http://www.pyramining.com/ - Discussion thread (no advertising here)

[rdyoung]

why no rewards since december 20 ?

Likely because of the difficulty increases.
He said the current hardware could operate at a profit until the network hashrate hits 12phs.
We are bumping up against 10phs now. At the current rate of difficulty increase the current hardware will start operating at a loss in a few weeks. Hopefully the new hardware will show up middle of january like he said it will.

EDIT: Just checked and we got a payout not long ago.

Why not just mine PPC or TGC? better ROI.

For TGC, price is rising:
https://www.cryptsy.com/markets/view/130
https://coinex.pw/trade/tgc_btc

I answered this earlier in the thread.
He is setup to mine XBT, he needs an efficient way to convert from crypto to fiat, and XBT is the most fluid. It is the original Cryptocoin.
If he were to start mining another crypto, it would have be A) One that is most likely to have long term value, and B) Set it up as a side venture, rather than converting his current setup. Remember that our XBT Addresses are locked in, only pyra can change them, so its not possible to convert the current system to another coin.
And the ROI/XBT is fleeting. If you watch dustcoin.com you will see that some coins have a better ROI than XBT/LTC and then they have a worse ROI.

ok but I hope this will change in the near future.
pretty futile mining XBT in this crazy difficulty.
Bitcoin Difficulty:    1,180,923,195

Its not futile if you can get a low enough cost per ghs.
Plus, People are looking at mining the wrong way IMO. If your mining at home/work, your better off just paying the power bill with fiat and leaving the coin sit for awhile.
While there are no guarantees, its possible that XBT will hit 100k against the USD/EURO and when it does, that .001xbt you mined will be worth quite a bit more than you paid for the hardware.

We also can't forget the fees. The average block reward at ghash.io is 25.10XBT at the moment, the extra .10 is the transaction fees.
As XBT gains ground and more transactions happen, the rewards for mining should go up.

[1713964073]

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[1713964073]

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[artbatista]

Good afternoon

I deposited .02 BTC into my Pyramining account the day before yesterday but it is still registered as being a queued deposit and not an active deposit. How long does it take for deposits to move from the queue and become active?

Thanks,

Cynthia

He has a new round of more efficient hardware coming. He has queued up all new deposits until that hardware starts coming online. Hopefully middle to late Jan.

Ah ok - thanks for letting me know. That's not such a bad thing. It'll give me time to get more BTC in there. Will we still be able to get in at the current share rate (.02 BTC / ea)?

You are not getting 1 GH of hashing for the 0.02 BTC.

I asked that that be removed from the pyramining page as it is misleading or downright deceptive.

You will get hashing according to the rate listed under CURRENT INFRASTRUCTURE  (266 MH per BTC), not the 41GH per 1 BTC listed under NEW INFRASTRUCTURE.

I deposited 1 BTC a couple of months back and at the time NEW INFRASTRUCTURE listed a value of 1 GH per 0.3 BTC or thereabouts. Imagine my surprise when I got a lousy 266 MH for my BTC.

What the hell, a USB block erupter, that at the time cost less that $20 did more than that at a fraction of the cost.

To put it in perspective, you can buy 2 block erupter blades for 0.76 BTC, and get 20 GH.

Cheers

Art

[ricciolone]

I have a question about the cost of the new infrastructure!

The prise of bitcoin is really variable so in the site you can see the prise of gh/s variable too!


If I give money in the account when there is a price it is valid or the valid price is when Pyramining buy  the new hardware?

[rdyoung]

Good afternoon

I deposited .02 BTC into my Pyramining account the day before yesterday but it is still registered as being a queued deposit and not an active deposit. How long does it take for deposits to move from the queue and become active?

Thanks,

Cynthia

He has a new round of more efficient hardware coming. He has queued up all new deposits until that hardware starts coming online. Hopefully middle to late Jan.

