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Author Topic: Gigamining / Teramining  (Read 201633 times)
jamesg
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July 10, 2012, 12:14:00 AM
 #681

May I suggest that you already set up Teramining, allow for swaps and until "Day X" comes simply pay out the same on both bonds?

Hi Sukrim,

Good suggestion. I think we'll wait on this a bit for bond holders to make their moves. I will give ample notice about the move to teramining. I do like your idea and will keep it in mind.

Best,
gigavps
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July 10, 2012, 01:15:12 AM
 #682

May I suggest that you already set up Teramining, allow for swaps and until "Day X" comes simply pay out the same on both bonds? I'm sure I might forget exchanging my bonds or have liquidity issues just when I need to pay the .25 BTC per bond to upgrade...

The issue is nowhere near ripe. And ASICs from BFL may never come to fruition making the whole issue moot.

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July 10, 2012, 01:45:28 AM
 #683

All I know is I hate to see those divs for the coming weeks.  Quite a drop.

It's got me thinking whether I should buy or wait.  I still see a drop in price happening.  Wait!
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July 10, 2012, 09:32:29 AM
 #684

To all gigaminers:

Thanks to everyone who has responded to the google doc form so far! Seems ~30% of all the bonds out there have responded. There is no need to hurry as we have plenty of time, but this definitely helps me plan accordingly.

Best,
gigavps
novusordo
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July 10, 2012, 11:01:54 PM
 #685

I already submitted the form, but then I bought more shares. Could you put me down for going the paid route for all of them?

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July 11, 2012, 07:19:35 AM
 #686

I already submitted the form, but then I bought more shares. Could you put me down for going the paid route for all of them?

Form is just to know how many are willing to change to teramining. Its for rough calculation not exact/complete one.
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July 11, 2012, 10:29:25 AM
 #687

I already submitted the form, but then I bought more shares. Could you put me down for going the paid route for all of them?

Form is just to know how many are willing to change to teramining. Its for rough calculation not exact/complete one.

This is correct.
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July 11, 2012, 11:27:28 AM
 #688

To all interested parties:

Seems the recent ASIC upgrade path announcement as caused a bit of a stir in the market. Gigamining has now traded over 50,000 times during the course of it's life of glbse.com. Gigamining is the first to reach this milestone!

Also, for those interested in getting into ASIC mining, the ONLY way to get Teramining initially will be to own Gigamining.

Best,
gigavps
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July 11, 2012, 11:29:45 AM
 #689

Or buy teramining from people who sell them just like now with gigamining.
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July 11, 2012, 12:04:16 PM
 #690

Congrats! I bought an additional 1,000 shares yesterday that you can add to those I listed on your form for the paid upgrade path, many thanks.

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July 11, 2012, 12:35:54 PM
 #691

Congrats! I bought an additional 1,000 shares yesterday that you can add to those I listed on your form for the paid upgrade path, many thanks.

Thanks for the update Otoh.

37% of all outstanding bonds have now reported in.

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July 16, 2012, 10:40:31 AM
 #692

To all gigaminers:

This weeks coupon payment is out. This coupon payment was back at 100% and will remain here for the foreseeable future.

Best,
gigavps
Naelr
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July 18, 2012, 06:59:27 PM
 #693

To all interested parties:

Seems the recent ASIC upgrade path announcement as caused a bit of a stir in the market. Gigamining has now traded over 50,000 times during the course of it's life of glbse.com. Gigamining is the first to reach this milestone!

Also, for those interested in getting into ASIC mining, the ONLY way to get Teramining initially will be to own Gigamining.

Best,
gigavps

Buying a few gigamining bonds every week... will upgrade but make the choice free or pay when the time comes...

If I have 100 gigamining bonds can I do 50 pay 50 free?

Thanks giga keep up the good work I feel if my BTC is sitting in my wallet doing nothing as is has since i started mining except for some trading on Mt. Gox and the purchase of a BFL.... why not buy some bonds and let it sit there earning me 5 Mh/s PPS ... I look at is like leaving your money in a CD ... you aren't going to be doing anything with it anyway.... What does a bank do with your money.. they invest it... it is your money but they have it .. what is the difference in what giga is doing?  Hold my BTC giga... pay me to hold it ... thanks sir keep doing what your doing!

