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Author Topic: ⚡⛏️[ANN] Giga Watt: Best Home for your Mining. Starts today!  (Read 145974 times)
fckltx
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July 09, 2017, 10:14:19 PM
 #901

Well, that sounds like a no brainer and even with the difficulty it will still be profitable. I'm thinking of buying 2 L3's. I just have to do more research. I'm not well versed with mining.

Sounded the same for me, so I did what you are thinking of. Bought 2 L3's, now I am waiting for the Giga Pods to be completed Smiley


Did you buy the L3s from them ? It looks like miners bought from GW has priority over the rest.

I bought L3 (September batch) , bought enough tokens and now what? Does anyone has more info about the sending procedure ? Is it on first come first serve basis ?
I hope the Giga Pods will be completed by September.
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July 09, 2017, 11:07:34 PM
 #902

I asked this question in the Telegram channel but didn't get a satisfactory response. Perhaps someone here can answer my questions.

I was told that miners are only allowed to mine BTC, ETH and LTC with Slush Pool and Litecoin Pool. Furthermore, miners are aggregated into Giga Watt's account at each of these pools, i.e. miners don't have individual accounts at these pools. (Please correct me if I'm wrong.) This obviously needs some serious auditing. How do miners know they are receiving what they should be receiving? Why aren't miners allowed to have own separate accounts with these mining pools?  Huh

Does feel better to have our own accounts so there are no questions about profits.  I'm personally going to remain optimistic and wait to see my projected hashrate and electrical costs where they should be before having any real concern.  Truly we should be looking at slightly higher hashrates than if we were doing on our own account.  Maybe I'll also mine at home just for personal satisfaction and the ability to confirm there is an advantage to this setup.
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July 10, 2017, 12:42:31 AM
 #903

"no questions about profits" this is the most i can mind =). totally agree

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July 10, 2017, 10:43:31 AM
 #904

Dave, Cryptonomos Hello,

I am interested in buying tens to hundreds of thousands of WTT. At first I was quite excited with your idea but after careful examination I'm not so sure and I have some serious questions about your business model.

1. If space requirement for mining equipment doubles per 1W of power due to Moore's law in semiconductor manufacturing advances. Power consumption of chips drops down significantly with each generation. I have the following question.
For Example:
Currently some Mining GPU setup is taking 60x60x60 cm of space and consumes 1Kw/h of electricity.
In two years if equipment is upgraded to latest models that will require TWO GPU setups of 60x60x60 cm for the same 1Kw/h of electricity.

To meet your obligations to WTT token holders, Will Giga-Watt build new Giga-pods on a constant basis and allocate the additional space required for equipment upgrades on demand every couple of years for 50 years ?!?

2. Will Giga-Watt provide some storage to customers for spare parts for mining equipment that will wear out?
3. What about Network bandwidth? How much is provided with each 1W of power? Is there an option to buy more bandwidth?
4. What are the moisute levels in the area of the Giga-Watt pods? What is the effect on equipment from your experience? Is there rust after 1-2 years of operation?
5. You say you can meet customers custom demands. Why are you not providing your co-location customers the ability for remote access to their equipment hosted at your facilities?
Are your customers able to manage their hosted mining hardware themselves and have full control of it?
The equipment is managed by professionals with years of experience in mining.
They understand what is profitable to mine now, which pool is more profitable, etc.
They can quickly repair equipment.
We are in the same boat, the more profitable for you, the more profitable for Giga Watt.
So your technicians will decide what is profitable to mine on behalf of your customers and on their equipment? What is this??
You say repeatedly throughout the thread that customers can choose what coins they mine. Then you say exactly the opposite.

6. On the below comment you state there are not set up fees. But later in this thread you stated there is one time setup fee of $20 for aciscs and $40 for GPU rigs. Are there any other Hidden fees?
Otherwise i see no real difference to cloud mining.
First and foremost it is our transparency. Giga Watt's facility is a real-life tangible project which you can tour if you attend our Open House, which we hold twice a month. Giga Watt's customers own the specific equipment: They know their serial numbers and can see them on the shelves in the unit. Another advantage is that Giga Watt's customers purchase their equipment at cost, without any markup, pay zero setup fees and extremely low effective electricity and maintenance fees: just 2.8с и 0.5с per kW/h respectively.

