Your thoughts on a $3.00 - $3.24 per GH/s per Year Bitcoin Mining Contract

[Buffer Overflow]

If you think there's nothing wrong with OP saying give me x amount of money and I guarantee to generate a number greater then x with no risk for you then I wish you luck with your "business".

Guaranteed return. No risk.

Massive red flag. No such investment exists.

[1714722527]

1714722527

[1714722527]

1714722527

[fxkevin]

The word investment IMPLIES risk, economics 101.

Even with a guarantee there is risk, whether it's time related or default related.

Again for me, if the price is right, and the business plan is sound, and the plan comes to fruition...then I am interested.

[Supercomputing]

If you think there's nothing wrong with OP saying give me x amount of money and I guarantee to generate a number greater then x with no risk for you then I wish you luck with your "business".

Guaranteed return. No risk.

Massive red flag. No such investment exists.

What's wrong with this forum software? Even after waiting for several hours I keep receiving the same error message when I attempt to make a reply to a post, I need to wait for 360 seconds. Did this software even pass QA? Anyway, moving forward with my reply.

It is a guarantee against loss not profit in terms of BTCs, completely different meaning. For example: you exchange $1000 USD for 10 BTC today, and a year from now, you exchange 15 BTC for $750 USD. You acquired more BTCs but you actually suffered a loss, so it is not risk free. The exchange rate between BTC and USD is very volatile, this is your risk. You know what it is now and not a year from now.

I have purchased many different types of insurance coverages over the years that protected me against a loss. And without such converges, there are many things that I would not have done.

[Supercomputing]

The word investment IMPLIES risk, economics 101.

Even with a guarantee there is risk, whether it's time related or default related.

Again for me, if the price is right, and the business plan is sound, and the plan comes to fruition...then I am interested.

I am not making such an offering at this time. But, I am in the position to make such an offering if there will be enough customers to move forward with my volume purchase. I already have the volume purchase pricing for hardware and the data center pricing to host it. And the following two things must also happen:
Gauge market demand - without market demand the plan is DOA.
Establish credibility - if there is market demand but if I cannot establish an acceptable level of credibility, the plan is DOA.

For now, I am simply gauging interest, and establishing credibility is going to be the difficult part. I am up for the challenge when it comes to that step.

[Supercomputing]

Hmm let's see.  You have enough btc to buy hardware but you want others to "invest" with you so you can use their btc to buy hardware.  Then you'll keep your btc "in reserve" to cover the "investors" aka "suckers" with your "guarantee".  I got it.  Oh and then you got another member possibly a sock here throwing around big numbers to make it all sound super duper.  Thread reserved for future entertainment value. 

Watch these YouTube videos if you would like to be entertained. I enjoyed watching them so much that I saved the links:

http://www.youtube.com/watch?v=S3xhyj-e0Kk

http://www.youtube.com/watch?v=6qSj24_E_lU

http://www.youtube.com/watch?v=wgr3qEjbstM

Now, that's what I call entertainment.

Enjoy.

[Buffer Overflow]

So I assume OP would have no objections putting investors backup guarantee coins safely in escrow for safe keeping?

[Supercomputing]

So I assume OP would have no objections putting investors backup guarantee coins safely in escrow for safe keeping?

Yes with the following requirements:

1), It must be a muli-signature escrow. The seller, the buyer, and the escrow manager each hold a key to the buyer's reserves -  any 2 out of 3 keys can release funds.

2). The escrow manger must reside in the USA.

[Buffer Overflow]

So I assume OP would have no objections putting investors backup guarantee coins safely in escrow for safe keeping?

Yes with the following requirements:

1), It must be a muli-signature escrow. The seller, the buyer, and the escrow manager each hold a key to the buyer's reserves -  any 2 out of 3 keys can release funds.

2). The escrow manger must reside in the USA.

In that case I wish you good luck. Investment not for me as it involves pre-ordering. But best of luck anyway.

