Everything you need to get mining with bitcoins Q/A format ...

Smartmining.cc Review: 2%-4% daily for 60-180 days with principal included

Smartmining.cc is a high yield investment project whose theme is for cloud mining. It provides long term deposit plans, and started on 03rd Jun 2020. You can earn 2%-4% daily for 60–180 days with principal included. Admin bought listing on my website yesterday, and my first withdrawal request was already received two hours ago. Now let me introduce it in details.
Started: 2020–06–03
My deposit: $200
The amount of 200 USD has been withdrawn from your account. Accounts: U3869878->U24795174. Memo: Shopping Cart Payment. . Date: 06:31 06.07.20. Batch: 322597842
Investment Plans
Minimal amount for deposit is: Bitcoin 0.001, Litecoin 0.1, Dogecoin 1000, Dash 0.05, Ethereum 0.01, Ethereum Classic 0.5, Bitcoin Cash 0.01, Zcash 0.05, Ripple 10, USD Cash 1, Tether 1 and Dollar 1. Your daily profit will be 2%-4% according to your deposit amount. The more GH/s you purchase, the higher level your account will reach. With each increase in the LEVEL account, your daily profit increase. What’s more, your daily profit increases by + 0.02% for each day without withdrawal, but I suggest you to withdraw profit every day until you get back 100% initial deposits. You can see details below:
(1) 0–999 GH/s, 2% daily profit
(2) 1000–2999 GH/s, 2.1% daily profit
(3) 3000–5999 GH/s, 2.2% daily profit
(4) 6000–9999 GH/s, 2.3% daily profit
(5) 10000–19999 GH/s, 2.4% daily profit
(6) 20000–29999 GH/s, 2.5% daily profit
(7) 30000–99999 GH/s, 2.6% daily profit
(8) 100000–199999 GH/s, 2.8% daily profit
(9) 200000–999999 GH/s, 3% daily profit
(10) 100000–2999999 GH/s, 3.5% daily profit
(11) 3000000 GH/s, 4% daily profit
Deposit works according to the selected contract, and the contract is from 60 to 180 days. You should deposit money into your balance first, and then buy Hash with the money on your balance. Your initial deposit is already in your daily profit, so principal will not be returned in the end.
For example, I buy GH/s with $200, and choose the 60 day contract. My daily profit will be 2.5% for 60 days. At the end of investment term, I will get back $300 totally($100 profit with $200 initial deposits).
But there is one things you should know that you must choose which ecurrency you want to mining, or we can say like this, which ecurrency you want your daily profit to be paid to. For example, if you want your daily profit to be paid through BTC, then you should turn off all other ecurrency mining process and only leave BTC mining. You can see the mining choice on the “Mining” page of their website.
Promotional Rewards(7%-2%)
For promoters, Smartmining.cc has developed a profitable partner program, which has two levels. First level is 7%, and second level is 2%. Unlike most HYIP projects, promoters can configure refback for your referrals on the page “Partners”. I already set 100% RCB for my direct active investors. Welcome to join under my team.
Payment Options
PerfectMoney, Payeer, Bitcoin, Litecoin, Ethereum, BitcoinCash, Ripple, Dash, Zcash, Tether, Dogecoin and USD Cash.
Withdrawal Type
The request for withdrawal is processed within an hour but no more than 48 hours. Minimal amount for withdrawal is: Bitcoin 0.001, Litecoin 0.1, Dogecoin 1000, Dash 0.05, Ethereum 0.01, Ethereum Classic 0.5, Bitcoin Cash 0.01, Zcash 0.05, Ripple 10, USD Cash 1, Tether 1, Dollar 1
Whois Details
Domain Time: 2020/05/25–2020/05/25
IP Address: 2020–05–25104.27.188.23–574 other sites hosted on this server
IP Location: Texas — Dallas — Cloudflare Inc.
ASN: AS13335 CLOUDFLARENET, US (registered Jul 14, 2010)
Summary
Smartmining.cc designs an original template for its website, and it now supports 10 languages. So you can choose your native language at their top menu. Recent deposits and withdrawals are shown at the bottom part of their website, you can refer to the data according to your own experience. In my view, the profit Smartmining.cc provides is in normal range, and the referral system also designs in a reasonale mechanism. So, any investor who is interested can take part in with their spare money.
At the right side bottom of their website, you can find a group chat widget. Click it, and you can communicate with other investors online. If you still have other questions, you can contact admin through the info below.
Contact Info
Email: [email protected]
Twitter: https://twitter.com/smart_minig
Register: https://smartmining.cc/partnehyiper
More: https://www.hyiper.net/blog/185.html
submitted by vipinvestor1988 to u/vipinvestor1988 [link] [comments]

