Gigamining / Teramining

[Lucidize]

Is Teramining a weekly payout?
How much better than Gigamining is Teramining predicted to be?

I'm a bit confused on the expectations of Teramining and if it is worth throwing more bitcoins at the upgrade (after my document is received and my account is active to enable me to upgrade).

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[creativex]

So what is the benefit of upgrading right now?

Clearly the benefit is not having to repay those pesky bond holders.

...or did you mean the benefit for you?

[SysRun]

I think that is incredibly insightful that you wrote

"this user is currently ignored" creativex.

I am feeling a bit ignored. thanks so much for adding to the conversation.

[fcmatt]

it boggles my mind anyone would want to deal with this operator. i guess some people like the abuse.

[creativex]

Guess so. Unbelievably Giga is still trying to raise funds...and probably succeeding.

[jamesg]

With regard to the return of the Gigamining contract on upgrade, this was done for both legal reasons and because around 90Gh of equipment will be traveling back to Kansas City some time in the next week or so.

[jamesg]

Is Teramining a weekly payout?

Yes. We will be staying with Monday payments. The contract specifies monthly so that I have wiggle room for going on vacation, not being around on Monday, etc.

How much better than Gigamining is Teramining predicted to be?

This is for you to decide.

I'm a bit confused on the expectations of Teramining and if it is worth throwing more bitcoins at the upgrade (after my document is received and my account is active to enable me to upgrade).

You have three options.

• Stay with Gigamining and watch 5Mh/s be crushed into a FLV (future lifetime value) of close to nothing.
• Upgrade for FREE. This will get you 36Mh/s for every 5Mh/s.
• Paid upgrade. This will get you 135Mh/s for every 5Mh/s.

Best,
James

[Lucidize]

You have three options.

• Stay with Gigamining and watch 5Mh/s be crushed into a FLV (future lifetime value) of close to nothing.
• Upgrade for FREE. This will get you 36Mh/s for every 5Mh/s.
• Paid upgrade. This will get you 135Mh/s for every 5Mh/s.

Thanks for the reply, the last part was exactly what I needed to know.

I will go ahead with at least the free upgrade, I am just unsure of the paid upgrade returning any of my initial investment or the upgrade payment. I was hoping for some figures but I can understand that might be hard to provide until the operation is in full swing.

[Fizzgig]

Are you guys going to use bitfunder with their claim system, or just gonna hide behind lawyers and keep peoples money still?

[jamesg]

Are you guys going to use bitfunder with their claim system, or just gonna hide behind lawyers and keep peoples money still?

Hi Fizzgig,

A large portion of Gigamining has already been claimed and paid.

As far as trading of Gigamining, it's not going to happen for legal reasons.

Best,
James

[smaynard]

Missed payment yesterday. What's up?

Please note that when you upgrade to Teramining, you are returning all rights to the Gigamining contract. This includes future payments.

It should have been made clear we would miss payments from giga while waiting for tera.  Yielding the bonds and participating per your requests have now penalized us - is that really what you wanted to do?

[smaynard]

So what is the benefit of upgrading right now? I understand your benefit of having people trust you and upgrade so that you can pay them less than you would have to otherwise. I assumed that you would be acting in good faith and have no lag time during the upgrade process.

caveat emptor

here's your email, no mentions of "please note".

Obviously, I have no recourse, but I do not feel that I'm being treated fairly.

Hello fellow Gigaminers,

I know that it has been a long road moving past the closure of GLBSE and I want to thank you again for working through this process with me.

I am also very excited to announce that the upgrade path for the new Teramining contract is live. With the release of the upgrade process, I have also extended the contract to 9 months which is a 50% increase over the originally proposed length of the contract.

To upgrade, login to your account at the link below.

https://virtualprocessingsolutions.com/login

Find the big orange button that says "Upgrade to Teramining!" and you'll be on your way. Please also read through the contract so that you have a complete understanding of what the upgrade entails.

I am super excited for the ASIC revolution to get started and it is my hope that you will join me in this next evolution of mining.

Have a great weekend,
James

a huge +1

[camolist]

Yielding the bonds and participating per your requests have now penalized us - is that really what you wanted to do?

has he done a single thing that is not to penalize investors?

[jamesg]

It should have been made clear we would miss payments from giga while waiting for tera.  Yielding the bonds and participating per your requests have now penalized us - is that really what you wanted to do?