[User705]

With this new awesome news lets review the business plan again.  I the buyer send BTC to you and you send it to escrow.  Lets just simplify that step as it seems unnecessary.  I send BTC direct to escrow.  You proceed to order gear to start mining in January and send me the mined BTC.  If I don't get back more BTC then what's in escrow I call up the escrow and get the extra BTC from there.  Does that sound about right?  I wonder if we shouldn't simplify even further.  I sign up and you just send me any extra BTC you will mine next year since the whole escrow is redundant because I am guaranteed to get more BTC then I put into it anyways.  Right?

[Buffer Overflow]

I wonder if we shouldn't simplify even further.  I sign up and you just send me any extra BTC you will mine next year since the whole escrow is redundant because I am guaranteed to get more BTC then I put into it anyways.  Right?

Sounds good to me. I'll sign up. 

[Supercomputing]

With this new awesome news lets review the business plan again...I sign up and you just send me any extra BTC you will mine next year since the whole escrow is redundant because I am guaranteed to get more BTC then I put into it anyways.  Right?

You are correct and your logic still holds. Let us work out an example:

You sign up with zero BTC.

I calculate your percentage of the Bitcoin network's hashing rate as (0 x HashRate) = 0

At the end of the year, you will have zero BTC and you will be no worse of than when you started.

[Wipeout2097]

$3 per Gh/s is an excellent price for a mining contract, IMHO.

Edit: if this comes out as the equivalent of lending money at an unknown interest rate, from as low as 0% as up to whatever BTC worth can be made from the mining contract, then it may be a decent deal for ME. It's better than an investment fund. To each, his own.

I just want that a way is provided to be 100% sure that I get at least my money back.

[topminingcontracts]

Well may be or not a Scam, I feel is someone not considering all the costs, For january the best deal looks Cointerra for about u$s 3 per GH.

But to operate the miner 1 year costs another $3.

So the lowest possible cost today is like u$s 6 for January. BFL probably will shot Feb or March and will be a total loss.

You cant check many offers more "tangible" some will start mining in October if you still found some available contracts.

http://www.topminingcontracts.com

TMC

[Puppet]

I just want that a way is provided to be 100% sure that I get at least my money back.

Yeah Id love to play satoshi dice with such a guarantee too.. Guess what, its not gonna happen unless santaclaus goes in to hosted mining business (or bitcoin gambling).

[topminingcontracts]

If you think there's nothing wrong with OP saying give me x amount of money and I guarantee to generate a number greater then x with no risk for you then I wish you luck with your "business".

Guaranteed return. No risk.

Massive red flag. No such investment exists.

What's wrong with this forum software? Even after waiting for several hours I keep receiving the same error message when I attempt to make a reply to a post, I need to wait for 360 seconds. Did this software even pass QA? Anyway, moving forward with my reply.

It is a guarantee against loss not profit in terms of BTCs, completely different meaning. For example: you exchange $1000 USD for 10 BTC today, and a year from now, you exchange 15 BTC for $750 USD. You acquired more BTCs but you actually suffered a loss, so it is not risk free. The exchange rate between BTC and USD is very volatile, this is your risk. You know what it is now and not a year from now.

I have purchased many different types of insurance coverages over the years that protected me against a loss. And without such converges, there are many things that I would not have done.

You are new...

[Supercomputing]

Well may be or not a Scam, I feel is someone not considering all the costs, For january the best deal looks Cointerra for about u$s 3 per GH.

But to operate the miner 1 year costs another $3.

So the lowest possible cost today is like u$s 6 for January. BFL probably will shot Feb or March and will be a total loss.

