Topic: Mining contract - 8,000 MH/s - page 2. (Read 3513 times)
No wonder you have a waiting list. You are selling contracts at a loss. Why??? For 30 BTC your farm will generate 33 BTC, since there's virtually zero chance of difficulty changing significantly in the coming week.
I can see that I can expect to lose out on another oppourtunity cus :
a.I'm too late (for when bitcion first arrived to make serious $$$) as I'm unable to keep up plus no1 rly cared to tell me when it first opened in 2009.
b.Price for mining contracts keeps going up (from my experience despite numerous offers,no one but 3 suppliers care about them)
c.Profit margins are getting thinner with each 'upgrade' of a contract.I feel that mining contracts are taking the mick in pricing now.The person has very low elec rates yet the end price is high :-/ (I honestly think that hardware can easily be paid off with loads more lower priced users more quicker than a few high paying users)
d.Difficulty rises means I get less BTC for my efforts
e.BTC value either drops a lot in a day or rises but never stays there.Value is unstable
f.If you wish to make bitcoin more acceptable as a currency to every1 (not just us miners),then add hte fairness bit where things have either a 'stabiliser' where things are kept stable or introduce 'relief' periods where in times of really low BTc value,there is a chance for hte currency to recover and when it's too high (too expensive for hte buyers),lower it to a more reasonable level.(I can only propose solutions as I lack programming knowledge to create my own currency).in life currency fluctuates all the time but not to ridiculous extremes which seems to happen on a regular basis from all the time that I was involved in mining of btc since late May 2011.
I wish to profit without the artificially created barriers and expense I constantly face.Well I feel that's happened for me because:
a.I'm a investor that likes to spend a more modest amount of money (not $1000's like some people can with hardware or buying bitcoins via exchanges) but expect proportional returns instead of like £74 investment in BTC giving me £5 profit.People I know who are able can spend HUGE amounts of money and profit like overnight yet I can't spend much and still take ages to pay off hardware and elec bills
b.I have extra challenges like bugdet cutbacks,living in a place where people complain about the heat,noise and power use of my mining rigs even a little.I have no access to alternative energy which would otherwise make my elec bill free instead of like $0.40 per kwh now in UK.
I don't wish to sound like a hater or a complainer so plz don't flame me.I'm simply getting some opinions off my chest as things have been very difficult for me in the btc world recently.
a.I'm too late (for when bitcion first arrived to make serious $$$) as I'm unable to keep up plus no1 rly cared to tell me when it first opened in 2009.
b.Price for mining contracts keeps going up (from my experience despite numerous offers,no one but 3 suppliers care about them)
c.Profit margins are getting thinner with each 'upgrade' of a contract.I feel that mining contracts are taking the mick in pricing now.The person has very low elec rates yet the end price is high :-/ (I honestly think that hardware can easily be paid off with loads more lower priced users more quicker than a few high paying users)
d.Difficulty rises means I get less BTC for my efforts
e.BTC value either drops a lot in a day or rises but never stays there.Value is unstable
f.If you wish to make bitcoin more acceptable as a currency to every1 (not just us miners),then add hte fairness bit where things have either a 'stabiliser' where things are kept stable or introduce 'relief' periods where in times of really low BTc value,there is a chance for hte currency to recover and when it's too high (too expensive for hte buyers),lower it to a more reasonable level.(I can only propose solutions as I lack programming knowledge to create my own currency).in life currency fluctuates all the time but not to ridiculous extremes which seems to happen on a regular basis from all the time that I was involved in mining of btc since late May 2011.
I wish to profit without the artificially created barriers and expense I constantly face.Well I feel that's happened for me because:
a.I'm a investor that likes to spend a more modest amount of money (not $1000's like some people can with hardware or buying bitcoins via exchanges) but expect proportional returns instead of like £74 investment in BTC giving me £5 profit.People I know who are able can spend HUGE amounts of money and profit like overnight yet I can't spend much and still take ages to pay off hardware and elec bills
b.I have extra challenges like bugdet cutbacks,living in a place where people complain about the heat,noise and power use of my mining rigs even a little.I have no access to alternative energy which would otherwise make my elec bill free instead of like $0.40 per kwh now in UK.