Ah ok - thanks for letting me know. That's not such a bad thing. It'll give me time to get more BTC in there. Will we still be able to get in at the current share rate (.02 BTC / ea)?

You are not getting 1 GH of hashing for the 0.02 BTC.

I asked that that be removed from the pyramining page as it is misleading or downright deceptive.

You will get hashing according to the rate listed under CURRENT INFRASTRUCTURE  (266 MH per BTC), not the 41GH per 1 BTC listed under NEW INFRASTRUCTURE.

I deposited 1 BTC a couple of months back and at the time NEW INFRASTRUCTURE listed a value of 1 GH per 0.3 BTC or thereabouts. Imagine my surprise when I got a lousy 266 MH for my BTC.

What the hell, a USB block erupter, that at the time cost less that $20 did more than that at a fraction of the cost.

To put it in perspective, you can buy 2 block erupter blades for 0.76 BTC, and get 20 GH.

Cheers

Art

This again has been hashed over and over again. Every deposit subsidizes those before it.
ALL deposits from the 1st gen of asics is subsidizing hardware purchases for the fpga investors.
As pyra has said, its lopsided now, but eventually it will turn to an advantage.
As long as he can get ahead of the difficulty curve, when the older deposits start getting purged out, we will see our hashrates climb.

Go back in the thread and you will see where a couple of us did the math to figure out exactly how things look.
That # is accurate, while a few other things could be worded better. That is what he is paying for new hardware.

And again, to each their own on mining. At the moment, it's not a good financial move to purchase mining equipment on your own. You need big money to keep up with the difficulty. I have decent money with pyramining as well as a few other such as cex.

[rdyoung]

I have a question about the cost of the new infrastructure!

The prise of bitcoin is really variable so in the site you can see the prise of gh/s variable too!


If I give money in the account when there is a price it is valid or the valid price is when Pyramining buy  the new hardware?

That is what it costs this minute/second/etc. He cashes out to fiat automatically, through mtgox I believe.
That is NOT what we will get, pyramining is a hardware pyramid of sorts. New hardware purchased by new deposits helps payout older deposits. This may seem unfair to some, but you will benefit from the deposits after yours as well.

[ricciolone]

ok so invest when btc is 1200 vs dollar is more profitable then now! I have to found the rigth moment

[rdyoung]

ok so invest when btc is 1200 vs dollar is more profitable then now! I have to found the rigth moment

It all depends on your personal need/strategy.

There is never a "right moment". When you buy/sell it will go up/down and you will wish you had waited.
The best strategy IMO for those buying and holding, is dollar cost averaging.

If your going to use that as a strategy, might I suggest treating it as if you were cashing out.
Invest as it goes up. IE, say you have 1xbt to invest, put in 10% now, another 10% when it hits 1k, 10% when it hits 1100, etc.
Considering the history of XBT, I would say we are close to another bubble that could easily break 5k. The really big players, IE wallstreet are just now getting interested, when wallstreet money starts flowing in, there is no end in site. Especially if a lot of it is buy and hold rather than speculative daytrading.

[artbatista]

Good afternoon

I deposited .02 BTC into my Pyramining account the day before yesterday but it is still registered as being a queued deposit and not an active deposit. How long does it take for deposits to move from the queue and become active?

Thanks,

Cynthia

He has a new round of more efficient hardware coming. He has queued up all new deposits until that hardware starts coming online. Hopefully middle to late Jan.

Ah ok - thanks for letting me know. That's not such a bad thing. It'll give me time to get more BTC in there. Will we still be able to get in at the current share rate (.02 BTC / ea)?

You are not getting 1 GH of hashing for the 0.02 BTC.

I asked that that be removed from the pyramining page as it is misleading or downright deceptive.

You will get hashing according to the rate listed under CURRENT INFRASTRUCTURE  (266 MH per BTC), not the 41GH per 1 BTC listed under NEW INFRASTRUCTURE.

