Gigamining / Teramining

[Naelr]

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.

Excellent explanation (YEAH!! I UNDERSTAND) and thanks for being upfront with us I appreciate the way you do business.

Naelr..

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[theGECK]

Here's a question - what about those of us who have a very small number of bonds (3 in my case), so even one Teramining bond will be more than the hashes all of our gigamining shares would have provided?

[mc_lovin]

The concern I have with the teramining upgrade path, and please correct me if I'm wrong, is that the share hashrate increases five-fold?  So a 5 MH/s share turns into a 25 MH/s share.

But..

a $150 GPU can do 350 MH/s
a $150 Jalapeno can do 3500 MH/s

So the hashpower increase is 10-fold, your shares increasing 5-fold is not a great value considering. 

Please correct me if I'm wrong, LOTTOMINING to be purchasing shares off you and other tickers on GLBSE, I just want to better understand the teramining transition, since we will be purchasing shares very soon (our IPO is Oct. 1 and our company is going to purchase shares in other tickers). 

[burger]

The concern I have with the teramining upgrade path, and please correct me if I'm wrong, is that the share hashrate increases five-fold?  So a 5 MH/s share turns into a 25 MH/s share.

But..

a $150 GPU can do 350 MH/s
a $150 Jalapeno can do 3500 MH/s

So the hashpower increase is 10-fold, your shares increasing 5-fold is not a great value considering. 

Please correct me if I'm wrong, LOTTOMINING to be purchasing shares off you and other tickers on GLBSE, I just want to better understand the teramining transition, since we will be purchasing shares very soon (our IPO is Oct. 1 and our company is going to purchase shares in other tickers). 

But then he has $15,295 BitForce Mini Rigs that can do 25200 MH/s.

[odolvlobo]

So the hashpower increase is 10-fold, your shares increasing 5-fold is not a great value considering. 

I don't think the hash rate is relevant. It may be 10 times more, but the difficulty will also increase since everyone will upgrade, and the mining income (which is what you are really paying for) may go up or down, or even stay the same. You need to do a much more sophisticated analysis to figure out the real value of the shares.

On the other hand, you don't really need to do the sophisticated analysis because the easy solution is to simply buy the cheapest shares (in terms of MH/s). Some miners are charging more than gigavps and some are charging less.

[TiuraZ]

Here's a question - what about those of us who have a very small number of bonds (3 in my case), so even one Teramining bond will be more than the hashes all of our gigamining shares would have provided?

+1

I have only 1 share...

[jamesg]

Here's a question - what about those of us who have a very small number of bonds (3 in my case), so even one Teramining bond will be more than the hashes all of our gigamining shares would have provided?

Hi theGECK,

In this case, I would recommend one of two options.

• Purchase more gigamining to get to 9 shares to do the trade in as soon as we are ready.
• Simply hold on to your Gigamining bonds until the equipment arrives and then upgrade.

Best,
gigavps

[jamesg]

The concern I have with the teramining upgrade path, and please correct me if I'm wrong, is that the share hashrate increases five-fold?  So a 5 MH/s share turns into a 25 MH/s share.

But..

a $150 GPU can do 350 MH/s
a $150 Jalapeno can do 3500 MH/s

So the hashpower increase is 10-fold, your shares increasing 5-fold is not a great value considering. 

Please correct me if I'm wrong, LOTTOMINING to be purchasing shares off you and other tickers on GLBSE, I just want to better understand the teramining transition, since we will be purchasing shares very soon (our IPO is Oct. 1 and our company is going to purchase shares in other tickers). 

Hi mc_lovin,

At the time I made the offer of Teramining, there were very few complaints about it. The terms of Teramining will stay as they are according to the quoted contract in the OP. If you feel that my offer is not a good deal, then please do not take me up on it.

Best,
gigavps

[mc_lovin]

The concern I have with the teramining upgrade path, and please correct me if I'm wrong, is that the share hashrate increases five-fold?  So a 5 MH/s share turns into a 25 MH/s share.

But..

a $150 GPU can do 350 MH/s
a $150 Jalapeno can do 3500 MH/s

So the hashpower increase is 10-fold, your shares increasing 5-fold is not a great value considering. 

Please correct me if I'm wrong, LOTTOMINING to be purchasing shares off you and other tickers on GLBSE, I just want to better understand the teramining transition, since we will be purchasing shares very soon (our IPO is Oct. 1 and our company is going to purchase shares in other tickers). 

