Gigamining / Teramining

[Otoh]

The contract runs until 2014 05 26, so approx 31 weeks more, I have 22,950 contracts & if we continued to get about 10 btc / week (the average of the last 2 weeks, one bad & one good), then I would receive about 310 btc but of course it will be far, far lower than this due to ever increasing difficulty.

Since upgrading to TerraMining on 2013 02 26 I have received a total of approx 142.84 btc & lost approx 69.13 btc that I would have received by continuing with GigaMining, maybe more with the free upgrade option.

So 310 + 143 - 69 = 384 btc about what I could be getting if no difficulty increase & not counting the continued loss of GigaMining payments.

I paid 382.50 btc for the upgrade path as GigaVPS assured me it would be a better deal in the long run, I trusted him even though my original investment in GM had lost a large amount, it seems obvious now that the switch to the TM paid upgrade is going to lose me yet more unless Giga does the honorable thing which is to, at the very least, commit to paying back to investors eventually a minimum of what they paid to upgrade plus the amount that they would have received on the free upgrade path, preferably more to retain some goodwill for the future.

As it is right now I will never have anything to do with any mining operation in the future & so far am very disillusioned by participating in any of these ventures.

[kjlimo]

The contract runs until 2014 05 26, so approx 31 weeks more, I have 22,950 contracts & if we continued to get about 10 btc / week (the average of the last 2 weeks, one bad & one good), then I would receive about 310 btc but of course it will be far, far lower than this due to ever increasing difficulty.

Since upgrading to TerraMining on 2013 02 26 I have received a total of approx 142.84 btc & lost approx 69.13 btc that I would have received by continuing with GigaMining, maybe more with the free upgrade option.

So 310 + 143 - 69 = 384 btc about what I could be getting if no difficulty increase & not counting the continued loss of GigaMining payments.

I paid 382.50 btc for the upgrade path as GigaVPS assured me it would be a better deal in the long run, I trusted him even though my original investment in GM had lost a large amount, it seems obvious now that the switch to the TM paid upgrade is going to lose me yet more unless Giga does the honorable thing which is to, at the very least, commit to paying back to investors eventually a minimum of what they paid to upgrade plus the amount that they would have received on the free upgrade path, preferably more to retain some goodwill for the future.

As it is right now I will never have anything to do with any mining operation in the future & so far am very disillusioned by participating in any of these ventures.

Looks like all your calculations are in BTC.  Is the same true for USD? 

Bitcoin is but a means of transfer to take advantage of this opportunity.  Had you invested USD, perhaps the story would be different...

[Otoh]

...
Looks like all your calculations are in BTC.  Is the same true for USD?  

Bitcoin is but a means of transfer to take advantage of this opportunity.  Had you invested USD, perhaps the story would be different...

Yes my calculations are in btc because those are what I invested & what the returns are in, obviously it would have been better to have not paid for an upgrade to TM & just kept the 382.50 btc & taken the free upgrade it was Giga who promoted this as a way to help recoup some of the losses made earlier by those who invested in GM. I was warned att that I was just throwing good money after bad & I said that I was probably naive to still trust this & now looking at the figures it seems that was the case, unless Giga comes up with something fairer.

[jamesg]

Yes my calculations are in btc because those are what I invested & what the returns are in, obviously it would have been better to have not paid for an upgrade to TM & just kept the 382.50 btc & taken the free upgrade it was Giga who promoted this as a way to help recoup some of the losses made earlier by those who invested in GM. I was warned att that I was just throwing good money after bad & I said that I was probably naive to still trust this & now looking at the figures it seems that was the case, unless Giga comes up with something fairer.

Otoh,

Please go back and read the emails that have been sent to all Teraminers. If, once you read those emails, you still believe Teramining will be a loss, email me directly and we can discuss the finer details of those emails.

If, for some reason, you were not included on those emails, let me know and I'll forward them to you.

Thanks,
James

[Otoh]

Yes my calculations are in btc because those are what I invested & what the returns are in, obviously it would have been better to have not paid for an upgrade to TM & just kept the 382.50 btc & taken the free upgrade it was Giga who promoted this as a way to help recoup some of the losses made earlier by those who invested in GM. I was warned att that I was just throwing good money after bad & I said that I was probably naive to still trust this & now looking at the figures it seems that was the case, unless Giga comes up with something fairer.

Otoh,

Please go back and read the emails that have been sent to all Teraminers. If, once you read those emails, you still believe Teramining will be a loss, email me directly and we can discuss the finer details of those emails.

If, for some reason, you were not included on those emails, let me know and I'll forward them to you.

Thanks,
James

Hi James,

I had forgotten about your commitment  & promise to investors in the June 25th Teramining update, I mistakenly thought that we were now on a fixed max hash power with fixed time scale, my mistake & please to accept my apologies, it hasn't been easy for any of us & if you manage to pull through with this then that will be a superb achievement. The only other email I received was August 26th re TM officially starting.

Otoh

[jamesg]

Hi James,

I had forgotten about your commitment  & promise to investors in the June 25th Teramining update, I mistakenly thought that we were now on a fixed max hash power with fixed time scale, my mistake & please to accept my apologies, it hasn't been easy for any of us & if you manage to pull through with this then that will be a superb achievement. The only other email I received was August 26th re TM officially starting.

Otoh

Thanks for taking the time to re-read that email.

I am committed to making sure all Teraminers see a positive ROI in BTC, full stop.

The faith you have put in me can never be repaid.

