Gigamining / Teramining

[tgmarks]

I think this is the whole reason that a bond was issued in the first place.  A bond holder is only entitled to the original purchase.  Anyone who thought about it before buying new that the cost of a mh/s was going to go down.  That the shares would some day decrease greatly in value.  I just don't think people expected it to happen this quickly.  It would be kind of giga to offer the upgrade, but technically I don't think he owes his bondholders anything.

Edit: Granted this would make someone think twice before investing in the next one though.

[Daily Anarchist]

I think this is the whole reason that a bond was issued in the first place.  A bond holder is only entitled to the original purchase.  Anyone who thought about it before buying new that the cost of a mh/s was going to go down.  That the shares would some day decrease greatly in value.  I just don't think people expected it to happen this quickly.  It would be kind of giga to offer the upgrade, but technically I don't think he owes his bondholders anything.

He doesn't owe his bondholders anything, but neither does Butterfly Labs. They are smart to do it, however, if they want to keep happy customers. With the rate at which technology is increasing, fixed MH/s may be a very poor investment. So much so that they will likely not exist much longer. Question is whether or not Giga wants to be thought of as a kickass company to invest in, or a bad investment.

If his bondholders lose their asses on this, they're going to have to shamefully admit to others that GigaVPS was a bad investment. That's a hard knock for a company to turn around even if in the future they offer "better" bonds/shares/stocks, whatever.

[P4man]

edit: Granted this would make someone think twice before investing in the next one though.

They better think twice anyway, because even if giga offers a free one time upgrade, difficulty will still explode and these bonds will still lose value faster than <insert clever metaphor>. Anyone buying bonds tied to a fixed MH rating at this day and age deserve what they got coming.

[Epoch]

They give you 100% dollar credit, but ONLY if you are paying cash for 50% of the price. 

IE, you want to buy a BFL SC mini-rig.....cost is 30,000.....you MUST pay 15,000 in cash, the other half can be an old mini-rig.  You CANNOT trade in 2 mini-rigs for the entire price.  Cash must make up 50% of the sale. 

Not quite; it is actually worse (for us) than you have described.

If you want to buy an SC mini-rig (cost $30k) you have to PAY $30k in cash, then you can trade in 2 old mini-rigs ($15k apiece trade-in value) and they send you a 2nd SC mini-rig.

If you want to trade-in 2 Singles for a $1300 Single SC, you first have to BUY a $1300 Single SC, then send in your 2 old Singles, then BFL sends you a 2nd Single SC.

Here's a quote from Jody. Notice that you have to BUY $xxx of product, and only then can you trade in $xxx of your old stuff for the equivalent of $xxx of new. In essence, you send $30k plus 2 old minirigs and they send you 2 new minirigs in return.

I understand how you are confused. This whole thing has not been explained in detail. If it were a straight trade of old equipment for new our business would fold in a week. Here's how it works: if you buy $599 worth of BFL product--say 4 Jalapenos, you are eligible to send in a Single to exchange for 4 more Jalapenos. You must buy something to be eligible to trade something of equal value. And you don't have to send in your old equipment when you pay for the new--you send it in when you are notified that your ASIC equipment is ready to ship. Does this make sense to you?

Jody

[yochdog]

They give you 100% dollar credit, but ONLY if you are paying cash for 50% of the price. 

IE, you want to buy a BFL SC mini-rig.....cost is 30,000.....you MUST pay 15,000 in cash, the other half can be an old mini-rig.  You CANNOT trade in 2 mini-rigs for the entire price.  Cash must make up 50% of the sale. 

Not quite; it is actually worse (for us) than you have described.

If you want to buy an SC mini-rig (cost $30k) you have to PAY $30k in cash, then you can trade in 2 old mini-rigs ($15k apiece trade-in value) and they send you a 2nd SC mini-rig.

If you want to trade-in 2 Singles for a $1300 Single SC, you first have to BUY a $1300 Single SC, then send in your 2 old Singles, then BFL sends you a 2nd Single SC.