Hi mc_lovin,

At the time I made the offer of Teramining, there were very few complaints about it. The terms of Teramining will stay as they are according to the quoted contract in the OP. If you feel that my offer is not a good deal, then please do not take me up on it.

Best,
gigavps

Not saying it's a bad deal, I will be buying shares regardless.

[theGECK]

Here's a question - what about those of us who have a very small number of bonds (3 in my case), so even one Teramining bond will be more than the hashes all of our gigamining shares would have provided?

Hi theGECK,

In this case, I would recommend one of two options.

• Purchase more gigamining to get to 9 shares to do the trade in as soon as we are ready.
• Simply hold on to your Gigamining bonds until the equipment arrives and then upgrade.

Best,
gigavps

So, to clarify, there are two times at which I can upgrade - when you order the equipment, and when it gets running. Is that correct, or will it be possible to transfer shares at any time?

[jamesg]

So, to clarify, there are two times at which I can upgrade - when you order the equipment, and when it gets running. Is that correct, or will it be possible to transfer shares at any time?

The equipment was ordered months ago. 

The first time you will be able to upgrade will be when I announce that you can do so. You will probably want to upgrade BEFORE the equipment arrives as to make sure you do not miss out on, what I'm sure will be, an exciting time.

Best,
gigavps

[2GOOD]

Sorry to bring the... WHAT IF the equipment never arrives, and we pay even more for the upgrade? Probably it will be better the transfer to start when you have a clear notice from BFL that the rigs are coming at some date 

[jamesg]

Sorry to bring the... WHAT IF the equipment never arrives, and we pay even more for the upgrade? Probably it will be better the transfer to start when you have a clear notice from BFL that the rigs are coming at some date 

Hi 2GOOD,

That is the plan.

Best,
gigavps

[GoWest]

Since BFL's ASIC performance will far exceed the original expectations, will Gigamining bonds end up being worth more than 22.5Mh/s each?

[jamesg]

Since BFL's ASIC performance will far exceed the original expectations, will Gigamining bonds end up being worth more than 22.5Mh/s each?

Hi GoWest,

I've been crunching the numbers and have I believe I have found a solution. The simple answer is yes.

Code:

                GIGAMINING   TERAMINING
Total Gh/s      200Gh        5,400Gh
Mh/s per bond   5Mh/s        9Mh/s
Total bonds     40,000       600,000

Free Upgrade Path
I will offer a 1:4 exchange of Gigamining bonds for Teramining bonds that costs nothing to upgrade. An example would be if you have 400 Gigamining bonds and don’t want to pay to upgrade, you can swap them 1:4 for Teramining bonds. This would represent a 7.2x increase in the bonds hashing power at no additional cost. So in this case, the 400 Gigamining bonds (2Gh) would be upgraded to 1,600 Teramining bonds (14.4Gh).

Paid Upgrade Path
I will also offer a 1:15 exchange of Gigamining bonds for Teramining bonds. So, if you have 400 Gigamining bonds (2Gh) and pay the upgrade fee, you will receive 6,000 Teramining bonds (54Gh) in return. The fee to upgrade will be .29 BTC per Gigamining bond. So, the upgrade fee on 400 Gigamining bonds would be 116 BTC.

You will notice that the free upgrade has moved from 5x to 7.2x. This is intentional.

The minimum buyback has also changed from .02 BTC to .005 since there are so many more units.

Best,
gigavps

[GoWest]

Since BFL's ASIC performance will far exceed the original expectations, will Gigamining bonds end up being worth more than 22.5Mh/s each?

Hi GoWest,

I've been crunching the numbers and have I believe I have found a solution. The simple answer is yes.

Code:

                GIGAMINING   TERAMINING
Total Gh/s      200Gh        5,400Gh
Mh/s per bond   5Mh/s        9Mh/s
Total bonds     40,000       600,000

Free Upgrade Path
I will offer a 1:4 exchange of Gigamining bonds for Teramining bonds that costs nothing to upgrade. An example would be if you have 400 Gigamining bonds and don’t want to pay to upgrade, you can swap them 1:4 for Teramining bonds. This would represent a 7.2x increase in the bonds hashing power at no additional cost. So in this case, the 400 Gigamining bonds (2Gh) would be upgraded to 1,600 Teramining bonds (14.4Gh).

Paid Upgrade Path
I will also offer a 1:15 exchange of Gigamining bonds for Teramining bonds. So, if you have 400 Gigamining bonds (2Gh) and pay the upgrade fee, you will receive 6,000 Teramining bonds (54Gh) in return. The fee to upgrade will be .29 BTC per Gigamining bond. So, the upgrade fee on 400 Gigamining bonds would be 116 BTC.

