Giga Watt Restructuring and Policy Changes
https://medium.com/@gigawatt/giga-watt-restructuring-and-policy-changes-e8cc05a309d9
Topic: ⚡⛏️[ANN] Giga Watt: Best Home for your Mining. Starts today! - page 5. (Read 203299 times)
October 03, 2018, 08:27:27 AM
October 03, 2018, 08:18:11 AM
My rented tokens double
!LOL mine also doubled. Unfortunately I have too many tokens now rented out for it to be true. It might be a dashboard bug.....we had so many of them.
October 03, 2018, 08:14:02 AM
Official Giga Watt announcement by their newsletter:
Dear Customer,
This letter is to inform you all of the temporary changes we are making to the Watt Token program. In order to keep the company functioning and satisfy our creditors, Giga Watt is increasing maintenance fees from $0.005 to $0.032, effective today. We will use this extra income to pay corporate debts and push forward with the projects which will enable us to satisfy all our customers.
We cannot simply raise the cost of hosting plans, as it would render all mining unprofitable, while mining at $0.06 will still yield profits.
We reserve the right to keep this new rate in place for up to 12 months, but will make every effort to shorten the duration of this change. As promised, all of our clients will receive regular updates on our progress, so that you can see how these resources are being used.
Regards,
George Turner
Managing Director,
Giga Watt, Inc.
Nobody likes this for sure but it is the right decision. We won't get power till the contractors are paid and nobody is willing to dump more money into this. So if I have the choice of losing everything or giving Giga Watt another free lunch on my invested value position I choose the latter.
Of course they need to get this power issue done. And I also want to see investors in the Giga Watt company having their share of the burden.
Dear Customer,
This letter is to inform you all of the temporary changes we are making to the Watt Token program. In order to keep the company functioning and satisfy our creditors, Giga Watt is increasing maintenance fees from $0.005 to $0.032, effective today. We will use this extra income to pay corporate debts and push forward with the projects which will enable us to satisfy all our customers.
We cannot simply raise the cost of hosting plans, as it would render all mining unprofitable, while mining at $0.06 will still yield profits.
We reserve the right to keep this new rate in place for up to 12 months, but will make every effort to shorten the duration of this change. As promised, all of our clients will receive regular updates on our progress, so that you can see how these resources are being used.
Regards,
George Turner
Managing Director,
Giga Watt, Inc.
Nobody likes this for sure but it is the right decision. We won't get power till the contractors are paid and nobody is willing to dump more money into this. So if I have the choice of losing everything or giving Giga Watt another free lunch on my invested value position I choose the latter.
Of course they need to get this power issue done. And I also want to see investors in the Giga Watt company having their share of the burden.
October 03, 2018, 08:02:34 AM
Since this email
Dear Customer,
This letter is to inform you all of the temporary changes we are making to the Watt Token program. In order to keep the company functioning and satisfy our creditors, Giga Watt is increasing maintenance fees from $0.005 to $0.032, effective today. We will use this extra income to pay corporate debts and push forward with the projects which will enable us to satisfy all our customers.
We cannot simply raise the cost of hosting plans, as it would render all mining unprofitable, while mining at $0.06 will still yield profits.
We reserve the right to keep this new rate in place for up to 12 months, but will make every effort to shorten the duration of this change. As promised, all of our clients will receive regular updates on our progress, so that you can see how these resources are being used.
Regards,
George Turner
Managing Director,
Giga Watt, Inc.
My rented tokens double !
Dear Customer,
This letter is to inform you all of the temporary changes we are making to the Watt Token program. In order to keep the company functioning and satisfy our creditors, Giga Watt is increasing maintenance fees from $0.005 to $0.032, effective today. We will use this extra income to pay corporate debts and push forward with the projects which will enable us to satisfy all our customers.
We cannot simply raise the cost of hosting plans, as it would render all mining unprofitable, while mining at $0.06 will still yield profits.
We reserve the right to keep this new rate in place for up to 12 months, but will make every effort to shorten the duration of this change. As promised, all of our clients will receive regular updates on our progress, so that you can see how these resources are being used.
Regards,
George Turner
Managing Director,
Giga Watt, Inc.
My rented tokens double
! 
