Now that is how to start a week right!
Thanks gigavps!
Topic: Gigamining / Teramining - page 124. (Read 216459 times)
To all gigaminers,
The second coupon payment has gone out.
Best,
gigavps
The second coupon payment has gone out.
Best,
gigavps
Thanks giga 
more than i expected. Got me a new share he he
more than i expected. Got me a new share he heHi Turbor,
That is correct. Any day that the diff changes, the lower diff wins out for the day. This is an extra bonus to gigaminers for being awesome.
Best,
gigavps
Thanks giga more than i expected. Got me a new share he he
more than i expected. Got me a new share he he
You've got........BTC
Thanks for the payment G!
Thanks for the payment G!
Thanks! 
To all gigaminers,
The first coupon payment is out!
Best,
gigavps
The first coupon payment is out!
Best,
gigavps
To all gigaminers,
The first coupon payments will be incoming tomorrow at 0.02202454 BTC each. This is a 2.2% return for holding the bond less than 7 days!
You can see all the details of how this was calculated at http://gigamining.com.
Best,
gigavps
The first coupon payments will be incoming tomorrow at 0.02202454 BTC each. This is a 2.2% return for holding the bond less than 7 days!
You can see all the details of how this was calculated at http://gigamining.com.
Best,
gigavps
It does make sense in a way.....thanks for taking the time to respond. If nothing else, it is highly creative and allows you to retain ownership of all equity.
I wish you luck on the mini-rigs.....I am skeptical that they can hit those specs given their records on the singles. It will be very interesting to watch the timeline.
I wish you luck on the mini-rigs.....I am skeptical that they can hit those specs given their records on the singles. It will be very interesting to watch the timeline.
The bond makes sense for all involved. A win/win if you will. The idea of the perpetual bond is not mine, Meni deserves credit for it. I only took it to scale.
I have been in contact with BFL for months. They are an excellent team and I have been impressed with their efforts thus far. I would not have put this bond together if I did not believe they could deliver. I can understand how you might be skeptical by reading others uninformed opinions.
Hopefully we can keep this thread on topic now.
Thanks,
gigavps
Pm'd you so I don't totally hijack this thing.
It does make sense in a way.....thanks for taking the time to respond. If nothing else, it is highly creative and allows you to retain ownership of all equity.
I wish you luck on the mini-rigs.....I am skeptical that they can hit those specs given their records on the singles. It will be very interesting to watch the timeline.
I wish you luck on the mini-rigs.....I am skeptical that they can hit those specs given their records on the singles. It will be very interesting to watch the timeline.
The bond makes sense for all involved. A win/win if you will. The idea of the perpetual bond is not mine, Meni deserves credit for it. I only took it to scale.
I have been in contact with BFL for months. They are an excellent team and I have been impressed with their efforts thus far. I would not have put this bond together if I did not believe they could deliver. I can understand how you might be skeptical by reading others uninformed opinions.
Hopefully we can keep this thread on topic now.
Thanks,
gigavps
Giga,
I have been following this thread with a lot of interest. I am curious what you hope to accomplish with the bond?
If you are paying out 100% of the PPS earnings on your 50 GH/s, aren't you eating the power cost? How about inevitable replacement needs? The time you spend keeping everything running smoothly? Is this a one time cash-out by you in order to monetize your (extensive) effort?
Perhaps you are just a benevolent benefactor for the entire community??
I have been following this thread with a lot of interest. I am curious what you hope to accomplish with the bond?
If you are paying out 100% of the PPS earnings on your 50 GH/s, aren't you eating the power cost? How about inevitable replacement needs? The time you spend keeping everything running smoothly? Is this a one time cash-out by you in order to monetize your (extensive) effort?
Perhaps you are just a benevolent benefactor for the entire community??
Hi yochdog,
As was pointed out in my feedback thread, the 50Gh bond will be run by two Butterfly Labs mini rigs. I bought them at the early bird price of $12.5k each. Each BFL mini rig is spec'd to pull 1250w to generate 25Gh in mining power. With my electricity costs at $0.07104 and assuming 745 hours in a month, the electricity will cost ~$135 per month. I am willing to pay out 100% PPS because I run all my equipment on GPUMAX and have confidence that the service is only going to get better with time.