You cant check many offers more "tangible" some will start mining in October if you still found some available contracts.

http://www.topminingcontracts.com

TMC

You are correct, but is not as bad as you make it seem. I already have all of the infrastructure equipment (firewalls, switches, servers, etc) because of my line of work

Power contract for the data center = $0.036 kWh
Power Usage Effectiveness (PUE) = 1.5
Device = 2 TH/s (2,000 GH/s)

DaysPerMonth = 30.4
HoursPerDay = 24
KiloWattHour = $0.036
DevicePowerUsage = 1.2 kW
PUE = 1.5

(30.4) x (24) x (0.036) x (1.2) x (1.5) = $47.28 per device per month.

 $47.28 is your base monthly cost per device, and you host 8 devices (9.6 kW) per rack = $378.24 per rack = ($0.024 per GH/s)

The data center charges me $933 per rack (at wholesale) per month. As you can see, this is excellent wholesale pricing for data center space and power.

So now let us look at the bigger picture for 1 year. To host 1 PH/s @ 1.2 kW per device, you need 63 racks = ($933 x 63 x 12) = $705,348.

I sale 1,000,000 GH/s for $3.00 per GH/s = $3,000,000 - $705,348 = $2,294,652

 $2,294,652 go towards the purchase of hardware at volume pricing plus I pay for the difference out of pocket.


I am betting that I will make enough in transaction fees for a net a profit of 5% ($150,000) or less over 12 months. Also I will have 1 PH/s of equipment at the end of the year and that is when I will start to make a decent profit. I already sold 100 TH/s to another early adopter last week with no BTC guarantees, 90% to go.

[topminingcontracts]

Well may be or not a Scam, I feel is someone not considering all the costs, For january the best deal looks Cointerra for about u$s 3 per GH.

But to operate the miner 1 year costs another $3.

So the lowest possible cost today is like u$s 6 for January. BFL probably will shot Feb or March and will be a total loss.

You cant check many offers more "tangible" some will start mining in October if you still found some available contracts.

http://www.topminingcontracts.com

TMC

You are correct, but is not as bad as you make it seem. I already have all of the infrastructure equipment (firewalls, switches, servers, etc) because of my line of work

Power contract for the data center = $0.036 kWh
Power Usage Effectiveness (PUE) = 1.5
Device = 2 TH/s (2,000 GH/s)

DaysPerMonth = 30.4
HoursPerDay = 24
KiloWattHour = $0.036
DevicePowerUsage = 1.2 kW
PUE = 1.5

(30.4) x (24) x (0.036) x (1.2) x (1.5) = $47.28 per device per month.

 $47.28 is your base monthly cost per device, and you host 8 devices (9.6 kW) per rack = $378.24 per rack = ($0.024 per GH/s)

The data center charges me $933 per rack (at wholesale) per month. As you can see, this is excellent wholesale pricing for data center space and power.

So now let us look at the bigger picture for 1 year. To host 1 PH/s @ 1.2 kW per device, you need 63 racks = ($933 x 63 x 12) = $705,348.

I sale 1,000,000 GH/s for $3.00 per GH/s = $3,000,000 - $705,348 = $2,294,652

 $2,294,652 go towards the purchase of hardware at volume pricing plus I pay for the difference out of pocket.


I am betting that I will make enough in transaction fees for a net a profit of 5% ($150,000) or less over 12 months. Also I will have 1 PH/s of equipment at the end of the year and that is when I will start to make a decent profit. I already sold 100 TH/s to another early adopter last week with no BTC guarantees, 90% to go.

And the cooling? Cooling may double your electricity cost.

All the best

TMC

[Supercomputing]

Cooling is part of the Power Usage Effectiveness (PUE).

Thank You.

[Wipeout2097]

OP, ignore the snobs and thread crappers. $3 is an excellent price per Gh/s, and being a junior member does not mean anything for credibility. Yes, going forward with this there must be assurances, but _anyone_ must do such before I throw money at their direction.

However, $810 is too steep for entry level

[Wipeout2097]

I just want that a way is provided to be 100% sure that I get at least my money back.

Yeah Id love to play satoshi dice with such a guarantee too..

You can have such a guarantee in some countries