Gigamining / Teramining

[bixcoin]

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

[1713998671]

1713998671

[1713998671]

1713998671

[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.

[bixcoin]

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?

Haha, we are all in the same boat here. I think I can answer your question about covering your original investment: Forget it!

[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

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.

your solution is better
thank you

[ashitaka]

According to that spreadsheet I should get ~47BTC with the free upgrade and ~130 with the paid, which costs me 46BTC.

So if I go with the paid one I'll have 84BTC more at the end of the 9 months, vs. the 47BTC of the free upgrade

The problem here is that we have to decide being blind, because we don't know when or if this is going to begin, but in case we choose the paid upgrade, we have to pay the BTC on the following 5 days

[jamesg]

According to that spreadsheet I should get ~47BTC with the free upgrade and ~130 with the paid, which costs me 46BTC.

So if I go with the paid one I'll have 84BTC more at the end of the 9 months, vs. the 47BTC of the free upgrade

The problem here is that we have to decide being blind, because we don't know when or if this is going to begin, but in case we choose the paid upgrade, we have to pay the BTC on the following 5 days

I would like to say that I think the number is the spreadsheet are overly optimistic.

I would run your simulations with the following assumptions:

- It will take three months to ramp up to the 9mh/s per teramining contract after which time the 9 month clock will start
- I would plan on the network being 1,300Th/s by the end of the year

You'd need to figure in at least 50% growth in the network this month alone....

[Jimmy2011]

When exactly will the upgrade window close?

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

How is this date chosen?

[johnlu]

I decided to not take the paid upgrade path but free path. This is because my experience on gigamining resulted on this investment to not be profitable. So, I think that looking at those weak data gigavps gave to us, I'm not willing to put more BTC or money in his hands. Taking risks with all this conditions is just a way to pay BFL stuff to giga, in my opinion.

Looking at those maths made a long time by him and even any other here and seeing that BFL might result on more delays... I'm going to stuck in free path upgrade. So, wish me luck mates... ¬¬

[Naelr]

I decided to not take the paid upgrade path but free path. This is because my experience on gigamining resulted on this investment to not be profitable. So, I think that looking at those weak data gigavps gave to us, I'm not willing to put more BTC or money in his hands. Taking risks with all this conditions is just a way to pay BFL stuff to giga, in my opinion.

Looking at those maths made a long time by him and even any other here and seeing that BFL might result on more delays... I'm going to stuck in free path upgrade. So, wish me luck mates... ¬¬

GOOD LUCK JOHNLU

I, however; chose the paid upgrade path... I am a gambling man and hell what are a few BTC anyway... I got scammed for something like 50 or so a while back, what is a few more BTC.  If it works out I will at least double what I paid for upgrade... if it don't ... I donated 6.5 BTC more towards something bigger then me!  James... work your magic and let the cards fall where they may!

Naelr

[jamesg]

James... work your magic and let the cards fall where they may!

I'm hoping to have an email to all Teraminers some time next week that will explain a lot and fully layout the plan ahead. Your continue support means a lot.

[johnlu]

James... work your magic and let the cards fall where they may!

I'm hoping to have an email to all Teraminers some time next week that will explain a lot and fully layout the plan ahead. Your continue support means a lot.

it would have been better to get it done before hurry us up to take a decision....

[jamesg]

I'll have a more detailed update next week for Teraminers, just wanted to leave a little something here.





It's a 5Gh/s beast at 30w humming away on my desk as I type this.

I'm glad to start seeing BFL deliver equipment and am looking forward to moar!

[boonies4u]

I'm glad to start seeing BFL deliver equipment and am looking forward to moar!

Did the mug come with it?

[BurtW]

it would have been better to get it done before hurry us up to take a decision....

I do not think you understood what he said, read it again:

I'm hoping to have an email to all Teraminers some time next week that will explain a lot and fully layout the plan ahead. Your continue support means a lot.

Are you a Teraminer? We all made the decision to become Teraminers months ago.  Did you?

[witherworth]

I'll have a more detailed update next week for Teraminers, just wanted to leave a little something here.





It's a 5Gh/s beast at 30w humming away on my desk as I type this.

I'm glad to start seeing BFL deliver equipment and am looking forward to moar!

Thats a shit ton of HW errors for number of accepted shares. I'd be interested to see the ratio after several hours of mining. Care to share an updated screen shot?

[jbreher]

And so it begins...

I want to get one of those snazzy Butterfly Labs coffee cups to store my pens & pencils in

Here's to the most expeditious buildout possible for the Teramining infrastructure *clink!*

[kibblesnbits]

Accepted 90, faulted 64 times.  Not good.  I was getting a similar response on a faulty single.  I sent it back and got a replacement. 

[jamesg]

Accepted 90, faulted 64 times.  Not good.  I was getting a similar response on a faulty single.  I sent it back and got a replacement.  

Things are looking pretty good even with the hardware errors. You can see in the screenshot below that u: is at 5.4Gh/s which is well above the advertised spec of 4.5Gh.

Please also remember that this unit is running at difficulty 10 instead of difficulty 1 as the VPS pool targets workers to submit 8 shares per minute. So the diff 1 shares submitted should be around 10x what A: shows in the screenshot below.



On a different note, it is great to be able to see, touch and use hardware that is working.

This all points to good signs going forward.