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Author Topic: ⚡⛏️[ANN] Giga Watt: Best Home for your Mining. Starts today!  (Read 158786 times)
Bendra
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July 12, 2017, 03:52:09 PM
 #921

I am pretty sure that even if they want to give a full answer to this tax questions, they can't because the laws in place do not describe how to treat bitcoins. You are right that there is a potential thread but this will only be confirmed when the respective laws will be introduced.

See also: https://en.bitcoin.it/wiki/Tax_compliance#How_are_Bitcoins_that_I_have_mined_treated_for_tax_purposes.3F
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July 13, 2017, 07:10:38 AM
 #922

Τhe ann threads how now been updated

https://bitcointalk.org/index.php?topic=1954941.msg20104797#msg20104797

https://bitcoingarden.org/forum/index.php?topic=15337.msg173179#msg173179

★★★ 450+ GREEK★★★TRANSLATIONS ★★★
FAST ★★★ FLAWLESS ★★★ CHEAP ★★★ https://bitcointalk.org/index.php?topic=1175769.new#new
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July 13, 2017, 11:05:09 AM
 #923

Hi I am looking to invest in upcoming ICOs, I have general questions about WTT though. Can you reply without boilerplate white paper response, please?

First, Giga Watt facilities have 2.25 MW of capacity (0.75 MW more under construction), correct? Why are you issuing 34.5 MWs of tokens?
Second, why do I need WTT token when I have to buy the mining rigs on top? This seems like immediate lump-sum payout to Giga Watt in exchange for maybe/maybe-not long term savings on energy costs.
Is that correct?

If I'm not interested in mining, then what value is there other than trading the tokens and speculating on them?

Thanks.
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July 13, 2017, 11:15:21 AM
 #924

If I buy 880 WTT (current cost $968) that will give me ownership of 1 litecoin miner capacity, right?
But I have to buy the rig on top and realize $968 in energy savings for return on investment, not considering what income is made from mining. Is that correct?

If I don't buy any mining equipment from the "PARTNER" what is the value other than speculating the token price goes up?

Thanks.
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July 13, 2017, 11:25:06 AM
 #925

Hi I am looking to invest in upcoming ICOs, I have general questions about WTT though. Can you reply without boilerplate white paper response, please?

First, Giga Watt facilities have 2.25 MW of capacity (0.75 MW more under construction), correct? Why are you issuing 34.5 MWs of tokens?
Second, why do I need WTT token when I have to buy the mining rigs on top? This seems like immediate lump-sum payout to Giga Watt in exchange for maybe/maybe-not long term savings on energy costs.
Is that correct?

If I'm not interested in mining, then what value is there other than trading the tokens and speculating on them?

Thanks.

Ok but have you at least been on the Cryptomonos website or even the giga watt website lol

https://cryptonomos.com/wtt/
https://giga-watt.com/

And on top of that you want answers about things you are not interested in ?
Everything is explained on the website. Easy to understand.

You can rent those tokens to the miners if you don't want to invest in mining equipment.

I did not post this message, The Russians did it !
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July 13, 2017, 11:37:11 AM
 #926

Hi I am looking to invest in upcoming ICOs, I have general questions about WTT though. Can you reply without boilerplate white paper response, please?

First, Giga Watt facilities have 2.25 MW of capacity (0.75 MW more under construction), correct? Why are you issuing 34.5 MWs of tokens?
Second, why do I need WTT token when I have to buy the mining rigs on top? This seems like immediate lump-sum payout to Giga Watt in exchange for maybe/maybe-not long term savings on energy costs.
Is that correct?

If I'm not interested in mining, then what value is there other than trading the tokens and speculating on them?

Thanks.

Ok but have you at least been on the Cryptomonos website or even the giga watt website lol

https://cryptonomos.com/wtt/
https://giga-watt.com/

And on top of that you want answers about things you are not interested in ?
Everything is explained on the website. Easy to understand.

You can rent those tokens to the miners if you don't want to invest in mining equipment.

