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Author Topic: [SOLD] 9.85Gh 100 day mining contract  (Read 1768 times)
jamesg
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March 24, 2012, 12:44:59 AM
 #1

Hello fellow bitcoiners,

I would like to offer a 100 day, 9.85Gh mining contract for 650 BTC. The terms of the contract are:

- Payment must be maid up-front. If you have any questions about my integrity, please see my OTC ratings
- The hashing power can be pointed wherever you like.
- If there is any downtime, it will be appended to the end of the contract.

Best,
gigavps

P.S. This can be a VERY PROFITABLE contract for anyone with any experience in mining.
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Kaos
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March 24, 2012, 12:51:18 AM
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Sorry not a miner but interested in getting into.

Could you please explain why this could be very profitable? the chances of getting the 50btc reward more than once are pretty slim.

again apologies for my ignorance.
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March 24, 2012, 12:53:51 AM
 #3

Sorry not a miner but interested in getting into.

Could you please explain why this could be very profitable? the chances of getting the 50btc reward more than once are pretty slim.

again apologies for my ignorance.

You would probably point it at a pool or at GPUMAX.
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March 24, 2012, 01:03:11 AM
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Sorry not a miner but interested in getting into.

Could you please explain why this could be very profitable? the chances of getting the 50btc reward more than once are pretty slim.

again apologies for my ignorance.
Point @ pool = no need to find a block.

Mining contract costs (@ $4.7/BTC) ~$3,055 and (guesstimating and not assuming difficulty increase) pays out $3027.50 assuming no inefficiencies or fees. However, assuming a 20% increase over standard rates (which is certainly not unheard of, and it probably wouldn't be difficult for experienced folks to get significantly higher), revenues should be ~$3,633 at the end of contract assuming no price change in exchange rate (which is.... lol).  $578 profit over a bit over 3 months (off the top of my head, will guesstimate that as 3.3 months). $175.15 profit/month, or a bit under 6% MPR. But there are so many variables, it's a big shot in the dark as to whether or not you'll make a profit in fiat (and a shot in the dark as to whether or not you'll profit in BTC, though terms are probably quite favorable for the buyer). Still, given it's a "loan" to giga, it's probably pretty reasonable to assume it's an extremely-low-risk loan (as far as breach of contract goes).

That all assumes my math is correct, which is quite questionable.

Don't mix your coins someone said isn't legal
jamesg
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March 24, 2012, 01:09:17 AM
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Well, let's make this thing interesting. I'll do 620 BTC if the contract is picked up in the next 48 hours.
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March 24, 2012, 01:28:47 AM
 #6

Sorry not a miner but interested in getting into.

Could you please explain why this could be very profitable? the chances of getting the 50btc reward more than once are pretty slim.

again apologies for my ignorance.

You would probably point it at a pool or at GPUMAX.
Hop like a bunny with wild abandon!

Mining Rig Extraordinaire - the Trenton BPX6806 18-slot PCIe backplane [PICS] Dead project is dead, all hail the coming of the mighty ASIC!
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March 24, 2012, 02:01:47 AM
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Sorry not a miner but interested in getting into.

Could you please explain why this could be very profitable? the chances of getting the 50btc reward more than once are pretty slim.

again apologies for my ignorance.
Point @ pool = no need to find a block.

Mining contract costs (@ $4.7/BTC) ~$3,055 and (guesstimating and not assuming difficulty increase) pays out $3027.50 assuming no inefficiencies or fees. However, assuming a 20% increase over standard rates (which is certainly not unheard of, and it probably wouldn't be difficult for experienced folks to get significantly higher), revenues should be ~$3,633 at the end of contract assuming no price change in exchange rate (which is.... lol).  $578 profit over a bit over 3 months (off the top of my head, will guesstimate that as 3.3 months). $175.15 profit/month, or a bit under 6% MPR. But there are so many variables, it's a big shot in the dark as to whether or not you'll make a profit in fiat (and a shot in the dark as to whether or not you'll profit in BTC, though terms are probably quite favorable for the buyer). Still, given it's a "loan" to giga, it's probably pretty reasonable to assume it's an extremely-low-risk loan (as far as breach of contract goes).

That all assumes my math is correct, which is quite questionable.

didnt do the math out myself but those numbers look correct. like you said its a shot in the dark. that offer of 620BTC seems alright problem is most people with that many bitcoins are probably investing it in something more solid.(better rate)

hope you find someone willing to give it a shot. I dont know gigavps but Iv seen his posts around the forums, he looks like a good guy.
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March 24, 2012, 02:03:25 AM
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Well that didn't take long!  Cheesy

The contract has been sold. Thanks for your interest.
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March 24, 2012, 02:20:02 AM
 #9

So the final deal is to mcorlett for 600 BTC.

The contract started at 10:15pm on Friday, March 23, 2012. The contract will conclude on July 1, 2012 at 10:15pm. 200 BTC has been paid with the remaining 400 to be paid within the next 24 hours.

Thanks mcorlett!  Grin
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March 24, 2012, 02:20:51 AM
 #10

I offer 100days (or 150days) 30Ghash Mining contract for 1800BTC. (2550BTC)
 every week payments. PM me.
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March 24, 2012, 02:25:08 AM
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So the final deal is to mcorlett for 600 BTC.

The contract started at 10:15pm on Friday, March 23, 2012. The contract will conclude on July 1, 2012 at 10:15pm. 200 BTC has been paid with the remaining 400 to be paid within the next 24 hours.

Thanks mcorlett!  Grin
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March 24, 2012, 03:37:31 AM
 #12

So the final deal is to mcorlett for 600 BTC.