Here is the text from the upgrade page.

The important parts from the contract are:

• You are agreeing to return all rights, benefits, future payments, output and services due under the xx Gigamining Contracts.
• You are agreeing to pay x.xxxxxx BTC to VPS within 5 days to be inlcuded in the Teramining Contract.
• This payment is non-refundable.
• You'll be given payment instructions in the next step of this process.
• You will receive xxx PCUs at 9 million hashes per second each.
• VPS makes no representation of the expected output of the PCUs. This means payments will trend over and under the expected output depending on downtime, luck, etc.

The first bullet point clearly states that you are giving up all rights to Gigamining.

It is also stated in the contract.

That being said, I will think about what can be done.

[smaynard]

It should have been made clear we would miss payments from giga while waiting for tera.  Yielding the bonds and participating per your requests have now penalized us - is that really what you wanted to do?

Here is the text from the upgrade page.

The important parts from the contract are:

• You are agreeing to return all rights, benefits, future payments, output and services due under the xx Gigamining Contracts.
• You are agreeing to pay x.xxxxxx BTC to VPS within 5 days to be inlcuded in the Teramining Contract.
• This payment is non-refundable.
• You'll be given payment instructions in the next step of this process.
• You will receive xxx PCUs at 9 million hashes per second each.
• VPS makes no representation of the expected output of the PCUs. This means payments will trend over and under the expected output depending on downtime, luck, etc.

The first bullet point clearly states that you are giving up all rights to Gigamining.

It is also stated in the contract.

That being said, I will think about what can be done.

I see and understand it now, somehow I was thinking that there would not be a gap between giga and tera.

So will you have giga down time during the tera set-up?  If so, then it seems like it would be fair to pay right up to the point that you have to unplug giga.  Then restore payments as soon as tera lights up and passes your tests.

[jamesg]

To all Gigaminers:

Some who have upgraded have not liked the fact that Gigamining payments have stopped. I understand the concern. So, with that said, any upgrades that happen before Friday 2/15/2013 11:59:59 UTC will be included in a special early group of Teraminers. These individuals will have their mining contracts started within hours of the VPS equipment being up and running. Any upgrades after that time will follow the letter of the contract as quoted below.

2.3    The Commencement Date for the initiation of data processing services contemplated hereunder shall be ten (10) business days following the receipt of specialized processing equipment from an outside vendor.

If you have a pending claim into Quentin and I know about it (you know who you are) and are verified you will be allowed to upgrade and be included within the early group of Teraminers.

If you have not claimed yet, please do.

Best,
James

[smaynard]

To all Gigaminers:

Some who have upgraded have not liked the fact that Gigamining payments have stopped. I understand the concern. So, with that said, any upgrades that happen before Friday 2/14/2013 11:59:59 UTC will be included in a special early group of Teraminers. These individuals will have their mining contracts started within hours of the VPS equipment being up and running. Any upgrades after that time will follow the letter of the contract as quoted below.

2.3    The Commencement Date for the initiation of data processing services contemplated hereunder shall be ten (10) business days following the receipt of specialized processing equipment from an outside vendor.

If you have a pending claim into Quentin and I know about it (you know who you are) and are verified you will be allowed to upgrade and be included within the early group of Teraminers.

If you have not claimed yet, please do.

Best,
James

Thank You!


Minor edit - Thursday is the 14th, did you mean the 15th?

[szuetam]

Hey, I have 20 shares, but still didn't make claim for that (Lack of time).
Is there still two upgrade path to terramining?
I just want to take paid upgrade.
I want to be able to do that.
I'll try to catch up at the weekend and fill all the papers procedure.

[jamesg]

Thank You!

Minor edit - Thursday is the 14th, did you mean the 15th?

Hi smaynard,

You are welcome. I have also corrected the post to reflect the proper date.

Best,
James

[jamesg]

Hey, I have 20 shares, but still didn't make claim for that (Lack of time).
Is there still two upgrade path to terramining?
I just want to take paid upgrade.
I want to be able to do that.
I'll try to catch up at the weekend and fill all the papers procedure.

Hi szuetam,

There are still two upgrade paths for Teramining. You can see all of the important announcements at the forum post linked below.

https://bitcointalk.org/index.php?topic=127437.0

Best,
James