I'm not sure why you think I'm not interested in mining? The first question I asked about was mining. But it's important to know what the incentive is for all stakeholders.
And yes, I went to the websites and read the whitepaper already. I may feel it wasn't explained enough and want more clarity.

If I'm interested in mining, why not just buy the equipment and host at Giga Watt facilities without messing around with the tokens?
It's because you pay Giga Watt upfront to realize energy savings over time, right? If that's wrong, then please explain.

If I'm not interested in mining, and I buy the WTT tokens but no equipment. OK I saw where you can rent out the tokens, but this is just euphemism for speculation, right?

And why 34.5 MW capacity issued when Giga Watt only has 3MW capacity?

Thanks.
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July 13, 2017, 11:45:29 AM
 #927

Hi I am looking to invest in upcoming ICOs, I have general questions about WTT though. Can you reply without boilerplate white paper response, please?

First, Giga Watt facilities have 2.25 MW of capacity (0.75 MW more under construction), correct? Why are you issuing 34.5 MWs of tokens?
Second, why do I need WTT token when I have to buy the mining rigs on top? This seems like immediate lump-sum payout to Giga Watt in exchange for maybe/maybe-not long term savings on energy costs.
Is that correct?

If I'm not interested in mining, then what value is there other than trading the tokens and speculating on them?

Thanks.

Ok but have you at least been on the Cryptomonos website or even the giga watt website lol

https://cryptonomos.com/wtt/
https://giga-watt.com/

And on top of that you want answers about things you are not interested in ?
Everything is explained on the website. Easy to understand.

You can rent those tokens to the miners if you don't want to invest in mining equipment.

I'm not sure why you think I'm not interested in mining? The first question I asked about was mining. But it's important to know what the incentive is for all stakeholders.
And yes, I went to the websites and read the whitepaper already. I may feel it wasn't explained enough and want more clarity.

If I'm interested in mining, why not just buy the equipment and host at Giga Watt facilities without messing around with the tokens?
It's because you pay Giga Watt upfront to realize energy savings over time, right? If that's wrong, then please explain.

If I'm not interested in mining, and I buy the WTT tokens but no equipment. OK I saw where you can rent out the tokens, but this is just euphemism for speculation, right?

And why 34.5 MW capacity issued when Giga Watt only has 3MW capacity?

Thanks.

Sorry I have no time to go through it all. And also if I miss understood you. There is videos from Giga watt who may help you understand  the all concept.

Dave Carlson at Consensus 2017. Mining for Dummies.
https://www.youtube.com/watch?v=e0getvVRkTE

Intro to Giga Pod
https://www.youtube.com/watch?v=_VYksAS2N1k

And part of the money from the tokens goes for the pods constructions. That is why you have the tokens for 50 years. Those pods have 50 years life time.

I did not post this message, The Russians did it !
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July 13, 2017, 11:47:52 AM
 #928


Sorry I have no time to go through it all.

I'm not sure you are that helpful nor a good salesman, then. Are you associated with WTT at all?
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July 13, 2017, 11:48:41 AM
 #929

No I just try to help you man. I am Not associate with nobody.

ICO Special Review: Giga Watt Mining Token. Is this ICO right for you?
https://www.youtube.com/watch?v=d8GdmY_OymQ

I did not post this message, The Russians did it !
Mr Frog
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July 13, 2017, 12:20:26 PM
 #930

If I buy 880 WTT (current cost $968) that will give me ownership of 1 litecoin miner capacity, right?
But I have to buy the rig on top and realize $968 in energy savings for return on investment, not considering what income is made from mining. Is that correct?

If I don't buy any mining equipment from the "PARTNER" what is the value other than speculating the token price goes up?

Thanks.
NO. That gives you nothing else than the tokens, that is all. Now you can rent your tokens if you want. But you don't own anything else than the tokens.

If you have 880 WTT you can rent them to a person who brought the miner but who have not enough tokens.
If you have both token and miner great you can mine 100% for yourself.

What is difficult to understand ?

