Gigamining / Teramining

[jamesg]

Not trying to get into a debate and hope I didn't offend

No worries, no offense taken. 

I'm just glad we are on the other side of the last year and I am in a position to be able to deliver.

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[exahash]

IS anyone taking the paid teramining upgrade?  If so, why?

I just used thegenesisblock.com calculator and even with no diff increase, the incremental hashing increase from paid vs free will not break even in 9 months.  Did I miss something?

If I take the free upgrade, I'll get about 7x what sticking with Giga would have generated in the 9 mos, and then it's over.  I'll book a net loss of 50% plus on my gigamining investment.  Yay.

[jamesg]

IS anyone taking the paid teramining upgrade?  If so, why?

I just used thegenesisblock.com calculator and even with no diff increase, the incremental hashing increase from paid vs free will not break even in 9 months.  Did I miss something?

If I take the free upgrade, I'll get about 7x what sticking with Giga would have generated in the 9 mos, and then it's over.  I'll book a net loss of 50% plus on my gigamining investment.  Yay.

Could add some suggestions for what you would like me to do?

[jamesg]

Once all upgrades are completed, Teramining will be 23.65% of operations at 10.5Th/s. I am rounding this percentage up to 24% and Teramining will continue to grow as more equipment is received and put online. I should be able to reach around 13.5Th/s within the next couple of weeks which would make Teramining 3.24Th/s or 11.75Mh/s per Teramining contract. This amount is greater than the originally proposed 10Mh/s and represents a 30.5% increase over the 9Mh/s.

The teramining contract officially starts tomorrow August 26th, 2013 and will run through May 26th, 2014. This term is guaranteed even if the equipment costs more to run than it is making for Teraminers.

Once Teramining reaches 13.5Th/s, we will be riding out the exponential growth of the network and will see where we land. I have pretty pessimistic numbers in my projections and they still show a return for those who paid for the upgrade.

As always, I am 100% committed to making sure Teraminers are taken care of. I have been traveling almost non-stop for three months now to get us to this point.

I am beyond grateful to all of you who have worked with me through the last year. Thank you for your continued support.

Best,
James

[qxzn]

Once all upgrades are completed, Teramining will be 23.65% of operations at 10.5Th/s. I am rounding this percentage up to 24% and Teramining will continue to grow as more equipment is received and put online. I should be able to reach around 13.5Th/s within the next couple of weeks which would make Teramining 3.24Th/s or 11.75Mh/s per Teramining contract. This amount is greater than the originally proposed 10Mh/s and represents a 30.5% increase over the 9Mh/s.

The teramining contract officially starts tomorrow August 26th, 2013 and will run through May 26th, 2014. This term is guaranteed even if the equipment costs more to run than it is making for Teraminers.

Once Teramining reaches 13.5Th/s, we will be riding out the exponential growth of the network and will see where we land. I have pretty pessimistic numbers in my projections and they still show a return for those who paid for the upgrade.

As always, I am 100% committed to making sure Teraminers are taken care of. I have been traveling almost non-stop for three months now to get us to this point.

I am beyond grateful to all of you who have worked with me through the last year. Thank you for your continued support.

Best,
James

Thanks for everything you've put into this James. Can you share your projected numbers?

[jamesg]

Can you share your projected numbers?

I have us at an average network size of 2.95Ph/s for the month of December if all manufacturers are able to deliver on their timelines. While this is unlikely, I would like to think it is accounted for. There are still unknowns including private mines, unknown manufacturers in China, etc.

This is going to be a wild ride even though it sometimes feels like we are moving in slow motion.

[qxzn]

Can you share your projected numbers?

I have us at an average network size of 2.95Ph/s for the month of December if all manufacturers are able to deliver on their timelines. While this is unlikely, I would like to think it is accounted for. There are still unknowns including private mines, unknown manufacturers in China, etc.

Thanks!

This is going to be a wild ride even though it sometimes feels like we are moving in slow motion.

woo!

[jamesg]

Teramining update

We have reached our initial hash rate of 10.5Th/s and today marks the start of the Teramining 9 month term. If you have not upgraded from Gigamining yet, now is the time to do so. We ran at 88.77% PPS last week. Not a stellar week, but we've had far worse.