Naelr

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Naelr
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July 18, 2012, 07:04:57 PM
 #694


ASIC UPGRADE PROGRAM

Quote

Initial Sales of Teramining
There will be no public or private offering of Teramining to the larger community. The only way to receive Teramining bonds will be to trade-in your Gigamining bonds either through the free or paid upgrade paths. Any bonds not sold will remain in the gigamining sub-account and will not have coupon payments paid out on them.

Giga, can you clarify this statement for me please... sorry if i missed it I have read (I think ) the entire thread and didn't find what I was looking for.  

Does this mean if I own gigamining bonds when/if teramining goes into effect and I don't move them they will do nothing?  That is how I read this statement...

If Teramining does go into effect why would anyone leave them as gigamining bonds?  or is this a way to clarify that one would have to purchase gigamining bonds then move then to Teramining or all you own is a dead bond that does nothing?

Thanks

Naelr

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jamesg
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July 18, 2012, 07:12:59 PM
 #695

Giga, can you clarify this statement for me please... sorry if i missed it I have read (I think ) the entire thread and didn't find what I was looking for.  

Does this mean if I own gigamining bonds when/if teramining goes into effect and I don't move them they will do nothing?  That is how I read this statement...

If Teramining does go into effect why would anyone leave them as gigamining bonds?  or is this a way to clarify that one would have to purchase gigamining bonds then move then to Teramining or all you own is a dead bond that does nothing?

Thanks

Naelr

Hi Naelr,

Sorry if that statement was confusing. To clarify, gigamining will keep paying out bondholders every Monday until all of the bonds have upgraded. What I was trying to say above, is that the only way to get Teramining bonds is to own Gigamining bonds. Also, if someone takes the free upgrade, the remaining Teramining bonds will not be sold or have coupon payments paid out on them.

I hope this clarifies things a bit.

Best,
gigavps
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July 18, 2012, 07:25:22 PM
 #696

Giga, can you clarify this statement for me please... sorry if i missed it I have read (I think ) the entire thread and didn't find what I was looking for.  

Does this mean if I own gigamining bonds when/if teramining goes into effect and I don't move them they will do nothing?  That is how I read this statement...

If Teramining does go into effect why would anyone leave them as gigamining bonds?  or is this a way to clarify that one would have to purchase gigamining bonds then move then to Teramining or all you own is a dead bond that does nothing?

Thanks

Naelr

Hi Naelr,

Sorry if that statement was confusing. To clarify, gigamining will keep paying out bondholders every Monday until all of the bonds have upgraded. What I was trying to say above, is that the only way to get Teramining bonds is to own Gigamining bonds. Also, if someone takes the free upgrade, the remaining Teramining bonds will not be sold or have coupon payments paid out on them.

I hope this clarifies things a bit.

Best,
gigavps

The remaining Teramining bonds will not be sold or have coupon payments paid out on them.... this is still confusing...

does this mean there is going to be a limit on the number of bonds (of course) and the "remaining" bonds are those exchanged from giga to Tera?  thereby meaning if it is a 1:1 upgrade 1 Teramining bond is taken from the pool of total bonds and if it is a 1:4 upgrade 4 Bonds are taking from the Teramining pool?

Naelr

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jamesg
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July 18, 2012, 07:33:45 PM
 #697

The remaining Teramining bonds will not be sold or have coupon payments paid out on them.... this is still confusing...

does this mean there is going to be a limit on the number of bonds (of course) and the "remaining" bonds are those exchanged from giga to Tera?  thereby meaning if it is a 1:1 upgrade 1 Teramining bond is taken from the pool of total bonds and if it is a 1:4 upgrade 4 Bonds are taking from the Teramining pool?

Naelr

You are correct. The remaining bonds are from the exchange as not everyone will take the paid upgrade. The way it works is:

Code:
                GIGAMINING   TERAMINING
Total Gh/s      200Gh        4,000Gh
Mh/s per bond   5Mh/s        25Mh/s
Total bonds     40,000       160,000

So, there are 4x as many teramining bonds and gigamining bonds. This is to allow for both the free upgrade (1:1) or the paid upgrade (1:4).