I don't wish to sound like a hater or a complainer so plz don't flame me.I'm simply getting some opinions off my chest as things have been very difficult for me in the btc world recently.
I can see that I can expect to lose out on another oppourtunity cus :
a.I'm too late (for when bitcion first arrived to make serious $$$) as I'm unable to keep up plus no1 rly cared to tell me when it first opened in 2009.
b.Price for mining contracts keeps going up (from my experience despite numerous offers,no one but 3 suppliers care about them)
c.Profit margins are getting thinner with each 'upgrade' of a contract.I feel that mining contracts are taking the mick in pricing now.The person has very low elec rates yet the end price is high :-/ (I honestly think that hardware can easily be paid off with loads more lower priced users more quicker than a few high paying users)
d.Difficulty rises means I get less BTC for my efforts
e.BTC value either drops a lot in a day or rises but never stays there.Value is unstable
f.If you wish to make bitcoin more acceptable as a currency to every1 (not just us miners),then add hte fairness bit where things have either a 'stabiliser' where things are kept stable or introduce 'relief' periods where in times of really low BTc value,there is a chance for hte currency to recover and when it's too high (too expensive for hte buyers),lower it to a more reasonable level.(I can only propose solutions as I lack programming knowledge to create my own currency).in life currency fluctuates all the time but not to ridiculous extremes which seems to happen on a regular basis from all the time that I was involved in mining of btc since late May 2011.
I wish to profit without the artificially created barriers and expense I constantly face.Well I feel that's happened for me because:
a.I'm a investor that likes to spend a more modest amount of money (not $1000's like some people can with hardware or buying bitcoins via exchanges) but expect proportional returns instead of like £74 investment in BTC giving me £5 profit.People I know who are able can spend HUGE amounts of money and profit like overnight yet I can't spend much and still take ages to pay off hardware and elec bills
b.I have extra challenges like bugdet cutbacks,living in a place where people complain about the heat,noise and power use of my mining rigs even a little.I have no access to alternative energy which would otherwise make my elec bill free instead of like $0.40 per kwh now in UK.
I don't wish to sound like a hater or a complainer so plz don't flame me.I'm simply getting some opinions off my chest as things have been very difficult for me in the btc world recently.
a.I'm too late (for when bitcion first arrived to make serious $$$) as I'm unable to keep up plus no1 rly cared to tell me when it first opened in 2009.
b.Price for mining contracts keeps going up (from my experience despite numerous offers,no one but 3 suppliers care about them)
c.Profit margins are getting thinner with each 'upgrade' of a contract.I feel that mining contracts are taking the mick in pricing now.The person has very low elec rates yet the end price is high :-/ (I honestly think that hardware can easily be paid off with loads more lower priced users more quicker than a few high paying users)
d.Difficulty rises means I get less BTC for my efforts
e.BTC value either drops a lot in a day or rises but never stays there.Value is unstable
f.If you wish to make bitcoin more acceptable as a currency to every1 (not just us miners),then add hte fairness bit where things have either a 'stabiliser' where things are kept stable or introduce 'relief' periods where in times of really low BTc value,there is a chance for hte currency to recover and when it's too high (too expensive for hte buyers),lower it to a more reasonable level.(I can only propose solutions as I lack programming knowledge to create my own currency).in life currency fluctuates all the time but not to ridiculous extremes which seems to happen on a regular basis from all the time that I was involved in mining of btc since late May 2011.
