Gigamining / Teramining

[boonies4u]

So when will we be able to upgrade to Teramining, and what is the current holdup? How is it justified that some Gigaminers were allowed to upgrade, and others were not?

Would appreciate some straight answers to these questions, as I can't seem to find them in the thread.

If you're talking about what I think you are... it's because he hasn't received enough ASICs to be able to pay out everyone at Terraminer rates.

[jamesg]

So when will we be able to upgrade to Teramining, and what is the current holdup?

I have not received enough equipment to bring current Teraminers up to the full 9Mh/s.

How is it justified that some Gigaminers were allowed to upgrade, and others were not?

This has nothing to do with allowing. Some gigaminers upgraded in Jan/Feb turning in their Gigamining contracts. They are being compensated for their swift action in claiming and upgrading.

Besides that fact, if you take the free upgrade, you would be making less per week than sticking with Gigamining. The only way to make more would be to take the paid upgrade.

I am giving up possible paid upgrades to accomodate those who have been most loyal.

[Holographic]

So when will we be able to upgrade to Teramining, and what is the current holdup?

I have not received enough equipment to bring current Teraminers up to the full 9Mh/s.

How is it justified that some Gigaminers were allowed to upgrade, and others were not?

This has nothing to do with allowing. Some gigaminers upgraded in Jan/Feb turning in their Gigamining contracts. They are being compensated for their swift action in claiming and upgrading.

Besides that fact, if you take the free upgrade, you would be making less per week than sticking with Gigamining. The only way to make more would be to take the paid upgrade.

I am giving up possible paid upgrades to accomodate those who have been most loyal.

Can't blame you for being at the mercy of BFL time, but you did specify a deadline for claims. I claimed before the deadline, but the upgrade option was already gone when i got access to my VPS account. I thought I was being loyal enough sending you the requested ID scan and affidavit within the specified deadline. That could have been handled differently in my opinion.

Also, technically it was your decision, so you did in fact "allow" them to upgrade, and you did not "allow" me and others to upgrade. Though, in light of the fact that the free upgrade is actually making less than regular Gigamining contracts at this point, I guess I should thank you for not allowing me to upgrade.

One thing I noticed, is how you use the term "giving up possible paid upgrades", inferring that those would be most beneficial to you. Is it safe to say that you don't think the hashing power provided in the upgrade will mine more btc than the price of the upgrade? What we have here is a situation where one party has hashing power(you) and the other party has bitcoin(Gigaminers). There is no way a deal can be made that is mutually beneficial at this point. Buying hashing power with btc is always a gamble, with difficulty being the deciding factor. Calculating returns, using the same continued growth in difficulty, the free upgrade marginally ends up as the best option in terms of btc that I'm left with at the end of the contract. I could be missing something in my calculations though, but I guess I'll just play it safe and take the free upgrade when the rigs arrive. Thank you for the answers.

[BurtW]

What you may have forgotten is that those of us that upgraded very early and turned in our Gigamining contracts received no dividends from the time we upgraded until the time equipment started to arrive.

If you did not upgrade then your Gigamining contracts continued to pay dividends that whole time.

[jbreher]

Also, technically it was your decision, so you did in fact "allow" them to upgrade, and you did not "allow" me and others to upgrade. Though, in light of the fact that the free upgrade is actually making less than regular Gigamining contracts at this point, I guess I should thank you for not allowing me to upgrade.

While that all may be the case, it might be pointed out that the Gigamining terms carried no statement about upgrading to Teramining. While I grumbled in having to dox myself, I did so before the first-stated deadline came to pass. It seemed to me the best deal available to me.

Is it safe to say that you don't think the hashing power provided in the upgrade will mine more btc than the price of the upgrade?

I don't think anyone really _knows_ the answer to this. There are several variables involved that can each vary by orders of magnitude in this calculation. The looming ones that I see include BFL's delivery performance and total network hash rate over that time.

I hope to recover my BTC upgrade cost, but I do not see this as a certain outcome. Recovering my entire Gigamining and Teramining BTC seems still a possibility, though perhaps less certain.

You'll need to do your own analysis, and make your own decision.

[jamesg]

Teraminers:

Total hashrate has risen to just over 3.2Th/s with more incoming. Teramining is now at 544Gh/s.

