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chunkyjunkie
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March 17, 2015, 10:21:19 PM |
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Something I am not able to find, how many watts are said to be used for each PACMiC in determining how long it stays on for?
From my understanding they are the equiv of an s5. I believe that is what I read. |
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Every time a block is mined, a certain amount of BTC (called the
subsidy) is created out of thin air and given to the miner. The
subsidy halves every four years and will reach 0 in about 130 years.
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ajw7989
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March 17, 2015, 10:39:08 PM |
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Something I am not able to find, how many watts are said to be used for each PACMiC in determining how long it stays on for?
From my understanding they are the equiv of an s5. I believe that is what I read. It is the S5 without maintenance fees however they self terminate after you recoup profit and your initial investment back |
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DebitMe
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March 17, 2015, 11:20:55 PM |
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Something I am not able to find, how many watts are said to be used for each PACMiC in determining how long it stays on for?
From my understanding they are the equiv of an s5. I believe that is what I read. Right, but we are not getting the same hashrate as an S5, so I am wondering if it is based off of 590 watts of power (.51 watts per GH/S), or scaled down to the amount of hash we actually get, which at .51 watts per GH/s, would be 510 watts. |
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chunkyjunkie
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March 18, 2015, 01:31:22 AM |
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Something I am not able to find, how many watts are said to be used for each PACMiC in determining how long it stays on for?
From my understanding they are the equiv of an s5. I believe that is what I read. Right, but we are not getting the same hashrate as an S5, so I am wondering if it is based off of 590 watts of power (.51 watts per GH/S), or scaled down to the amount of hash we actually get, which at .51 watts per GH/s, would be 510 watts. I don't fully understand how it works so I turned it off. Thinking about it this way...... Yes, the hashrate increased which you would think is good but your PACMIC expires when your unpaid balance reaches zero. So yes, your Hash rate increases which just pays you back faster and gets your unpaid balance to zero faster right? So thinking about it it didn't feel right to me. For example 5 blocks found with auto rebuy turned on increased my unpaid balance by far less then it decreased my unpaid balance with it turned off for 5 blocks. Like I said when it was turned on I increases my hashing obviously ( which means I get paid back more/decreases my unpaid balance faster ) Still there are so many factors it just wasn't obvious for me. I need to think about it more... |
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ajw7989
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March 18, 2015, 02:13:32 AM |
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Something I am not able to find, how many watts are said to be used for each PACMiC in determining how long it stays on for?
From my understanding they are the equiv of an s5. I believe that is what I read. Right, but we are not getting the same hashrate as an S5, so I am wondering if it is based off of 590 watts of power (.51 watts per GH/S), or scaled down to the amount of hash we actually get, which at .51 watts per GH/s, would be 510 watts. Why would it matter? There is no maintenance fee so electricity doesnt matter either. Its PPS based on ideal amounts. |
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DebitMe
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March 18, 2015, 02:57:45 AM
Last edit: March 18, 2015, 04:10:25 AM by DebitMe |
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Something I am not able to find, how many watts are said to be used for each PACMiC in determining how long it stays on for?