7. Who are "retail customers"? Customers who buy full turnkey mining or WTT token holders?
From https://cryptonomos.com/wtt/faq
"Does Giga Watt only mine bitcoins?
Giga Watt mines all scalable cryptocurrencies: BTC, LTC, ETH/MONERO/ZCASH/DASH. The decision of what currency to mine is made by the customers who own the mining equipment. But at this stage it is technically impossible to offer all of these options to retail customers. Giga Watt is working on the solution, and hopefully in the future this option will be offered. At this point retail customers can mine only BTC, ETH, and LTC."

8. If you don't provide your customers with remote access to their equipment. How can your customers be sure you are not overclocking their equipment for  for 10-15% to your advantage (especially GPU setups) in expense of the lifetime of the equipment?
9. Cryptonomos. Who are you? What is your name? Would be nice to know who are we talking to. Are you a Cryptonomos or Giga-Watt employee? I you rather prefer to remain anonymous. Please ask Dave Carlson to answer these questions from his account here on BitcoinTalk.
10. What exactly is included in $0.5 cents maintenance fee? Which kind of work/procedures?
11. If I decide to power off my miners for a period of time. Will there be any charges? Since I paid for the rent for 50 year ahead can I store my miners there even if they are offline as how much as I need?

Unless you can provide satisfying answers to the above questions, Especially question 1 and 5. I will unfortunately have to pass on your business proposal.

The ability for me to fully control my hosted hardware via remote access is a "To be or not to be" type of issue.

Best Regards.




Due to the specifics of your questions, please refer these questions to Support@giga-watt.com.

NO! I have the same questions and many others likely too, so save your time and post your replies here!!!
Yes, I see no reason to not answer these questions here. Also interesting for me.

I am also interested in these answers. 
Can we have an update rather than a mass of pointless remarks to hide this post
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July 10, 2017, 11:55:50 AM
 #905

If you want an answer I think they've already posted that :
"Due to the specifics of your questions, please refer these questions to Support@giga-watt.com"

If you are not happy with it. Don't invest in it.


I did not post this message, The Russians did it !
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July 10, 2017, 11:57:29 AM
 #906

Bitcointalk has become a place where shit coins are promoting everyday, i would not invest a single coin in this project until it gets over some exchanges.

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July 10, 2017, 12:52:49 PM
 #907

Bitcointalk has become a place where shit coins are promoting everyday, i would not invest a single coin in this project until it gets over some exchanges.


True, I asked so many questions regarding taxation, how they secure themselves from being sued from other countries because they allow foreigners to invest and run miners in their facility. Nothing comes even close to a satisfying answer...



AND FOR EVERYONE:   THEY WILL SEND YOUR INFOS TO THE IRS.  If you are not american and you did not register a business in the USA, you will not only get your shit confiscated, you might even get trouble when you want to enter the country because you operate an unregistered permanent production establishment...

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July 10, 2017, 02:01:06 PM
 #908

i dont think GW will have any legal issues

The company is registered, no need for everyone else to register a business in USA.

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July 10, 2017, 03:25:00 PM
 #909

i dont think GW will have any legal issues

The company is registered, no need for everyone else to register a business in USA.




Yes you do. It does not matter if they are registered. Every company needs to make sure that every business partner can be identified. To do that, they need to dox every customer. If said customers are i.e. using an offshore company, they can be sued by the IRS or every other national group for the support of money laundering, tax evasion or similar.

The fact that they are a registered business also means, that the IRS is regularly checking not only the book, but also contracts between customers and Giga.  Mining in the USA is classified as a business as soon as you are doing it for profit and in a long term mater (the time frame does not really mater that much, but as long as you do it for profit you operate a business and you can't deny you do it for profit). Hence every customer needs to register their business activity with the authorities. You don't do it, Tax Fraud/Tax evasion. And therefore Giga is supporting it, resulting in possible law suits. 

