Gigamining / Teramining

[jamesg]

Something not nice.....

Hi ciuciu,

Can you please take these comments to other parts of the forums. They are certainly not necessary and are off topic in the gigamining thread.

Thanks,
gigavps

[ciuciu]

Something not nice.....

Hi ciuciu,

Can you please take these comments to other parts of the forums. They are certainly not necessary and are off topic in the gigamining thread.

Thanks,
gigavps

This forum is my oyster. I can post whatever I want, as all the scammers and pedophiles do.

Thank you.

[jamesg]

To all Gigaminers:

The OP has been update to be more clear and concise. The original post has been quoted for posterity in the second post of this thread. If I messed something up for forgot something, let me know.

Best,
gigavps

[Naelr]

Sounds good to me.... I guess we are just waiting for the ASICs ?

[jamesg]

I guess we are just waiting for the ASICs ?

Waiting is the name of the game. If I've learned anything from bitcoin, it is patience.

[GoWest]

Anyone care to speculate on what the difficulty will be by the time TERAMINING is stood up? I'm going to guess 4.2 million, with dividends of 6500 BTC for 160,000 bonds (0.04 BTC/bond) in the first week. The question is, what happens when the other ASIC rigs get flashed up? Will TERAMINING's revenues rapidly deteriorate? When will the reward halve? Will BFL even get their ASICs out before the halving?

[Naelr]

gigavps

how are you going to handle the change over... I wanna be terramining bond on day one.... what if I miss the hookup ... is there going to be some kind of prepay job for the upgrade?

How exactly is this going to work? do you buy back from us and then issue new bonds?

Naelr

[jamesg]

Anyone care to speculate on what the difficulty will be by the time TERAMINING is stood up? I'm going to guess 4.2 million, with dividends of 6500 BTC for 160,000 bonds (0.04 BTC/bond) in the first week. The question is, what happens when the other ASIC rigs get flashed up? Will TERAMINING's revenues rapidly deteriorate? When will the reward halve? Will BFL even get their ASICs out before the halving?

Hi GoWest,

Instead of answering your questions, I'd like to add some more. Like, what do you think Teramining is going to be priced at since there is not a set price? How will only allowing Gigaminers to upgrade to Teramining effect the price of the bond?

I have pondered these questions a bit and have some ideas, but I guess we'll just have to wait and see.

Best,
gigavps

[jamesg]

gigavps

how are you going to handle the change over... I wanna be terramining bond on day one.... what if I miss the hookup ... is there going to be some kind of prepay job for the upgrade?

How exactly is this going to work? do you buy back from us and then issue new bonds?

Naelr

Hi Naelr,

As we get closer to delivery time and BFL is more confident in their timeline is when we will start the upgrade process. This should be a couple weeks out from the actual delivery. You will be able to trade in your Gigamining bonds for the approximate equivalent Teramining bonds and decide whether you would like the free or paid upgrade. I will keep a spreadsheet of the remaining bonds owed once the equipment is up and running and will distribute them at that time.

As an example, if you have 18 Gigamining bonds (90Mh/s) you would get 4 Teramining bonds immediately and the remaining when the equipment is up and running. If you elected for the free upgrade, the remaining bonds you would receive would be 14, if you paid for the upgrade, you would receive 68.

In doing the upgrade this way, you do not miss out on any coupon payments.

Best,
gigavps

[burger]

How long can I wait to do the 1:4 upgrade? is there a time frame for this? As I have my BTC locked in ZIP.A (I don't think I will get those BTC back). Now I have to mine or hope for good dividends from my other investments on GLBSE.

[jamesg]

How long can I wait to do the 1:4 upgrade? is there a time frame for this? As I have my BTC locked in ZIP.A (I don't think I will get those BTC back). Now I have to mine or hope for good dividends from my other investments on GLBSE.

I would prefer that everyone be ready in advance with their decisions. I would think we probably have another month before we get started.

[jamesg]

To all Gigaminers:

If you want to receive full payments between the time you trade in Gigamining and receive Teramining, please make sure that you Gigamining holdings are in a multiple of 9.

This will allow for a seamless transition through the entire process of upgrading and will allow you to turn in all of your Gigamining bonds at once without issue. This will also keep from me having an accounting nightmare on my hands.

Best,
gigavps

[2GOOD]

Sorry for the dump question but why this number 9 I just don't get it's multiplied by 4 not by 9... ooops I get it... because the upgrade is 4.5 times than the current hash rate... oops sorry  

One question, for example if I own 3x9=27 GIGAMINING bonds and decide to go for the paid upgrade - I recieve all 108 (cool LOST number) at once or at portions.. and I pay for them at once or.. if can make it a little more clear and about the timeframe will it be proportional to BFLs shippings..

