Topic: [GLBSE] Feedback wanted: Gigamining, the first 5Mh/s mining bond - page 5. (Read 26518 times)

Hey - it is always best to play with OPM...

Bets Best of luck gigavps - I love your entrepreneurial spirit!

The plan as you can see below with his reply is to get two free/near free mini-rigs by selling off the bonds, the BTC from that sale should pretty much cover all of the rigs.

Ha! At this stage I need a spreadsheet but yea I can see that this could be a good deal for both parties.

I'm interested to see how this would compare with GPUMAX (don't have an invite thus can't compare or comment) or BTCSYN if/when they add their Icarus boards and start paying dividends (they've been delivered for a couple of weeks now and I assume they're working hard to set them up and integrate them to their P2Pool, so everything is up in the air still and I can see their share loosing ground if they can't deliver by mid-May).  


I can tell you one thing. Q3-Q4 2012 are going to be a very very fun periods. As we've reached the end of Q1, we can see clearly that FPGAs alone have proven to be quite a disruptive technology and this is only the beginning. Icarus is dead as a project and everyone is contemplating wether they should keep their money and wait for Lancelot or buy a BFL which have slowly started to get delviered and also Nanominer is coming along.

Since you have two BFL mini-rigs plus two more coming along (grats! you can be quite an interesting option for people who want "in" but don't want to either to wait months for delivery of a BFL; wait for Lancelot or any other up-and-coming FPGA project and definitely (like me) aint going to spend a penny with GPUs.

Let's see how Gigamining will develop.

Best Coupon Bond offering I've seen on the forum.

All the information laid out for others to 'do the math'?


btw:



Dude, your wife is bald.

The bond would actually be fulfilled with 2 BFL mini rigs. I have already purchased 4 of them.

Each mini rig is spec'd at 25.1Gh with a power draw of 1.25Kw per hour.

I pay $0.0714 per Kw/h.

Since you seem to like doing the math, I'll let you take it from here.

Let's put it this way.. I dont want the mess, the noise and the maintenance and it will take me a couple of months to get my BFL single. On the other hand you can start now. The BFL Single was advertised for 600 MH/sec and now it's over 800 MH/sec, I say it can reach to 1Gh/sec by Q3 2012 but that's about it.

If you sell each share (5Mh/sec) for 1BTC today to brake even (ber BFL Single) you will need to actually sell 700Mh/sec on each BFL and use the rest as your pure profit. Assuming that they can push the BFL single to go higher that will give you a nice little bonus by Q1 2013.

Now since you have a mixed rig between GPUs and BFLs you will take a small profit hit (i.e. less margin) on your GPUs. I hope (assume?) that your secret plan is to use that bond money this year to buy more FPGAs and get rid of your GPUs (selling them to recuperate some of the cost) by at least Q2 2013. Which means that by Q2 2013 not only you would have managed to upgrade your farm but you'll have made a good profit at the same time doing it.

So, IPO shares should be at 1BTC (make it lucrative) then let offer and demand take care of the share price. Also I'm in if you can guarantee that there is not time limit on this and if you choose to buy them back you will indeed buy at +5% of whatever is the current share price.

This is a bond. The bond will pay a dividend every week that the owner of the bond holds it. Each bond is the equivalent of 5Mh/s.


Each bond is for 5Mh/s and will be priced somewhere in the neighborhood of 1-1.2 BTC per coupon.


I will retain the option to purchase back bonds at anytime for 105% of the highest trading price over the previous 15 days. So if the bonds trading high over the last 15 days was 2 BTC I would pay 105% of the 2 BTC to repurchase a coupon.


Between the mini rig box's efficiency (spec'd to be 20Mh/w) and maximizing the BTC output of the hashing power, I should be able to more than cover the electrical costs.

Ahh with Kaos's post now i understand where your going with it.. i should have just waited a little while longer

I think your math is sound. I do want to make this an attractive offer both for the IPO and for 6 months out. It sounds like we need to be somewhere between 1 BTC and 1.2 BTC. 

Ok gigavps.. i have a few questions.. just to keep you thinking.

First are you selling shares? with 100% PPS?

Or are you selling Bonds that are worth a certain amount of money for 5 GH/s?

Just an example.. 1 bond $3,500 for 5 GH/S and never expires.

What do you mean by selling it back at 105% I dont want it anymore you will pay 5% more then what i paid? I am sure your going to need a time limit on this one

What covers the electric costs and internet costs? And or network related infrastructure and maintenance.  

Let's do the math.. Each share (is that what you mean by coupon) on GLBSE will be traded fro 1.2BTC (~$5.60 in current rates).

5Mh/s with the current difficulty = 0.101 BTC/month (~$0.47). So ROI/share will be in about 1.4 years but accounting for profitability decline it's more likely to be 1.7 years. That's not accounting for anything else but pure ROI from dividend.

Say we want to reach the equivalent of a 5970 (700Mh/s) that would cost us 168 BTC (~$783). It will generate 14BTC/month (~$65)... Same ROI obviously.


Now let's make it interesting:

* If I were to start mining today from scratch with an ATI 5970 that would cost me for one year: $650ish for the rig + $394 electricity (300 watt at 0.15kWh)
* If I were to do the same with a BFL Single (assuming I will be running it down to 700 Mh/sec and not the advertised 832 Mh/sec) that would cost me for one year: $600 for the BFL + $105 electricity (80 watt at 0.15kWh).

All of the above giving me the same returns mining-wise. On top of that add the benefits of having your mining power in easily changeable shares and the potential benefits from that.


Thus at 1.2BTC it's a good deal. At  1BTC it would be a steal




How's my math!??!

Interesting. Was talking about doing something like this with co-workers.. going to watch

Thank you JL421 for consulting with me regarding this endeavor.

Glad to see this finally started going through.

So what do you this each bond should be offered for?

I was thinking along the lines of 1.2BTC per bond.

And she let's me mine bitcoins.  

Now back to the topic at hand.

Okay I half-way retract my comment then, I will *not* love you as much as your wife. Ain't no chance I'm cooking you dinner... However, I'm still very interested in your new venture... Keep us updated.

That would be my wife. 

I'll add this info to the OP.

I will love you as much as that girl on your avatar if you manage to pull this hat trick right!!! I'm In!!!

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