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Author Topic: Anyone willing to buy Mhash/s? / distributed hashing  (Read 7296 times)
tcatm
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October 04, 2010, 05:46:32 PM
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I'll plan offering service that'll allowing you to buy Mhash/s of my GPU cluster for a limited period. You'll get a part of the generated coins after a week according to the number of Mhash/s you bought. So, if you buy 1 Mhash/s for one week for 3 BTC the cluster will generate about 5,5 BTC for you which you will get after the week. You'd win about 2,5 BTC in this case. If difficulty goes crazy or the cluster doesn't generated a single block (unlikely) in that week, you'll get less or even nothing.

You can buy more or even less than 1 Mhash/s. For easier calculation the amount you buy must be in multiplies of 1/6 Mhash/s.

1/6 Mhash/s for one week = 0.50 BTC

I'll offer a total of 30 Mhash/s. If you're interested please email me at tcatm@gawab.com with the amount of 1/6 Mhash/s-chunks you want and your bitcoin adress for payment. I'll then give you an address to send the bitcoins to. For 2 Mhash/s buy 12 chunks.

If this works well, I'll start a service selling up to a few Ghash/s.

Update: 0 Mhash/s left
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October 04, 2010, 06:07:05 PM
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so if I understand correctly, you take all the coins the cluster generates in a  week and divide them among the investors, in proportion to how much Mhash/s they rented?  Or do I only get the coins that "my own" rented GPUs generate?

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tcatm
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October 04, 2010, 06:12:22 PM
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so if I understand correctly, you take all the coins the cluster generates in a  week and divide them among the investors, in proportion to how much Mhash/s they rented?  Or do I only get the coins that "my own" rented GPUs generate?

You get what your rented Mhash/s would have generated on their own. The interesting part is, that this can be far less than 50 BTC. You could invest 0.50 BTC and get 1.2 BTC after a week, even if one Mhash/s would generate only one block every two months.
BitLex
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October 04, 2010, 06:26:37 PM
 #4

nice idea,

i'd take 'em all, but for now to leave some space for others,  Grin
i'm in for 3 Mhash/s, or 18chunks.

mail is on its way.

tcatm
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October 04, 2010, 06:40:10 PM
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Got the mail Smiley
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October 04, 2010, 07:03:05 PM
 #6

Possible to pay with another method other than bitcoin, as i don't have any at the mo.
tcatm
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October 04, 2010, 07:06:51 PM
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Possible to pay with another method other than bitcoin, as i don't have any at the mo.

You can buy bitcoins at mtgox.com or get 0.50 free bitcoins at the faucet: freebitcoins.appspot.com
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October 04, 2010, 07:12:02 PM
 #8

I'll plan offering service that'll allowing you to buy Mhash/s of my GPU cluster for a limited period. You'll get a part of the generated coins after a week according to the number of Mhash/s you bought. So, if you buy 1 Mhash/s for one week for 3 BTC the cluster will generate about 5,5 BTC for you which you will get after the week. You'd win about 2,5 BTC in this case. If difficulty goes crazy or the cluster doesn't generated a single block (unlikely) in that week, you'll get less or even nothing.

You can buy more or even less than 1 Mhash/s. For easier calculation the amount you buy must be in multiplies of 1/6 Mhash/s.

1/6 Mhash/s for one week = 0.50 BTC

I'll offer a total of 30 Mhash/s. If you're interested please email me at tcatm@gawab.com with the amount of 1/6 Mhash/s-chunks you want and your bitcoin adress for payment. I'll then give you an address to send the bitcoins to. For 2 Mhash/s buy 12 chunks.

If this works well, I'll start a service selling up to a few Ghash/s.

Update: 10.833 Mhash/s left


So this is like a futures market for gold mining, as you are selling contracts based upon your mining capacity.  Hmm.

I like the idea, but there is no way that I can see that your customers can audit you, or otherwise verify for themselves of your honesty.  Would you be willing to go to the extra trouble of a self audit, and publish it in some manner?

What is your business model here?  In other words, what do you expect to gain from the renting of this generation capacity that you could not otherwise get from the generation capacity directly?

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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October 04, 2010, 07:28:32 PM
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So this is like a futures market for gold mining, as you are selling contracts based upon your mining capacity.  Hmm.

I like the idea, but there is no way that I can see that your customers can audit you, or otherwise verify for themselves of your honesty.  Would you be willing to go to the extra trouble of a self audit, and publish it in some manner?

What is your business model here?  In other words, what do you expect to gain from the renting of this generation capacity that you could not otherwise get from the generation capacity directly?
This is just an attempt to help people with less hashing power get some bitcoins. If difficulty stays low, I'll actually give bitcoins away for free. I think there are many users with less then 1 BTC and some that have > 1000 BTC. those with only 1 BTC can't afford to pay services with bitcoins and mtgox keeps the bitcoins for 30 days because of paypal.
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October 04, 2010, 07:58:17 PM
 #10

Bitcoin Faucet 2.0 it sounds like.  i'm in.

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October 04, 2010, 08:55:18 PM
 #11

for those that dont have any and dont want to trade on the markets for 1coin,
PM me and i'll send you 1 or 2 (depending on my mood) to get some chunks.

hurry up before its to late.  Cheesy

Aqualung
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October 05, 2010, 03:47:59 AM
 #12

imho 30Mhash - is to little hash to deal with... it's just 1 new Nvidia GPU

used to be a miner
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October 05, 2010, 11:33:07 AM
 #13

I'd like to participate.  Any chance you can squeeze me in?
Emailing you.
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October 06, 2010, 05:46:49 PM
 #14

Is there any chance i could get a few slots please?
GeorgeH
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October 07, 2010, 04:28:20 AM
 #15

I'm in if you do this again!

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skull88
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October 08, 2010, 06:07:36 PM
 #16

Indeed too little hash, but I like the idea, put me on the list for the next round  Wink

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SmokeTooMuch
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October 09, 2010, 01:42:35 AM
 #17

I actually have some Mhash/s myself so I won't need your service, but I'm interested in your business model.
Is your "machine" running 24/7 ? Any guaranteed uptime ?
I mean, it's great to have 10Mhashs/s bought from you, but when you only let it run for about an hour, I'll definitely won't make any profit.

Date Registered: 2009-12-10 | I'm using GPG, pm me for my public key. | Bitcoin on Reddit: https://www.reddit.com/r/btc
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tcatm
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October 09, 2010, 06:18:23 AM
 #18

I try to keep it running 24/7 but I can't guarantee that uptime. So far 1 Mhash/s has generated about 4.27 BTC since monday.
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October 11, 2010, 01:52:30 PM
 #19

Any updates on this so far?
tcatm
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October 11, 2010, 04:50:55 PM
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I sent the generated bitcoins. For easier calculation I also sent coins to people who joined a day later. The 30 Mhash/s generated 3.69 blocks during the last seven days.
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