Topic: ⚡⛏️[ANN] Giga Watt: Best Home for your Mining. Starts today! - page 109. (Read 203299 times)

No, it is not possible tu buy mining equipment with WTT tokens. Equipment currently must be paid in USD, btc, eth or ltc.

One WTT token represents a rental fee reduction to zero for one Watt mining equipment power consumption.

They dont know yet as it will hit the exchange once everything is set up. Will take some weeks after release.

Please answer this question plus I wanna ask another question. Is it possible to buy mining equipments (hardware) with our WTT tokens?

Or WTT tokens are used only in energy consumption?

What hardware we could reserve invite to and how long does it usually take to validate? thanks.

What happens if the cap of 30 million WTT tokens are sold?

I copy pasta'd all the above questions and sent it to their customer support; will update here when I get a reply, if it beats cryptonomos.
//will ss the email reply and post here.

Some of these are very good questions & not covered by the white paper. Myself along with many other potential investors would much appreciate someone from their team to answer them if possible I have an invoice I am currently sitting on and quite willing to pay if these can be answered as best they can. It would be in their interest and also save copying this out many times to the many people very willing to ask these questions privately if not. Thanks

No problem, a lot of those I believe moments are actually stated within the whitepaper; or back through various other pages.  I'm just in a low cell service area currently and can't actually cite the correct sources/pages or even think of downloading the whitepaper at this moment.


In regards to question/answer 1 anyways; that would be noted within the whitepaper/within the first 10 or so of this thread.

Also, with most of these questions; I'd recommend contacting giga-watts customer support directly; they're really fast on the reply time.

@Mrbates
Thank you for your effort to help. But I need official answer from Giga-watt. Can not base my investment on guesses, "I believe" or "I think" answers.

1.  I mean its hard pressed to find a government entity willing to define a price on any crypto asset, since its just magical mystery money; unless you're cashing out but then they're taxing your money.
I don't think you need to register with a legal entity, and technically they don't know where you live so maybe you live in the U.S., maybe you don't.  (I am not versed entirely on this section of the law, my skills are elsewhere)

2. As far as I've understood it there will always be a place for you, if you choose to rent your WTT tokens out you're renting them to customers but you can pull them at any moment; and they'll go back to paying full price.

3. Paid by mining pool, however they do control the mining pool.  Also they mine the top 3 currencies currently so if you have a BTC asic it will only mine BTC it would not ever be mining LTC, Eth so on and so forth; so if you have the btc asic you would only be receiving BTC.

4. It's currently not an option because all mining power is directed at their pool, but may become one in the future.

5. I think the malfunction is somewhat inclusive in that 93.5% uptime statement; assuming they would send it back to the manufacturer though if it was unfixable.

6.  Good question, I don't know this one.

7. This is no guarantee, but I don't think gigawatt would have a tax number currently; since they were megabigpower and are kind of a child company now (new)


*Trying to answer some questions to the best of my capabilities, not affiliated with gigawatt.
**If these answers have helped in any way, or enough -> my referral link is below

1. I believe it was stated they do intend to continue building over time; that also means some more WTT gets released.
2. Curious about that, because at a point when my miners become unprofitable; I would love to have them sent to my address so I may use them.
3. I don't think the bandwidth will necessarily be an issue; as they operate within Gigawatts pool currently.
4. The area its located in isn't super moist, but it does get average levels of rainfall; the fan's should also to some extent help with keeping humidity down.
5. They can choose which coins to mine based off of what they currently offer which is BTC, LTC and ETH; I e-mailed them about the event of ETH going PoS would my antminer be able to be used for ZEC, XMR or ETC - And they did say they are working on getting mining set up for those coins, but do not feel ETH will go PoS terribly soon.  I also asked if I could direct my miners outside of the giga-watt pool, and this was a current no-no but one day it potentially could occur; however they would most likely be unable to charge the electricity fee from the coin you opt'd to mine; meaning a potential fund sending/temp swap during the day.
6. There is no set up fee's for miners they sell, there is if you send your own miners.
7. I think I kind of answered that within #5.
8. I suppose you wouldn't, although I'm assuming if all the miners died in 6 months; they would lose a lot of customers as well as have their name tarnished forever unless they replaced the miners.
9. Cryptonomos is the escrow provider for giga-watt
10. The maintenance fee is usually just upkeep and not technically an every day thing; however if something goes wrong like a GPU fries the maintenance fee acts kind of like an insurance policy - pay the pennies today; save yourself the hundies tomorrow.
11. I can't guess why you would want to turn off the miners, given the general difficulty increases overtime but (In my mind and in theory though you could store them there unplugged.