If they accept foreign nationals, its even more difficult and easy to fall into some tax problems....




Its one thing to have a miner in your garage, but a whole other thing if you run a business or in that case need a datacenter where your mining is on record for IRS.  And it does not mater, where you live. EVERY COUNTRY got this rule of operating a business.


So the second you place your miner in another country you need to check if the placing of hardware alone is enough to classify as a permeant place of production....




And like it or not, they have no clue about any of these issues. Collecting money is one thing, making sure you are able to stay belly up another. This might have all been easy for them when they were operating only personal miners, now that they offer it to others, the legal base is a lot different....


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July 10, 2017, 07:25:43 PM
 #910

i have a question.

if i buy 1 WTT token for $1.10 how much i will earn daily and when i will receive payout ?

what does this means.

50-year rent-free access to Giga Watt processing center. ?

From the first day of token issue.

Will you be staying online for 50 years ? what is the guarantee ?
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July 10, 2017, 10:21:27 PM
 #911

i have a question.

if i buy 1 WTT token for $1.10 how much i will earn daily and when i will receive payout ?

what does this means.

50-year rent-free access to Giga Watt processing center. ?

From the first day of token issue.

Will you be staying online for 50 years ? what is the guarantee ?
A) calculator on the gigawatt website, once a day.
B) Exactly what it says, it gives you 50 years of rent free mining.
C) As with any ico there is no guarantee.

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July 10, 2017, 11:30:01 PM
 #912

i have a question.

if i buy 1 WTT token for $1.10 how much i will earn daily and when i will receive payout ?

what does this means.

50-year rent-free access to Giga Watt processing center. ?

From the first day of token issue.

Will you be staying online for 50 years ? what is the guarantee ?

From what I've seen, not that much. I bought a little over 1k tokens, and daily rent income would be $1.10, about $35 a month.  Undecided

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July 10, 2017, 11:57:35 PM
 #913

i have a question.

if i buy 1 WTT token for $1.10 how much i will earn daily and when i will receive payout ?

what does this means.

50-year rent-free access to Giga Watt processing center. ?

From the first day of token issue.

Will you be staying online for 50 years ? what is the guarantee ?

From what I've seen, not that much. I bought a little over 1k tokens, and daily rent income would be $1.10, about $35 a month.  Undecided

So this is not a good investment if your numbers says the truth. I will pay $1,100 and I will only have $35 a month as the income. This is $420 per year. It will almost take 3 years to reach my return of investment. If I'm not using a mining equipment, this is not logical to buy WTT tokens.

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July 11, 2017, 03:34:31 AM
 #914

i have a question.

if i buy 1 WTT token for $1.10 how much i will earn daily and when i will receive payout ?

what does this means.

50-year rent-free access to Giga Watt processing center. ?

From the first day of token issue.

Will you be staying online for 50 years ? what is the guarantee ?

From what I've seen, not that much. I bought a little over 1k tokens, and daily rent income would be $1.10, about $35 a month.  Undecided

So this is not a good investment if your numbers says the truth. I will pay $1,100 and I will only have $35 a month as the income. This is $420 per year. It will almost take 3 years to reach my return of investment. If I'm not using a mining equipment, this is not logical to buy WTT tokens.

I think the intention is most people buying tokens will be mining, its to provide passive income for the interims you aren't mining.

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July 11, 2017, 03:39:06 AM
 #915

i have a question.

if i buy 1 WTT token for $1.10 how much i will earn daily and when i will receive payout ?

what does this means.

50-year rent-free access to Giga Watt processing center. ?

From the first day of token issue.

Will you be staying online for 50 years ? what is the guarantee ?

From what I've seen, not that much. I bought a little over 1k tokens, and daily rent income would be $1.10, about $35 a month.  Undecided

So this is not a good investment if your numbers says the truth. I will pay $1,100 and I will only have $35 a month as the income. This is $420 per year. It will almost take 3 years to reach my return of investment. If I'm not using a mining equipment, this is not logical to buy WTT tokens.

