[CLOSED] 50Gh 1 week mining contract worth ~230 BTC

[jamesg]

Hello fellow bitcoiners,

We’ve seen raffles here the in gambling section of the site. There have been small prizes thus far. Nothing too big, nothing too exciting. Well, amazingrando and I are here to change that.

Welcome to the 50Gh 1 week mining contract raffle!

You read that right. Amazingrando and I have teamed up to raffle off a massive 50Gh one week mining contract to the lucky winner. Each ticket is only .5 BTC each!

Imagine, turning .5 BTC into 223 BTC (or more if you run on GPUMAX), a return of at least 450 times the cost of a single ticket.

So you’re probably wondering, “how can I verify that these guys actually have the hashes to back this up”. We wondered the same thing.... so here are some links to ease your worries.

Gigavps’ farm monitoring page -> http://gigamining.com/mgpumon/
Amazingrando’s the top spot -> https://www.maxbtc.com/top-miners


Rules of the contest:

• The odds of winning this raffle is 1 / (total # of tickets sold)
• This raffle will end on Friday, April 27, 2012 at 3pm EST.
• You may purchase as many tickets as you like.
• Whether buying a single ticket or bulk tickets, each ticket will have its own ticket number and therefore a unique hash.
• The only piece of information you need to submit is your email address. This will be hashed so it will not be given out to the public.
• The raffle will be decided by:
  
  • We will combine the SHA256 hash of each email address with the hash of your ticket number and the first block hash to be found after the raffle ends. Here is an example:
  • sha(sha(email) + sha(ticketNumber) + hashOfBlockFound)
  • The lowest hash wins!
• The mining contract will start within 48 hours of second party validation of the results.

Enjoy and good luck!

[jamesg]

FAQ

Q: Can I point the hashing power where ever I like?
A: YES

Q: What will you do in the event of downtime?
A: The contract will be fulfilled based on the total number of difficulty 1 shares submitted. That number should be 7,040,798.

Q: How can i verify you guys are sending me 50Gh?
A: No need. As long as you get 7,040,798 shares sent to you, that's 50Gh for 7 days.

[Fefox]

Tickets Ordered!  Great idea 

[occulta]

just sick.

[amazingrando]

Some is going to have a nice payday.  What would you do with an extra 220+ btc

[Azelphur]

Just bought 15 tickets, hope I win

[jamesg]

Just bought 15 tickets, hope I win

Thanks Azelphur!

Tickets Ordered!  Great idea 

Thanks Fefox!

[JWU42]

I'll ask the questions now as I am sure others will eventually...

1.  Buyer can point to pool of choice?
2.  Downtime (though unexpected but should it occur) appended to contract?
3.  How to verify 50 Gh/ (logs from cgminer)?

[Miner612]

I'll ask the questions now as I am sure others will eventually...

1.  Buyer can point to pool of choice?
2.  Downtime (though unexpected but should it occur) appended to contract?
3.  How to verify 50 Gh/ (logs from cgminer)?

You just trust him, you n00b lol

I am gonna get some tickets myself.  Gotta wait for some confs tho.

Got me some tickets.

[jamesg]

I'll ask the questions now as I am sure others will eventually...

1.  Buyer can point to pool of choice?
2.  Downtime (though unexpected but should it occur) appended to contract?
3.  How to verify 50 Gh/ (logs from cgminer)?

Thanks for the questions JWU42. I have posted the answers in our new FAQ reply.

https://bitcointalk.org/index.php?topic=77442.msg860974#msg860974

[JWU42]

Good work G!

Not everyone would know that 7,040,798 shares is 50 Gh/s over 7 days...

[kakobrekla]

Got some. 

As far as I know myself, will be back for more.

[amazingrando]

Don't forget that by the time the auction ends difficulty should change, and it looks like almost a 5% decrease.  That would be another 10 btc+ in rewards from the 1 week contract. 

[nathanghart]

tix bought. great idea. hope you make money with this. 

[jamesg]

tix bought. great idea. hope you make money with this. 

Thanks nathanghart!

Only time will tell. Either way, it's going to be fun! 

[MrTeal]

Some is going to have a nice payday.  What would you do with an extra 220+ btc

I'm going to guess that at least one of those people will be you, once all the tickets are added up.

[jamesg]

I'm going to guess that at least one of those people will be you, once all the tickets are added up.

You must risk to be rewarded! 

We are offering up part of our normal mining incomes to have some fun and make a profit. Only time will tell if this venture is fruitful.

[BinaryMage]

I'm going to guess that at least one of those people will be you, once all the tickets are added up.

You must risk to be rewarded! 

We are offering up part of our normal mining incomes to have some fun and make a profit. Only time will tell if this venture is fruitful.

To be honest, I suspect this will be a losing venture, but kudos for trying it in any case.

[amazingrando]

To be honest, I suspect this will be a losing venture, but kudos for trying it in any case.

That's part of the fun of this, we just don't know how it's going to turn out.  The only certainty is that someone who bought 1 or more tickets is going to be more than 220 btc richer at the end of the mining contract.

[jamesg]

Thanks to everyone who has entered thus far! 

If you like to think about things in $$$ then here is some math for you.

~230 BTC mining contract * $5.37 current gox price ~= $1,235