I have some more questions for you.


1)

How does your service apply to NON-US citizen and NON-Green Card holders?  Do we need to register a legal entity to use your service?

When I place my own miner or a miner I bought over Giga and mine cryptocurrencies, does that count as an production plant where I fall under US Tax Laws?

Are there exception like double taxation agreements? Or even exceptions for crypto mining itself?

2)

Same question, if I rent out my space (basically this is my WATT Token right), does the physical space the miner will be standing on count as property, where I have income from property leasing/rent income? 

If yes, do I need to register as a "landlord".

3)

How will the payout be conducted?  What currencies? Do you pay me (having full control of all mined coins) or do I get payed by the mining pool?

4)

Why can't I access my miner via remote access? If I want to re-boot or change pools, I need to be able to.

5)

What happens in the case of a malfunction? What kind of service do you offer as a "One Time Payment"?   Do you repair the miners or send them away to the manufacturer.

6)

When I buy with you and you promise 93% uptime and I have a failure in hardware, do you cover the lost income in case you can't fix the problem?




7)

Could you please post your company credentials, registration infos tax number, that we can verify them?




I assume you already worked on the legal issues and you're able to quickly answer them, since you need to think about who your customers shall be.

Dave, Cryptonomos Hello,

I am interested in buying tens to hundreds of thousands of WTT. At first I was quite excited with your idea but after careful examination I'm not so sure and I have some serious questions about your business model.

1. If space requirement for mining equipment doubles per 1W of power due to Moore's law in semiconductor manufacturing advances. Power consumption of chips drops down significantly with each generation. I have the following question.
For Example:
Currently some Mining GPU setup is taking 60x60x60 cm of space and consumes 1Kw/h of electricity.
In two years if equipment is upgraded to latest models that will require TWO GPU setups of 60x60x60 cm for the same 1Kw/h of electricity.

To meet your obligations to WTT token holders, Will Giga-Watt build new Giga-pods on a constant basis and allocate the additional space required for equipment upgrades on demand every couple of years for 50 years ?!?

2. Will Giga-Watt provide some storage to customers for spare parts for mining equipment that will wear out?
3. What about Network bandwidth? How much is provided with each 1W of power? Is there an option to buy more bandwidth?
4. What are the moisute levels in the area of the Giga-Watt pods? What is the effect on equipment from your experience? Is there rust after 1-2 years of operation?
5. You say you can meet customers custom demands. Why are you not providing your co-location customers the ability for remote access to their equipment hosted at your facilities?
So your technicians will decide what is profitable to mine on behalf of your customers and on their equipment? What is this??
You say repeatedly throughout the thread that customers can choose what coins they mine. Then you say exactly the opposite.

6. On the below comment you state there are not set up fees. But later in this thread you stated there is one time setup fee of $20 for aciscs and $40 for GPU rigs. Are there any other Hidden fees?

7. Who are "retail customers"? Customers who buy full turnkey mining or WTT token holders?
From https://cryptonomos.com/wtt/faq
"Does Giga Watt only mine bitcoins?
Giga Watt mines all scalable cryptocurrencies: BTC, LTC, ETH/MONERO/ZCASH/DASH. The decision of what currency to mine is made by the customers who own the mining equipment. But at this stage it is technically impossible to offer all of these options to retail customers. Giga Watt is working on the solution, and hopefully in the future this option will be offered. At this point retail customers can mine only BTC, ETH, and LTC."

