Gigamining / Teramining

[smaynard]

To be quite honest, I have disadvantage many of the most faithful of Gigaminers who claimed early and upgraded two months ago. This was certainly not my intention and it will be rectified.

Thank you!

[jbreher]

Well, Gigaminers, it's time to put on your big boy pants.

We might all do well to remember that the Gigamining contract included no mention of an upgrade to Teramining. As such, gigavps can set the terms of the Teramining offer however he deems fit -- at least as far as new entrants into Teramining are concerned. Those of us who have already upgraded are locked in to the previously set terms. Those still not binding VPS under contractual terms could conceivably find themselves out in the cold.

I upgraded to Teramining some time ago. I had thought that the upgrade window's closing was imminent. As a consequence, I've lost out on subsequent Gigamining profits. But I've not been publicly whining about it.

... wait ...

WAAAAAH!

OK, done now.

I've not been happy with some of the twists and turns of this adventure, either. However, BFL's (and previously GLBSE's) performance have dealt us all a significant blow. While I'm not happy about all of gigavps's decisions, I see them as mostly equitable. I see no evidence of him gaming the situation to his best advantage. I continue to trust him to steer this ship.

You should just be happy he REopened the damn upgrade window. This is working out better for you than it is for me.

[bixcoin]

When exactly will the upgrade window close?

[Otoh]

To be quite honest, I have disadvantage many of the most faithful of Gigaminers who claimed early and upgraded two months ago. This was certainly not my intention and it will be rectified.

Thank you!

+1

(I'm down 38.79 btc in Gigamining dividends over the 8 weeks to last Monday, I trust to Gigavps to honor his previous pledge that the early upgraders to Teramining will come out ahead for helping him out by doing so, from this recent comment it appears that he does indeed intend to rectify this.)

[jamesg]

When exactly will the upgrade window close?

Friday, April 26, 2013 at or around 8am EDT.

[pazor]

When exactly will the upgrade window close?

Friday, April 26, 2013 at or around 8am EDT.

...after that, will teramining start mining?
...and teraminers will get their dividends ?

[BurtW]

When exactly will the upgrade window close?

Friday, April 26, 2013 at or around 8am EDT.

...after that, will teramining start mining?
...and teraminers will get their dividends ?

That is the plan/hope.

[ashitaka]

Does anybody has a very simple estimation on what we can expect in terms of dividens with each "PCU at 9 million hashes per second each". I need to decide if a make the free or paid upgrade

Thanks!

[MrTeal]

Does anybody has a very simple estimation on what we can expect in terms of dividens with each "PCU at 9 million hashes per second each". I need to decide if a make the free or paid upgrade

Thanks!

At current difficulty, each 9MH/s PDU will generate about 0.0035BTC/week. Without knowing how much difficulty will increase prior to BFL getting their hardware it's hard to say, but it's likely that you'll be looking at around 0.002BTC/week or lower for the first couple weeks, decreasing rapidly after that.

[ashitaka]

Does anybody has a very simple estimation on what we can expect in terms of dividens with each "PCU at 9 million hashes per second each". I need to decide if a make the free or paid upgrade

Thanks!

At current difficulty, each 9MH/s PDU will generate about 0.0035BTC/week. Without knowing how much difficulty will increase prior to BFL getting their hardware it's hard to say, but it's likely that you'll be looking at around 0.002BTC/week or lower for the first couple weeks, decreasing rapidly after that.

Thanks! I'll make my math now

[takagari]

This came up fast, so sales are closed?

[BurtW]

This came up fast, so sales are closed?

What do you mean by "sales"?

[Naelr]

When exactly will the upgrade window close?

Friday, April 26, 2013 at or around 8am EDT.

...after that, will teramining start mining?
...and teraminers will get their dividends ?

I too would like this answered.  Will Terramining start mining after the update window closes?

Naelr

edit: nevermind I found a previous post where James said

Can this not be done instead of the proposed forced upgrade deadline?

To be quite honest, I have disadvantage many of the most faithful of Gigaminers who claimed early and upgraded two months ago. This was certainly not my intention and it will be rectified.

For those who have not upgraded, I have given fair warning for the close of the upgrade process. The upgrade process will reopen when the equipment received can accommodate more Teraminers.

Part of the compensation for turning in Gigamining early will be that Teramining will start mining with equipment received WITHOUT the 9mo clock running.

[boonies4u]

This came up fast, so sales are closed?

Sales closed when GLBSE went down.

[Jimmy2011]

Does anybody has a very simple estimation on what we can expect in terms of dividens with each "PCU at 9 million hashes per second each". I need to decide if a make the free or paid upgrade

Thanks!

At current difficulty, each 9MH/s PDU will generate about 0.0035BTC/week. Without knowing how much difficulty will increase prior to BFL getting their hardware it's hard to say, but it's likely that you'll be looking at around 0.002BTC/week or lower for the first couple weeks, decreasing rapidly after that.

Thanks! I'll make my math now

How is your calculation going? Which one is profitable, free upgrade or paid upgrade?
Thank you.

[pazor]

here is a small calculation of upgrating (paid or free) from gigamining to teramining

https://docs.google.com/spreadsheet/ccc?key=0Apjfkh4baK_FdDNTNm00b1J4RDBUenJwTDFQU0M3OUE&usp=sharing

i hope there is no error
please correct me if so

of course, this calculation is only valid if the asic miner equipment is available



edit

some corrections are made

[bixcoin]

Well, I think you should somehow include the probability that BFL doesnt ship/work at all. This is quite possible.

[TiuraZ]

And I wouldn't give this guy a single satoshi more money. Who knows when and how he changes the contract next time?

[Lucidize]

So if I upgrade now I only get 9 months of contract mining with maybe less than half of the equipment running? It's very confusing. I cannot find the conversion information anymore.

I just want some divs returned to me to cover my original investment and nobody around here has any straight answers. I just want to know what are the chances of having my original gigamining investment returned from teramining? I never intended on keeping these shares until they expired, that was not the original contract. So I'm being forced into a corner of having to either /stick with dying gigamining / switch to a free upgrade which may return nothing / pay out a load more bitcoins for no guaranteed return.

Is there nobody else in the same predicament here?

[BTCurious]

here is a small calculation of upgrating (paid or free) from gigamining to teramining

https://docs.google.com/spreadsheet/ccc?key=0Apjfkh4baK_FdDNTNm00b1J4RDBUenJwTDFQU0M3OUE&usp=sharing

i hope there is no error
please correct me if so

of course, this calculation is only valid if the asic miner equipment is available

I believe using the average difficulty is incorrect.
Imagine this simplified thought experiment:
Month 1, difficulty 10
Month 2, difficulty 100
Month 3, difficulty 1000

Your calculation takes the average of these (1110/3 = 370 difficulty) and runs with that for 3 months. Then you get 3/370 = 0.0081 Bitcoins.
But in reality, what would happen is: The first month you get 1/10 Bitcoins, the second month 1/100, the third month 1/1000, making 0.111 Bitcoins.

Now this is simplified, but the conclusion is that the profit would likely be a bit more than you state in your spreadsheet.
Here's an edited version:
https://docs.google.com/spreadsheet/ccc?key=0Aginfn56EnJmdGtqNFFlUktxNnZBVDZ2dGM1dzFOSnc#gid=8
You can make a personal copy and change the amount of shares you have, or the starting difficulty, or the percentage increase in difficulty, if you want to play around.