Gigamining / Teramining

[jamesg]

Very nice to see the uptick in investment returns from these!

I am working to strike more deals with vendors with equipment ready to go.

I'm also glad to see you with smiley faces and exclamation points in your posts.

I hope I have proven and will continue to prove my loyalty to Teraminers.

[BurtW]

! !

[GoWest]

Big pay-day today. Thanks James.

[jamesg]

Big pay-day today. Thanks James.

You are welcome.

[jamesg]

Recent performance:

Code:

03/03 - 98.66% <- was posted wrong above
03/10 - 88.10%
03/17 - 85.68%

Eligius' luck hasn't been the best recently but they get us closest to newly minted coins and the pool side of things has been rock solid.

News of the week is that VPS will be running another 200Th of equipment starting from on or about April 15th.

I have still not heard anything about our other 64Th/s and will be digging into this further this week.

With our most recent acquisition, VPS will be running a total of 315Th/s consuming 464kW. This will be, without a doubt, one of the largest mining operations on the planet.

To continue our expansion and to ensure that VPS can continue to reinvest for Teraminers, we are also looking to build out our own facility and are in the early stages of putting together, what I believe will be, the second largest space specifically designed for bitcoin mining.

Apologies for not getting an email out to Teraminers. The quick pace of setting up new equipment, acquiring more new hardware and working on a new facility has taken up a vast amount of work and personal time.

[Surf Capital Management]

Are shares still publicly available?

[Sukrim]

You could redeem mine, since I didn't sign anything so far.

[BurtW]

Are shares still publicly available?

No.

You could redeem mine, since I didn't sign anything so far.

And no, shares cannot be transferred.

[Sukrim]

Are shares still publicly available?

No.

You could redeem mine, since I didn't sign anything so far.

And no, shares cannot be transferred.

I did not sign anything that I can't do that. All I own so far is control over the mail address + bitcoin address that was used to buy them originally on GLBSE. Since then all that came was a lot of blah blah trying to get me to send my ID documents and sign as well as notarize a statement that I won't sell shares.

[jbreher]

Recent performance:

Code:

03/03 - 98.66% <- was posted wrong above
03/10 - 88.10%
03/17 - 85.68%

Eligius' luck hasn't been the best recently but they get us closest to newly minted coins and the pool side of things has been rock solid.

Luck is lucky - evens out. Statistics are statistical - they even out. I see no reason to try to chase 'the lucky pool'.

News of the week is that VPS will be running another 200Th of equipment starting from on or about April 15th.

Outstanding!

I have still not heard anything about our other 64Th/s and will be digging into this further this week.

With our most recent acquisition, VPS will be running a total of 315Th/s consuming 464kW. This will be, without a doubt, one of the largest mining operations on the planet.

To continue our expansion and to ensure that VPS can continue to reinvest for Teraminers, we are also looking to build out our own facility and are in the early stages of putting together, what I believe will be, the second largest space specifically designed for bitcoin mining.

Apologies for not getting an email out to Teraminers. The quick pace of setting up new equipment, acquiring more new hardware and working on a new facility has taken up a vast amount of work and personal time.

Understood. Thanks for all your hard work.

[jamesg]

The difficulty is now so high that paying the coupons regularly is no longer worth the trouble, for me and I suspect also for the bondholders. I will therefore move forward with buying back the bonds.

The original buyback clause stated the price will be 120% of the GLBSE highest recent traded price. GLBSE no longer exists so that's irrelevant. However, I've noticed that during the time the bond was traded, it went for about 40% of the ELE (extrapolated lifetime earnings). Therefore I believe a buyback price of 55% of the current ELE is fair.

The formula for calculating the ELE for a 1 MH/s bond is

RemainingUnmintedBTC * Hashrate * SecondsInDay * DaysInTwoWeeks / (2^32 * 2016 * Difficulty) =
8439175 * 1000000 * 86400 * 14 / (4294967296 * 2016 * 5006860589) = 0.0002355

55% of that is 0.1296 mBTC per bond, a total of 2.0173536 BTC.

I intend to go forward with the payout in the next few days. If anyone has a reason why I should not, speak now or forever hold your peace.

As I've stated before, once Meni offered a buyback for puremining, I'd do the same.

This means that, for the 11 people still holding Gigamining contracts, I'll be sending the final payment of 0.648 mBTC per 5Mh/s contract.