An example would be if you had 1000 gigamining bonds and took the paid upgrade, you would pay 250 BTC and would get 4000 Termining bonds.

If you took the free upgrade with 1000 gigamining bonds, you would get 1000 Teramining bonds.

Hope this helps.

Best,
gigavps
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July 18, 2012, 07:38:30 PM
 #698

ASIC UPGRADE PROGRAM
Code:
                GIGAMINING   TERAMINING
Total Gh/s      200Gh        4,000Gh
Mh/s per bond   5Mh/s        25Mh/s
Total bonds     40,000       160,000

I'd like to know what will happen with the GPU mining part of your operation with this. If you look at numbers:

~~~~~~~~~~

A paid upgrade would be 1.10 BTC bond + 0.25 BTC for upgrade (1.35 BTC) will give you 4 x 25 mhash/s bonds for 100 mhash/s.
100 mhash / 1.35 BTC = 74 mhash/BTC for paid upgrade

~~~~~~~~~~

an SC single would cost 147.4346 BTC currently and offer 40 000 mhash
40 000 mhash / 147.4346 BTC = 271.30 mhash/BTC for self purchase of ASICs

That's almost 4 times as much mhash/BTC to buy a Single for yourself.

~~~~~~~~~~

For current shareholders, upgrading is advantegeous for 0.25 BTC to get 95 mhash/s extra. But that means I cannot possibly buy in currently as prices are not as interesting. I suppose that makes the not open to public twice as valid. I'm going to assume you're going to trade in your FPGA rigs and pay the difference for 4 SC Mini Rig for the 4000 Ghash?

Which brings to the next step that GPUs will become way too power hungry by then with difficulty increase compared to generation, not unlike CPU is not worth mining with right now.

What will happen to your GPU farms? If I'm not mistaken it generates a vast part of the hashing right now. I'm interested to know about their fate (resold?).

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jamesg
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July 18, 2012, 07:49:17 PM
 #699

I'd like to know what will happen with the GPU mining part of your operation with this.

I would like to know too!  Cheesy

That's almost 4 times as much mhash/BTC to buy a Single for yourself.

Others have pointed this out. Mining bonds have a premium associated with them because I take on quite a few risks.

For current shareholders, upgrading is advantegeous for 0.25 BTC to get 95 mhash/s extra. But that means I cannot possibly buy in currently as prices are not as interesting. I suppose that makes the not open to public twice as valid. I'm going to assume you're going to trade in your FPGA rigs and pay the difference for 4 SC Mini Rig for the 4000 Ghash?

Your assumption is correct.

Which brings to the next step that GPUs will become way too power hungry by then with difficulty increase compared to generation, not unlike CPU is not worth mining with right now.

What will happen to your GPU farms? If I'm not mistaken it generates a vast part of the hashing right now. I'm interested to know about their fate
(resold?).

This is kind of the million dollar question and I really don't have an valid answer at this point. GPUs will become unprofitable and I'll probably wait until then to figure out what to do with them.
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July 18, 2012, 08:00:25 PM
 #700

I get it from EskimoBob's complaint about the huge difference that you may raise Teramining hashing per share if you can give more based on what you end up being able to offer, but you didn't want to offer more before knowing you could provide it.

However, considering the trade in gives you 20x more hashing and you give 20x more hashing (for a 0.25BTC fee on 1 BTC IPO, about 20% of total given to you, I suppose we can put that as your approximate margin + operating costs).

While that increase is far less than what you can currently pay per BTC, I suspect it is so since you purchased the FPGA rigs when BTC were around 5$ per BTC if I'm not mistaken.

I'm asking because I'm starting a secured BTC loan based on GLBSE assets collaterals and will need to diversify my holdings instead of being invested in only a few operations. It increases rewards and risks for me while insuring loaners against BTC devaluation or single companies failing. (Strangely, secured loan bonds are not available yet.)

~~~~~
I'll be back to you about the GPUs. Will need to verify something.

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