From my understanding they are the equiv of an s5. I believe that is what I read. Right, but we are not getting the same hashrate as an S5, so I am wondering if it is based off of 590 watts of power (.51 watts per GH/S), or scaled down to the amount of hash we actually get, which at .51 watts per GH/s, would be 510 watts. Why would it matter? There is no maintenance fee so electricity doesnt matter either. Its PPS based on ideal amounts. It matters because it's used in the calculation for when the contract expires. It either expires when your balance hits zero or the maintenence fees are too high. So if you turn on reinvesting, you need to know all the factors otherwise it is impossible to predict when to turn off the reinvest and let it pay you back. I am on my phone, I will respond to chunky more later and explain this a little better as well. EDIT: It matters for a couple of reasons, and they don't necessarily pertain to the auto reinvest feature. If I were to buy a new contract, I would need to know if the contract is going to pay me back before it becomes not profitable to run (as my contract terminates in this instance). If I think, that it will continue to be profitable to run for another 200 days, and I believe I will get paid back in 120 days, then obviously it is a smart investment. If I believe it will become unprofitable to run before I get paid back, then it would not be a smart investment. To determine how long it remains profitable, a need to know the power consumption is vital. You can play with the numbers here... https://bitcoinwisdom.com/bitcoin/calculatorPut in a 5% increase, electricity price of .098, no pool fee, hash rate at 1 TH/s, and the rest zero. Now put in a power in watts of 590 and 510. You see that the unit remains profitable to run for about 236 days with 590 watts and 277 with 510 watts. That is over 40 days difference, just for 80 watts of power. Now this becomes even more important with the auto invest feature as my contract basically doesn't start until I turn off the feature. So by finding the point where the days out it would take to pay me back and the days out until it is no longer profitable is the day I should switch off the auto invest. Obviously, 80 watts of power can make a big difference (almost a month and a half), so for accurate calculations the power used to figure out the profitability is actually very important. |
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DebitMe
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March 18, 2015, 04:01:31 AM |
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Something I am not able to find, how many watts are said to be used for each PACMiC in determining how long it stays on for?
From my understanding they are the equiv of an s5. I believe that is what I read. Right, but we are not getting the same hashrate as an S5, so I am wondering if it is based off of 590 watts of power (.51 watts per GH/S), or scaled down to the amount of hash we actually get, which at .51 watts per GH/s, would be 510 watts. I don't fully understand how it works so I turned it off. Thinking about it this way...... Yes, the hashrate increased which you would think is good but your PACMIC expires when your unpaid balance reaches zero. So yes, your Hash rate increases which just pays you back faster and gets your unpaid balance to zero faster right? So thinking about it it didn't feel right to me. For example 5 blocks found with auto rebuy turned on increased my unpaid balance by far less then it decreased my unpaid balance with it turned off for 5 blocks. Like I said when it was turned on I increases my hashing obviously ( which means I get paid back more/decreases my unpaid balance faster ) Still there are so many factors it just wasn't obvious for me. I need to think about it more... Hey man, I will try to explain this to help you out, but I think the way it is working right now is correct. Forgive me if this gets really confusing. Ok, first you buy 1 TH/s for 1 bitcoin and are supposed to get paid back 1 bitcoin. Cool, the contract takes 120 days, you get your 1 btc back, plus some profit, lets say that ends up being .1 btc to make it easy. So now you have 1.1 bitcoins and can buy another contract for 1 TH/s for 1 btc. No problem, nice and easy to follow, now lets add in the rebuy option. I buy 1 TH/s for 1 bitcoin and am supposed to get paid back 1 bitcoin. After 120 days of reinvesting my profit, my contract now hashes at 1.5 TH/s and I am owed 1.1 btc (it would obviously be more due to compounding interest and all, but for the sake of explanation lets assume). If each block found were to add the total amount and the principal together, I would now be owed 2.1 btc, which obviously isn't right. Another way to think about it is... I buy 1 TH/s for 1 bitcoin. The first block is solved and I am awarded 50,000 satoshi's, of which 10,000 is profit. I am paid and my contract is decreased by the 40,000 that goes towards principal, leaving my unpaid balance at .99960000, but I now have 50,000 satoshi's in my wallet. I now buy another contract for 50,000 satoshi's, which is supposed to pay me back 50,000 satoshi's plus profit. Adding that into my other contract, I now have a contract hashing at 1.00050000, but they only owe me 1.00010000. I hope that helps, please let me know if there are any questions. |
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BITMAIN_Janet
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March 18, 2015, 04:13:03 AM
Last edit: March 18, 2015, 09:11:14 AM by BITMAIN_Janet |
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Hello, I am online, time diference is a problem  .. Very appreciated the efforts from you and chunkyjunkie. I am looking at your questions and answering them soon. Something I am not able to find, how many watts are said to be used for each PACMiC in determining how long it stays on for?