If you are one of the final 11, you have two options:

1) Upgrade to Teramining and see your payment increase 120x not including the next 200Th/s to arrive.

2) Take the final payment.

You have till Monday.

Best,
James

[qxzn]

James, are we mining on Eligius? What do you think about the Coiledcoin incident?

https://asktom.cf/index.php?topic=56675.msg678006#msg678006

[jamesg]

James, are we mining on Eligius? What do you think about the Coiledcoin incident?

https://asktom.cf/index.php?topic=56675.msg678006#msg678006

Uhhh.... that was 2 years ago. 

[qxzn]

James, are we mining on Eligius? What do you think about the Coiledcoin incident?

https://asktom.cf/index.php?topic=56675.msg678006#msg678006

Uhhh.... that was 2 years ago. 

True. I just learned about it 2 days ago , due to some recent developer hubbub. Still curious how you feel about supporting an operator who considers this sort of behavior appropriate? I don't believe he's changed his stance since.

[Sukrim]

[...]
final payment of 0.648 mBTC per 5Mh/s contract.
[...]
1) Upgrade to Teramining and see your payment increase 120x not including the next 200Th/s to arrive.

Does this mean one gets paid 77.76 mBTC per contract?! I guess you mean that there would be 120 times the hash rate (potentially more) being paid for the future, right?

Well, I definitely am fine with receiving BTC instead of signing contracts. Also until now there were 0 dividends paid, are these included in the 0.000648 BTC? Afaik there should be already a few hundred mBTC accumulated by now per 5 MH/s contract.

[jamesg]

Does this mean one gets paid 77.76 mBTC per contract?! I guess you mean that there would be 120 times the hash rate (potentially more) being paid for the future, right?

Right. More hashing power which equals more BTC compared to Gigamining.

Well, I definitely am fine with receiving BTC instead of signing contracts. Also until now there were 0 dividends paid, are these included in the 0.000648 BTC? Afaik there should be already a few hundred mBTC accumulated by now per 5 MH/s contract.

You would have first had to claim to receive anything, including the buyout offered.

[dishwara]

How many Mh/s is one teramining share?
How many teramining shares for 1 gigamining share in free upgrade & paid upgrade?
Teraminging shares expires after 9 months?
Sofar, how many teramining shares expired?

[jamesg]

How many Mh/s is one teramining share?

A single teramining contract was originally 9Mh/s.

When we started receiving BFL equipment and had received our full order, they were 12Mh/s.

When the antminer S1 100Th/s was installed, each teramining contract became 101Mh/s.

When the next 200Th/s shows up in April, each teramining contract will become ~275Mh/s.

How many teramining shares for 1 gigamining share in free upgrade & paid upgrade?

For the free upgrade, you get 4 Teramining contracts per Gigamining contract. So 5Mh/s turns into 1.10Gh/s or a 21,940% increase.

For the paid upgrade, you get 15 Teramining contract per Gigamining contract. So 5Mh/s turns into 4.125Gh/s or a 82,280% increase. If you take the paid upgrade, you are paying ~$35/Gh.

Please also note the above includes the yet to arrive 200Th/s. This purchase has been paid in full and is from a manufacturer with a proven track record of exceeding expectations.

Teraminging shares expires after 9 months?

I have made a promise to those who have stuck by me that Teramining would be profitable in BTC, and it will continue until I have fulfilled that promise. How long is that, I don't know.

Sofar, how many teramining shares expired?

0.

[jamesg]

As I've stated before, once Meni offered a buyback for puremining, I'd do the same.

This means that, for the 11 people still holding Gigamining contracts, I'll be sending the final payment of 0.648 mBTC per 5Mh/s contract.

If you are one of the final 11, you have two options:

1) Upgrade to Teramining and see your payment increase 120x not including the next 200Th/s to arrive.

2) Take the final payment.

You have till Monday.

Best,
James

10 people are still a part of Gigamining so I've emailed them with a proper notice about the buyback and will wait until 4/7 to send out the final buyback and close out the contracts.

In other news, we ran at 108.31% last week which makes today's Teramining payment the biggest since we received our last round of equipment.

Best,
James

[toffoo]

Hi, thanks for the update James.

One thing I don't see, does the paid upgrade still cost 0.29 BTC / contract?

I'm pretty dumb about mining these days.  Is there someone more versed on the situation here who can comment on whether there is an option (payout vs. fee upgrade vs. paid upgrade) that is obviously more economically beneficial than the others?

Is this a good deal?

Thanks