I deposited 1 BTC a couple of months back and at the time NEW INFRASTRUCTURE listed a value of 1 GH per 0.3 BTC or thereabouts. Imagine my surprise when I got a lousy 266 MH for my BTC.

What the hell, a USB block erupter, that at the time cost less that $20 did more than that at a fraction of the cost.

To put it in perspective, you can buy 2 block erupter blades for 0.76 BTC, and get 20 GH.

Cheers

Art

This again has been hashed over and over again. Every deposit subsidizes those before it.
ALL deposits from the 1st gen of asics is subsidizing hardware purchases for the fpga investors.
As pyra has said, its lopsided now, but eventually it will turn to an advantage.
As long as he can get ahead of the difficulty curve, when the older deposits start getting purged out, we will see our hashrates climb.

I don't disagree with that. What I strongly oppose is the misleading info on the pyraminyng page, which lead people to believe they are getting more for their deposit. It should be made CLEAR IN BOLD LETTERS that news deposits get credited at the CURRENT infrastructure rate of 266 MH per BTC, not the new infrastructure rate.

So again, 1 BTC, right now, which would buy you many GH with just about any hardware you care to buy, or at a cloud mining place like cex.io would get you 20GH, would buy you a crappy 266  MH on pyramining.

To those considering investing in pyramining, note that you are getting as of this write up 266 MH per BTC, less than a USB erupter rate of 333 MH, for 15 times the price.

Enough said.

Art

[rdyoung]

Good afternoon

I deposited .02 BTC into my Pyramining account the day before yesterday but it is still registered as being a queued deposit and not an active deposit. How long does it take for deposits to move from the queue and become active?

Thanks,

Cynthia

He has a new round of more efficient hardware coming. He has queued up all new deposits until that hardware starts coming online. Hopefully middle to late Jan.

Ah ok - thanks for letting me know. That's not such a bad thing. It'll give me time to get more BTC in there. Will we still be able to get in at the current share rate (.02 BTC / ea)?

You are not getting 1 GH of hashing for the 0.02 BTC.

I asked that that be removed from the pyramining page as it is misleading or downright deceptive.

You will get hashing according to the rate listed under CURRENT INFRASTRUCTURE  (266 MH per BTC), not the 41GH per 1 BTC listed under NEW INFRASTRUCTURE.

I deposited 1 BTC a couple of months back and at the time NEW INFRASTRUCTURE listed a value of 1 GH per 0.3 BTC or thereabouts. Imagine my surprise when I got a lousy 266 MH for my BTC.

What the hell, a USB block erupter, that at the time cost less that $20 did more than that at a fraction of the cost.

To put it in perspective, you can buy 2 block erupter blades for 0.76 BTC, and get 20 GH.

Cheers

Art

This again has been hashed over and over again. Every deposit subsidizes those before it.
ALL deposits from the 1st gen of asics is subsidizing hardware purchases for the fpga investors.
As pyra has said, its lopsided now, but eventually it will turn to an advantage.
As long as he can get ahead of the difficulty curve, when the older deposits start getting purged out, we will see our hashrates climb.

I don't disagree with that. What I strongly oppose is the misleading info on the pyraminyng page, which lead people to believe they are getting more for their deposit. It should be made CLEAR IN BOLD LETTERS that news deposits get credited at the CURRENT infrastructure rate of 266 MH per BTC, not the new infrastructure rate.

So again, 1 BTC, right now, which would buy you many GH with just about any hardware you care to buy, or at a cloud mining place like cex.io would get you 20GH, would buy you a crappy 266  MH on pyramining.

To those considering investing in pyramining, note that you are getting as of this write up 266 MH per BTC, less than a USB erupter rate of 333 MH, for 15 times the price.

Enough said.

Art

What you are saying now is MISLEADING.
Deposits to Pyramining dont get you any hashing power at the moment. All deposits are being queued until the new hardware starts coming online. And while he could make somethings a little clearer, if one were to read and think before they act, you could figure things out, rather than rushing headlong into something only to find out later that it wasnt what you thought it was.