Fotonhash Cloud Mining & GPU servers rental

Fotonhash Cloud Mining & GPU servers rental is the procedure which implies using a remote datacenter with a shared computing system. Utilizing this system, the miner can access the processing power of the whole computer network. This type of mining makes it possible for the users to mine bitcoins or other cryptocurrencies without managing the hardware. Another name for this process is bitcoin mining.
All the mining equipment is placed and maintained in a special facility. The user simply needs to register and conclude a contract with the mining company. In general, cloud mining is a service which entails some expenses and it can result in lower returns for the miner. How does Bitcoin Cloud Mining Work? Such type of mining means a host company owns the hardware and runs it at a facility. The customer pays the company and rents some of the equipment. The earnings depend on the amount of hash power rented. Actually, the customer gets a share of payments for any revenue generated by the hardware.
Types of Hosting There are several variants. Users can lease either:
In the third case customers can either select a necessary amount of hashing power and a contract period or in some situations can trade their power. Is This Type of Mining Profitable?
It depends on the miner’s goals.
If it’s necessary to get bitcoins, then it is easier just to buy them. If the user wants just to try mining, it’s better simply to buy an affordable USB miner and run it in-house. In case mining is treated as a long-term perspective and the miner is ready to make some investments, then cloud mining is the best solution.
All in all, cloud mining is worth speaking about in terms of profit and convenience. Fotonhash provides fast and reliable GPU servers for variable services, including: Deep machine learning, Crypto currency mining, Video rendering, VAR design. Rent GPU servers with per-month payment from Fotonhash right now- https://fotonhash.com
submitted by farwa786 to u/farwa786 [link] [comments]

Decred Journal — June 2018

Note: You can read this on GitHub, Medium or old Reddit to see the 207 links.

Development

The biggest announcement of the month was the new kind of decentralized exchange proposed by @jy-p of Company 0. The Community Discussions section considers the stakeholders' response.
dcrd: Peer management and connectivity improvements. Some work for improved sighash algo. A new optimization that gives 3-4x faster serving of headers, which is great for SPV. This was another step towards multipeer parallel downloads – check this issue for a clear overview of progress and planned work for next months (and some engineering delight). As usual, codebase cleanup, improvements to error handling, test infrastructure and test coverage.
Decrediton: work towards watching only wallets, lots of bugfixes and visual design improvements. Preliminary work to integrate SPV has begun.
Politeia is live on testnet! Useful links: announcement, introduction, command line voting example, example proposal with some votes, mini-guide how to compose a proposal.
Trezor: Decred appeared in the firmware update and on Trezor website, currently for testnet only. Next steps are mainnet support and integration in wallets. For the progress of Decrediton support you can track this meta issue.
dcrdata: Continued work on Insight API support, see this meta issue for progress overview. It is important for integrations due to its popularity. Ongoing work to add charts. A big database change to improve sorting on the Address page was merged and bumped version to 3.0. Work to visualize agenda voting continues.
Ticket splitting: 11-way ticket split from last month has voted (transaction).
Ethereum support in atomicswap is progressing and welcomes more eyeballs.
decred.org: revamped Press page with dozens of added articles, and a shiny new Roadmap page.
decredinfo.com: a new Decred dashboard by lte13. Reddit announcement here.
Dev activity stats for June: 245 active PRs, 184 master commits, 25,973 added and 13,575 deleted lines spread across 8 repositories. Contributions came from 2 to 10 developers per repository. (chart)