October 02, 2018, 04:56:07 PM
Crypto firm Giga Watt aims to retool after upheaval
http://www.ifiberone.com/columbia_basin/crypto-firm-giga-watt-aims-to-retool-after-upheaval/article_341615a0-c37f-11e8-8c4e-676d6611b1b5.html
EAST WENATCHEE — George Turner has a task on his hands: Turning around a $30 million blockchain project that’s losing money, laid off staff, lost its CEO, owes money to contractors, and faces a federal class action lawsuit
Giga Watt Inc., a massive host service for cryptocurrency miners, announced this week it had laid off 47 of its 63 staffers, amid liens from contractors amounting to more than $625,000. The collapse came after founder and CEO Dave Carlson spent years as Giga Watt’s public face promoting the promise of blockchain — the distributed computing system that makes cryptocurrencies like Bitcoin possible.
But as trouble loomed, Carlson departed in mid-August — so quietly that even employees weren’t aware of his decision for weeks. He remains head of the board of directors. Turner was named managing director.
“Giga Watt took on, really, the equivalent of one of Hercules’ own trials,” Turner says — namely, the construction of a privately owned substation that would have powered 22 buildings of high-capacity processing equipment with more than 30 megawatts of electricity.
The plan couldn’t come together without agreement from Douglas County PUD and the Port of of Douglas County, and the substation had to be redesigned multiple times to meet standards. That put Giga Watt behind its ambitious construction and financial targets, Turner says, and layoffs became the best option.
Some staff asked to stay on voluntarily, Turner says, “because they believe in the vision. Where do you find people like that? It hurt to let those kind of people go.”
Giga Watt set itself up as a host service for crypto miners, selling equipment and computing power to help them harvest value from Bitcoin and other blockchain assets. Its financing was tied up in crypto-based “tokens,” or shares, that it sold in a sale called an “Initial Coin Offering” last year.
Token value was based on hitting construction benchmarks, which have now passed unmet, alienating both clients and investors. Cryptocurrency values have also fallen generally since the ICO. Giga Watt settled a lawsuit from one token holder, but now faces a class action suit that could represent thousands of them, claiming the ICO ignored U.S. commerce laws.
“We promised certain target dates early on, before we or even the Port or the PUD really understood how complex this project was going to be,” Turner says. “… Was the ICO something we needed to do, was it a good idea, was it a mistake? And the answer was yeah, I think it was all of those things in some ways. We needed the funding, we wanted our clients and investors to be involved in the project, and we saw that as a way to make that happen.”
Giga Watt now hopes to retool — becoming na more traditional server farm, renting processor bandwidth for AI, CGI rendering and other applications. Cryptocurrency remains in the mix, though. In fact, some of Giga Watt’s processors are now hashing Bitcoin to help pay its debts.
“We’re fighting for this company. We’re fighting for our clients. We’re fighting to satisfy the debts we owe to our creditors. We’re fighting really for our own future, and the future of the employees that we had to lay off, most of whom had gotten to be like family to us.”
http://www.ifiberone.com/columbia_basin/crypto-firm-giga-watt-aims-to-retool-after-upheaval/article_341615a0-c37f-11e8-8c4e-676d6611b1b5.html
Quote
EAST WENATCHEE — George Turner has a task on his hands: Turning around a $30 million blockchain project that’s losing money, laid off staff, lost its CEO, owes money to contractors, and faces a federal class action lawsuit
Giga Watt Inc., a massive host service for cryptocurrency miners, announced this week it had laid off 47 of its 63 staffers, amid liens from contractors amounting to more than $625,000. The collapse came after founder and CEO Dave Carlson spent years as Giga Watt’s public face promoting the promise of blockchain — the distributed computing system that makes cryptocurrencies like Bitcoin possible.
But as trouble loomed, Carlson departed in mid-August — so quietly that even employees weren’t aware of his decision for weeks. He remains head of the board of directors. Turner was named managing director.
“Giga Watt took on, really, the equivalent of one of Hercules’ own trials,” Turner says — namely, the construction of a privately owned substation that would have powered 22 buildings of high-capacity processing equipment with more than 30 megawatts of electricity.
The plan couldn’t come together without agreement from Douglas County PUD and the Port of of Douglas County, and the substation had to be redesigned multiple times to meet standards. That put Giga Watt behind its ambitious construction and financial targets, Turner says, and layoffs became the best option.
Some staff asked to stay on voluntarily, Turner says, “because they believe in the vision. Where do you find people like that? It hurt to let those kind of people go.”
Giga Watt set itself up as a host service for crypto miners, selling equipment and computing power to help them harvest value from Bitcoin and other blockchain assets. Its financing was tied up in crypto-based “tokens,” or shares, that it sold in a sale called an “Initial Coin Offering” last year.