I wish to profit without the artificially created barriers and expense I constantly face.Well I feel that's happened for me because:
a.I'm a investor that likes to spend a more modest amount of money (not $1000's like some people can with hardware or buying bitcoins via exchanges) but expect proportional returns instead of like £74 investment in BTC giving me £5 profit.People I know who are able can spend HUGE amounts of money and profit like overnight yet I can't spend much and still take ages to pay off hardware and elec bills
b.I have extra challenges like bugdet cutbacks,living in a place where people complain about the heat,noise and power use of my mining rigs even a little.I have no access to alternative energy which would otherwise make my elec bill free instead of like $0.40 per kwh now in UK.
I don't wish to sound like a hater or a complainer so plz don't flame me.I'm simply getting some opinions off my chest as things have been very difficult for me in the btc world recently.
The return on hardware investment (excluding electricity cost) is the same for someone who buys $500 worth of mining gear, or $50,000.
I can understand how $.40 power would make BTC mining a monstrous pain.
Just for the record, I don't think it is possible for people to "spend HUGE amounts on money and profit overnight". If that was the case, everyone and their mother would be spending every cent they had to reap instant profits.
I can see that I can expect to lose out on another oppourtunity cus :
a.I'm too late (for when bitcion first arrived to make serious $$$) as I'm unable to keep up plus no1 rly cared to tell me when it first opened in 2009.
b.Price for mining contracts keeps going up (from my experience despite numerous offers,no one but 3 suppliers care about them)
c.Profit margins are getting thinner with each 'upgrade' of a contract.I feel that mining contracts are taking the mick in pricing now.The person has very low elec rates yet the end price is high :-/ (I honestly think that hardware can easily be paid off with loads more lower priced users more quicker than a few high paying users)
d.Difficulty rises means I get less BTC for my efforts
e.BTC value either drops a lot in a day or rises but never stays there.Value is unstable
f.If you wish to make bitcoin more acceptable as a currency to every1 (not just us miners),then add hte fairness bit where things have either a 'stabiliser' where things are kept stable or introduce 'relief' periods where in times of really low BTc value,there is a chance for hte currency to recover and when it's too high (too expensive for hte buyers),lower it to a more reasonable level.(I can only propose solutions as I lack programming knowledge to create my own currency).in life currency fluctuates all the time but not to ridiculous extremes which seems to happen on a regular basis from all the time that I was involved in mining of btc since late May 2011.
I wish to profit without the artificially created barriers and expense I constantly face.Well I feel that's happened for me because:
a.I'm a investor that likes to spend a more modest amount of money (not $1000's like some people can with hardware or buying bitcoins via exchanges) but expect proportional returns instead of like £74 investment in BTC giving me £5 profit.People I know who are able can spend HUGE amounts of money and profit like overnight yet I can't spend much and still take ages to pay off hardware and elec bills
b.I have extra challenges like bugdet cutbacks,living in a place where people complain about the heat,noise and power use of my mining rigs even a little.I have no access to alternative energy which would otherwise make my elec bill free instead of like $0.40 per kwh now in UK.
I don't wish to sound like a hater or a complainer so plz don't flame me.I'm simply getting some opinions off my chest as things have been very difficult for me in the btc world recently.
a.I'm too late (for when bitcion first arrived to make serious $$$) as I'm unable to keep up plus no1 rly cared to tell me when it first opened in 2009.
b.Price for mining contracts keeps going up (from my experience despite numerous offers,no one but 3 suppliers care about them)
c.Profit margins are getting thinner with each 'upgrade' of a contract.I feel that mining contracts are taking the mick in pricing now.The person has very low elec rates yet the end price is high :-/ (I honestly think that hardware can easily be paid off with loads more lower priced users more quicker than a few high paying users)
d.Difficulty rises means I get less BTC for my efforts
e.BTC value either drops a lot in a day or rises but never stays there.Value is unstable
f.If you wish to make bitcoin more acceptable as a currency to every1 (not just us miners),then add hte fairness bit where things have either a 'stabiliser' where things are kept stable or introduce 'relief' periods where in times of really low BTc value,there is a chance for hte currency to recover and when it's too high (too expensive for hte buyers),lower it to a more reasonable level.(I can only propose solutions as I lack programming knowledge to create my own currency).in life currency fluctuates all the time but not to ridiculous extremes which seems to happen on a regular basis from all the time that I was involved in mining of btc since late May 2011.