PACMiC is runnig backed by S5 (1155Gh/s, 590W), which is indicated in the 'PACMIC Terms of Service' Contract Suspension
If after 120 days, a PACMiC has still not recovered the initial capital for its user, and is not mining enough revenue to pay for its own electricity cost (fixed at 0.098 USD per kWh, calculated using an ideal AntMiner S5 hashing at 100% uptime per PPS payout), whether because of difficulty increase or BTC price decrease, the PACMiC will continue paying out for ten days as though it were running, even if the machine is turned off. If these conditions persist for ten continuous days, the contract will be considered temporarily suspended. During the suspension period, mining revenues and profit payments will also be temporarily stopped. If after the suspension period, difficulty has dropped or bitcoin price has risen, making mining possible again, the contract will be reinstated and pick up where it left off. |
Skype: yaxuan.ai, +86 18511636219, Twitter:@Janet_Ai_YaXuan
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chunkyjunkie
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March 18, 2015, 04:26:40 AM |
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I think I am set  Thanks Bitmain_Janet And thank you DebitMe, appreciate your time! |
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BITMAIN_Janet
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March 18, 2015, 09:10:04 AM |
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I buy 1 TH/s for 1 bitcoin. The first block is solved and I am awarded 50,000 satoshi's, of which 10,000 is profit. I am paid and my contract is decreased by the 40,000 that goes towards principal, leaving my unpaid balance at .99960000, but I now have 50,000 satoshi's in my wallet. I now buy another contract for 50,000 satoshi's, which is supposed to pay me back 50,000 satoshi's plus profit. Adding that into my other contract, I now have a contract hashing at 1.00050000, but they only owe me 1.00010000.
Hi DebitMe, Excellent answer, you know how PACMiC works very well  When your contract hashing at 1.00050000TH/s, but your cost/capital is 1.00010000BTC. Mining revenue per PPLNS payout is increasing along with your reinvest, so daily profit and and paid back are increasing too. Some day, if you disable 'rebuy', Duration of ROI is further speeding up due to the only increasing of hashing power. |
Skype: yaxuan.ai, +86 18511636219, Twitter:@Janet_Ai_YaXuan
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Tupsu
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March 18, 2015, 11:35:47 AM
Last edit: March 19, 2015, 02:58:01 PM by Tupsu |
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Is this cloud mining worth looking at?
I have a buddy that despite me telling him it's a bad idea, wants to try out cloud mining.
Yes, it is a bad idea. Especially if your account does not work properly . I went yesterday to the next round with a new account.If same problems arise in the new account, Please, Please, Let shoot your programmer.I bought 2015-03-17 from hashnest 10x Antminer S5 and I paid 15,61 BTC Today I need to pay for them 15,05 BTC . |
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art4free81
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March 18, 2015, 02:52:24 PM |
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what happened to your wallet?it tooks too long te get just 3 confirmation
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chunkyjunkie
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March 19, 2015, 04:22:54 AM
Last edit: March 19, 2015, 01:45:30 PM by chunkyjunkie |
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Blocks are delayed at the moment, still waiting on blocks
348219
348220
348222
348223
Blocks 348222 and 348223 still need 6 confirmations but the other 2 are a little behind.
hoping it clears up soon..
update - Blocks paid sometime over night east coast.
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gilbaz
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March 19, 2015, 06:28:39 AM |
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I have sent |
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rausvi15
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March 19, 2015, 01:31:10 PM |
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i send to.. Thank You  |
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cloh76
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March 19, 2015, 02:59:46 PM |
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How will the winners be notified? |
[ BTC Donations: 13RNJdT72WEd1FsT3CwdJ6jy9NAa7Hsb54 ]
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chunkyjunkie
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March 19, 2015, 11:17:19 PM |
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One block in last 8 hours  Someone blow on the machines |
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Wings1987
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March 19, 2015, 11:30:13 PM |
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One block in last 8 hours Someone blow on the machines The up and down hashrate on antpool is causing this. I also will not believe it does not affect their private network for Hashnest |
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basedjones
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March 19, 2015, 11:32:18 PM |
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Question: When you buy new hash power does the wallet and/or transactions not immediately reflect the new balance? added some earlier today at like 1pm and now my transactions page and wallet only reflects the new balance generated by the power I purchased today. In other words....the balance I had before buying more power today is gone and it's a decimal place smaller than before the purchase. What am I missing here?
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