIGAMINING bonds held. The PAID UPGRADE is not transferrable. TRANSFERABILITYThe bond may only be transferred through direct sale on the GLBSE platform. The transfer functionality for this bond has been disabled. BUYER BEWAREThough THE ISSUER will use all reasonable efforts to ensure value for the holders of the bond, they are provided on a best effort basis and as with any investment there is risk involved. Please do not invest what you cannot afford to lose. This bond does not represent ownership of any company. |
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Essentially that. When you buy fixed mhash/s bonds, just as with mining yourself, you have to reinvest. Not necessarily in the same bond, you could even buy your own hardware with dividends.
Some have asked in this thread that I change Teramining from a mining bond to a "company" that you own a share of. This would mean that I decide the reinvestment strategy and ultimately less bitcoins would flow back to share holders as there would be perceived value in the "company". I am keeping the mining bond paradigm because it's up to each individual to decide their investment or reinvestment strategy they want to pursue. |
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If I remember well, only the first 5000 GIGAMINING were sold at 1 BTC. The rest were sold at 1.5.
The first 10k bonds sold at 1 BTC. All trading activity to 1.5 BTC was the market finding what it felt was the current value. |
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Well then. | Asset | IPO Price | Total Dividends | Last Traded | Profit | | GIGAMINING | 1 | 0.443176 | 0.6 | +0.043176 (+04%)
| | BITBOND | 0.6 | 0.188358 | 0.32 | -0.091642 (-15%) | | YABMC | 0.3 | 0.085533 | 0.0999 | -0.114567 (-38%) | | PUREMINING | 0.37 | 0.101208 | 0.0953 | -0.173492 (-47%) |
How does one find the IPO Price? I was using the earliest trade, or so I thought. Thanks for making the table with pretty colors.  I feel that mining bonds are not the means to the end, aka, just buy the bond and hold it. Although, if you bought at the original IPO, you would still be ahead of the game by the 4%. This thread claims that mining bonds are the turds. Could it be that "investors" strategies in owning mining bonds are the real problem? Bitcoin mining should be considered to be a depleting asset and as such, one must understand depleting assets in order to understand how to invest in them. It is becoming common place knowledge now that reinvestment is an essential part of any mining strategy, whether you are buying mining equipment or you are buying mining bonds. Otherwise, you lose on both ends because of technology advances eroding value in your mining equipment and difficulty increases eroding your dividend payments. If you are not willing to reinvest, mining and mining bonds are probably not for you. |
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| Asset | IPO Price | Total Dividends | Last Traded | Profit | | GIGAMINING | 1 | 0.443176 | 0.6 | +0.043176 (+04%) |
For what it's worth, GIGAMINING's original IPO price was 1 BTC each. Thanks, gigavps EDIT: FTFY |
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To all Gigaminers:
Coupon payments for the week have been paid.
Enjoy,
gigavps
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Ah, that's relative though. If BTC drops to $2, people so far seem to have been willing to mine at a loss for a month or two in the hope things turn around. If they don't, but people will drop out, the difficulty will drop and people still mining will make more BTC for their hashing power.
The next six months are going to be a flat out mess IMO. You not only have the ASIC/BFL's about to drop into the mix, but likely a drop to 25 BTC/reward. There will be a ton of flow as the network Hashing rate goes all over the place. GPU miner's will likely be pretty much done in 6 months as those two things will make it extremely unprofitable to keep going the GPU route. It's not going to be slow and gradual, it'll be all at once like the shift from CPU to GPU was.
Glad to see you back around Meatball! As for what will happen in the future for mining and the bitcoin price, we have seen that while there may be times of unprofitably if the price falls and the diff lags behind, they due tend to work themselves out to keep mining profitable in the end. I think the block reward halving and ASIC arriving will exasperate the swings but the general direction for both the price and diff are still up. |
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Seems yochdog's bids are all over the place.
80 BTC
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I hard code pool ip addresses into the computer hosts files to cut down on DNS lookups. Not sure how much of your traffic they actually make up though and I've done this more to keep the router connections down than anything else.
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Hi Namworld,
I have stated above that the fee will be .29 BTC per bond and that each Teramining bond will be fixed at 22.5Mh/s. I am also going to guarantee a minimum buy back amount per bond.
If you would like to create a competing offering and think you can do better, by all means please do.
Best,
gigavps
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Quick update:
- 2% bonuses have been sent out
- We are putting up a third frontend server today to help with load issues.
- I'm still under the weather, if you haven't heard back from me about a signup or question, you should hear from me by the end of the week. Thanks for your patience.
I hope you feel better Chris. |
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I have 10+ Gh pointed here and also good to see guys like Giga pointing some power here.
I'm running about 65Gh on coinlab currently. I would recommend anyone running on the pool and seeing communication problems to use cgminer and setup a backup pool that you can leak shares to. cgminer is really good at making sure your mining devices are being fully utilized so make sure you have taking advantage of this. Best, gigavps |
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I'm running on linux so I use "-S auto" for cgminer to auto detect all BFL PCBs connected. This does not work on windows though so it looks like you're doing it right.
Maybe BFGminer will auto scan on windows. Not sure.
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The new contract for Teramining is going to be a bit more robust than the current Gigamining contract and will also include: - A maximum profit potential.
This inclusion stood out to me, as I am sure it does to many others. I do not see this as a justified inclusion and I think the issue would be much more better suited without it. You are correct. I will remove it. EDIT:To be clear, I was not thinking properly this morning when I wrote that. It is my fault, and I have retracted it. Sorry for the confusion. |
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