Token value was based on hitting construction benchmarks, which have now passed unmet, alienating both clients and investors. Cryptocurrency values have also fallen generally since the ICO. Giga Watt settled a lawsuit from one token holder, but now faces a class action suit that could represent thousands of them, claiming the ICO ignored U.S. commerce laws.
“We promised certain target dates early on, before we or even the Port or the PUD really understood how complex this project was going to be,” Turner says. “… Was the ICO something we needed to do, was it a good idea, was it a mistake? And the answer was yeah, I think it was all of those things in some ways. We needed the funding, we wanted our clients and investors to be involved in the project, and we saw that as a way to make that happen.”
Giga Watt now hopes to retool — becoming na more traditional server farm, renting processor bandwidth for AI, CGI rendering and other applications. Cryptocurrency remains in the mix, though. In fact, some of Giga Watt’s processors are now hashing Bitcoin to help pay its debts.
“We’re fighting for this company. We’re fighting for our clients. We’re fighting to satisfy the debts we owe to our creditors. We’re fighting really for our own future, and the future of the employees that we had to lay off, most of whom had gotten to be like family to us.”
I'm sure that the staff that stayed voluntarily has some rigs running on $WTT tokens and are mining crypto as we speak.
October 02, 2018, 04:53:13 PM
Wondering if all this FUD is a good sign. Maybe I should go ham on some $WTT tokens. Super cheap right now.
October 02, 2018, 03:32:50 AM
What's happening on renting out on Giga-Watt since only 25% of my tokens are been used and this is happening since the day it started.
They are not updating thru email or on this thread.
It's not worth to invest in Giga-Watt.
They are not updating thru email or on this thread.
It's not worth to invest in Giga-Watt.
September 29, 2018, 02:24:40 PM
Somewhere to trade gigawatt tokens would generate funds.
September 28, 2018, 09:31:46 PM
Crypto firm Giga Watt aims to retool after upheaval
http://www.ifiberone.com/columbia_basin/crypto-firm-giga-watt-aims-to-retool-after-upheaval/article_341615a0-c37f-11e8-8c4e-676d6611b1b5.html
EAST WENATCHEE — George Turner has a task on his hands: Turning around a $30 million blockchain project that’s losing money, laid off staff, lost its CEO, owes money to contractors, and faces a federal class action lawsuit
Giga Watt Inc., a massive host service for cryptocurrency miners, announced this week it had laid off 47 of its 63 staffers, amid liens from contractors amounting to more than $625,000. The collapse came after founder and CEO Dave Carlson spent years as Giga Watt’s public face promoting the promise of blockchain — the distributed computing system that makes cryptocurrencies like Bitcoin possible.
But as trouble loomed, Carlson departed in mid-August — so quietly that even employees weren’t aware of his decision for weeks. He remains head of the board of directors. Turner was named managing director.
“Giga Watt took on, really, the equivalent of one of Hercules’ own trials,” Turner says — namely, the construction of a privately owned substation that would have powered 22 buildings of high-capacity processing equipment with more than 30 megawatts of electricity.
The plan couldn’t come together without agreement from Douglas County PUD and the Port of of Douglas County, and the substation had to be redesigned multiple times to meet standards. That put Giga Watt behind its ambitious construction and financial targets, Turner says, and layoffs became the best option.
Some staff asked to stay on voluntarily, Turner says, “because they believe in the vision. Where do you find people like that? It hurt to let those kind of people go.”
Giga Watt set itself up as a host service for crypto miners, selling equipment and computing power to help them harvest value from Bitcoin and other blockchain assets. Its financing was tied up in crypto-based “tokens,” or shares, that it sold in a sale called an “Initial Coin Offering” last year.
Token value was based on hitting construction benchmarks, which have now passed unmet, alienating both clients and investors. Cryptocurrency values have also fallen generally since the ICO. Giga Watt settled a lawsuit from one token holder, but now faces a class action suit that could represent thousands of them, claiming the ICO ignored U.S. commerce laws.
“We promised certain target dates early on, before we or even the Port or the PUD really understood how complex this project was going to be,” Turner says. “… Was the ICO something we needed to do, was it a good idea, was it a mistake? And the answer was yeah, I think it was all of those things in some ways. We needed the funding, we wanted our clients and investors to be involved in the project, and we saw that as a way to make that happen.”
Giga Watt now hopes to retool — becoming na more traditional server farm, renting processor bandwidth for AI, CGI rendering and other applications. Cryptocurrency remains in the mix, though. In fact, some of Giga Watt’s processors are now hashing Bitcoin to help pay its debts.