[artbatista]

What you are saying now is MISLEADING.
Deposits to Pyramining dont get you any hashing power at the moment. All deposits are being queued until the new hardware starts coming online. And while he could make somethings a little clearer, if one were to read and think before they act, you could figure things out, rather than rushing headlong into something only to find out later that it wasnt what you thought it was.

Misleading why?

Because right now the new deposits are being queued?

It does not change the fact that newb's think they are getting something they will not get.

I am done arguing this. Your claim that I am being misleading is like someone dying and when someone asks what happened, you say: "the paramedics came", it's true but it has no relevance to the real situation.

Cheers

Art

[rdyoung]

What you are saying now is MISLEADING.
Deposits to Pyramining dont get you any hashing power at the moment. All deposits are being queued until the new hardware starts coming online. And while he could make somethings a little clearer, if one were to read and think before they act, you could figure things out, rather than rushing headlong into something only to find out later that it wasnt what you thought it was.

Misleading why?

Because right now the new deposits are being queued?

It does not change the fact that newb's think they are getting something they will not get.

I am done arguing this. Your claim that I am being misleading is like someone dying and when someone asks what happened, you say: "the paramedics came", it's true but it has no relevance to the real situation.

Cheers

Art

You stating that new deposits will get X, when he has paused new deposits, therefore new deposits don't get any hashing power at the moment. We do not know what the effective hashrate will be when he brings on new hardware, until he does so. We can speculate based on current and past #s. We have 3 weeks at most (we hope). So until then lets keep the BS to a minimum, it only serves to drown out the legitimate inquiries.
My statement is akin to you saying that the store on the corner only sells outdated items, and my reply is that the store has been closed for sometime, therefore you can't buy anything.

RTFM

[yuliusts]

i hv question...
just join here
1. is there any minimum btc to deposit, so can show the result of mining?
2. do we must hv mining hardware to play here, or we just sit and relax like cex.io?
3. from FAQ, at web i confused bout this point
"30% of your income will be sent upwards: 15% of your income will be sent to your sponsor. 7.5% to the 2nd grade sponsor and 7.5% to the 3rd grade sponsor."
is that mean, we only get 70% of our mining?

[rdyoung]

i hv question...
just join here
1. is there any minimum btc to deposit, so can show the result of mining?
2. do we must hv mining hardware to play here, or we just sit and relax like cex.io?
3. from FAQ, at web i confused bout this point
"30% of your income will be sent upwards: 15% of your income will be sent to your sponsor. 7.5% to the 2nd grade sponsor and 7.5% to the 3rd grade sponsor."
is that mean, we only get 70% of our mining?

There really is no minimum. However, he has paused new deposits until he gets new hardware which should be there in the next few weeks
No hardware needed on your end. Pyramining buys/manages the hardware.
the 30% is sent up line to help those above you get paid out faster, but you will still your 110% payout, it will just take a little longer.

[byt411]

Sorry, but I am new to this...
I recently made a deposit, a few weeks ago, but it is still queued. WHat does that mean?

[rdyoung]

Sorry, but I am new to this...
I recently made a deposit, a few weeks ago, but it is still queued. WHat does that mean?

Read this current page of posts...

[byt411]

Sorry, but I am new to this...
I recently made a deposit, a few weeks ago, but it is still queued. WHat does that mean?

Read this current page of posts...

Yes, I understand that he needs to buy hardware and stuff. But can I get a refund?

[BawsyBoss]

I don't get this. Can someone explain it to me?

[Karasugoi]

I don't get this. Can someone explain it to me?

http://www.pyramining.com/

DYODD

(do your own due diligence)

[platti]

no rewards this year?

[rdyoung]

no rewards this year?

A round of payouts just went through.
Keep in mind that we are pushing 12phs network rate, pyra said that the current hardware could pay for electricity and make a profit until the network hit 12phs, therefore the payouts are going to be few and far between until he brings on the new hardware.