I wish to profit without the artificially created barriers and expense I constantly face.Well I feel that's happened for me because:
a.I'm a investor that likes to spend a more modest amount of money (not $1000's like some people can with hardware or buying bitcoins via exchanges) but expect proportional returns instead of like £74 investment in BTC giving me £5 profit.People I know who are able can spend HUGE amounts of money and profit like overnight yet I can't spend much and still take ages to pay off hardware and elec bills
b.I have extra challenges like bugdet cutbacks,living in a place where people complain about the heat,noise and power use of my mining rigs even a little.I have no access to alternative energy which would otherwise make my elec bill free instead of like $0.40 per kwh now in UK.
I don't wish to sound like a hater or a complainer so plz don't flame me.I'm simply getting some opinions off my chest as things have been very difficult for me in the btc world recently.
I'm curious how much your electricity bill is lol. Also how big are you trying to make your farm? You seem to constantly be adding to it.
I live in the second cheapest state for power.....YA FOR HYDROELECTRIC DAMS!
My last bill was just over $200 bucks.....my rate was .08 per KW/h...and that rate goes down in about a month.
I'm curious how much your electricity bill is lol. Also how big are you trying to make your farm? You seem to constantly be adding to it.
Here is an update for all of you who are interested in my next contract:
I have had several PM's asking me to reserve this slot, but I feel it will be more fair to put it out there publicly for everyone.
My hash rate is climbing, and I am now closer to an average of 9,000 MH/s. (added 600MH/s last night alone).
The next available contract will begin August 30th at 7:00PM EST. It will run through September 6 at 7:00PM EST.
-I will garauntee an average of 8,500 MH/s for the 7 day run
-Buyer will be pro-rated a refund for any downtime or hashing deficiency
-As always, any increase in power over the contract term is yours
The price is 30 BTC.
If you would like to reserve this contract, reply with your address, and send 10 BTC to my address.
The balance of 20 BTC will be paid as follows:
10 BTC on August 30th, prior to commencement of the contract
10 BTC on September 2nd, no later than 7:00PM EST
I have had several PM's asking me to reserve this slot, but I feel it will be more fair to put it out there publicly for everyone.
My hash rate is climbing, and I am now closer to an average of 9,000 MH/s. (added 600MH/s last night alone).
The next available contract will begin August 30th at 7:00PM EST. It will run through September 6 at 7:00PM EST.
-I will garauntee an average of 8,500 MH/s for the 7 day run
-Buyer will be pro-rated a refund for any downtime or hashing deficiency
-As always, any increase in power over the contract term is yours
The price is 30 BTC.
If you would like to reserve this contract, reply with your address, and send 10 BTC to my address.
The balance of 20 BTC will be paid as follows:
10 BTC on August 30th, prior to commencement of the contract
10 BTC on September 2nd, no later than 7:00PM EST
Looks like I have competition once again,oh well.Guess that's life.Anyways I'm kinda glad that more people are interest because I hope that this will force the lowering of prices because economies of scale should affect pricing.If the merchant gets lots of paying customers,then economies of scale dictate that prices should be droppped to gain constant business and income as is my understanding of this.
Yochdog,how much interest have your contracts got?If it's a lot,you can make a serious amount of money by dropping prices which thereby encourages more customers to sign up with you.Here's what I mean:
price is 26BTC and only 5 customers use services =26x5=130btc
now if prices were dropped to say 19 or 20btc but you have 7 or more customers that would equal (20x7) 140BTc total within a period of just under 2 months which may offset the costs of extra power being added all the time as well as profit.