Thank You

[jamesg]

One question, for example if I own 3x9=27 GIGAMINING bonds and decide to go for the paid upgrade - I recieve all 108 (cool LOST number) at once or at portions.. and I pay for them at once or.. if can make it a little more clear and about the timeframe will it be proportional to BFLs shippings..

Ok. You are correct that if you own 27 Gigamining bonds and choose the paid upgrade would would get 108 Teramining bonds and you would pay 7.83 BTC.

When BFL has firmer dates around shipping the Gigamining equipment (approx Nov. 1) I will start the process of upgrading everyone. Since I will not have the hashing power until it arrives, you will get a portion of your allocated Teramining bonds to equal the Mh/s you had in Gigamining. In your case, you would get 6 Teramining bonds immediately to make sure you continue to receive coupon payments. You will turn in your Gigamining bonds and the fee will also be collected at this time.

When the equipment finally arrives and is running, I will issue the remaining bonds and Teramining will start in earnest.

I hope this helps.

[burger]

How long can I wait to do the 1:4 upgrade? is there a time frame for this? As I have my BTC locked in ZIP.A (I don't think I will get those BTC back). Now I have to mine or hope for good dividends from my other investments on GLBSE.

I would prefer that everyone be ready in advance with their decisions. I would think we probably have another month before we get started.

Ok, it's good to know... Now I hope BFL delivers in November. And will Gigamining still give dividends while you send in some of your BFL equipment for the trade in for the new ASICs?

[jamesg]

Ok, it's good to know... Now I hope BFL delivers in November. And will Gigamining still give dividends while you send in some of your BFL equipment for the trade in for the new ASICs?

All dividends will be paid regardless of whether the equipment is running or not.

[Naelr]

Now I seem more confused then ever... if I have 10 GIGAMINING bonds and I pay for the upgrade ..   So I will pay 2.9 BTC and will get how many TERRAMINING BONDS? 40?  or do I have to only upgrade 9 bonds?  and either sell 1 or buy 2  GIGAMINING?

Naelr

[jamesg]

Now I seem more confused then ever... if I have 10 GIGAMINING bonds and I pay for the upgrade ..   So I will pay 2.9 BTC and will get how many TERRAMINING BONDS? 40?  or do I have to only upgrade 9 bonds?  and either sell 1 or buy 2  GIGAMINING?

Naelr

The multiples of 9 is mainly for the time between the upgrade and the actual equipment arriving. I will initially only be giving out enough Teramining to MATCH your Mh/s in Gigamining. When the equipment arrives, you will receive the rest of the bonds.

This is so you are always holding something that receive dividends.

[Naelr]

Now I seem more confused then ever... if I have 10 GIGAMINING bonds and I pay for the upgrade ..   So I will pay 2.9 BTC and will get how many TERRAMINING BONDS? 40?  or do I have to only upgrade 9 bonds?  and either sell 1 or buy 2  GIGAMINING?

Naelr

The multiples of 9 is mainly for the time between the upgrade and the actual equipment arriving. I will initially only be giving out enough Teramining to MATCH your Mh/s in Gigamining. When the equipment arrives, you will receive the rest of the bonds.

This is so you are always holding something that receive dividends.

So if i have 10 and pay for upgrade at 2.9 BTC ... I will get 40 TERAMINING correct?

edit: ok I see I get it ..... I will only get enough TERAMINING to equal what I currently have in GIGA... but afterwards .. you will give out the rest of the bonds... but my original question is still hanging... how is the transfer going to take place and when do I pay?

[jamesg]

how is the transfer going to take place and when do I pay?

The transfer will happen MANUALLY, one at a time. So, the exact way it should go is:

• I'll announce we're ready to start the upgrade. This will include instructions for the upgrade process.
• You'll follow the instructions. (this is a very important piece)
• If you've followed the instuctions properly, I'll send you the first part of Teramining and note what is remaining.
• The equipment will arrive and I'll get it up and running.
• I'll send out the rest of the Teramining bonds.

If you prefer to wait on receiving Teramining before it arrive, this is not a problem and Gigamining will still be paying out as normal. If you upgrade early, you'll still get paid like you are with Gigamining.

I am also going to request from Nefario that transfer fees be turned off for Gigamining to make things easy on you guys. I'll send them some coins to take care of the fees.

Hope this helps.