You will notice that the free upgrade has moved from 5x to 7.2x. This is intentional.

The minimum buyback has also changed from .02 BTC to .005 since there are so many more units.

Best,
gigavps

That is awesome news and thank you for the amazingly quick response!

[Naelr]

Since BFL's ASIC performance will far exceed the original expectations, will Gigamining bonds end up being worth more than 22.5Mh/s each?

Hi GoWest,

I've been crunching the numbers and have I believe I have found a solution. The simple answer is yes.

Code:

                GIGAMINING   TERAMINING
Total Gh/s      200Gh        5,400Gh
Mh/s per bond   5Mh/s        9Mh/s
Total bonds     40,000       600,000

Free Upgrade Path
I will offer a 1:4 exchange of Gigamining bonds for Teramining bonds that costs nothing to upgrade. An example would be if you have 400 Gigamining bonds and don’t want to pay to upgrade, you can swap them 1:4 for Teramining bonds. This would represent a 7.2x increase in the bonds hashing power at no additional cost. So in this case, the 400 Gigamining bonds (2Gh) would be upgraded to 1,600 Teramining bonds (14.4Gh).

Paid Upgrade Path
I will also offer a 1:15 exchange of Gigamining bonds for Teramining bonds. So, if you have 400 Gigamining bonds (2Gh) and pay the upgrade fee, you will receive 6,000 Teramining bonds (54Gh) in return. The fee to upgrade will be .29 BTC per Gigamining bond. So, the upgrade fee on 400 Gigamining bonds would be 116 BTC.

You will notice that the free upgrade has moved from 5x to 7.2x. This is intentional.

The minimum buyback has also changed from .02 BTC to .005 since there are so many more units.

Best,
gigavps

OK after Teramining is in full swing ... will Teramining bonds then be traded or does one still have to buy gigamining and do upgrade to get more teramining?   And if someone doesn't do giga to tera upgrade will those bonds still receive their payouts at current rates, Because it sounds like to keep doing bond trading giga will have to remain in effect.

Naelr

[mc_lovin]

Since BFL's ASIC performance will far exceed the original expectations, will Gigamining bonds end up being worth more than 22.5Mh/s each?

Hi GoWest,

I've been crunching the numbers and have I believe I have found a solution. The simple answer is yes.

Code:

                GIGAMINING   TERAMINING
Total Gh/s      200Gh        5,400Gh
Mh/s per bond   5Mh/s        9Mh/s
Total bonds     40,000       600,000

Free Upgrade Path
I will offer a 1:4 exchange of Gigamining bonds for Teramining bonds that costs nothing to upgrade. An example would be if you have 400 Gigamining bonds and don’t want to pay to upgrade, you can swap them 1:4 for Teramining bonds. This would represent a 7.2x increase in the bonds hashing power at no additional cost. So in this case, the 400 Gigamining bonds (2Gh) would be upgraded to 1,600 Teramining bonds (14.4Gh).

Paid Upgrade Path
I will also offer a 1:15 exchange of Gigamining bonds for Teramining bonds. So, if you have 400 Gigamining bonds (2Gh) and pay the upgrade fee, you will receive 6,000 Teramining bonds (54Gh) in return. The fee to upgrade will be .29 BTC per Gigamining bond. So, the upgrade fee on 400 Gigamining bonds would be 116 BTC.

You will notice that the free upgrade has moved from 5x to 7.2x. This is intentional.

The minimum buyback has also changed from .02 BTC to .005 since there are so many more units.

Best,
gigavps

Great to hear.  I was coming here to say.. ehh.. jalepeno's are gona be so powerful according to that latest spec release.. good to know the share hashrates are going to reflect thsi!!

[jamesg]

That is awesome news and thank you for the amazingly quick response!

You are quite welcome.

[jamesg]

OK after Teramining is in full swing ... will Teramining bonds then be traded or does one still have to buy gigamining and do upgrade to get more teramining?   And if someone doesn't do giga to tera upgrade will those bonds still receive their payouts at current rates, Because it sounds like to keep doing bond trading giga will have to remain in effect.

Naelr

Once Teramining is released, they will be able to be traded. My main point with the upgrade is two fold:

• To give Gigaminers priority in the upgrade so that they can set the price to what they like as Teramining will not have an implicitly set price.
• To not flood the market with more bonds. Nothing is certain in life, but I do not plan to issue anymore Teramining bonds once the upgrade is complete.

Hope that helps clarify my intentions.

Best,
gigavps