Whip up the interest and lower the prices.If the exchange doesn't sort itself out for me,I may drop out of the bid soon.i have 3 days left to wait for this to work.
P.S when will BTC value rise again as it's largely stagnant with occasional drops and rises now which is putting me off BTC in general,I'm now a semi-miner,semi- investor now due to the climate of BTC.
You've got that completely backwards. When demand increases, prices increase. When demand drops, prices drop. When SUPPLY increases (i.e., this gentleman gets more machines to rent), then prices drop, and when supply decreases, prices increase. Yochdog,how much interest have your contracts got?If it's a lot,you can make a serious amount of money by dropping prices which thereby encourages more customers to sign up with you.Here's what I mean:
price is 26BTC and only 5 customers use services =26x5=130btc
now if prices were dropped to say 19 or 20btc but you have 7 or more customers that would equal (20x7) 140BTc total within a period of just under 2 months which may offset the costs of extra power being added all the time as well as profit.
Whip up the interest and lower the prices.If the exchange doesn't sort itself out for me,I may drop out of the bid soon.i have 3 days left to wait for this to work.
P.S when will BTC value rise again as it's largely stagnant with occasional drops and rises now which is putting me off BTC in general,I'm now a semi-miner,semi- investor now due to the climate of BTC.
Looks like I have competition once again,oh well.Guess that's life.Anyways I'm kinda glad that more people are interest because I hope that this will force the lowering of prices because economies of scale should affect pricing.If the merchant gets lots of paying customers,then economies of scale dictate that prices should be droppped to gain constant business and income as is my understanding of this.
Yochdog,how much interest have your contracts got?If it's a lot,you can make a serious amount of money by dropping prices which thereby encourages more customers to sign up with you.Here's what I mean:
price is 26BTC and only 5 customers use services =26x5=130btc
now if prices were dropped to say 19 or 20btc but you have 7 or more customers that would equal (20x7) 140BTc total within a period of just under 2 months which may offset the costs of extra power being added all the time as well as profit.
Whip up the interest and lower the prices.If the exchange doesn't sort itself out for me,I may drop out of the bid soon.i have 3 days left to wait for this to work.
P.S when will BTC value rise again as it's largely stagnant with occasional drops and rises now which is putting me off BTC in general,I'm now a semi-miner,semi- investor now due to the climate of BTC.
Yochdog,how much interest have your contracts got?If it's a lot,you can make a serious amount of money by dropping prices which thereby encourages more customers to sign up with you.Here's what I mean:
price is 26BTC and only 5 customers use services =26x5=130btc
now if prices were dropped to say 19 or 20btc but you have 7 or more customers that would equal (20x7) 140BTc total within a period of just under 2 months which may offset the costs of extra power being added all the time as well as profit.
Whip up the interest and lower the prices.If the exchange doesn't sort itself out for me,I may drop out of the bid soon.i have 3 days left to wait for this to work.
P.S when will BTC value rise again as it's largely stagnant with occasional drops and rises now which is putting me off BTC in general,I'm now a semi-miner,semi- investor now due to the climate of BTC.
I want a 7 days contract also!
??
??
Can I please secure a contract at todays prices?
I'd like you to give me a few days buffer as the exchange Im on is having problems for getting the bitcoins to you?
I don't wish to be affected by the price rise.1st I had to endure a challenge from the other bidder for your previous offer,now I gotta face price hikes
over time.
Ok secure me a place asap at current price or i'm not interested.If it wasn't for me and the rival bidder,your service wouldn't be so popular,we could at least get a good price as we effectively did free advertising for your service during those challenging (yet hilarious posts) to secure the bids.
I'll pay within 4 days when the exchanges sorts itself out for the coins I'll pay you with.
I'd like you to give me a few days buffer as the exchange Im on is having problems for getting the bitcoins to you?