The contract started at 10:15pm on Friday, March 23, 2012. The contract will conclude on July 1, 2012 at 10:15pm. 200 BTC has been paid with the remaining 400 to be paid within the next 24 hours.

Thanks mcorlett!  Grin
Confirmed, witnessed, and whatever else we use around here.

You confirm, I witness. Smiley

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EIEIO:
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Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
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jamesg
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March 24, 2012, 03:48:18 AM
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I can now confirm receipt of the full payment. Thanks again.  Smiley
imsaguy
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March 24, 2012, 04:05:23 AM
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I can now confirm receipt of the full payment. Thanks again.  Smiley

Witnessed.

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EIEIO:
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March 24, 2012, 10:12:06 AM
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Mining contract costs (@ $4.7/BTC) ~$3,055 and (guesstimating and not assuming difficulty increase) pays out $3027.50 assuming no inefficiencies or fees. However, assuming a 20% increase over standard rates (which is certainly not unheard of, and it probably wouldn't be difficult for experienced folks to get significantly higher), revenues should be ~$3,633 at the end of contract assuming no price change in exchange rate (which is.... lol).  $578 profit over a bit over 3 months (off the top of my head, will guesstimate that as 3.3 months). $175.15 profit/month, or a bit under 6% MPR.

I dont think its wise to assume a 120% PPS return over this long a period (seems questionable gpumax will be able to maintain those high lease prices indefinitely) and at the same time assume difficulty will remain constant - its been going up steadily for the past 4 months, and all the FPGA goodies, not to mention mega botnets,  are only just coming online.

Not as risky as putting your money on bitcoinica, but a big gamble nonetheless. I hope the buyer knows what he is doing.

jamesg
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March 24, 2012, 10:35:12 AM
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Mining contract costs (@ $4.7/BTC) ~$3,055 and (guesstimating and not assuming difficulty increase) pays out $3027.50 assuming no inefficiencies or fees. However, assuming a 20% increase over standard rates (which is certainly not unheard of, and it probably wouldn't be difficult for experienced folks to get significantly higher), revenues should be ~$3,633 at the end of contract assuming no price change in exchange rate (which is.... lol).  $578 profit over a bit over 3 months (off the top of my head, will guesstimate that as 3.3 months). $175.15 profit/month, or a bit under 6% MPR.

I dont think its wise to assume a 120% PPS return over this long a period (seems questionable gpumax will be able to maintain those high lease prices indefinitely) and at the same time assume difficulty will remain constant - its been going up steadily for the past 4 months, and all the FPGA goodies, not to mention mega botnets,  are only just coming online.

Not as risky as putting your money on bitcoinica, but a big gamble nonetheless. I hope the buyer knows what he is doing.

P4man, as we have seen before:

1. Difficulty does not rise forever.
2. The price is going down, and difficultly lags, but follows the price.
3. GPUMAX will not be doing 35% shares forever, they will be back to 100% soon.
4. Goat pays 116%.
5. There is also luck involved over time at pools.
6. He got a 10% discount on the contract to current PPS.

Thanks for your input.

Best,
gigavps
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March 24, 2012, 12:39:15 PM
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I hope the buyer knows what he is doing.
I don't, but that's the nature of gambling, and I can afford to lose it all.

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March 24, 2012, 07:08:52 PM
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I hope the buyer knows what he is doing.
I don't, but that's the nature of gambling, and I can afford to lose it all.

You wont lose it all no matter what, but even a gambler likes to know the odds and if you were not being ironical about not knowing what you are doing, then I hope at least you have a gpumax account; if you dont, sign up for one asap (or perhaps ask giga to make a deal so you can use his). This contract is risky but not entirely unreasonable for someone who  knows what he is doing and wants to pool hop and expects >130% PPS. If you are going to direct these hashes to a regular pool at 100% PPS, chances of you making a profit are IMO, almost nill. Next difficulty change is in 4 days, currently estimated at +17%
http://dot-bit.org/tools/nextDifficulty.php

7 more difficulty changes to come. Can you spot the trend:
http://bitcoin.sipa.be/speed-lin.png



imsaguy
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March 24, 2012, 07:16:08 PM
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I hope the buyer knows what he is doing.
I don't, but that's the nature of gambling, and I can afford to lose it all.

You wont lose it all no matter what, but even a gambler likes to know the odds and if you were not being ironical about not knowing what you are doing, then I hope at least you have a gpumax account; if you dont, sign up for one asap (or perhaps ask giga to make a deal so you can use his). This contract is risky but not entirely unreasonable for someone who  knows what he is doing and wants to pool hop and expects >130% PPS. If you are going to direct these hashes to a regular pool at 100% PPS, chances of you making a profit are IMO, almost nill. Next difficulty change is in 4 days, currently estimated at +17%
http://dot-bit.org/tools/nextDifficulty.php

7 more difficulty changes to come. Can you spot the trend:
http://bitcoin.sipa.be/speed-lin.png


Now that the public safety bulletin is over, perhaps its time for you to troll a new thread.. both parties already agreed, both parties have been around for a while and neither asked for your guidance.

Coming Soon!™ © imsaguy 2011-2013, All rights reserved.

EIEIO:
https://bitcointalk.org/index.php?topic=60117.0

Shades Minoco Collection Thread: https://bitcointalk.org/index.php?topic=65989
Payment Address: http://btc.to/5r6
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March 24, 2012, 07:19:32 PM
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Now that the public safety bulletin is over, perhaps its time for you to troll a new thread.. both parties already agreed, both parties have been around for a while.  Neither is a n00b, neither asked for your guidance.

If giving honest advice to a guy who just spent 600+ BTC on something he claims to have no clue about, is trolling, then how would you describe your own post?

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