Topic: http://www.pyramining.com/ - Discussion thread (no advertising here) - page 54. (Read 318060 times)

I agree, and I have even mentally started to discount the value of my Pyramining investment to zero.  It is sad, because I fully believe that pyramining himself has done everything he could to make this venture a success.

Perhaps this article is cause for little bit of optimism?  It makes a lot of sense to me... 

http://codinginmysleep.com/is-asic-mining-unprofitable-depends/

Pyramining has stated that he still has some cards play in the form of new investments that he is willing to make for the benefit of all account holders.  The question is, when will difficulty plateau? Will it fall after it reaches a peak as high-cost miners quit mining?  Will Pyramining be a low-enough-cost miner to remain profitable and get over the peak?  And, how long will 1st generation ASICs be the dominant technology?

I am in the same boat. I've been waiting over a month for a reply from Pyramining. He posted a few days ago that he was backed up and would get to every message, eventually.

Patience is paramount, I suppose.

Art

If I signed up to a site that says I am suppose to get X returned + Y% and it doesn't deliver on that promise then it is a scam, and I am in the position to say that, cause most people would agree with it. If pyramining changes those terms then I should have to agree to them again or I should be brought of rest of my earnings. I don't see how I am greedy I invested early on, I took a risk. They could have taken my coins and not delivered. I deserved to be rewarded for that. You came after it was deemed a good investment, I am sorry you didn't research it out like I did.

And it will rise again and again. At this moment it looks pretty bad. Possibly we will never see our investments.

This why you read the FAQ before depositing...

Is there no way I can withdraw? Like at all? The 4 bit cents in there would be useful right now

i wrote to pyramining 2 personal messages, i need to know if i can change my payout adress, because my wallet got hacked. Haven't received an answer until yet. I got two pyramining accounts and can name the details about them. I have no Problem to verify my person and showing screens of how my wallet was cleaned by a hacker who also cleaned my btc-e account. Please let me know what i can do to get in contact with pyramining to find a solution?

thanks for helping

Killa

It isn't my fault I invested in them early and earned back my investment. Now I have to be penalized for you guys, that isn't how it works, and that isn't what I signed up for. If they do that then they would officially be a scam. When I invested I was smart enough to see that the difficult would raise and that people that were last in would be last out. Not my issue that you guys didn't figure that part out.

Difficulty just jumped again:

Break even:   ~ 149 months
Complete reward:   ~ 164 months
Current infrastructure:   267.77 MH/BTC
New infrastructure:   ~ 2857.14 MH/BTC

Awesome!

Yes lets do this and HURT THE EARLY ADOPTERS LIKE ME!!!!!! If they do this I would then consider them a scam.


Bears are out in force.

Great! Willing to see the improvements!
 

In the last few days I had several meetings and I am currently finalizing a partnership with a 28nm ASIC chip producer (NDA, so I can't reveal much). It will bring us opportunity to add more than 30GH/s per BTC before then end of January. When the agreement will be finalized, all deposits will be kept in queue until the new infrastructure will be deployed.

I am also making some simulations on new account policies that would give incentives in joining, and still contribute to all members.

I was using the payout address instead of the deposit address, bah, its been a while. everything is working fine.

I'm receiving a lot of messages and I am having hard time answering to everyone, however I'm doing my best in replying and soon everyone will receive their answer.

I read that there are several proposals by many members. It's not possible to change the rules, at least for "old" deposits because it would be unethical. I am delivering exactly what has been promised. I can understand some disappointment because nobody (me included) expected difficulty to raise so fast and so much.

Personally I have invested a lot in pyramining and I am the "biggest" member who would lose if nothing will be done. I am motivated much more than you all to find a solution. I read that several members suggested to buy equipment from "this" or "this other" vendor. Here is my point of view:

If a vendor is accepting preorders for some hardware, buying at those conditions is not smart because a lot of people would already have invested by that time and when the vendor ships, difficulty would increase at the point that the former-good-offer becomes unprofitable.

As I said before, there are only two choices: 1) buying other vendors hardware if price is considerably lower than public offer (it would still make sense for them because I would order big quantities), so that it will remain profitable even if difficulty increases; 2) Design more efficient ASICs myself (a very big effort, expecially because actually I am not a "big" company).

I think that we shouldn't rush for a solution; wait for the situation to settle down and meanwhile consider all the commercial opportunities.

Someone asked how long current hardware will be profitable. At current power costs, in my premises, units will be profitable until the network will reach around 12PH/s. The bad side of the news is that while there has been a period of time where we were producing more than 35BTC/day, the revenues are now shrinking quickly.

Someone else asked about the current performances. Currently running ASICs are 1GH/s each on average, 2.5W. After two multiple-chip boards failing to work as expected, to speed up deployment, I decided to reduce the design to a single chip with an USB-serial controller mounted. USB boards are assembled into 5U rackmount boxes containing 200 units each. It means 1.6GH/s rack. There are currently 3 racks full of miners plus some units off-rack. Someone of you came to my premises and seen the miners in person.

I will update as soon as I will have any news.

Logged in just fine.

Can anyone log in? Its not working for me.

I think this is a very good compromise between avoiding obsolescence of old accounts and new accounts profitability.

I agree on a permanent investment option, personally I'd prefer it not tied to a fixed hash rate but instead to a fixed deposit.  The subtle difference is that the permanent portion of deposits get accumulated into a single non-diminishing deposit, this deposit works just like a deposit today except that the rewards it generates never reduces it's size and it's hash rate will grow and shrink in proportion to the rest of the system just like a current deposit today relative to all other deposits.

I don't know all of the infrastructure that pyramining has established notably regarding electrical use/cost (which is critical in the current mining ecosystem), but if pyramining's electrical costs are very low or based on renewable energy sources from on-site then another growth option would be to have a "hardware deposit" option, how this might work is that pyramining deposits to the pyramining account of an end user's choice the amount of funds equal to the "new infrastructure" cost on working asic mining hardware that is sent to him.  As asic manufacture is cheaper naturally over time this makes old hardware such as avalons/BFLs/asic miners diminish in value as well with this plan so these bits of hardware could prove a valuable source of increased mining infrastructure.  However, to double stress it's only viable if pyramining electrical infrastructure is very low cost meaning these older asics would have an extended life at the primary facility.  The added bonus to this option is adding double hash power with a single deposit, since pyramining is "purchasing" this hardware through a deposit into a pyramining account they will be adding the old hardware at X hashrate and purchasing X hashrate of new hardware, this would be a great program for pyramining to use regarding the funds mentioned before that they were being planned to possibly invest to boost hash rate.