Great news and thanks for the bonus hash power. You are doing a great job by passing on the benefit to old customers whenever you are slashing your prices down.
Use code UMANO_17 for 3% discount.
They are not passing on the benefit to old customers. I am two months into a 12 month contract - am I an 'old' customer? But I am excluded from the upgrade.
All you people who have just 'benefited' from the latest price drop and upgrades need to know what to expect because I know you are all, like vaisajne, feeling like you just got a great bargain. I felt the same way two months ago when I bought my first GM contract and had it almost immediately upgraded from 4 to 9 MH/s - just like what happened last week. That inspired me to buy another larger contract a week after the first one - I now have 59MH/s. It felt great to have all this money coming in day after day. I always understood that the rate of returns would drop off, but what I was not prepared for was the RATE at which they would drop off. To put it simply the payout in BTC is roughly halving every month. After two months I am getting less than a quarter the payout I was getting when I started. GM announced last week that they will be bringing online a new datacenter and new ASICs. Undoubtedly there will be much competition in the space for the foreseeable future. I believe we can expect the monthly halving of returns to continue for some time. I am not even going to come close to breaking even. If I get back more than 50% of the BTC I invested I will consider myself lucky.
Here is another chart. It shows my accumulated GM payouts in pink. The black line is an exponential which shows the break-even level. If the pink line is above the black line I will make a profit at the end of the contract.
https://i.imgur.com/vYam17P.jpgI know my opinions may not be popular with people who have just bought contracts (you will be in denial), but I am really talking to people who are on the fence, about to commit. Think again - you will probably only get half your BTC back. I am not saying GM is a scam. I am just saying that the reality is that under present conditions their business model is uneconomic for us customers. GM have stated very clearly that they will not be upgrading 'old' customers like me, so basically everybody who has a GM contract is going to lose money, at least until the network hashrate stabilises some time way in the future. The only people who are going to make money are GM.
All you people who are feeling smug about the 'free' upgrade you just got - you will be feeling like me in a month or two when history repeats itself - and even worse when your contract expires and you have lost half your BTC.
If the rate of returns suddenly improves and I turn out to be full of BS I will not only have egg on my face - I will also have a big smile on my face! I have 18 BTC in the game.
