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

[pyramining]

observing the statistics for a few days, I noticed that at the same power, compared with Deepbit, the reward is 50% less. here and referral payments taken into account. not too great referral payments?

As I explained in a few posts before, because of variance (and a period of bad luck on P2Pool), rewards have been slowed down compared to the calculated average. Since I would not like to move all the miners on PPS pools (a choice supported also by other pyramining members), when the next batch of hardware will be ready I will temporarily add extra hashing power at my expenses, in order to pair up with expectations. This will affect both all old and new accounts.

- 50 GH/s are currently in production and they should be ready around the end of June, first days of July.
- 100 GH/s are already ordered and expected for the end of July, first days of August.

However if "variance" makes you (and others) too much anxious, I will consider to temprarily move all the miners to PPS pools until the new hardware will be ready.

[Dice]

How often are mining profits added to an account?

Also I don't quite understand how the completion of rewards work? So once i get all my deposit back, my account gets closed? Im really confused with that.

[pyramining]

How often are mining profits added to an account?

Also I don't quite understand how the completion of rewards work? So once i get all my deposit back, my account gets closed? Im really confused with that.

Profits are added when mined blocks get credited. Since mining is performed on various pools, times/modes change slightly. However on average it happens 4 / 5 times a day.

When you get all your deposit plus your bonus, your accounts becomes "completed", and you stop receiving rewards. If you want it to become active again you can deposit more funds, or you can start another (new) account.

[Dice]

Is it possible to withdraw funds?

[finkleshnorts]

Yeah, I really haven't figured out how all of this works, my bitcoins are just kind of along for the ride. I'm cool with that.

[pyramining]

Is it possible to withdraw funds?

It's not possible because I use them to order/buy new hardware. Should you have any issue, write me a PM to discuss about it.

[Dice]

Is it possible to withdraw funds?

It's not possible because I use them to order/buy new hardware. Should you have any issue, write me a PM to discuss about it.

Only reason i ask is because if i understand correctly. The moment my account becomes complete I don't get paid for my bitcoin anymore? And the way it becomes complete is when i breakeven? So technically am i actually making money or am i just making the money back which i deposited?

If the account continues to mine forever then I don't have any gripes against not being able to deposit (for now) but if it stops mining when i break even then there is not real point in investing. Surely it isn't like this though. If you could spare a minute or two to explain to me how this works I'd greatly appreciate it, im slightly hesitant to start throwing money at this.

Im sure it would help others too.

[bravetheheat]

Is it possible to withdraw funds?

It's not possible because I use them to order/buy new hardware. Should you have any issue, write me a PM to discuss about it.

Only reason i ask is because if i understand correctly. The moment my account becomes complete I don't get paid for my bitcoin anymore? And the way it becomes complete is when i breakeven? So technically am i actually making money or am i just making the money back which i deposited?

If the account continues to mine forever then I don't have any gripes against not being able to deposit (for now) but if it stops mining when i break even then there is not real point in investing. Surely it isn't like this though. If you could spare a minute or two to explain to me how this works I'd greatly appreciate it, im slightly hesitant to start throwing money at this.

Im sure it would help others too.

It stops mining once you reach deposit*(1+bonus%). And of course, you can add additional bitcoins to the account that will use the accumulated MH/s to achieve breakeven+bonus even faster.

[pyramining]

Only reason i ask is because if i understand correctly. The moment my account becomes complete I don't get paid for my bitcoin anymore? And the way it becomes complete is when i breakeven? So technically am i actually making money or am i just making the money back which i deposited?

I thought it was explained pretty well in the FAQ, probably I need to spend some more time in adding more explanations.

There can be 3 cases:

1) You create an account without any sponsor.
You will receive the amount of bitcoins invested PLUS 5%, and then it stops. If you invest 100, you will receive 104,475 (+5% bonus, -0,5% transactions management fee)

2) You create an account through a sponsor (using a referral link).
You will receive the amount of bitcoins invested PLUS 10%, and then it stops. If you invest 100, you will receive 109,45 (+10% bonus, -0,5% transactions management fee)

3) You do some activity to find referrals, and someone joins using you as their sponsor.
You start with the bonus like in points 1) or 2). Everytime someone joins using you as sponsors and deposits any amount, your bonus will increase. The exact increase can be calculated with: ((sum of referral deposits / your deposit) / 10) ).

In the third case, reward can be also very high (there are members who doubled, tripled or even much more their investment, if you ask here probably someone could tell you directly about their experience), so this could be the most interesting way to use Pyramining. It's not easy to find potential members, but if you can, you get rewarded pretty well.

In all cases you will receive your investment back PLUS some earnings that depend on the way you joined/used Pyramining.

