Gigamining / Teramining

[Nefario]

To all pre-sale purchasers: All bonds have been distributed at this time.

Congratulations on very successful IPO.

[occulta]

Got my pre-sales as promised and on-time, thanks giga

[mila]

12 minutes to go.

If you haven't place a big yet, don't miss out.

I placed, went to a meeting and saw that it was not filled. I'll go and buy a BFLS instead : (
but it was a nice daydream to mine with a contract (while it lasted).
maybe some pre-orders will sell for profit as already mentioned

[jamesg]

Got my pre-sales as promised and on-time, thanks giga

You are quite welcome.

[JWU42]

Yes - my shares were delivered just minutes after opening - thanks for that!

[jamesg]

Yes - my shares were delivered just minutes after opening - thanks for that!

You are welcome JWU42.

To all bond holders:

You can now see my account is fully verified -> https://glbse.com/asset/view/GIGAMINING

Thank you to everyone who bought shares this morning.

[aseldon]

Can't thank you enough for verifying!!!   

[jamesg]

Can't thank you enough for verifying!!!   

I have a vested interest in making bitcoin and resounding success and am doing everything in my power to help make that happen.

That means making sure the community has worth while ventures to invest in and be confident that they will be run with integrity and reverence for the investors involved. My goal is to live up to this standard thereby setting a high bar for others to follow.

[Turbor]

It was the hell . I was sealing a floor with the stick in one hand and bidding with the iphone in the other hand. My timing was perfect and I was able to get 70 shares. Wanted 80 to 90 but there were just too many bidder.

[tgmarks]

The price is shooting up fast and i am behind in the game but figure i still gotta get in on some of this. This is a real benefit to the community.

[jamesg]

To all bond holders:

You will be able to see, at anytime, the coupon payment made thus far at the link below.

http://gigamining.com/

Enjoy.

[rjk]

To all bond holders:

You will be able to see, at anytime, the coupon payment made thus far at the link below.

http://gigamining.com/

Enjoy.

I like this link better: http://farm.gigamining.com/mgpumon/

[yochdog]

I am curious......

There seems to be huge demand for this offering, which by my math works out to paying approximately $1 per MH (or .2 BTC per MH for you real die-hards).  It is very easy to build rigs that offer nearly 2 MH per $1, so why the rush to buy this? 

I am assuming people don't want the hassle of maintaining a farm?  Don't want the electric bill? 

I understand paying a premium for simplicity, but paying twice as much seems a bit steep. 

Just curious. 

[BinaryMage]

I am curious......

There seems to be huge demand for this offering, which by my math works out to paying approximately $1 per MH (or .2 BTC per MH for you real die-hards).  It is very easy to build rigs that offer nearly 2 MH per $1, so why the rush to buy this? 

I am assuming people don't want the hassle of maintaining a farm?  Don't want the electric bill? 

I understand paying a premium for simplicity, but paying twice as much seems a bit steep. 

Just curious. 

Financially speaking, from a non-Bitcoin perspective, the ROI for a perpetual holding like this is just ridiculous - over 100% annually at the current difficulty. I suspect that draws some with less technical ability or inclination.

Speaking as someone who is technically inclined and does run a mining farm, this is still appealing. I have (a) mediocre facility access, (b) frequent travel and (c) electricity that's not ludicrous but not cheap either. My mining farm is certainly profitable, but diversifying my holdings with a good ROI and an extremely trustworthy operator seems a good call.

[JWU42]

BinaryMage,

Well said - might even point people to your post when questioning my offering (and all the perpetual bond offerings for that matter) 

[jamesg]

My mining farm is certainly profitable, but diversifying my holdings with a good ROI and an extremely trustworthy operator seems a good call.

Thanks for the vote of confidence BinaryMage. I appreciate your kind words.

[jamesg]

I have put up the calculation for computing individual coupon payments at the bottom of the page -> http://gigamining.com

If you find a flaw in my calculation, please let me know.

[Sukrim]

I'd recommend you to just pick a block on a certain date + time and calculate from this block to the next one. You could even set a certain time (e.g. "the last block before 10 AM UTC on Saturday until the last block before 10 AM UTC on the next saturday") to make it more transparent.

Something like:
Week #123:
Blocks #123456 - 123800: Difficulty 1234, 50 BTC/block --> 0.0001 BTC/block per MH/s = 100% PPS, 344 blocks: 0.0001*344 = 0.0344 for this difficulty
Blocks #123801 - 125000: Difficulty 2345, 50 BTC/block --> 0.00001 BTC/block per MH/s = 100% PPS, 1199 blocks: 0.00001*1199 = 0.01199 for this difficulty so far

Week #124:
Blocks #125001 - ...

and so on. (Numbers completely made up)

Also: "The expected number of hashes we need to calculate to find a block with difficulty D is therefore D * 2**48 / 0xffff", meaning your 2^32 estimate is wrong (but only by 0.00something percent... ), see https://en.bitcoin.it/wiki/Difficulty

[yochdog]

I am curious......

There seems to be huge demand for this offering, which by my math works out to paying approximately $1 per MH (or .2 BTC per MH for you real die-hards).  It is very easy to build rigs that offer nearly 2 MH per $1, so why the rush to buy this? 

I am assuming people don't want the hassle of maintaining a farm?  Don't want the electric bill? 

I understand paying a premium for simplicity, but paying twice as much seems a bit steep. 

Just curious. 

Financially speaking, from a non-Bitcoin perspective, the ROI for a perpetual holding like this is just ridiculous - over 100% annually at the current difficulty. I suspect that draws some with less technical ability or inclination.

Speaking as someone who is technically inclined and does run a mining farm, this is still appealing. I have (a) mediocre facility access, (b) frequent travel and (c) electricity that's not ludicrous but not cheap either. My mining farm is certainly profitable, but diversifying my holdings with a good ROI and an extremely trustworthy operator seems a good call.

Makes sense.  Thanks for taking the time to respond!

[jamesg]

I'd recommend you to just pick a block on a certain date + time and calculate from this block to the next one. You could even set a certain time (e.g. "the last block before 10 AM UTC on Saturday until the last block before 10 AM UTC on the next saturday") to make it more transparent.

Something like:
Week #123:
Blocks #123456 - 123800: Difficulty 1234, 50 BTC/block --> 0.0001 BTC/block per MH/s = 100% PPS, 344 blocks: 0.0001*344 = 0.0344 for this difficulty
Blocks #123801 - 125000: Difficulty 2345, 50 BTC/block --> 0.00001 BTC/block per MH/s = 100% PPS, 1199 blocks: 0.00001*1199 = 0.01199 for this difficulty so far

Week #124:
Blocks #125001 - ...

and so on. (Numbers completely made up)

Also: "The expected number of hashes we need to calculate to find a block with difficulty D is therefore D * 2**48 / 0xffff", meaning your 2^32 estimate is wrong (but only by 0.00something percent... ), see https://en.bitcoin.it/wiki/Difficulty

Hi Sukrim,

Thanks for your reply. I appreciate your input.

What exactly is the difference from saying i'm going to pay for the last 604,800 seconds (aka a week) and your suggestion? How is one "more transparent" than the other?

Thanks,
gigavps