Gigamining / Teramining

[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

[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.

[Puppet]

Dont worry, Im sure giga will offer you an upgrade to 'petamining' based on BFL monarchs that will ship in autumn 2014.

[randomguy7]

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.

So claims are not really closed are they? Do you have an estimate about the amount of btc one share results in? In an earlier post someone estimated about 0.2 btc/share, can you confirm this?

[jamesg]

So claims are not really closed are they? Do you have an estimate about the amount of btc one share results in? In an earlier post someone estimated about 0.2 btc/share, can you confirm this?

0.22 BTC per contract is about right.

[Otoh]

Interest payments are falling fast, (mine from 3.59 btc last week down to 2.50 btc this week), giga I would appreciate if you could reply to my post of a week ago, I know that others are interested to hear your answer to these changing circumstances as I was PMed after, thanks.

[jamesg]

Teramining Update

We ran at 79.85% PPS last week.

The pool has not been growing with the rest of the network lately so we are a smaller (3%) of the network currently. I am working to take the pool public at this time.

Best,
James

[jamesg]

Interest payments are falling fast, (mine from 3.59 btc last week down to 2.50 btc this week), giga I would appreciate if you could reply to my post of a week ago, I know that others are interested to hear your answer to these changing circumstances as I was PMed after, thanks.

Hi Otoh,

The contract will run its term. I have no control over variance of block rewards nor do I have control over how much other equipment has been purchased and brought onto the network. Once the term of the contract is near, I will decide what to do next.

Best,
James

[jamesg]

October Report

The average daily diff for October was 247,090,119. 

Teramining ran at 103.33% for the month. This was our best month vs PPS since Teramining started.

[jamesg]

Teramining Update

We ran at 110.77% PPS last week.

Best,
James

[jamesg]

https://bitcointalk.org/index.php?topic=130117.msg3482565#msg3482565

And some still wonder why I took the actions that I did..... 

[kjlimo]

https://bitcointalk.org/index.php?topic=130117.msg3482565#msg3482565

And some still wonder why I took the actions that I did..... 

Heh, basically GLBSE 2.0?  or are we on 3.0?

Good luck to all for the hassle they are about to go through...

Thanks for making it easy giga.