Network

Hashrate: growth continues, the month started at 15 and ended at 44 PH/s with some wild 30% swings on the way. The peak was 53.9 PH/s.
F2Pool was the leader varying between 36% and 59% hashrate, followed by coinmine.pl holding between 18% and 29%. In response to concerns about its hashrate share, F2Pool made a statement that they will consider measures like rising the fees to prevent growing to 51%.
Staking: 30-day average ticket price is 94.7 DCR (+3.4). The price was steadily rising from 90.7 to 95.8 peaking at 98.1. Locked DCR grew from 3.68 to 3.81 million DCR, the highest value was 3.83 million corresponding to 47.87% of supply (+0.7% from previous peak).
Nodes: there are 240 public listening and 115 normal nodes per dcred.eu. Version distribution: 57% on v1.2.0 (+12%), 25% on v1.1.2 (-13%), 14% on v1.1.0 (-1%). Note: the reported count of non-listening nodes has dropped significantly due to data reset at decred.eu. It will take some time before the crawler collects more data. On top of that, there is no way to exactly count non-listening nodes. To illustrate, an alternative data source, charts.dcr.farm showed 690 reachable nodes on Jul 1.
Extraordinary event: 247361 and 247362 were two nearly full blocks. Normally blocks are 10-20 KiB, but these blocks were 374 KiB (max is 384 KiB).

ASICs

Update from Obelisk: shipping is expected in first half of July and there is non-zero chance to meet hashrate target.
Another Chinese ASIC spotted on the web: Flying Fish D18 with 340 GH/s at 180 W costing 2,200 CNY (~340 USD). (asicok.comtranslated, also on asicminervalue)
dcrASIC team posted a farewell letter. Despite having an awesome 16 nm chip design, they decided to stop the project citing the saturated mining ecosystem and low profitability for their potential customers.

Integrations

bepool.org is a new mining pool spotted on dcred.eu.
Exchange integrations:
Two OTC trading desks are now shown on decred.org exchanges page.
BitPro payment gateway added Decred and posted on Reddit. Notably, it is fully functional without javascript or cookies and does not ask for name or email, among other features.
Guarda Wallet integrated Decred. Currently only in their web wallet, but more may come in future. Notable feature is "DCR purchase with a bank card". See more details in their post or ask their representative on Reddit. Important: do your best to understand the security model before using any wallet software.

Adoption

Merchants:
BlueYard Capital announced investment in Decred and the intent to be long term supporters and to actively participate in the network's governance. In an overview post they stressed core values of the project:
There are a few other remarkable characteristics that are a testament to the DNA of the team behind Decred: there was no sale of DCR to investors, no venture funding, and no payment to exchanges to be listed – underscoring that the Decred team and contributors are all about doing the right thing for long term (as manifested in their constitution for the project).
The most encouraging thing we can see is both the quality and quantity of high calibre developers flocking to the project, in addition to a vibrant community attaching their identity to the project.
The company will be hosting an event in Berlin, see Events below.
Arbitrade is now mining Decred.

Events

Attended:
Upcoming:

Media

stakey.club: a new website by @mm:
Hey guys! I'd like to share with you my latest adventure: Stakey Club, hosted at stakey.club, is a website dedicated to Decred. I posted a few articles in Brazilian Portuguese and in English. I also translated to Portuguese some posts from the Decred Blog. I hope you like it! (slack)
@morphymore translated Placeholder's Decred Investment Thesis and Richard Red's write-up on Politeia to Chinese, while @DZ translated Decred Roadmap 2018 to Italian and Russian, and A New Kind of DEX to Italian and Russian.
Second iteration of Chinese ratings released. Compared to the first issue, Decred dropped from 26 to 29 while Bitcoin fell from 13 to 17. We (the authors) restrain ourselves commenting on this one.
Videos:
Audio:
Featured articles:
Articles:

Community Discussions

Community stats: Twitter followers 40,209 (+1,091), Reddit subscribers 8,410 (+243), Slack users 5,830 (+172), GitHub 392 stars and 918 forks of dcrd repository.
An update on our communication systems:
Jake Yocom-Piatt did an AMA on CryptoTechnology, a forum for serious crypto tech discussion. Some topics covered were Decred attack cost and resistance, voting policies, smart contracts, SPV security, DAO and DPoS.
A new kind of DEX was the subject of an extensive discussion in #general, #random, #trading channels as well as Reddit. New channel #thedex was created and attracted more than 100 people.
A frequent and fair question is how the DEX would benefit Decred. @lukebp has put it well:
Projects like these help Decred attract talent. Typically, the people that are the best at what they do aren’t driven solely by money. They want to work on interesting projects that they believe in with other talented individuals. Launching a DEX that has no trading fees, no requirement to buy a 3rd party token (including Decred), and that cuts out all middlemen is a clear demonstration of the ethos that Decred was founded on. It helps us get our name out there and attract the type of people that believe in the same mission that we do. (slack)
Another concern that it will slow down other projects was addressed by @davecgh:
The intent is for an external team to take up the mantle and build it, so it won't have any bearing on the current c0 roadmap. The important thing to keep in mind is that the goal of Decred is to have a bunch of independent teams on working on different things. (slack)
A chat about Decred fork resistance started on Twitter and continued in #trading. Community members continue to discuss the finer points of Decred's hybrid system, bringing new users up to speed and answering their questions. The key takeaway from this chat is that the Decred chain is impossible to advance without votes, and to get around that the forker needs to change the protocol in a way that would make it clearly not Decred.
"Against community governance" article was discussed on Reddit and #governance.
"The Downside of Democracy (and What it Means for Blockchain Governance)" was another article arguing against on-chain governance, discussed here.
Reddit recap: mining rig shops discussion; how centralized is Politeia; controversial debate on photos of models that yielded useful discussion on our marketing approach; analysis of a drop in number of transactions; concerns regarding project bus factor, removing central authorities, advertising and full node count – received detailed responses; an argument by insette for maximizing aggregate tx fees; coordinating network upgrades; a new "Why Decred?" thread; a question about quantum resistance with a detailed answer and a recap of current status of quantum resistant algorithms.
Chats recap: Programmatic Proof-of-Work (ProgPoW) discussion; possible hashrate of Blake-256 miners is at least ~30% higher than SHA-256d; how Decred is not vulnerable to SPV leaf/node attack.

Markets

DCR opened the month at ~$93, reached monthly high of $110, gradually dropped to the low of $58 and closed at $67. In BTC terms it was 0.0125 -> 0.0150 -> 0.0098 -> 0.0105. The downturn coincided with a global decline across the whole crypto market.
In the middle of the month Decred was noticed to be #1 in onchainfx "% down from ATH" chart and on this chart by @CoinzTrader. Towards the end of the month it dropped to #3.

Relevant External

Obelisk announced Launchpad service. The idea is to work with coin developers to design a custom, ASIC-friendly PoW algorithm together with a first batch of ASICs and distribute them among the community.
Equihash-based ZenCash was hit by a double spend attack that led to a loss of $450,000 by the exchange which was targeted.
Almost one year after collecting funds, Tezos announced a surprise identification procedure to claim tokens (non-javascript version).
A hacker broke into Syscoin's GitHub account and implanted malware stealing passwords and private keys into Windows binaries. This is a painful reminder for everybody to verify binaries after download.
Circle announced new asset listing framework for Poloniex. Relevant to recent discussions of exchange listing bribery:
Please note: we will not accept any kind of payment to list an asset.
Bithumb got hacked with a $30 m loss.
Zcash organized Zcon0, an event in Canada that focused on privacy tech and governance. An interesting insight from Keynote Panel on governance: "There is no such thing as on-chain governance".
Microsoft acquired GitHub. There was some debate about whether it is a reason to look into alternative solutions like GitLab right now. It is always a good idea to have a local copy of Decred source code, just in case.
Status update from @sumiflow on correcting DCR supply on various sites:
To begin with, none of the below sites were showing the correct supply or market cap for Decred but we've made some progress. coingecko.com, coinlib.io, cryptocompare.com, livecoinwatch.com, worldcoinindex.com - corrected! cryptoindex.co, onchainfx.com - awaiting fix coinmarketcap.com - refused to fix because devs have coins too? (slack)

About This Issue

This is the third issue of Decred Journal after April and May.
Most information from third parties is relayed directly from source after a minimal sanity check. The authors of Decred Journal have no ability to verify all claims. Please beware of scams and do your own research.
The new public Matrix logs look promising and we hope to transition from Slack links to Matrix links. In the meantime, the way to read Slack links is explained in the previous issue.
As usual, any feedback is appreciated: please comment on Reddit, GitHub or #writers_room. Contributions are welcome too, anything from initial collection to final review to translations.
Credits (Slack names, alphabetical order): bee and Richard-Red. Special thanks to @Haon for bringing May 2018 issue to medium.
submitted by jet_user to decred [link] [comments]

