Mining contract - 8,000 MH/s

[yochdog]

I am going to try this again.....my last offer led to confusion and bizarre counter-offers.  


I own a mining operation that hashes at a minumum of 7,500 MH/s, and gets closer to 9,000 MH/s in the evening.  Over the last week I have averaged just over 8,000 MH/s.  I am willing to rent out this "farm" to interested parties.  
  

Terms are as follows:

1)  7 day contract
2)  Guaranteed 8,000 MH/s average over the contract term
3)  MINING WILL BE DONE AT MY CURRENT POOL, you will merely recieve the pay-outs.  I will set auto payment for every 2.5 BTC
4)  Any increase in mining power over the contract is yours, gratis.  (I am continually adding GPU's)
5)  Payment is to be made half in advance, half at the midpoint of the contract.  

Price:  26 BTC


My terms are firm, please DO NOT ask for something different.  If no one is interested, I am glad to keep hashing away and keeping the BTC myself.  

If you would like to purchase this contract, reply with your BTC address and send your initial payment to my BTC address (which can be found below).

Thanks!  


UPDATE:  I have sold this contract.  I am considering selling another 7 day contract upon completion of this one.  If interested, feel free to respond or PM. 

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[mike678]

lol gl this time. Last thread was hilarious though

[yochdog]

lol gl this time. Last thread was hilarious though

I noticed you were enjoying the show.....

perhaps you should buy the contract this time around?!

[BitSense Informatics]

Just sent you a PM

[mute20]

What cards are you using and how many systems do you have?

[yochdog]

What cards are you using and how many systems do you have?

I have a tentative deal, but I will regale you with my stats anyway.

5   x 6970
10 x 6950
3   x 5830
3   x 5850
6   x 5770

These cards are spread over 20 workstations.

[SgtSpike]

You say guaranteed 8000MH/s - how can the renter be assured of this guarantee?  The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s.  So why only charge 26 BTC?  Do you just need a short-term loan?

Just trying to figure out "what's the catch".  What is your reason for doing this?

[mute20]

You say guaranteed 8000MH/s - how can the renter be assured of this guarantee?  The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s.  So why only charge 26 BTC?  Do you just need a short-term loan?

Just trying to figure out "what's the catch".  What is your reason for doing this?

I assume he needs it upfront to keep adding to his current load.

[yochdog]

You say guaranteed 8000MH/s - how can the renter be assured of this guarantee?  The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s.  So why only charge 26 BTC?  Do you just need a short-term loan?

Just trying to figure out "what's the catch".  What is your reason for doing this?

I have a few reasons for doing this:

1)  I want to establish credibility amongst the BTC community.  I think engaging in some short term mining contracts, and delivering exactly what I promise (or over-deliver) will be a good start.
2)  I doubt anyone will buy a contract if it only pays back what you purchased it for.  Selling it at a discount benefits the buyer (ie, higher expected payout than purchase price), and also benefits me (I know I have 26 BTC at todays price versus 35 BTC at an unknown future price).  Business engage in this type of transaction constantly.....albeit perhaps not at this much of a discount.  

As for the 8,000 MH/s garauntee.....I will be sending the buyer my pool stats periodically so he can independently confirm the mining speed.  I suppose I could fake these, but if I was not delivering the stated speed, surely it would be reflected in abnormally low pay-outs.  

[BitSense Informatics]

You say guaranteed 8000MH/s - how can the renter be assured of this guarantee?  The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s.  So why only charge 26 BTC?  Do you just need a short-term loan?

Just trying to figure out "what's the catch".  What is your reason for doing this?

I have a few reasons for doing this:

1)  I want to establish credibility amongst the BTC community.  I think engaging in some short term mining contracts, and delivering exactly what I promise (or over-deliver) will be a good start.
2)  I doubt anyone will buy a contract if it only pays back what you purchased it for.  Selling it at a discount benefits the buyer (ie, higher expected payout than purchase price), and also benefits me (I know I have 26 BTC at todays price versus 35 BTC at an unknown future price).  Business engage in this type of transaction constantly.....albeit perhaps not at this much of a discount.  