Accounts don't mine forever because FPGA units working at these rates wear out in about 2 years. I studied this business plan in order to be able to keep always efficient hardware at work so every member will get their expected results.
However the infrastructure is not removed from Pyramining unless it breaks up. This allows fast investment returns even to future users who will join with increased mining difficulty and halved block bounty.

Hope it's clear enough now. If you have any other question, just ask.

[Dice]

Only reason i ask is because if i understand correctly. The moment my account becomes complete I don't get paid for my bitcoin anymore? And the way it becomes complete is when i breakeven? So technically am i actually making money or am i just making the money back which i deposited?

I thought it was explained pretty well in the FAQ, probably I need to spend some more time in adding more explanations.

There can be 3 cases:

1) You create an account without any sponsor.
You will receive the amount of bitcoins invested PLUS 5%, and then it stops. If you invest 100, you will receive 104,475 (+5% bonus, -0,5% transactions management fee)

2) You create an account through a sponsor (using a referral link).
You will receive the amount of bitcoins invested PLUS 10%, and then it stops. If you invest 100, you will receive 109,45 (+10% bonus, -0,5% transactions management fee)

3) You do some activity to find referrals, and someone joins using you as their sponsor.
You start with the bonus like in points 1) or 2). Everytime someone joins using you as sponsors and deposits any amount, your bonus will increase. The exact increase can be calculated with: ((sum of referral deposits / your deposit) / 10) ).

In the third case, reward can be also very high (there are members who doubled, tripled or even much more their investment, if you ask here probably someone could tell you directly about their experience), so this could be the most interesting way to use Pyramining. It's not easy to find potential members, but if you can, you get rewarded pretty well.

In all cases you will receive your investment back PLUS some earnings that depend on the way you joined/used Pyramining.

Accounts don't mine forever because FPGA units working at these rates wear out in about 2 years. I studied this business plan in order to be able to keep always efficient hardware at work so every member will get their expected results.
However the infrastructure is not removed from Pyramining unless it breaks up. This allows fast investment returns even to future users who will join with increased mining difficulty and halved block bounty.

Hope it's clear enough now. If you have any other question, just ask.

Thank you very much!

I will use this for future questions as I had some people interested in investing though they couldn't grasp it 100%.

We can call that reply pyramining for dummies!

[btcftw]

First of all, I want to say thanks for creating this service pyramining! I was thinking about investing into btc mining, but the price of entry is too steep. This service is great for me because I don't have to buy any hardware, and do anything really. I wish it to run for the long years to come.

3) You do some activity to find referrals, and someone joins using you as their sponsor.
You start with the bonus like in points 1) or 2). Everytime someone joins using you as sponsors and deposits any amount, your bonus will increase. The exact increase can be calculated with: ((sum of referral deposits / your deposit) / 10) ).

Also, I have a question about the 3rd point. Let's say I deposit 0.01 BTC and my referral deposits 10 BTC. Given your formula, the result is ((10/0.01)/10) = 100; The question is, am I right to take this number (100 in our case) and multiply it by the amount I deposited to get the final reward?  So if there are no more deposits, my reward would be 1btc


Also, do you have any pointers on where is a good place to get some referrals (other than this forum)?


The sponsor of this guy, must be ecstatic ---> http://www.pyramining.com/account/browse?id=d7ht2n84  

Here are my links, please join in the fun!
As a token of my gratitude I will make an avatar for you that will be similar to the one I have

http://www.pyramining.com/referral/eksc9g4qz
http://www.pyramining.com/referral/c3mta9enr
http://www.pyramining.com/referral/zck9qnr72
http://www.pyramining.com/referral/zdq7kn4x3
http://www.pyramining.com/referral/q9aetd8np
http://www.pyramining.com/referral/ckmszqaxy    2012-06-04 19:33:04 UTC    2012-06-10 13:53:47 UTC


Edit: updated referral links. Whoever joined Thank you! And you're welcome to PM me about the avatar, if you so desire

[pyramining]

Also, I have a question about the 3rd point. Let's say I deposit 0.01 BTC and my referral deposits 10 BTC. Given your formula, the result is ((10/0.01)/10) = 100; The question is, am I right to take this number (100 in our case) and multiply it by the amount I deposited to get the final reward?  So if there are no more deposits, my reward would be 1btc

Yes, at the end you would be rewarded with 1.011 BTC. The number calculated with that formula is the additional bonus, if you multiply * 100 you get the % that you can add to your initial 5% or 10%.

Your deposit * ((((total_referrals_deposits) / your_deposit) / 10) + 1.05 + (0.05 if joining through a sponsor))

Let's assume you deposited 0.01, a referral deposited 10, you joined through a sponsor:

0.01 * ((((10 / 0.01) / 10) + 1.10)   =   0.01 * 101.1   =   1.011

Also, do you have any pointers on where is a good place to get some referrals (other than this forum)?