I did not post this message, The Russians did it !
FlamingFingers
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July 13, 2017, 12:55:25 PM
 #931

If I'm interested in mining, why not just buy the equipment and host at Giga Watt facilities without messing around with the tokens?
It's because you pay Giga Watt upfront to realize energy savings over time, right? If that's wrong, then please explain.

If I'm not interested in mining, and I buy the WTT tokens but no equipment. OK I saw where you can rent out the tokens, but this is just euphemism for speculation, right?

And why 34.5 MW capacity issued when Giga Watt only has 3MW capacity?

Thanks.
Regarding your first question:
Because purchased tokens represent your right to use Giga Watt facility's capacity, renting it freely for 50 years. Also tokens can be used to accommodate your own miners at Giga Watt's facility (which is not available at the moment due to overwhelming orders). Please, read forward on our website https://giga-watt.com or https://cryptonomos.com/wtt/

Regarding your second question:
Yes. It is already written in Giga Watt's White Paper – Risks section that Giga Watt can't assure that all tokens will be rented out, but they will try their best to work this matter out.

Regarding the last question:
The whole 34.5 MW capacity worth of tokens won't be issued immediately. As you can see on our website's Projected Timeline, the tokens will be issued in batches, with every batch released, an equivalent number of GigaPods will be constructed.

If you have any other question or inquiries, please, either read Giga Watt's FAQs: https://cryptonomos.com/wtt/faq/ or ask them here: support@giga-watt.com 
NewbCoins
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July 13, 2017, 01:01:58 PM
 #932

Ok thank you. I have one last question.

If you buy 880 WTT and one mining rig from "PARTNER", what happens if you want to sell token later? Why is rent only option? This doesn't make sense to me because I assume there will be some kind of trading exchange.
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July 13, 2017, 01:09:12 PM
 #933

Ok thank you. I have one last question.

If you buy 880 WTT and one mining rig from "PARTNER", what happens if you sell the token later?
You will lose your right to use Giga Watt facility's capacity, and you won't be able to make your mining rig functional at our facility. Also note that you purchase the tokens once for a 50-year usage, if you lose your tokens, you won't be able to use Giga Watt's facility.

Why is rent only option? This doesn't make sense to me because I assume there will be some kind of trading exchange.
Giga Watt's team is not planning for trading the tokens on exchanges, at least not right after the crowdsale ends.

The rent option is for clients who are not personally interested in the mining business, they could rent their WTT tokens out (earning daily profits from the renting for 50 years) to miners who either missed the opportunity to purchase enough tokens for their mining rigs, or want to expand their mining rigs. You can see how much one would earn from renting out the tokens they possess using Giga Watt's calculator: https://cryptonomos.com/wtt/calculator

Giga Watt's website will serve as a marketplace on which renters and miners can find each other.
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July 13, 2017, 03:32:11 PM
 #934

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

Since this starting to border masochism...after three weeks, in a last attempt to get honest answers from giga-watt to important questions above that remain unanswered that interest me and a lot of the members of the community here, I hereby:

1. License the above questions in post #666 (https://bitcointalk.org/index.php?topic=1914900.msg19691807#msg19691807) under the GNU GPL v.2 for free use by anyone.
2. I give anyone the full right to refer these questions to Support@giga-watt.com for their answers.


Make sure you keep the community updated when you sent the email and post here the Date and Title of your Email message with these questions so we can keep track of them and see how "quick" and "fast" their support is. Please post their reply here so every can benefit from their answers.

If they fail to answer within a week, I think we have found the next adventure with incompetent management and we can collectively refer to them as the next Mt.Giga-Gox from now on.

 Cool keep it rollin...
https://www.youtube.com/watch?v=t99KH0TR-J4
FlamingFingers
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July 13, 2017, 09:11:15 PM
 #935

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 ?!?
Yes. Giga Watt will be building new GigaPods based on the demand.

Quote
2. Will Giga-Watt provide some storage to customers for spare parts for mining equipment that will wear out?
No. When you host your miners at Giga Watt's facilities and pay all of your fees, Giga Watt's team will be responsible for the maintenance and repairs with its on-site service center.