As for the 8,000 MH/s garauntee.....I will be sending the buyer my pool stats periodically so he can independently confirm the mining speed.  I suppose I could fake these, but if I was not delivering the stated speed, surely it would be reflected in abnormally low pay-outs.  

I've been working on getting my own mining farm set up and I have come up with the same reasoning on deciding how mining contracts should be priced. 
The miner is able to hedge their exposure to the USD/BTC exchange rate by selling their production forward.  The speculator (person buying the contract) is assuming the exchange rate risk and is therefore being compensated by being able to purchase the future production at a discount. 

There could be occasions where someone may actually pay more to take delivery a commodity at future date, such as when the cost of storing the commodity is fairly expensive and there is a cost associated with holding the commodity, but that is not the case with BTC.

[SgtSpike]

You say guaranteed 8000MH/s - how can the renter be assured of this guarantee?  The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s.  So why only charge 26 BTC?  Do you just need a short-term loan?

Just trying to figure out "what's the catch".  What is your reason for doing this?

I have a few reasons for doing this:

1)  I want to establish credibility amongst the BTC community.  I think engaging in some short term mining contracts, and delivering exactly what I promise (or over-deliver) will be a good start.
2)  I doubt anyone will buy a contract if it only pays back what you purchased it for.  Selling it at a discount benefits the buyer (ie, higher expected payout than purchase price), and also benefits me (I know I have 26 BTC at todays price versus 35 BTC at an unknown future price).  Business engage in this type of transaction constantly.....albeit perhaps not at this much of a discount.  

As for the 8,000 MH/s garauntee.....I will be sending the buyer my pool stats periodically so he can independently confirm the mining speed.  I suppose I could fake these, but if I was not delivering the stated speed, surely it would be reflected in abnormally low pay-outs.  

Makes sense, thanks for the explanation.

[yochdog]

You say guaranteed 8000MH/s - how can the renter be assured of this guarantee?  The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s.  So why only charge 26 BTC?  Do you just need a short-term loan?

Just trying to figure out "what's the catch".  What is your reason for doing this?

I have a few reasons for doing this:

1)  I want to establish credibility amongst the BTC community.  I think engaging in some short term mining contracts, and delivering exactly what I promise (or over-deliver) will be a good start.
2)  I doubt anyone will buy a contract if it only pays back what you purchased it for.  Selling it at a discount benefits the buyer (ie, higher expected payout than purchase price), and also benefits me (I know I have 26 BTC at todays price versus 35 BTC at an unknown future price).  Business engage in this type of transaction constantly.....albeit perhaps not at this much of a discount.  

As for the 8,000 MH/s garauntee.....I will be sending the buyer my pool stats periodically so he can independently confirm the mining speed.  I suppose I could fake these, but if I was not delivering the stated speed, surely it would be reflected in abnormally low pay-outs.  

I've been working on getting my own mining farm set up and I have come up with the same reasoning on deciding how mining contracts should be priced. 
The miner is able to hedge their exposure to the USD/BTC exchange rate by selling their production forward.  The speculator (person buying the contract) is assuming the exchange rate risk and is therefore being compensated by being able to purchase the future production at a discount. 

There could be occasions where someone may actually pay more to take delivery a commodity at future date, such as when the cost of storing the commodity is fairly expensive and there is a cost associated with holding the commodity, but that is not the case with BTC.

Perfect explanation.....Contango vs backwardation.....just like any commodity. 

[film2240]

If I buy,can you make sure that I have access to the maximum power possible if I'm a paying customer.Is it possible to pay in 2 installments due to issues at the exchange for me?

I have 11.11BTC at the moment.I'll get the rest after hte exchange sorts itself out for me.

Is that the best price you can give me? I'm happy to just accept payments (instead of having miners pointed to me as that's sounds like a pain with systems in multiple locations)

If it's the best price you can offer,can you make absolutely sure that I get the absolute maximum power at all times when possible (taking into account of possible day/night situation with elec bills at ur end) so that I can later give a review of your services on my other sites (that I either co-edit or am the author of)?