That's up to your creativity! ;-)

[pyramining]

With this post I just want to give an example on how you can use Pyramining in a creative way, that can lead to interesting revenues.

If you want to follow this example, keep in mind that it will take between 2 and 3 years to completely receive your deposit + bonus back.

Register 3 accounts, in this way:

Account A with your desired payout address, using someone else's referral link.
Account B using Account A deposit address as payout address, using a referral link from A.
Account C using Account B deposit address as payout address, using a referral link from B.


An example with numbers:

You deposit 100 bitcoins into account C.

If you are going to find referrals, start to point them to account B, until it will reach 50% completion. After that, point next referrals to account A until the end.

Do some math. If you don't find any referral, you will end up with around 158 bitcoins on account A within 2 years (more than 58% revenues).

Since funds on accounts B and A gets transferred slowly (the result of account C mining), you have plenty of time to find referrals to those two accounts.

If you manage to find referrals for 5% more (15% total) on account B and 5% more (15% total) on account C, you will end up within 2 years with more than 178 bitcoins (more than 78%).

If you can find referrals for 20% total on account B and 20% total on account C, you will end up with more than 200 BTC, more than 100% gain.


The only "risk" is that your bitcoins are invested for a long time, and in 2 years anything can happen, so don't invest ALL your savings, go for an amount you are comfortable with! :-)

Keep in mind that when balance on account A exceeds 1 bitcoin, you will get paid, so the total income is spread across 2 - 3 years (you'll receive a little at first and most of it at the end, because funds on account A are the result of account B and C revenues).

Anyway if you compare it to many GBLSE mining ops where in 2 years you only reach the break-even point, this is far more interesting.

This is just an idea, I am sure it can be further improoved.

I advice you to not make account chains longer than 3 accounts, it would take TOO long to complete, and you can't modify payout addresses after account creation.

Also, don't do it if you are going to invest only 0.1 BTC or similar, you'd wait around 2 years to earn a few bitcoin cents. Reasonable amounts are 50 BTC or more (anyway you are free to invest your 0.001 if it makes you happy).

[eliale]

For those customers which will eventually needs to get out prematurely for personal reasons, please contact us at: info @therocktrading.com

We will buy your outstanding balance for a fee.

Also, do not forget to ask a referral number to us in order to get insured at no cost and no risk for you!

Thank you!

[Gladamas]

For those customers which will eventually needs to get out prematurely for personal reasons, please contact us at: info @therocktrading.com

We will buy your outstanding balance for a fee.

Also, do not forget to ask a referral number to us in order to get insured at no cost and no risk for you!

Thank you!

Please stay on topic. 

[eliale]

I believe it is on topic 

It is about Pyramining and services offered for Pyramining Customers.

Also, be aware that all our proposals have been reviewed and approved by Pyramining management.

[Serenata]

Also, do not forget to ask a referral number to us in order to get insured at no cost and no risk for you!
Thank you!

According to your terms, you will not pay the insurance certificate if Bitcoin will be declared illegal by the USA and/or The European Union. So there is a risk for customers, it just depends on two things instead of one (pyramining closing down AND Bitcoin declared illegal). Please don't get me wrong, I do believe your service is innovative and useful, I just disagree on the no risk part ;-)

[Smoovious]

According to your terms, you will not pay the insurance certificate if Bitcoin will be declared illegal by the USA and/or The European Union. So there is a risk for customers, it just depends on two things instead of one (pyramining closing down AND Bitcoin declared illegal). Please don't get me wrong, I do believe your service is innovative and useful, I just disagree on the no risk part ;-)

The only 'risk' part with insurance, would be the cost of the coverage.

Since the only thing he is asking for, for the coverage, is that the insuree uses one of their referral codes, and nothing out of pocket, the cost to the insuree is zero. Hence, "no risk."

The exception for the coin being declared illegal, is obvious, since if it was declared illegal, and he would pay off the value of coin, since the coin would be illegal, he would be breaking the law paying them off, basically redeeming them. With them being illegal in this case, they would essentially be worthless.

Any risk someone would have, by taking advantage of the service they offer, would be the same risk they would still have, by not taking advantage of it. The risk level has nothing to do with them offering you insurance, and odds are, we joined using someone's referral link anyways.

I see no risk to using his insurance. What risk do you see?

-- Smoov

[Serenata]

Smoovious, you're absolutely right! The usage of the insurance service itself does not pose any risk.
If eliale meant only that (i.e. using the insurance does not pose any risk), then please accept my apologies... Because he talked about both cost (i.e. no cost) and risk, I thought he meant that if you get insured, you will not have any risk of losing your coins, at no cost.

[eliale]

Thank you Smoov, your explanation on my behalf is absolutely correct!

Serenata, non need to apologie!  Questions are always more than welcome