[Auction] [Mining contract] 1 millions shares - 1 BTC start price

[P4man]

I represent a consortium of miners who have combined (dare I say, pooled?) their hashing power and now for the first time, we offer some of our hashing power for sale publicly. This first public 1M share auction is a test for us, and if successful, there may be many more similar, bigger and smaller contracts auctioned off, either here or on Bitmit.

Buyer will receive  1 million bitcoin difficulty 1 shares delivered to any pool he choses.

Delivery will begin no sooner than 26/04 and will be completed within 7 days (note, difficulty will change on the 26th).

Starting price for this auction is 1 BTC, bid increments will be 0.1 BTC minimum

This auction ends on Monday the 23th at midnight (UTC), or one hour after the highest bid was posted, whichever is later (to avoid ebay style sniping), but no later than 12hr after the original closing time.

Highest bidder is expected to pay the full amount up front within 48 hours of winning the auction.

Some questions you may have:

- Can this be delivered at *any* pool? P2pool? 110% proxy pools? GPUmax?
In principle, yes, assuming the pool is functional, can handle the load and you can provide us with several valid worker credentials.
If you want your shares delivered at P2Pool, you wont get 1M shares, since they are not difficulty 1 shares, but if we can work out the equivalent, then we can mine at p2pool (if you provide the workers).

- Can this be used for poolhopping?
Probably not. All 1M shares will be delivered to the same pool and we only guarantee you will receive your 1M shares within the 1 week time frame, we dont guarantee a minimum or constant mining speed or more precise timing.

- Can you guarantee delivery on time?
Yes. 1M shares per week is only a small fraction of our combined hashing power, we intend to run multiple such contracts concurrently in the future.

- Do you accept escrow payment?
A mutually agreed escrow service is acceptable, but the escrowing costs are for the buyer.

- Is this contract for 1M accepted shares?
No. The contract is for 1M shares, including rejects. Because we dont know what pool you will want these delivered to, we can not assume the risk of unusual high reject rates at some obscure pool. However, if the pool is working properly, you will not see more rejects than usual.

- How will you handle unexpected problems, like pool issues or other disputes?
Like adults and in good faith.  In principle the payment is non refundable, but if for some reason the contract can not be fulfilled in time, because the pool is down or for other unforeseen circumstances we will either agree to change pools, change dates or refund you pro rata the amount of delivered shares. We are reasonable, and our goal is just to be paid for our shares, not to profit from contractual loop holes. We expect the same from the buyer.

- I'm a miner, can I join this consortium?
Not at this point.

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[Inaba]

I'll bid 1 BTC

[yochdog]

I bid 5 BTC

[SgtSpike]

28 BTC.

[yochdog]

30 BTC

[SgtSpike]

30 BTC

Well, FINE then!

[yochdog]

30 BTC

Well, FINE then!

lolz

[Inaba]

You won't even break even at 30 BTC!  WTH

[eroxors]

You won't even break even at 30 BTC!  WTH

This is what I was wondering... is there a calculator somewhere to figure out how much a million shares would generate?

[Inaba]

He's probably just intent on gambling it'll solve a block before 1 million shares.

[mcorlett]

GPUMAX?

[yochdog]

You won't even break even at 30 BTC!  WTH

Check the maths. 

[likuidxd]

PPS is ~31 btc but invalids/stales will take you down to about break even I think

[yochdog]

PPS is ~31 btc but invalids/stales will take you down to about break even I think

There are pools that pay for stale shares.......

[likuidxd]

True, but their invalid rates are typically higher. Either way you may turn a profit here. ABC is ~0.2% invalid so you may net a 2.06 btc profit.

[yochdog]

True, but their invalid rates are typically higher. Either way you may turn a profit here. ABC is ~0.2% invalid so you may net a 2.06 btc profit.

WOOHOOO!!!

that is one hell of an annualized interest rate!

[P4man]

Compared to buying at gpumax, its a 50% discount!

[Tittiez]

1. Buy a million shares
2. Point it at GPUMax, hoping for public work. Have the private pool point at Goat or Clipse's PPS Pools
3.
4. Profit!

[Brunic]

32 BTC ONLY if the shares are after the difficulty change.

[P4man]

32 BTC ONLY if the shares are after the difficulty change.

Fair enough. when I wrote the OP, it looked as if the difficulty would change the 26th, seems to have moved to the 27th. I got no problem delaying delivery until after the new difficulty.