Here's a quote from Jody. Notice that you have to BUY $xxx of product, and only then can you trade in $xxx of your old stuff for the equivalent of $xxx of new. In essence, you send $30k plus 2 old minirigs and they send you 2 new minirigs in return.

I understand how you are confused. This whole thing has not been explained in detail. If it were a straight trade of old equipment for new our business would fold in a week. Here's how it works: if you buy $599 worth of BFL product--say 4 Jalapenos, you are eligible to send in a Single to exchange for 4 more Jalapenos. You must buy something to be eligible to trade something of equal value. And you don't have to send in your old equipment when you pay for the new--you send it in when you are notified that your ASIC equipment is ready to ship. Does this make sense to you?

Jody

ahhhhh, they are basically forcing more product into the channel.  I see. 

[Daily Anarchist]

edit: Granted this would make someone think twice before investing in the next one though.

They better think twice anyway, because even if giga offers a free one time upgrade, difficulty will still explode and these bonds will still lose value faster than <insert clever metphore>. Anyone buying bonds tied to a fixed MH rating at this day and age deserve what they got coming.

I sort of agree with this. I do think that buying bonds of MH/s is a bad idea. The upgrade Giga offers should probably be more of an investment in the company than an investment in the output of a certain amount of MH/s.

[jamesg]

To all gigaminers:

You can check out http://ozco.in/content/user-top-20 to see that gigamining is now over 100Gh and climbing. Still working out a few technical kinks but the mini rigs have arrived and are running.

Best,
gigavps

[bulanula]

To all gigaminers:

You can check out http://ozco.in/content/user-top-20 to see that gigamining is now over 100Gh and climbing. Still working out a few technical kinks but the mini rigs have arrived and are running.

Best,
gigavps

I believe you but I am dying for some pictures.

Everybody loves pics, right ? 

[jamesg]

I believe you but I am dying for some pictures.

Everybody loves pics, right ? 

Pics are coming. These things are monsters.

[rjk]

* rjk waits with bated breath...

[Cablez]

want to see want to see want to see..........

[jamesg]

I know pictures are worth 1000 words, but I'm a numbers guy myself.

http://gigamining.com/mgpumon/

[silverbox]

I know pictures are worth 1000 words, but I'm a numbers guy myself.

http://gigamining.com/mgpumon/

GPU 34 is below minimum temp

Hurry up and heat that baby up!!!

[Gomeler]

I know pictures are worth 1000 words, but I'm a numbers guy myself.

http://gigamining.com/mgpumon/

Impressive. Depresses me looking at my piddly farm compared to that 

[Lumpy]

Very nice! Looking forward to the details and photos. Four minirigs, correct?

And 110% PPS for three weeks?

[jamesg]

To all gigaminers:

The 110% celebration has started. You can check out http://gigamining.com to see what the known pending coupon payments will be.

You can see the mini rigs hashing away at http://gigamining.com/mgpumon/

Took a little while to get everything up and running the way I wanted, and I have relearned a valuable lesson. Never trust a USB hub!

I have one last thing to say. These mini rigs are the REAL DEAL! Dead simple to setup, get going and keep running. Thanks BFL for making the mini rigs.

Best,
gigavps

P.S. Here's a little mining p0rn until I can get a proper post up in the FPGA section.

[aseldon]

Wow!!!! Those look amazing!

[EnergyVampire]

sub

Added to Watchlist: https://bitcointalk.org/index.php?topic=90136.0

[mb300sd]

Just wondering if theres a reason the minirigs aren't mining on gpumax like the ones here, http://wa.gigamining.com:81/mgpumon/

Wouldn't it make sense to get paid more? or do they have a limit?

[jamesg]

Just wondering if theres a reason the minirigs aren't mining on gpumax like the ones here, http://wa.gigamining.com:81/mgpumon/

Wouldn't it make sense to get paid more? or do they have a limit?

Hi mb300sd,

I have to use a special reporting agent in BAMT which currently does not show what pool each FPGA is using. They are however running on GPUMAX.

Best,
gigavps