Gigamining / Teramining

[rastapool]

I saw in your contract:

Percent of majority  
to change contract:   1
for general motion:   1
to issue shares:      1

What is this mean? Anyone, who has 1% of total shares can do anything?
Or only you have ability to make a proposal to a vote?
If yes, then, you (with only 1% of shares) can do what you want?
Or I missed something? Please, explain how this works.

[1713524512]

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[1713524512]

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[1713524512]

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[jamesg]

I saw in your contract:

Percent of majority  
to change contract:   1
for general motion:   1
to issue shares:      1

What is this mean? Anyone, who has 1% of total shares can do anything?
Or only you have ability to make a proposal to a vote?
If yes, then, you (with only 1% of shares) can do what you want?
Or I missed something? Please, explain how this works.

Hi rastapool,

This is an issue with the glbse interface. I have offered and sold a "bond" not shares in the company. A bond has not voting right, cannot change the contract in any way and there is no need for motions.

Best,
gigavps

[yochdog]

Wildly optimistic.  I get the 2nd cheapest power in the country and can't get to that number. 

How inefficient are your rigs?

(1 MH/s) / (3000 MH / KW) * 24 hour * 30 days = 0.24 kWh

At $0.10 per kWh that's 2.4 cents.
At $0.05 per kWh that's 1.2 cents.

Anyway, it just seems like he should have priced it higher given the cost/benefit. 

Priced higher is present a larger risk and lower profit to the purchaser.  I mean we are talking zero sum game here. 

It costs me about $.035 per MH per month.  My average cost of electricity is .075 per Kw/h

My rigs are slightly overclocked.  MAYBE I could get a 40% efficiency improvement with a massive undervolt/underclock, but I highly doubt it. 

[jamesg]

Giga,

I have been following this thread with a lot of interest.  I am curious what you hope to accomplish with the bond? 

If you are paying out 100% of the PPS earnings on your 50 GH/s, aren't you eating the power cost?  How about inevitable replacement needs?  The time you spend keeping everything running smoothly?  Is this a one time cash-out by you in order to monetize your (extensive) effort?

Perhaps you are just a benevolent benefactor for the entire community?? 

Hi yochdog,

As was pointed out in my feedback thread, the 50Gh bond will be run by two Butterfly Labs mini rigs. I bought them at the early bird price of $12.5k each. Each BFL mini rig is spec'd to pull 1250w to generate 25Gh in mining power. With my electricity costs at $0.07104 and assuming 745 hours in a month, the electricity will cost ~$135 per month. I am willing to pay out 100% PPS because I run all my equipment on GPUMAX and have confidence that the service is only going to get better with time.

There are other risk factors involved in running a bond like this which you have pointed out. Since all of the costs the mini rigs add will be incremental costs (aka I already have a working farm and have already purchased the mini rigs) the barriers for me to do this are pretty low.

My ultimate goal was to create more working capital while offloading some of the risk of running the equipment. This has been accomplished and my first priority is to make sure bond holders are justly rewarded.

Hope this helps.

Best,
gigavps

[yochdog]

Giga,

I have been following this thread with a lot of interest.  I am curious what you hope to accomplish with the bond? 

If you are paying out 100% of the PPS earnings on your 50 GH/s, aren't you eating the power cost?  How about inevitable replacement needs?  The time you spend keeping everything running smoothly?  Is this a one time cash-out by you in order to monetize your (extensive) effort?

Perhaps you are just a benevolent benefactor for the entire community?? 

Hi yochdog,

As was pointed out in my feedback thread, the 50Gh bond will be run by two Butterfly Labs mini rigs. I bought them at the early bird price of $12.5k each. Each BFL mini rig is spec'd to pull 1250w to generate 25Gh in mining power. With my electricity costs at $0.07104 and assuming 745 hours in a month, the electricity will cost ~$135 per month. I am willing to pay out 100% PPS because I run all my equipment on GPUMAX and have confidence that the service is only going to get better with time.