Pool is hovering at 13Th/s currently which is great for reducing variance in weekly payments.

[001sonkit]

While your lawyer haven't looked at any of my 4 claiming request sent in past 8 months. And bunches of small investor who are not cost-efficient to deal with the stupid lawyer stuff.

This resulted in you owing me 2 shares plus all it's dividend, plus all small investors out there. Seriously, it IS possible for you to make some shares "non-law-protected" and just let us small investor claim those. It doesnt mantter how many hash you make, for us, it is 0 Hash perpetual now, until we can claim it without going through legal channels

[jamesg]

Teramining update

I think I forgot to post this, but we now have 8 mini rigs running along with FGPA minirigs, GPUs and Avalons for a total of 4.1Th currently.

Last week we ran at 104.78% PPS for the week.

Looking forward, there is more equipment coming in over the next couple of weeks from multiple manufacturers which will definitely help push us up even further.

The semi-private pool is now above 17Th/s making it just about tied with Slush for 4th place on the largest pools list.

Best,
James

[nadrimajstor]

Great news. Congratulations.
Had you considered revisiting stance on small contract holders with limited access to Affidavit process?

[jamesg]

Had you considered revisiting stance on small contract holders with limited access to Affidavit process?

I have been traveling almost non-stop for close to two months working to get Teramining up and running. We should be half way to our goal of 10.5Th by the end of the week. There is also a lot more work to do on the behalf of Teraminers and this will continue to be my focus until the contract can be started.

With regards to claims, I have still been accepting claims weeks/months after the close of the claims process.

I will review your request with the lead attorney to get their thoughts on the situation.

[jamesg]

Teramining update

Teramining is now running at 4.6Th and has since the middle of the week.

Last week we ran at 97.19% PPS.

Looking forward, we should have five 4-module avalons arriving sometime soon and minirigs will continue to arrive as they are available.

If any teraminers would like access to the private pool to see all of the charts and stats, just ping me at james at gigamining dot com and I'll send you a registration link.

Best,
James

[Audriux9]

Teramining update

Teramining is now running at 4.6Th and has since the middle of the week.

Last week we ran at 97.19% PPS.

Looking forward, we should have five 4-module avalons arriving sometime soon and minirigs will continue to arrive as they are available.

If any teraminers would like access to the private pool to see all of the charts and stats, just ping me at james at gigamining dot com and I'll send you a registration link.

Best,
James

Any plans for Teramining upgrade renewal for those who have not upgraded in time? And what is the mining capacity threshold for upgrade to continue again?

[jamesg]

Any plans for Teramining upgrade renewal for those who have not upgraded in time? And what is the mining capacity threshold for upgrade to continue again?

Upgrades will resume when we have all of the hashing power purchased with our initial purchase.

[snowdropfore]

where can i buy yours shares？？bf？？btct？？

[jamesg]

where can i buy yours shares？？bf？？btct？？

Gigamining / Teramining are not tradable.

[jamesg]

Teramining update

Most of my GPUs went offline this week. Luckily they are no longer even a blip on the overall hash rate with VPS currently running at 5.6Th/s and Teramining just shy of 1Th/s.

Last week we ran at 88.64% PPS.

The semi-private pool is now at 22.5Th/s.

Best,
James

[2GOOD]

Wanna ask this some time... what do you mean VPS .. i.e. ur private hardware or .. Tera + Giga ?!

[jamesg]

Wanna ask this some time... what do you mean VPS .. i.e. ur private hardware or .. Tera + Giga ?!

Teramining is a percentage of the overall hash rate. Sorry if that was confusing.

As a side note, if any Gigaminers or Teraminers are going to be in New York for the conference tomorrow and would like to meet up, ping me.

james at gigamining dot com

[tokeweed]

is this kinda like cloudhashing?

[jamesg]

Teramining update

VPS' total hash rate is just above 6.5Th/s putting Teramining at 1.17Th/s. We also had a pretty good week with mining as we came in at 110.15% of PPS.

The semi-private pool is now at 25Th/s.

I continue to travel to keep equipment coming online.

There should be an email update coming for all Gigaminers and Teraminers regarding the start of the Teramining contract window and opening up upgrades again.

Best,
James