With Appreciation,
James

[jamesg]

Teramining Update

Forgot to post yesterday as I'm on the road again. We ran at 83.59% PPS last week.

Gigamining Update

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

Amsterdam

I'll be in Amsterdam this week for the European Conference. If any of you will be there, I'd really enjoying more Gigaminers / Teraminers.

Best,
James

[jamesg]

Teramining Update

We ran at 107.02% PPS last week.

Gigamining Update

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

Claims are still coming in and being paid.

Best,
James

[jamesg]

Teramining Update

We ran at 112.41% PPS last week.

Gigamining Update

More claims have come in and have been paid. This week will be the last week any new claims will be accepted.

Best,
James

[dust]

Good thing I remembered to check this thread today.  Claim submitted for my modest quantity of shares.  What is the estimated value of a share and previous dividends these days?

[Namworld]

Good thing I remembered to check this thread today.  Claim submitted for my modest quantity of shares.  What is the estimated value of a share and previous dividends these days?

Probably around 0.2 BTC or so in backdated dividends.

[jamesg]

Forgot to post this on Monday. Too many other things going on. 

Teramining Update

We ran at 114.85% PPS last week and we had some equipment go down for an extended period of time.

Gigamining Update

Claims are now closed. It has been a year since the closure of GLBSE and six months longer than I said I'd keep claims open. Everyone who's claim I received has been paid.

Best,
James

[Otoh]

Interest payments down by over 50% in just the last 3 week

[jamesg]

Interest payments down by over 50% in just the last 3 week

That is correct. the average difficulty for September was 104,550,780 while this months average difficulty is going to be over 216,654,943 which is OVER a 100% increase.

Seems that money printing devices have seen somewhere around $100m in investment come in the form of 100% pre-orders and that investment has made the difficulty jump 30% more or less each diff period.

These are the risks along with manufacturer delay and BTC price.

[jamesg]

Teramining Update

We ran at 93.55% PPS last week. All equipment issues were resolved on Tuesday and we have been mining at 100% since then.

The pool now has the dubious honor of have the longest round in terms of total shares at 1,963,423,807. Having a round like this and still coming in at 93.55% PPS is an amazing feat.

Best,
James

[merster]

Forgot to post this on Monday. Too many other things going on. 

Teramining Update

We ran at 114.85% PPS last week and we had some equipment go down for an extended period of time.

Gigamining Update

Claims are now closed. It has been a year since the closure of GLBSE and six months longer than I said I'd keep claims open. Everyone who's claim I received has been paid.

Best,
James

Do the individuals who went through the claim process get a bonus from the leftover coins?

[jamesg]

Do the individuals who went through the claim process get a bonus from the leftover coins?

Individuals who went though the claims process get the benefit of getting paid.

Leftover coins are stored for when people claim. More people have come out of the woodwork and are claiming as I type this.

[burger]

Interest payments down by over 50% in just the last 3 week

That is correct. the average difficulty for September was 104,550,780 while this months average difficulty is going to be over 216,654,943 which is OVER a 100% increase.

Seems that money printing devices have seen somewhere around $100m in investment come in the form of 100% pre-orders and that investment has made the difficulty jump 30% more or less each diff period.

These are the risks along with manufacturer delay and BTC price.

And the BTC price has gone up with over 30% the last week, so It's not so big loss if we get 50% less BTC from Giga-/Teramining.
The BTC price will go up even more.

[Otoh]

Interest payments down by over 50% in just the last 3 week

That is correct. the average difficulty for September was 104,550,780 while this months average difficulty is going to be over 216,654,943 which is OVER a 100% increase.

Seems that money printing devices have seen somewhere around $100m in investment come in the form of 100% pre-orders and that investment has made the difficulty jump 30% more or less each diff period.

These are the risks along with manufacturer delay and BTC price.

And the BTC price has gone up with over 30% the last week, so It's not so big loss if we get 50% less BTC from Giga-/Teramining.
The BTC price will go up even more.

It's a big loss of bitcoins, for instance, I invested a lot of coins in gigamining shares & ended up with substantially less when I claimed for the 1530 shares that I had back in Feb, I got just 245 btc in back interest instead of the thousands that I'd invested, then I paid 382 btc for the paid upgrade to teramining on giga's assurance that this time it would be different, so far it's paid 173 btc less the 70.36 btc I would have received by sticking to the free upgrade, so 103 btc gained for a 382 btc cost & interest has slowed to 3.60 btc per week falling by 50% each 3 weeks on the latest figures, I don't see how this can ever cover the cost even with giga's assurance that he somehow intends to make it right.

The only honorable thing that I see now would be if he admitted the paid upgrade was a failure for those who took it & refund the cost of it, less interest paid out, but plus the free upgrade interest, which in my case would be 382 - 173 + 70 = 279 BTC or to explain when & how he intends to make this investment right for those who have supported him all along.

The 245 btc that I got back in Feb plus the free upgrade coins of 70 btc = 315 btc, these would be some of the very few coins that I had in my cold storage after the scams of last year, like bitcoinica, GLBSE etc, instead of that I am now 279 btc down atm just from taking the paid upgrade & earning a rapidly declining interest that can never hope to recoup this.  

[odolvlobo]

And the BTC price has gone up with over 30% the last week, so It's not so big loss if we get 50% less BTC from Giga-/Teramining.
The BTC price will go up even more.

You seem to have forgotten that you paid more BTC for gigamining shares than you will ever receive, regardless of the value in dollars.