There are other risk factors involved in running a bond like this which you have pointed out. Since all of the costs the mini rigs add will be incremental costs (aka I already have a working farm and have already purchased the mini rigs) the barriers for me to do this are pretty low.
My ultimate goal was to create more working capital while offloading some of the risk of running the equipment. This has been accomplished and my first priority is to make sure bond holders are justly rewarded.
Hope this helps.
Best,
gigavps
It does make sense in a way.....thanks for taking the time to respond. If nothing else, it is highly creative and allows you to retain ownership of all equity.
I wish you luck on the mini-rigs.....I am skeptical that they can hit those specs given their records on the singles. It will be very interesting to watch the timeline.
Giga,
I have been following this thread with a lot of interest. I am curious what you hope to accomplish with the bond?
If you are paying out 100% of the PPS earnings on your 50 GH/s, aren't you eating the power cost? How about inevitable replacement needs? The time you spend keeping everything running smoothly? Is this a one time cash-out by you in order to monetize your (extensive) effort?
Perhaps you are just a benevolent benefactor for the entire community??
I have been following this thread with a lot of interest. I am curious what you hope to accomplish with the bond?
If you are paying out 100% of the PPS earnings on your 50 GH/s, aren't you eating the power cost? How about inevitable replacement needs? The time you spend keeping everything running smoothly? Is this a one time cash-out by you in order to monetize your (extensive) effort?
Perhaps you are just a benevolent benefactor for the entire community??
Hi yochdog,
As was pointed out in my feedback thread, the 50Gh bond will be run by two Butterfly Labs mini rigs. I bought them at the early bird price of $12.5k each. Each BFL mini rig is spec'd to pull 1250w to generate 25Gh in mining power. With my electricity costs at $0.07104 and assuming 745 hours in a month, the electricity will cost ~$135 per month. I am willing to pay out 100% PPS because I run all my equipment on GPUMAX and have confidence that the service is only going to get better with time.
There are other risk factors involved in running a bond like this which you have pointed out. Since all of the costs the mini rigs add will be incremental costs (aka I already have a working farm and have already purchased the mini rigs) the barriers for me to do this are pretty low.
My ultimate goal was to create more working capital while offloading some of the risk of running the equipment. This has been accomplished and my first priority is to make sure bond holders are justly rewarded.
Hope this helps.
Best,
gigavps
Wildly optimistic. I get the 2nd cheapest power in the country and can't get to that number.
How inefficient are your rigs?
(1 MH/s) / (3000 MH / KW) * 24 hour * 30 days = 0.24 kWh
At $0.10 per kWh that's 2.4 cents.
At $0.05 per kWh that's 1.2 cents.
Quote
Anyway, it just seems like he should have priced it higher given the cost/benefit.
Priced higher is present a larger risk and lower profit to the purchaser. I mean we are talking zero sum game here. It costs me about $.035 per MH per month. My average cost of electricity is .075 per Kw/h
My rigs are slightly overclocked. MAYBE I could get a 40% efficiency improvement with a massive undervolt/underclock, but I highly doubt it.
I saw in your contract:
Or only you have ability to make a proposal to a vote?
If yes, then, you (with only 1% of shares) can do what you want?
Or I missed something? Please, explain how this works.
Quote
Percent of majority
to change contract: 1
for general motion: 1
to issue shares: 1
What is this mean? Anyone, who has 1% of total shares can do anything?to change contract: 1
for general motion: 1
to issue shares: 1
Or only you have ability to make a proposal to a vote?
If yes, then, you (with only 1% of shares) can do what you want?
Or I missed something? Please, explain how this works.
Hi rastapool,
This is an issue with the glbse interface. I have offered and sold a "bond" not shares in the company. A bond has not voting right, cannot change the contract in any way and there is no need for motions.
Best,
gigavps
I saw in your contract:
Or only you have ability to make a proposal to a vote?
If yes, then, you (with only 1% of shares) can do what you want?
Or I missed something? Please, explain how this works.
Quote
Percent of majority
to change contract: 1
for general motion: 1
to issue shares: 1
What is this mean? Anyone, who has 1% of total shares can do anything?to change contract: 1
for general motion: 1
to issue shares: 1
Or only you have ability to make a proposal to a vote?
If yes, then, you (with only 1% of shares) can do what you want?
Or I missed something? Please, explain how this works.
Wildly optimistic. I get the 2nd cheapest power in the country and can't get to that number.
