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Author Topic: [SUSPENDED] - Selling 1Ghash mining contract - $167/month  (Read 1605 times)
Adam
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July 03, 2011, 03:59:06 AM
 #1

I'm suspending this offer for the time being but don't want to delete yet because I may reopen it.  I'll bump the thread if it is reopened

I'm selling a mining contract for a one year period.  It will be to rent one gigahash/sec and receive zero variance payments at every difficulty change.  The buyer has to pay for the full year in advance, but they will receive rates that are vastly better than any other option on the market today.  The price will be $2,000 - which works out to an average of $167 a month.  This should be less than half of the price offered by anyone else.  Of course the commitment on those deals is not as long, but this is my tradeoff required to offer you such a price.

The payments will be made every time the difficulty changes, and you will be paid the exact zero-variance amount that 1ghash should have earned over that time period.  For example, the current difficulty is 1,379,223 and 1ghash is expected to earn .7293 BTC per day.  If it takes 12.5 days exactly to go through 2016 blocks (the amount required for a difficulty change) then you will receive a payment of 9.116 BTC (12.5 x .7293) on the day the difficulty changed.  It may sound a little complicated, but the end result is perfect zero variance payments without needing to make 365 individual transactions if I paid daily or needing to calculate pro-rata amounts for days that the difficulty changed.

I believe I can accept paypal as a payment for this transaction at an additional 5% fee (so $2,100 total).  I'll want to clear this with paypal first, but my plan is to sell you a flash drive with your first payment stored in a wallet.dat.  You will need to be verified with a confirmed address and I will mail you the flash drive with signature confirmation required.  To prevent chargebacks, the transaction will not mention bitcoins at all, but will appear as if you are just buying the flash drive.  I will also accept payment by any method where no charge back is possible, such as Mt. Gox or bitcoins.

To show you that I am legitimate, here is a screen shot showing that I am a top-rated ebay powerseller with nearly 10,000 feedback and sales of over $25,000 a month.  I have blocked out my name for the time being because I don't want it public for just anyone, but I will of course disclose it to buyers and verify my identity by contacting you through ebay.

Please contact me or post with any questions.


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GooberGoo
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July 03, 2011, 11:53:08 AM
 #2

For the lay person, can you explain "zero-variance" again in real-dollar terms?

For example, we all know the difficulty now is 1,379,223, which currently yields and approx of .73 BTC / day, 22.17 BTC a month

and is set to go up to 1,571,848 which will yield less.

The question then is, as difficulty goes up, safe to assume that the yield in BTC will decrease right?

Duffman
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July 03, 2011, 12:37:08 PM
 #3

not that I doubt its your account, but a tip: type your username of the forum you're posting on and the forum's name into the search bar.  this not only helps make the case that its your account, but it stops others from using it elsewhere claiming its their account. Wink
Adam
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July 03, 2011, 02:51:40 PM
 #4

For the lay person, can you explain "zero-variance" again in real-dollar terms?

For example, we all know the difficulty now is 1,379,223, which currently yields and approx of .73 BTC / day, 22.17 BTC a month

and is set to go up to 1,571,848 which will yield less.

The question then is, as difficulty goes up, safe to assume that the yield in BTC will decrease right?



Zero-variance payments mean you get the exact amount you would expect to earn on average.  Using the current yield of .73 btc per day, you would get an amount equal to that daily rate every pay period.  It's called zero variance because it's a fixed rate based on the difficulty, while if you mined on any pool you would have some lucky days and some unlucky days and would never be able to earn a fixed rate like this.  Pools also have fees which would reduce the amount you earn. 

If the difficulty does go up to 1,571,848 the 1ghash will be expected to pull in .64btc/day from then on.  You would want to come up with a reasonable expectation on what you expect the future difficulty growth to be over the next year and decide if it's worth it for you.  No one can say for sure what will happen, but it's pretty likely that difficulty will increase at a decent rate in the short term and will probably level out when mining becomes only marginally profitable.  So I can't say exactly how many BTC this contract will produce over it's lifetime because anything could happen, but I expect it to earn somewhere between 100 and 250 BTC.

skyhigh
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July 04, 2011, 08:11:55 PM
 #5

Adam nice and transparent except your predictions that contract will earn somewhere from 100 and 250 BTC. Wrong and very deceptive. Contract will earn from 50 to 120 BTC for $2000, which we can say it's a ripoff, based on the fact that $2000 buys you 130+ BTC.

You should adjust price to $120/mo and lower the length to 6 months, total $720. This way you would still make a profit and most naysayers will let you be, because whoever contracts you is actually making a profit at the start. This will make it at least somewhat reasonable for anyone to consider it.

Consider $120/mo for 6months. If you do that, I suggest you also advertise this under mining subforum, where there are other offers like yours and since yours would be cheapest one, you might get more customers. If you not willing to change the price, you will get people in your thread showing you that none of this makes any sense which might lead to less customers.
shakaru
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July 04, 2011, 08:33:17 PM
 #6

Im paying more that $100 less from two people for 1ghs contracts. If your willing to match, ill buy now

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