Obelisk's Sia ASICs - Full Details

https://obelisk.tech
Sia is releasing a 28nm, full-custom ASIC. This ASIC will be a complete package, similar to an antminer. You will receive a mining box that includes chips, power supplies, etc. Minimal setup will be required to get the miner working.
The miner is in early development already. We have begun the process of chip design, hardware design, and supply chain management. We have had conversations with previous ASIC manufacturers, and we have been warned about delays, unexpected costs, and myriads of pitfalls that throw off estimations. For this reason, we have set a conservative shipping date of June 2018. If the miners are ready sooner, they will be shipped sooner. If all goes well (and it rarely does, especially for first time manufacturers), we could see the miners shipping before March 2018.
Following the presale, we will be posting a development roadmap on our website that includes all the major steps of development. We will be crossing off steps in the roadmap as we complete them, which will allow the community to follow our progress, have visibility into delays, and will be able to see the places where we are ahead of or behind schedule.
The estimated hashrate is 100 GH/s. We will not know the exact hashrate until later in the development process, however we have confidence that 100 GH/s is a low bar to hit. We may end up shipping miners with a much higher hashrate, and will continue updating the estimated hashrate as we get more accurate estimates for how the chips will perform. The estimated power draw is 500w, though it may be significantly less.
The price of the unit is going to be $2499. Chip manufacturing is expensive, supply chains are expensive, and there are a lot of single-time costs that go into making miners. Future batches will likely have lower prices, however they will also ship later.
We will be selling the miners for Bitcoin. We expect the sale volume to be very large (in the tens of millions of dollars), and we feared that the Sia cryptocurrency would not have enough liquidity to handle all of that volume, resulting in the price rising quickly as people scramble to buy Siacoin for the ASIC, and then the price falling quickly as we convert the Siacoin to USD. This is the worst of both worlds - participants buy the siacoin at a premium, and then we sell them at a discount. Bitcoin has much, much deeper liquidity, and we can sell large volume of Bitcoin quickly without moving the price too much.
We will be converting the Bitcoin to USD as fast as possible. If the price fluctuates by more than 5% before we are able to convert, we will need to request more coins to cover the difference, or cancel the order. If the price fluctuates upwards by more than 5% before we convert, we will return the difference.
The sale and shipment of ASICs on the Sia network is going to dramatically increase the hashrate. When considering how much revenue you may get from a unit, please take into account the fact that we are selling enough units to potentially 10x or 100x the difficulty. If another ASIC manufacturer decides to start selling Sia ASICs, the hashrate may go up by more than just the number of units we sell. Please also consider that the block reward is decreasing. Today, the block reward is about 189,000 siacoins per block. By June 2018, our ship date, the block reward is going to be closer to 135,000 siacoins per block, decreasing by 1 siacoin per block (or 4320 siacoins per month).
The presale will be open for 7 days. There is no rush - people who buy on the fourth day will receive the same treatment as people who buy on the first day. The sale will not close early, and while we reserve the right to deny purchases, we have chosen not to put a cap on the number of units sold. We may pre-sell additional batches before the first batch ships. The first batch will have priority when we begin shipping, and if the later batches will be shipping shortly after, those later batches will be sold at a higher price. People who buy in on the first batch will receive both price preference and shipping date preference as a reward for taking on the most risk.
Obelisk is the company that will be producing these chips. Obelisk is a fully owned subsidiary of Nebulous Inc. Nebulous is the company that employs all of the Sia core developers.
Obelisk has plans for growth in the future. None of these plans are finalized as we are primarily focusing on shipping this miner, but potential future products include:
Finally, we plan to introduce decentralized mining pools into the Sia ecosystem before we ship the miners. Hosts will have the option of running their own mining pool, and then miners can detect the hosts by checking the blockchain and the peer network, forming payment channel contracts with them and participating in fully decentralized mining. This should help alleviate the pool centralization that is seen in most PoW cryptocurrencies.
We are very excited about our new company, and hope that you share in our excitement. Feel free to ask any questions.
submitted by Taek42 to siacoin [link] [comments]

ActiveMiner, the crowdsourced restructuring of AMC(mining) and VMC(sales) just paid 0.00001830/share