I don't wish to be affected by the price rise.1st I had to endure a challenge from the other bidder for your previous offer,now I gotta face price hikes
over time.Ok secure me a place asap at current price or i'm not interested.If it wasn't for me and the rival bidder,your service wouldn't be so popular,we could at least get a good price as we effectively did free advertising for your service during those challenging (yet hilarious posts) to secure the bids.
I'll pay within 4 days when the exchanges sorts itself out for the coins I'll pay you with.
My next 3 contracts are spoken for. Price is firm, and will actually go up as I add more power.
If I buy,can you make sure that I have access to the maximum power possible if I'm a paying customer.Is it possible to pay in 2 installments due to issues at the exchange for me?
I have 11.11BTC at the moment.I'll get the rest after hte exchange sorts itself out for me.
Is that the best price you can give me? I'm happy to just accept payments (instead of having miners pointed to me as that's sounds like a pain with systems in multiple locations)
If it's the best price you can offer,can you make absolutely sure that I get the absolute maximum power at all times when possible (taking into account of possible day/night situation with elec bills at ur end) so that I can later give a review of your services on my other sites (that I either co-edit or am the author of)?
Good service+good price=great service reviews :-)
great service reviews=more business :-)
I have 11.11BTC at the moment.I'll get the rest after hte exchange sorts itself out for me.
Is that the best price you can give me? I'm happy to just accept payments (instead of having miners pointed to me as that's sounds like a pain with systems in multiple locations)
If it's the best price you can offer,can you make absolutely sure that I get the absolute maximum power at all times when possible (taking into account of possible day/night situation with elec bills at ur end) so that I can later give a review of your services on my other sites (that I either co-edit or am the author of)?
Good service+good price=great service reviews :-)
great service reviews=more business :-)
You say guaranteed 8000MH/s - how can the renter be assured of this guarantee? The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s. So why only charge 26 BTC? Do you just need a short-term loan?
Just trying to figure out "what's the catch". What is your reason for doing this?
Just trying to figure out "what's the catch". What is your reason for doing this?
I have a few reasons for doing this:
1) I want to establish credibility amongst the BTC community. I think engaging in some short term mining contracts, and delivering exactly what I promise (or over-deliver) will be a good start.
2) I doubt anyone will buy a contract if it only pays back what you purchased it for. Selling it at a discount benefits the buyer (ie, higher expected payout than purchase price), and also benefits me (I know I have 26 BTC at todays price versus 35 BTC at an unknown future price). Business engage in this type of transaction constantly.....albeit perhaps not at this much of a discount.
As for the 8,000 MH/s garauntee.....I will be sending the buyer my pool stats periodically so he can independently confirm the mining speed. I suppose I could fake these, but if I was not delivering the stated speed, surely it would be reflected in abnormally low pay-outs.
I've been working on getting my own mining farm set up and I have come up with the same reasoning on deciding how mining contracts should be priced.
The miner is able to hedge their exposure to the USD/BTC exchange rate by selling their production forward. The speculator (person buying the contract) is assuming the exchange rate risk and is therefore being compensated by being able to purchase the future production at a discount.
There could be occasions where someone may actually pay more to take delivery a commodity at future date, such as when the cost of storing the commodity is fairly expensive and there is a cost associated with holding the commodity, but that is not the case with BTC.
Perfect explanation.....Contango vs backwardation.....just like any commodity.
You say guaranteed 8000MH/s - how can the renter be assured of this guarantee? The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s. So why only charge 26 BTC? Do you just need a short-term loan?
Just trying to figure out "what's the catch". What is your reason for doing this?
Just trying to figure out "what's the catch". What is your reason for doing this?
I have a few reasons for doing this:
1) I want to establish credibility amongst the BTC community. I think engaging in some short term mining contracts, and delivering exactly what I promise (or over-deliver) will be a good start.
