[PicoStocks] 100TH/s bitcoin mine [100th]

[mrb]

100 times difficulty ~ 100,000,000 GH/s ~ 1,000,000,000 USD investments in mining gear

Who's gonna pay that?

You assumed prices of $10 per Ghash/s. It is well-known current ASIC vendors have insane margins on the raw silicon. As a matter of fact, Cointerra is already selling pre-orders $3 per Ghash/s. Watch the price drop to $1 or less per Ghash/s over the next 12 months. Therefore a $100 million investment in mining hardware is all you need for the network to grow to 100 Phash/s. This will happen by September 2014. Watch.

One year later... It is now September 2014, and the network has grown from 1.0 Phash/s to 250 Phash/s: I was right.

In fact we crossed 100 Phash/s in June 2014, so my estimation of when we would grow by 100x was correct with an error margin of ±90 days.

(Man, it has been a while since I logged on bitcointalk.)

[1714840616]

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[joris]

100 times difficulty ~ 100,000,000 GH/s ~ 1,000,000,000 USD investments in mining gear

Who's gonna pay that?

You assumed prices of $10 per Ghash/s. It is well-known current ASIC vendors have insane margins on the raw silicon. As a matter of fact, Cointerra is already selling pre-orders $3 per Ghash/s. Watch the price drop to $1 or less per Ghash/s over the next 12 months. Therefore a $100 million investment in mining hardware is all you need for the network to grow to 100 Phash/s. This will happen by September 2014. Watch.

One year later... It is now September 2014, and the network has grown from 1.0 Phash/s to 250 Phash/s: I was right.

In fact we crossed 100 Phash/s in June 2014, so my estimation of when we would grow by 100x was correct with an error margin of ±90 days.

(Man, it has been a while since I logged on bitcointalk.)

You're right and I'm still amazed. My assumption of $10 per Ghash/s was indeed way off and then there's still a lot of money invested in the mining rush.

[buzzdave]

I apologize for not making a timely post on Bitcointalk forums. 

We had a bug in the payout script that caused a large payout to go to the Picostocks payment address (about 3 days worth of mining).  You can see it below and check it out online.  After we sent the 27.8BTC, we paused the payout script and have now made a partial payment that makes up the difference. 

After today, payouts will resume as normal.

Sorry for the confusion!

https://picostocks.com/stocks/bitcoins/19

3471      2.25300000      done   2014-10-03 16:59:44   
3467      27.82211335      done   2014-09-29 23:49:53   
     
   Dave Carlson | CEO
   www.megabigpower.com

[Giray]

Dave, read about BFL http://www.butterflylabs.com/

[buzzdave]

Dave, read about BFL http://www.butterflylabs.com/

The first of many mining companies that will fall as prices stay low and difficulty high.  Glad to say I'm not one of them

[buzzdave]

Update on 500TH mine:

We have finished our internal pool launch.  500TH mine is now getting paid on actual submitted shares (includes dupes and other rejects).  You can see in the dividends that we are tracking very closely to the flat theoretical payouts we've been doing for the last few weeks.

Our internal pool provides a unique benefit of paying true PPS, since all miners for this pool are trusted (partners, hosted and MBP mine).  This means you as a holder of 500TH mining shares do not have to incur swings of bad pool luck.

Best
Dave

[Giray]

Dave, read about BFL http://www.butterflylabs.com/

The first of many mining companies that will fall as prices stay low and difficulty high.  Glad to say I'm not one of them

BFL is an example of what the feds are going to do with those who are out of tune ran their interests. I wonder how you explain the development of their businesses at the expense of minority shareholders and the purchase of 28nm technology from Cointerra by means of shareholders 500th.

[buzzdave]

Dave, read about BFL http://www.butterflylabs.com/

The first of many mining companies that will fall as prices stay low and difficulty high.  Glad to say I'm not one of them

... and the purchase of 28nm technology from Cointerra by means of shareholders 500th.

No idea what you are referring to here.  No 500TH shareholder funds have gone to purchase Cointerra tech.  The 500TH hardware has been pretty much fixed since we first built the mine late last year.  Its all 55nm Bitfury chips.

[Giray]

Leszek posted on this forum about plans to use 28nm technology in the 500th. Therefore, many 500th shareholders bought Cointerra's shares, including myself, with a view to the future development of 500th. Sorry but acquired technology was used in their projects MBP and those who bought shares Cointerra scammed.

[buzzdave]

Leszek posted on this forum about plans to use 28nm technology in the 500th. Therefore, many 500th shareholders bought Cointerra's shares, including myself, with a view to the future development of 500th. Sorry but acquired technology was used in their projects MBP and those who bought shares Cointerra scammed.

I see.  Maybe he planned to do something with them until their 1st gen chip came out poorly.  But Leszek has never promoted that he would grow the 100TH/500TH mine beyond its current hashpower.  100TH was the original target.  Leszek increased it to 500TH at no cost to the investors. 

I'm quite certain nothing was acquired from Cointerra except an equity shareholder position.  I'm the one managing the 500TH mine and can assure you there's not a single Cointerra machine in my facilities.

[Giray]

The business plan provided 100th hashpower in July 2013. 500th in October - November due to the increase in global hashpower was less than 100th in July. It should be about 1200 - 1400th. https://bitcoinwisdom.com/bitcoin/difficulty - The table at the bottom of the page.
Cex.io on commissions earned about 150-200 BTC per day.

[corrow]

Are there any further plans with this project? Further expansion of the hashingpower? Any news or prospectives? 

[ttf0]

So.. Nov 3 another large payout, and now no daily payouts as in recent past. Is this once again a bug with the payout script?  Why are there no proactive notifications or explanations of such odd things until people ask?

[klondike_bar]

Are there any further plans with this project? Further expansion of the hashingpower? Any news or prospectives? 

There has not been any expansion in over a year - and there wont be any more expansion.

[corrow]

Are there any further plans with this project? Further expansion of the hashingpower? Any news or prospectives? 

There has not been any expansion in over a year - and there wont be any more expansion.

Can Leszek or buzzdave confirm this?! 

[klondike_bar]

Are there any further plans with this project? Further expansion of the hashingpower? Any news or prospectives? 

There has not been any expansion in over a year - and there wont be any more expansion.

Can Leszek or buzzdave confirm this?! 

What do you need confirmed? Read the last few pages of the thread. There's no incentive for them to add hashrate much of a year after the mine was increased to the present 500th

[Giray]

The business plan provided 100th hashpower in July 2013. 500th in October - November due to the increase in global hashpower was less than 100th in July. It should be about 1200 - 1400th. https://bitcoinwisdom.com/bitcoin/difficulty - The table at the bottom of the page.
Cex.io on commissions earned about 150-200 BTC per day.

[Giray]

Nice new picostocks page design Leszek

[Dexter770221]

Nice new picostocks page design Leszek

I think is worse than previous...

[RHA]

Nice new picostocks page design Leszek

I think is worse than previous...

They surely wanted Picostocks pages to look more professional and uniform.
Now the pages have such a look but are less readable and less ergonomic than the earlier ones.