Good service+good price=great service reviews :-)

great service reviews=more business :-)

[yochdog]

My next 3 contracts are spoken for.  Price is firm, and will actually go up as I add more power.

[film2240]

Can I please secure a contract at todays prices?

I'd like you to give me a few days buffer as the exchange Im on is having problems for getting the bitcoins to you?

I don't wish to be affected by the price rise.1st I had to endure a challenge from the other bidder for your previous offer,now I gotta face price hikes over time.

Ok secure me a place asap at current price or i'm not interested.If it wasn't for me and the rival bidder,your service wouldn't be so popular,we could at least get a good price as we effectively did free advertising for your service during those challenging (yet hilarious posts) to secure the bids.

I'll pay within 4 days when the exchanges sorts itself out for the coins I'll pay you with.

[adraza]

I want a 7 days contract also!

??

[film2240]

Looks like I have competition once again,oh well.Guess that's life.Anyways I'm kinda glad that more people are interest because I hope that this will force the lowering of prices because economies of scale should affect pricing.If the merchant gets lots of paying customers,then economies of scale dictate that prices should be droppped to gain constant business and income as is my understanding of this.

Yochdog,how much interest have your contracts got?If it's a lot,you can make a serious amount of money by dropping prices which thereby encourages more customers to sign up with you.Here's what I mean:
price is 26BTC and only 5 customers use services =26x5=130btc
now if prices were dropped to say 19 or 20btc but you have 7 or more customers that would equal (20x7) 140BTc total within a period of just under 2 months which may offset the costs of extra power being added all the time as well as profit.

Whip up the interest and lower the prices.If the exchange doesn't sort itself out for me,I may drop out of the bid soon.i have 3 days left to wait for this to work.


P.S when will BTC value rise again as it's largely stagnant with occasional drops and rises now which is putting me off BTC in general,I'm now a semi-miner,semi- investor now due to the climate of BTC.

[SgtSpike]

Looks like I have competition once again,oh well.Guess that's life.Anyways I'm kinda glad that more people are interest because I hope that this will force the lowering of prices because economies of scale should affect pricing.If the merchant gets lots of paying customers,then economies of scale dictate that prices should be droppped to gain constant business and income as is my understanding of this.

Yochdog,how much interest have your contracts got?If it's a lot,you can make a serious amount of money by dropping prices which thereby encourages more customers to sign up with you.Here's what I mean:
price is 26BTC and only 5 customers use services =26x5=130btc
now if prices were dropped to say 19 or 20btc but you have 7 or more customers that would equal (20x7) 140BTc total within a period of just under 2 months which may offset the costs of extra power being added all the time as well as profit.

Whip up the interest and lower the prices.If the exchange doesn't sort itself out for me,I may drop out of the bid soon.i have 3 days left to wait for this to work.


P.S when will BTC value rise again as it's largely stagnant with occasional drops and rises now which is putting me off BTC in general,I'm now a semi-miner,semi- investor now due to the climate of BTC.

You've got that completely backwards.  When demand increases, prices increase.  When demand drops, prices drop.  When SUPPLY increases (i.e., this gentleman gets more machines to rent), then prices drop, and when supply decreases, prices increase.

[yochdog]

Here is an update for all of you who are interested in my next contract:

I have had several PM's asking me to reserve this slot, but I feel it will be more fair to put it out there publicly for everyone. 

My hash rate is climbing, and I am now closer to an average of 9,000 MH/s.  (added 600MH/s last night alone).

The next available contract will begin August 30th at 7:00PM EST.  It will run through September 6 at 7:00PM EST.

-I will garauntee an average of 8,500 MH/s for the 7 day run
-Buyer will be pro-rated a refund for any downtime or hashing deficiency
-As always, any increase in power over the contract term is yours

The price is 30 BTC. 

If you would like to reserve this contract, reply with your address, and send 10 BTC to my address.

The balance of 20 BTC will be paid as follows:

10 BTC on August 30th, prior to commencement of the contract
10 BTC on September 2nd, no later than 7:00PM EST

[mike678]

I'm curious how much your electricity bill is lol. Also how big are you trying to make your farm? You seem to constantly be adding to it.