2) I doubt anyone will buy a contract if it only pays back what you purchased it for. Selling it at a discount benefits the buyer (ie, higher expected payout than purchase price), and also benefits me (I know I have 26 BTC at todays price versus 35 BTC at an unknown future price). Business engage in this type of transaction constantly.....albeit perhaps not at this much of a discount.
As for the 8,000 MH/s garauntee.....I will be sending the buyer my pool stats periodically so he can independently confirm the mining speed. I suppose I could fake these, but if I was not delivering the stated speed, surely it would be reflected in abnormally low pay-outs.
You say guaranteed 8000MH/s - how can the renter be assured of this guarantee? The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s. So why only charge 26 BTC? Do you just need a short-term loan?
Just trying to figure out "what's the catch". What is your reason for doing this?
Just trying to figure out "what's the catch". What is your reason for doing this?
I have a few reasons for doing this:
1) I want to establish credibility amongst the BTC community. I think engaging in some short term mining contracts, and delivering exactly what I promise (or over-deliver) will be a good start.
2) I doubt anyone will buy a contract if it only pays back what you purchased it for. Selling it at a discount benefits the buyer (ie, higher expected payout than purchase price), and also benefits me (I know I have 26 BTC at todays price versus 35 BTC at an unknown future price). Business engage in this type of transaction constantly.....albeit perhaps not at this much of a discount.
As for the 8,000 MH/s garauntee.....I will be sending the buyer my pool stats periodically so he can independently confirm the mining speed. I suppose I could fake these, but if I was not delivering the stated speed, surely it would be reflected in abnormally low pay-outs.
I've been working on getting my own mining farm set up and I have come up with the same reasoning on deciding how mining contracts should be priced.
The miner is able to hedge their exposure to the USD/BTC exchange rate by selling their production forward. The speculator (person buying the contract) is assuming the exchange rate risk and is therefore being compensated by being able to purchase the future production at a discount.
There could be occasions where someone may actually pay more to take delivery a commodity at future date, such as when the cost of storing the commodity is fairly expensive and there is a cost associated with holding the commodity, but that is not the case with BTC.
You say guaranteed 8000MH/s - how can the renter be assured of this guarantee? The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s. So why only charge 26 BTC? Do you just need a short-term loan?
Just trying to figure out "what's the catch". What is your reason for doing this?
Just trying to figure out "what's the catch". What is your reason for doing this?
I have a few reasons for doing this:
1) I want to establish credibility amongst the BTC community. I think engaging in some short term mining contracts, and delivering exactly what I promise (or over-deliver) will be a good start.
2) I doubt anyone will buy a contract if it only pays back what you purchased it for. Selling it at a discount benefits the buyer (ie, higher expected payout than purchase price), and also benefits me (I know I have 26 BTC at todays price versus 35 BTC at an unknown future price). Business engage in this type of transaction constantly.....albeit perhaps not at this much of a discount.
As for the 8,000 MH/s garauntee.....I will be sending the buyer my pool stats periodically so he can independently confirm the mining speed. I suppose I could fake these, but if I was not delivering the stated speed, surely it would be reflected in abnormally low pay-outs.
You say guaranteed 8000MH/s - how can the renter be assured of this guarantee? The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s. So why only charge 26 BTC? Do you just need a short-term loan?
Just trying to figure out "what's the catch". What is your reason for doing this?
Just trying to figure out "what's the catch". What is your reason for doing this?
I assume he needs it upfront to keep adding to his current load.
You say guaranteed 8000MH/s - how can the renter be assured of this guarantee? The way I calculate it, I would make just over 35 BTC in 7 days with 8000MH/s. So why only charge 26 BTC? Do you just need a short-term loan?
Just trying to figure out "what's the catch". What is your reason for doing this?
Just trying to figure out "what's the catch". What is your reason for doing this?
What cards are you using and how many systems do you have?
I have a tentative deal, but I will regale you with my stats anyway.
5 x 6970
10 x 6950
3 x 5830
3 x 5850
6 x 5770
These cards are spread over 20 workstations.
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