The pool is just under 40Th/s and this has continued to keep variance far lower than when we were solo mining. If you haven't seen the full analysis of the pool yet, check out the link below.

http://organofcorti.blogspot.com/2013/08/151-semi-private-mining-pool.html

Gigamining Update

I continue to pay claims as people submit the required information. We are now at 86.51% claimed and in good standing.

If you have a claim in process that has not been completed (aka paid) please contact me: james at gigamining dot com

Upgrades for Gigaminers to move to Teramining are open.

Best,
James

[exahash]

IS anyone taking the paid teramining upgrade?  If so, why?

I just used thegenesisblock.com calculator and even with no diff increase, the incremental hashing increase from paid vs free will not break even in 9 months.  Did I miss something?

If I take the free upgrade, I'll get about 7x what sticking with Giga would have generated in the 9 mos, and then it's over.  I'll book a net loss of 50% plus on my gigamining investment.  Yay.

Could add some suggestions for what you would like me to do?

I'm not sure what you could do.  I think the expected difficulty increase is the core problem, with the 9-month duration of Teramining being a close second.

For example, someone with 100 GM converting to paid TM at a cost of 25 BTC today (with TM at 11.75 Mh/s) will get 1500 TM for a total of 17.6 Gh/s.  I plugged that in here: http://mining.thegenesisblock.com/a/9cf5b33149  using 56% monthly diff increase to approximate the 6x diff increase you projected for Dec.

The diff increase has to come down to about 10% for the buyer to see a profit by May 2014.

I kinda hope I'm misunderstanding something big... if so, please tell me.

[jamesg]

Teramining Update

Our hash rate continues to increase with the total now over 11.4Th/s. Teramining will remain a constant 24% of whatever hashing power VPS brings online. This new equipment should hopefully help us keep up with diff changes a little bit longer before we ride out the wave of exponential increases.

[jamesg]

Teramining update

Mining for the week ran at 96.05% PPS. For the month of August, we ran at 99.59% which is better than the expected when including orphan blocks. Our hash rate is still at 11.4Th/s but should climb some more this week.

Gigamining Update

Upgrades for Gigaminers to move to Teramining will be open for one more week. If you have not upgraded, I suggest you do.

Best,
James

[jamesg]

I guess I haven't shared many pictures of the setup yet. So here is a shot of us going into our new and final home.

I've been drooling over this picture all afternoon. 

[Cablez]

Very nice!  What does rack space cost in a place like that if you don't mind me asking? Ballpark it.

[jamesg]

Very nice!  What does rack space cost in a place like that if you don't mind me asking? Ballpark it.

Well, that depends on how many cabinets you lease and for how long.

Also remember that those 4 machines use 9.6kW not including the computer at the top of the cabinet.

If you just purchase a couple of these, it would be a $2k setup fee and easily $2.8k to $3k per month with a minimum lease term of 36-60 months.

[Cablez]

Very nice!  What does rack space cost in a place like that if you don't mind me asking? Ballpark it.

Well, that depends on how many cabinets you lease and for how long.

Also remember that those 4 machines use 9.6kW not including the computer at the top of the cabinet.

If you just purchase a couple of these, it would be a $2k setup fee and easily $2.8k to $3k per month with a minimum lease term of 36-60 months.

Wow!  They better have some A++ tight security for that price.  I hope for your sake they cheap electricity too.

[jamesg]

Wow!  They better have some A++ tight security for that price.  I hope for your sake they cheap electricity too.

Prices go down when your order moar... 

[jamesg]

Teramining Update

We've reached our final hash rate of 12,951Gh/s. With Teramining at 24% of this, the final hash rate comes out to 3,108Th/s or 11.41Mh/s.

It's now time to hunker down and hope other manufacturers start up with delays to maximize the profitability of the equipment received. 

[herzmeister]

It's now time to hunker down and hope other manufacturers start up with delays to maximize the profitability of the equipment received. 

https://www.youtube.com/watch?v=z5rRZdiu1UE ?

[boonies4u]

I remember when this thread was entertaining.

[jamesg]

I remember when this thread was entertaining.

I'm glad the last year has been entertaining for you. 

It is certainly more entertaining for me now that we have trudged though and come out the other side.