Quote
3. What about Network bandwidth? How much is provided with each 1W of power? Is there an option to buy more bandwidth?
Giga Watt is responsible for the network. Clients don't pay for the network, nor have an option to buy more. We are using independent fiber-optic Internet connection.

Quote
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?
Humidity level averages between 10%-54% (Summer) and 65%-80% (Winter) in Wenatchee, WA. The lesser the Humidity in summer, the better it is for mining rigs. In the winter, at very low temperatures, Humidity doesn't matter (anything below 10°C). Theoretically, the ideal conditions would be: 5°C-100% Humidity, 20°C-50% Humidity, and 40°C-0% Humidity before rust can happen.

There is another factor which is Dew Point. At any given time, if Dew Point is less than Temperature, there will be no rust. However, in winter, Dew Point becomes higher than Temperature, which may cause rust, but the heating from mining rigs will keep the Temperature higher. At this point, mining rigs might rust after 10 years or less.
 
Quote
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.
Giga Watt provides ALL of its clients remote access to their mining equipment. Mining equipment owners can monitor their mining rigs' performance and update it at any time.

Clients WILL determine which coin to mine, technicians WILL determine the coins which will be listed for clients to choose from (coins that are compatible with the mining equipment hosted at Giga Watt's facility). For instance, some low coins may seem good for a client to mine, but due to calculations (that the client may not be aware of), it is not profitable to mine that coin, and might cause them losses.

Quote
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.
There are no setup fees for the mining equipment purchased from Giga Watt Ltd. (Giga Watt's Partner). The mentioned fees are for the mining equipment that the owner already bought (not from Giga Watt's Partner), and shipped to Giga Watt's facility in order to be hosted.
There are no hidden fees — Transparency is Giga Watt's first rule.  

Quote
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."
Retail customers are clients who have very small number of mining equipment (1-9 mining equipment). They can only mine the most famous coins such as BTC, ETH, and LTC for now, with the intention to expand this list in the future.

Quote
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?
Answered at number 5.

Quote
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.
Join our Slack, or Telegram, and you will be able to speak with all of our team members with their real identities. Cryptonomos is the one responsible of this announcement thread as they will launch the token crowdsale. With all due respect, no CEO will come to a random forum to respond to a random potential client.

Quote
10. What exactly is included in $0.5 cents maintenance fee? Which kind of work/procedures?
Labor costs, the hours required to run the company’s operations, and maintaining the projected number of facilities and the clients' equipment.

Quote

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?
No, there will be no additional charges other than the hosting fees. Yes, you can store them but to an extent. Giga Watt reserves the right to dismiss any mining equipment at any given time.
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July 14, 2017, 11:56:23 AM
 #936

Thank you for the answers and for this project. & I also love your transparency, there is nothing to hide here.

It's a Great offer, and it's so cool to finally have an honest company with terrific electricity rate coming on the market to offer a full service mining solution. When compare to existing cloud mining rate it is a joke. I love it.

Everybody including Newbies will now be able to mine at a better rate than a lot of miners around the world.

& And for sure that will pissed off a lot of them. (cf. certainly some on this OP) I think they should join the party, no need for them to mine at home now.  Wink

I did not post this message, The Russians did it !
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July 14, 2017, 11:58:01 AM
 #937

Thank you for the answers and for this project.

I agree, thanks a lot for those very detailed explanations!
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July 14, 2017, 02:23:35 PM
 #938

@Flamingfingers: thanks for your answers and your transparancy! One (presumably stupid) question though: are you part of the Gigawatt and/or Cryptonomous team?
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July 14, 2017, 03:33:42 PM
 #939

@Flamingfingers: thanks for your answers and your transparancy! One (presumably stupid) question though: are you part of the Gigawatt and/or Cryptonomous team?
Cryptonomos Support Team.
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July 14, 2017, 04:08:53 PM
 #940

When can we start using our WTT ?!

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