Yea, that's why I'm in the process of buying L3 miners to mine LTC. Might as well right, I bought the tokens already.  Undecided

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ldgryvvh
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July 11, 2017, 06:18:52 AM
 #916

Hi i read that on Crown and Smith that the incorporation status is in Singapore.
Any explanation on this and why?

So when i invest in these tokens, how is it binding to what i am offered which is the services as mentioned.
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July 11, 2017, 08:33:24 AM
 #917

I also invested in L3 miner. Keep in mind that hash difficulty will blow by every batch of cource.

The Pandaminer can catch fire. Did see some pictures and read some stories. I glad that Giga Watt not offered the new Pandaminer b5 yet. Does Giga Watt please all Pandaminers in the same Gigawatt pod, so not by the asic miners? Has Giga Watt have some fire prevention matters for risky miners?
Bendra
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July 11, 2017, 03:31:09 PM
 #918

Has Giga Watt have some fire prevention matters for risky miners?

Yes, according to an official statement in their Whatsapp Group:

Question was: Is there an insurance on the facility that covers the owners of miners? Ex: fire or naural disaster caused a lost of 3 gigapods

Official Answer: Yes, there is an insurance that will cover owners of miners in case of a disaster
Mr Frog
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July 11, 2017, 11:37:43 PM
 #919

i dont think GW will have any legal issues

The company is registered, no need for everyone else to register a business in USA.




Yes you do. It does not matter if they are registered. Every company needs to make sure that every business partner can be identified. To do that, they need to dox every customer. If said customers are i.e. using an offshore company, they can be sued by the IRS or every other national group for the support of money laundering, tax evasion or similar.

The fact that they are a registered business also means, that the IRS is regularly checking not only the book, but also contracts between customers and Giga.  Mining in the USA is classified as a business as soon as you are doing it for profit and in a long term mater (the time frame does not really mater that much, but as long as you do it for profit you operate a business and you can't deny you do it for profit). Hence every customer needs to register their business activity with the authorities. You don't do it, Tax Fraud/Tax evasion. And therefore Giga is supporting it, resulting in possible law suits. 

If they accept foreign nationals, its even more difficult and easy to fall into some tax problems....




Its one thing to have a miner in your garage, but a whole other thing if you run a business or in that case need a datacenter where your mining is on record for IRS.  And it does not mater, where you live. EVERY COUNTRY got this rule of operating a business.


So the second you place your miner in another country you need to check if the placing of hardware alone is enough to classify as a permeant place of production....




And like it or not, they have no clue about any of these issues. Collecting money is one thing, making sure you are able to stay belly up another. This might have all been easy for them when they were operating only personal miners, now that they offer it to others, the legal base is a lot different....



That may help ?

In March 2013, the U.S. Financial Crimes Enforcement Network issues a new set of guidelines on "de-centralized virtual currency", clearly targeting Bitcoin. Under the new guidelines, "a user of virtual currency is not a Money Services Businesses (MSB) under FinCEN's regulations and therefore is not subject to MSB registration, reporting, and record keeping regulations." Miners, when mining bitcoins for their own personal use, aren't required to register as a MSB or Money Transmitter.

In general, there are a number of currencies in existence that are not official government-backed currencies. A currency is, after all, nothing more than a convenient unit of account. While national laws may vary from country to country, and you should certainly check the laws of your jurisdiction, in general trading in any commodity, including digital currency like Bitcoin, BerkShares, game currencies like WoW gold, or Linden dollars, is not illegal.

Source: https://en.bitcoin.it/wiki/Myths#cite_note-3

Now as I understood they are not mining for us. We are mining in a way via cloud mining. We own the miner, we own the GW token to get the electricity, we pay the fees, we choose the pool, the coin to mine, even if we want the miner on or off, everything is done by us except maintenance ...via a software. They only host and service our miner technically. No ?

I don't really know if it works like this. I just try to understand.

I did not post this message, The Russians did it !
cryptovn83
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July 12, 2017, 06:30:52 AM
 #920

Hi, I want to know how many LTC can 1 L3+ miner can mine in 1 day in Giga-watt, please?
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