“We’re fighting for this company. We’re fighting for our clients. We’re fighting to satisfy the debts we owe to our creditors. We’re fighting really for our own future, and the future of the employees that we had to lay off, most of whom had gotten to be like family to us.”
http://www.ifiberone.com/columbia_basin/crypto-firm-giga-watt-aims-to-retool-after-upheaval/article_341615a0-c37f-11e8-8c4e-676d6611b1b5.html
Quote
EAST WENATCHEE — George Turner has a task on his hands: Turning around a $30 million blockchain project that’s losing money, laid off staff, lost its CEO, owes money to contractors, and faces a federal class action lawsuit
Giga Watt Inc., a massive host service for cryptocurrency miners, announced this week it had laid off 47 of its 63 staffers, amid liens from contractors amounting to more than $625,000. The collapse came after founder and CEO Dave Carlson spent years as Giga Watt’s public face promoting the promise of blockchain — the distributed computing system that makes cryptocurrencies like Bitcoin possible.
But as trouble loomed, Carlson departed in mid-August — so quietly that even employees weren’t aware of his decision for weeks. He remains head of the board of directors. Turner was named managing director.
“Giga Watt took on, really, the equivalent of one of Hercules’ own trials,” Turner says — namely, the construction of a privately owned substation that would have powered 22 buildings of high-capacity processing equipment with more than 30 megawatts of electricity.
The plan couldn’t come together without agreement from Douglas County PUD and the Port of of Douglas County, and the substation had to be redesigned multiple times to meet standards. That put Giga Watt behind its ambitious construction and financial targets, Turner says, and layoffs became the best option.
Some staff asked to stay on voluntarily, Turner says, “because they believe in the vision. Where do you find people like that? It hurt to let those kind of people go.”
Giga Watt set itself up as a host service for crypto miners, selling equipment and computing power to help them harvest value from Bitcoin and other blockchain assets. Its financing was tied up in crypto-based “tokens,” or shares, that it sold in a sale called an “Initial Coin Offering” last year.
Token value was based on hitting construction benchmarks, which have now passed unmet, alienating both clients and investors. Cryptocurrency values have also fallen generally since the ICO. Giga Watt settled a lawsuit from one token holder, but now faces a class action suit that could represent thousands of them, claiming the ICO ignored U.S. commerce laws.
“We promised certain target dates early on, before we or even the Port or the PUD really understood how complex this project was going to be,” Turner says. “… Was the ICO something we needed to do, was it a good idea, was it a mistake? And the answer was yeah, I think it was all of those things in some ways. We needed the funding, we wanted our clients and investors to be involved in the project, and we saw that as a way to make that happen.”
Giga Watt now hopes to retool — becoming na more traditional server farm, renting processor bandwidth for AI, CGI rendering and other applications. Cryptocurrency remains in the mix, though. In fact, some of Giga Watt’s processors are now hashing Bitcoin to help pay its debts.
“We’re fighting for this company. We’re fighting for our clients. We’re fighting to satisfy the debts we owe to our creditors. We’re fighting really for our own future, and the future of the employees that we had to lay off, most of whom had gotten to be like family to us.”
September 28, 2018, 07:05:58 AM
Current 24hr returns per Antminer L3+
Mined Hosting Total
0.0567 - 0.0039 = 0.0528 (approx $8 @ $146.51 per LTC)
Mined Hosting Total
0.0567 - 0.0039 = 0.0528 (approx $8 @ $146.51 per LTC)
Current 24hr return on an Antminer L3+
Mined Hosting Total
0.056 - 0.0048 = 0.0512
Mined Hosting Total
0.056 - 0.0005 = 0.0555 (I have excess tokens which are rented out, so my hosting fee is less)
Mined Hosting Total
0.0543 - 0.0031 = 0.0512 (/ $10.86 @ $212.11 per LTC)
Mined Hosting Total
0.0518 - 0.003 = 0.0488
Current 24hr returns per Antminer L3+
Mined Hosting Total
0.0526 - 0.0031 = 0.0495 (approx $10.16 @ $205.27 per LTC).
Mined Hosting Total
0.0513 - 0.003 = 0.0484 (approx $10.25 @ $211.73 per LTC).
Current 24hr returns per Antminer L3+
Mined Hosting Total
0.0465 - 0.0025 = 0.044 (approx $8.33 @ $189.35 per LTC).
Mined Hosting Total
0.0395 - 0.0045 = 0.035 (approx $4.22 @ $120.50 per LTC).