There are other risk factors involved in running a bond like this which you have pointed out. Since all of the costs the mini rigs add will be incremental costs (aka I already have a working farm and have already purchased the mini rigs) the barriers for me to do this are pretty low.

My ultimate goal was to create more working capital while offloading some of the risk of running the equipment. This has been accomplished and my first priority is to make sure bond holders are justly rewarded.

Hope this helps.

Best,
gigavps

It does make sense in a way.....thanks for taking the time to respond.  If nothing else, it is highly creative and allows you to retain ownership of all equity. 

I wish you luck on the mini-rigs.....I am skeptical that they can hit those specs given their records on the singles.  It will be very interesting to watch the timeline. 

[jamesg]

It does make sense in a way.....thanks for taking the time to respond.  If nothing else, it is highly creative and allows you to retain ownership of all equity. 

I wish you luck on the mini-rigs.....I am skeptical that they can hit those specs given their records on the singles.  It will be very interesting to watch the timeline. 

The bond makes sense for all involved. A win/win if you will. The idea of the perpetual bond is not mine, Meni deserves credit for it. I only took it to scale.

I have been in contact with BFL for months. They are an excellent team and I have been impressed with their efforts thus far. I would not have put this bond together if I did not believe they could deliver. I can understand how you might be skeptical by reading others uninformed opinions.

Hopefully we can keep this thread on topic now.

Thanks,
gigavps

[yochdog]

It does make sense in a way.....thanks for taking the time to respond.  If nothing else, it is highly creative and allows you to retain ownership of all equity. 

I wish you luck on the mini-rigs.....I am skeptical that they can hit those specs given their records on the singles.  It will be very interesting to watch the timeline. 

The bond makes sense for all involved. A win/win if you will. The idea of the perpetual bond is not mine, Meni deserves credit for it. I only took it to scale.

I have been in contact with BFL for months. They are an excellent team and I have been impressed with their efforts thus far. I would not have put this bond together if I did not believe they could deliver. I can understand how you might be skeptical by reading others uninformed opinions.

Hopefully we can keep this thread on topic now.

Thanks,
gigavps

Pm'd you so I don't totally hijack this thing. 

[jamesg]

To all gigaminers,

The first coupon payments will be incoming tomorrow at 0.02202454 BTC each. This is a 2.2% return for holding the bond less than 7 days!

You can see all the details of how this was calculated at http://gigamining.com.

Best,
gigavps

[jamesg]

To all gigaminers,

The first coupon payment is out!

Best,
gigavps

[kakobrekla]

Thanks!

[JWU42]

You've got........BTC

Thanks for the payment G!

[Turbor]

Thanks giga more than i expected. Got me a new share he he

[jamesg]

Thanks giga more than i expected. Got me a new share he he

Hi Turbor,

That is correct. Any day that the diff changes, the lower diff wins out for the day. This is an extra bonus to gigaminers for being awesome.

Best,
gigavps

[jamesg]

To all gigaminers,

The second coupon payment has gone out.

Best,
gigavps

[JWU42]

Now that is how to start a week right!

Thanks gigavps!

[Turbor]

 

[toffoo]

Hi, just curious, how come there is a sell order on GLBSE for 4999 bonds?



Am I confused or is this a bug or something?  Don't only 5000 bonds exist?  (And I own more than one of them and there are plenty of other sell orders.)  Was there an additional offering I missed or something?

Thanks

[Epoch]

Am I confused or is this a bug or something?  Don't only 5000 bonds exist?  (And I own more than one of them and there are plenty of other sell orders.)  Was there an additional offering I missed or something?

Thanks

50Ghash divided by 5Mhash/bond is 10k bonds. I believe most were sold privately pre-IPO.

[jamesg]

50Ghash divided by 5Mhash/bond is 10k bonds. I believe most were sold privately pre-IPO.

Epoch is correct. 10k bonds exist. If you look through the post in this thread, I disclosed that a single bond holder purchased 5k bonds and we had an agreement that they would be held back a couple weeks.

They were released the other day.

[DeathAndTaxes]

I guess they don't want to sell all 5K huh?