Production status update from Bitmine: Rig's shipping now expected in about 2-3 weeks. |
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still no new hardware... should be arriving today no?
maybe tomorrow? not sure how it works with the customs (VAT) in Belgium. |
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Petamine is a well known food supplement for birds (especially caged) - on the market for at least 15 years. Maybe on all 'official' gadgets we should use this spelling: PETA-MINE. |
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I was talking about "thin dividend" as last week one was actually the sum of 2 weeks. We currently have a little more than 28btc ( https://blockchain.info/address/1PETAmNrgdzx3FwzJPNuhx18JVKdGtwWt6) mined. From Eligius the avg is 8.45btc per day, so I would assume tomorrow we could reach 36 or 42btc. I'll assume that the hosting cost would be the same at 8.14btc (like last week). This gives us a net of ~28 (or ~34) btc. 65% for dividend would be 0.000266 (or 0.000275) per share. Last paid dividend was 0.00040211 (no bitching around or nothing, just estimate math) and yes, I'm not counting the 1.8btc from NMC (I never seen anywhere that we would mine NMC as well... good enough, I'll not turn down additional profit). We are really late in the payout queue. If you look at the payout graph we should have 29 BTC more. That give us around 60 BTC, 55 after expenses (only one week's expense here), 35.75 after reinvest share -> 0.00044314153 /share I don't understand clearly how the payout queue works but it's clear IMO that we are 29 BTC late. Payments from Eligius to Peta address have just been made - 2 confirmations as I write Current balance ~58 |
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Apparently Rigs are passing stability tests: |
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I rather suspect unexpected production bottlenecks at Bitmine hitting equally everybody.
Every day there are people reporting having received new miners but their queue positions aren't encouraging.
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For now about 2/3 of this hash rate comes from Cointerra Terraminers. |
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Surely dividend of 0.00040211 per share isn't a big deal. Much important is that they did what they had said. The pace of deployment during this week is disappointing, without any doubt. Maybe a good surprise comes soon  |
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It's been 3 days since we had breathtakingly good news. I'm selling everything.
Your move turned out to be very well timed. Both lack of deployment progress and recent Havelock issues are weighing on the price. Actually I would of thought that was sarcasm  selling shares @ 25% less than a day ago because first weeks deployment a little slower (although still on track with schedule written on site) is very short-sighted. It was sarcasm. *sigh* Sorry, I was sure you had managed to sell around 0.11-0.115 |
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New miners coming online  |
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It's been 3 days since we had breathtakingly good news. I'm selling everything.
Your move turned out to be very well timed. Both lack of deployment progress and recent Havelock issues are weighing on the price. |
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Let me put it another way, a stagnation of the network hashrate growth is mutually exclusive to the continued exponential growth of the bitcoin price.
Yes, it's true - but never seen someone claiming the opposite (at least on this thread  ) And, please, stop cherry picking phrases (no fragments of phrases!) in the way that suggests different sens of someones statements. |
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I think that both of you do not understand the impact of that statment. The network hashrate is directly linked to the bitcoin price. As long as the bitcoin price keeps rising the way it is, the network hashrate growth will not slow down in the long run.
Btc/usd exchange rate is just one more factor in the puzzle which could 'give up' - as any other like for example speed at which new more efficient chips are introduced. What's more a lot depends on how you define 'long run'. Surely, before writing 'you do not understand' try to read carefully what others say. |
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....
This means that whatever the current difficulty is, it will be roughly 4 times higher after 8 difficulty periods. Since difficulty reflects hash power we will also be at roughly 4 times the current hash rate by the beginning of June. The reciprocal of the result also indicates how much we can expect as a payout in terms of todays value. In this case it is 1/4, which is 25%!!
The statement about payout is true in case for example of a 'mining contract' with constant hash rate. Peta's share is not such case. This exactly is why very effective reinvestment strategy is necessary for long term success. Someone have to mine all those bitcoins whatever the diffculty. The trick is to be 'ahead of the curve'. |
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I consider myself more in the pessimist group in that I believe total network difficulty will continue to rise at 20% per 12 days for the next few months due to a similar increase in hash power. I am sure that we all (both pessimists and optimists) can agree on one thing - we all hope the optimists are correct and that hash power will level off sooner rather than later. Probably all of us agree that current very quick rise in difficulty is unsustainable in the long run. And if something can't happen then it won't - it's that simple  We don't have to know what and when exactly will give up but something will and the rise will slowdown - that is practically a certainty. But first the network will have to absorb all the hardware based on new chips. So substantial rise is still ahead of us. By the way, interesting if someone receiving Terraminer at the end of June will be able to ROI in btc terms. |
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Your first two examples work because alcohol and marijuana have a physical utility (they are addictive substances). What the hell are you going to do with your bitcoin when nobody accepts them anymore? Sit there and stare at it?
Its fine that you don't understand. Bitcoin doesn't need you to understand. +1 |
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Yes the consolidated payments would be the best bet. I have 63gh total but I had bought a couple smaller (1 and 2 gh) contracts when I had free BTC to bump up my total. I'd love for this to come in one lump sum.
In terms of verifying every contract paid out appropriately, I'm not worried about this, as I can handle the basic arithmetic of adding the numbers on my profile :-D
+1 |
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