How inefficient are your rigs?
(1 MH/s) / (3000 MH / KW) * 24 hour * 30 days = 0.24 kWh
At $0.10 per kWh that's 2.4 cents.
At $0.05 per kWh that's 1.2 cents.
Quote
Anyway, it just seems like he should have priced it higher given the cost/benefit.
Priced higher is present a larger risk and lower profit to the purchaser. I mean we are talking zero sum game here. It is pretty easy to calculate (roughly) what Giga has invested in his farm just by looking as the specs he has posted, as well as pics, etc. It is also fairly straightforward to estimate his electrical bill based on the same info. It is possible that he has invested less than $1 per Mh/s, but it cannot be hugely so. Lets say he did the whole thing for $.80 per MH. His $.20 profit that he is getting today by cashing out will be eaten up in a couple months by the electrical cost.
So again, I am wondering what his angle is.
So again, I am wondering what his angle is.
What he paid for the farm is utterly irrelevant. What the farm is worth today is what matters. If the NPV of his farm is $0.50 per MH and his electrical cost is $0.02 per MH/s per month he has a long time before the deal is unprofitable. He also can close out the deal by buying it back at 105% of market value which will decline significantly over the next year (due to difficulty & reward cut).
Getting the cash up front gives him capital to buy next generation of hashing power so when the farm is obsolete he already has replacement that has been running for a year.
Wildly optimistic. I get the 2nd cheapest power in the country and can't get to that number.
Anyway, it just seems like he should have priced it higher given the cost/benefit.
It is pretty easy to calculate (roughly) what Giga has invested in his farm just by looking as the specs he has posted, as well as pics, etc. It is also fairly straightforward to estimate his electrical bill based on the same info. It is possible that he has invested less than $1 per Mh/s, but it cannot be hugely so. Lets say he did the whole thing for $.80 per MH. His $.20 profit that he is getting today by cashing out will be eaten up in a couple months by the electrical cost.
So again, I am wondering what his angle is.
So again, I am wondering what his angle is.
What he paid for the farm is utterly irrelevant. What the farm is worth today is what matters. If the NPV of his farm is $0.50 per MH and his electrical cost is $0.02 per MH/s per month he has a long time before the deal is unprofitable. He also can close out the deal by buying it back at 105% of market value which will decline significantly over the next year (due to difficulty & reward cut).
Getting the cash up front gives him capital to buy next generation of hashing power so when the farm is obsolete he already has replacement that has been running for a year.
He is using money he gets to invest into more equipment, which is also more energy efficient. I thought he explained it already?
Giga,
I have been following this thread with a lot of interest. I am curious what you hope to accomplish with the bond?
If you are paying out 100% of the PPS earnings on your 50 GH/s, aren't you eating the power cost? How about inevitable replacement needs? The time you spend keeping everything running smoothly? Is this a one time cash-out by you in order to monetize your (extensive) effort?
Perhaps you are just a benevolent benefactor for the entire community??
I have been following this thread with a lot of interest. I am curious what you hope to accomplish with the bond?
If you are paying out 100% of the PPS earnings on your 50 GH/s, aren't you eating the power cost? How about inevitable replacement needs? The time you spend keeping everything running smoothly? Is this a one time cash-out by you in order to monetize your (extensive) effort?
Perhaps you are just a benevolent benefactor for the entire community??
The price of the bond is higher than his hardware cost and his anticipated electrical cost over the effective lifespan of the bond. If he is right he comes out ahead. If he is wrong he comes out behind.
Hypothetically if you could sell a 1 MH/s (perpetual) for 100 BTC upfront would you? Would you consider it losing money even if you needed to pay ~$0.01 per month in electricity?
Kid of a ridiculous hypothetical. Of course if I could sell 1 Mh/s for 100 BTC I would. That is so far outside of what we are actually talking about, I am not even sure why you would throw it out there.
It is pretty easy to calculate (roughly) what Giga has invested in his farm just by looking as the specs he has posted, as well as pics, etc. It is also fairly straightforward to estimate his electrical bill based on the same info. It is possible that he has invested less than $1 per Mh/s, but it cannot be hugely so. Lets say he did the whole thing for $.80 per MH. His $.20 profit that he is getting today by cashing out will be eaten up in a couple months by the electrical cost.
So again, I am wondering what his angle is.
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