8. If you don't provide your customers with remote access to their equipment. How can your customers be sure you are not overclocking their equipment for  for 10-15% to your advantage (especially GPU setups) in expense of the lifetime of the equipment?
9. Cryptonomos. Who are you? What is your name? Would be nice to know who are we talking to. Are you a Cryptonomos or Giga-Watt employee? I you rather prefer to remain anonymous. Please ask Dave Carlson to answer these questions from his account here on BitcoinTalk.
10. What exactly is included in $0.5 cents maintenance fee? Which kind of work/procedures?
11. If I decide to power off my miners for a period of time. Will there be any charges? Since I paid for the rent for 50 year ahead can I store my miners there even if they are offline as how much as I need?

Unless you can provide satisfying answers to the above questions, Especially question 1 and 5. I will unfortunately have to pass on your business proposal.

The ability for me to fully control my hosted hardware via remote access is a "To be or not to be" type of issue.

Best Regards.

Really? We can't even use Google to search this? ICO = Initial Coin Offering - when a company issues a new type of coin that is tied to some sort of service the company is providing.

You can send your own miners.  Afaik there is like a $20 setup fee. Also I think they do some sort of basic maintenance/upkeep on the miners. You have to pay for shipping/customs/taxes etc. They will deploy the machine for you.

They are opening more facilities and they won't issue you your tokens until there is space for them. So by the time you get your tokens I assume there should be space for your miner too.

You can buy WTT tokens at https://cryptonomos.com/?r=1lv0eNDlOmhWNTu18ev35yyLJ.

What I don't understand: I got the reply that space is fully exhausted for own miners but I could order one with them directly. As soon as I buy my tokens, I should be able to send my own miners? Can anybody answer this?

If so, what would be the problem to order directly on bitmain? What about installing these devices, potential extra cords which might not be part of bitmain's delivery, customs tax etc. - would giga-watt take care of this and eventually deploy this machine?

which market we can trade it?

Hello,
B3 we doubt it, but a replacement gpu yes. L3 will be. You should contact [email protected] to be added to list for batch sale invites. You must indicate what miners you are interested in.

Hello Everyone,

I want to try and simplify the ICO for Giga Watt. I have purchased Giga Watt Tokens (WTT) so I am going to stick to dot points and attempt to keep it neutral so everyone can make their own informed decision.

1 WTT = 1 Watt of entitled power consumption.  ICO started 2 Jun 17 Pacific Daylight Time 1200 (24hr), Ends 31 Jul 17 1200.

                  - 1 WTT = $1.00 Weeks 1-2                    
Current price - 1 WTT = $1.05 Weeks 3-4                    
                  - 1 WTT = $1.10 Weeks 5-6                
                  - 1 WTT = $1.15 Weeks 7-8
                  - 1 WTT = $1.20 Week 9

Unsure exactly how the weeks are worked out. If 1 Week = 7 days, this only leaves 3 days for week 9. Maybe someone can answer.

At the moment if you wanted to use Giga Watt's facility to mine it would cost: 9 Miners or less 9.75c kW/hour  (the more miners the cheaper it is, I will use 9 miners or less for this exmaple)

Price Broken down
Electricity    - 2.8c
Maintenance - 0.5c
Facility Rent - 6.45c

Purchasing WTT saves you the rent and guarantees you power usage equivalent to the amount of WTT's you have purchased for 50 years (who knows what will be happening in 50 years, maybe house drones will be cruising around). You still have to pay for electricity and maintenance. If you do not want to use your WTT's for you own mining you can rent them out for 4.2c kW/h, if the demand is there.

You will be able to sell the WTT's on an exchange/s once all WTT's have been issued and they become listed.

For every 100 WTT's sold an additional 15 are issued to team, partners and advisors - due to this straight away investment is decreased by 15% (happens with all ICO's, some more some less), but I am sure it will increase well more than this.

You are not investing into speculation, you are purchasing the ability to use Giga Watt's facility to mine.

Giga Watt have open days so you can go and check out the facility. Wish I could go but due to being almost 12 000km (7450miles) away it is not possible.

Download and read the whitepaper

I hope this have given a simply overview of the ICO and I haven't confused anyone too much. Remember do your own research and gather as much info as possible to give you the best informed decision whether to invest or not.

Thanks

They have put a bunch of new miners on their website yesterday, but it didnt took long before they went out of stock again. If everything went well I purchased a few miners, but I am waiting for a confirmation email of my order.