Mined Hosting Total
0.0513 - 0.0039 = 0.0245 (approx $4.21 @ $171.91 per LTC).
0.0224 - 0.0053 = 0.0171 (approx $2.01 @ $117.88 per LTC).
Current 24hr returns per Antminer L3+
Mined Hosting Total
0.0231 - 0.0068 = 0.0163 (approx $1.61 @ $99.14 per LTC).
Current 24hr returns per Antminer L3+
Mined Hosting Total
0.0245 - 0.0085 = 0.0159 (approx $1.25 @ $78.95 per LTC).
Current 24hr returns per Antminer L3+
Mined Hosting Total
0.0262 - 0.0113 = 0.0149 (approx $0.86 @ $56.10 per LTC).
Current 24hr returns per Antminer L3+
Mined Hosting Total
0.03 - 0.0102 = 0.0198 (approx $1.32 @ $66.82 per LTC).
Mined Hosting Total
0.0289 - 0.0107 = 0.0182 (approx $1.11 @ $61.45 per LTC).
September 27, 2018, 05:23:15 PM
Does anyone know the follow-up on the lawsuit? Was Dave Carlson and GW ever sued?
September 27, 2018, 07:40:22 AM
What return do you see from your rented tokens
Almost nothing.
At least that's my return on the 15000 WTT tokens I hold there.
They offered a buy back at $1 per token after stealing my S9 rigs.
The guys from Giga-watt cannot be trusted.
Zeev Kirsh <[email protected]>
Dave Carlson <[email protected]> (hides in Dubai)
Anton Orlov <[email protected]>
Sinden Harum <[email protected]>
Hayden Gill <[email protected]>
Tyler James <[email protected]>
Heather Mulhall <[email protected]>
Timur Usmanov <[email protected]>
September 27, 2018, 02:25:03 AM
What return do you see from your rented tokens
September 25, 2018, 09:51:02 AM
Nice... I had 1/3 rented, now it has drop to 0 !!
How many tokens do you have to rent?Think It was a short bug, it's back being rented at 1/3. Only have 150.
September 23, 2018, 01:39:27 PM
Nice... I had 1/3 rented, now it has drop to 0 !!
How many tokens do you have to rent? September 19, 2018, 04:09:06 PM
Nice... I had 1/3 rented, now it has drop to 0 !!
September 18, 2018, 12:55:11 PM
Still waiting for all my WTT to be rented...
September 14, 2018, 06:18:38 AM
They basically offer mining services. I mean it's all okay, but this is not any revolutionary project or any project at all. They will just sell you the equipment or rent their miners and connect it to you wallet. I don't see why would they need to go all ICO on this.
That is the problem with the modern school system. They encourage you to shout out your opinion regardless of a thousand prior posts. Did you read one of them?
September 10, 2018, 11:29:21 AM
They basically offer mining services. I mean it's all okay, but this is not any revolutionary project or any project at all. They will just sell you the equipment or rent their miners and connect it to you wallet. I don't see why would they need to go all ICO on this.
September 04, 2018, 10:45:28 AM
Pangborn Update 9/2/2018
Pangborn Update 9/2/2018 — We are continuing to redeploy the equipment that was vacated from George and Ephrata. We are well over halfway complete and are working on plans to complete the remainder in coming weeks. The Pangborn site is temporarily holding. The commissioners pushed the vote back two more weeks as they indicated they needed more information on the mobile substation. This vote is necessary for us to get the plans for the mobile substation positioning as well as the PUD’s temporary poles and H-frame that will be placed on our site. Once we have their plans, we will continue with the rock and testing with the PUD and Silvey needing to complete all remaining work. https://medium.com/@gigawatt/pangborn-update-9-2-2018-4b414c031447
Pangborn Update 9/2/2018 — We are continuing to redeploy the equipment that was vacated from George and Ephrata. We are well over halfway complete and are working on plans to complete the remainder in coming weeks. The Pangborn site is temporarily holding. The commissioners pushed the vote back two more weeks as they indicated they needed more information on the mobile substation. This vote is necessary for us to get the plans for the mobile substation positioning as well as the PUD’s temporary poles and H-frame that will be placed on our site. Once we have their plans, we will continue with the rock and testing with the PUD and Silvey needing to complete all remaining work. https://medium.com/@gigawatt/pangborn-update-9-2-2018-4b414c031447
It really doesn't sound like this year. GW needs a plan B. And it must be crystal clear that an alternative location must be found outside the US. As far away from these PUD guys as possible.
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