Disclosure: I'm invested in ActiveMining... However, I consider myself a straight shooter, and am willing to field any questions people may have on this security. The day I purchased BTC was the day that I considered that money destroyed.
Picture of VMC Headquarters
Bitcointalk Forum Link
BitFunder Price Link
BTC-TC Price Link
It's been a rough start, but I think that ActiveMining is on the right track now. Below is a list of things I have put together about what has been happening:
Previously, investing in ActiveMining - rather AMC beforehand, would have been seen as too high of a risk for most. Right now... I'll let you make that decision. I'll start by giving you a pretty thorough rundown of what the hell has been going on the past year.
A little about Kenneth Slaughter (CEO Owner):
He's been into Bitcoin since 2009 and has had a BTCTalk account since 2010. He decided to look back into bitcoin in early 2012 and saw that the price was $6.50. He then started putting resources from a contract IT Job into GPU mining equipment. He then took most of the bitcoins he mined in 2012-2013 and purchased 6 Batch 2 Avalon's in February 2013. Needing to pay back to the first investors, he released a small dividend under AMC from profits on G.ASICMINER-PT dividends and the sales of G.ASICMINER-PT shares. This is where the idea of VMC began. He reasoned that you could not count on other manufactures to deliver their products on time or to even continue producing their product. i.e. BFL, Avalon. So VMC was created to provide AMC with a stable supply of bitcoin mining machines.
The contract was originally written something like this:
crash, bang, boom
Ken is an engineer and private businessman. In my opinion he had no experience with the dealings of managing a public company or being an underwriter. Having talked with Ken, I could say that he really wanted to get this company off the ground, but he made a few mistakes:
After the price of AMC surged from .0005 then to .0008, back down to .0005, then back up to .0008 then to .0014, then to .004, then back to .0025, Ken valuated the company at a higher value than .0025 but decided that it was reasonable to place a second offering of 4 million shares at .0025 to pay for an NRE for AMC's own chip. 1 million shares were purchased, then things started falling apart, mostly, the unfair way the contract was written. Many believed that the contract was screwing the investor out of money by not giving more profits from sales (10% at the time) since investors fronted most of the money. There are more details and grievances left out but this is getting long. I can answer questions about that if you'd like.
So, what happened?
Ken got together with forum members and worked out a new contract:
So, what plans does ActiveMining have and why is there 4 million shares for sale at .0025 on both exchanges?
All in all, I think is has been a learning experience for Ken. Everyone seems appeased at the moment, good things are happening, and I hope this answers some of your questions. If you have any more, let me know and I'll try my best.
submitted by lewicki to Bitcoin [link] [comments]

Monarch Bitcoin Mining Farm

I am an entrepreneur and IT professional based in Seattle, Washington. I have been working as a Software Engineer for over 15 years, for various technology companies such as Microsoft, Samsung and AT&T. I have also started my own company to make online games and mobile games.
I first read about Bitcoin around January or February 2013, and I thought it was a brilliant idea. However, I decided at that time to not joining the Bitcoin crowd, as I wanted to focus on my own projects. I have since hired several employees to start working on the games.
Since December 2013, I was very surprised by Bitcoin's price which reached $1200 at one point. I started to think about Bitcoin as a serious business, not just a hobby. I immediately ordered a 50 GH/S Single from BFL, and received it just before Christmas. I was pretty sick at that time and only started to hash on January 1st, 2014. I have since mined 0.53 Bitcoin.
Right after I placed the order for 50GH/S Single, BFL cut the price on all of its products, including Monarch to about half of the original price. I started to think about building a Monarch mining farm, as it's evident now that my little 50 GH/S Single won't get me anywhere.
I tried to place an order for 4 600GH/S Monarch cards, but the bank says it's over my withdrawal limit. So I had to split the order into 2 orders or 2 Monarch cards each. I then placed another order of 11 600GH/S Monarch cards on New Year's Day once I increased my withdrawal limit with the bank.
I planned to place another order of 15 600GH/S Monarch cards in the following weeks, but I still won't be able to get institutional pricing, as I haven't got 50 orders yet.
I then got the idea of building a Monarch Bitcoin Mining Farm not just by myself, but with the help of all who are interested in joining me.
By pool our money together, we will be able to: 1) We can get institutional price, which is significant discount to retail price; 2) We can get better price by renting rack space together in data centers based in Seattle, which has some of the cheapest electricity in the states; 3) We get the benefits of scale of economy, and also eliminating maintenance cost for all us who are in the pool.
I have looked at other options of hashing contracts, and they are either too expensive (>2 times of hardware costs) or too short (only last for one year) or not flexible (can't sell the contract in middle), or worst of them, have all these undesired features in one contract.
I have designed our contract to work as such: 1) You can join at any time; 2) You can quit at any time. You will be refunded your share of the total hardware value at that time. 3) You can invest in any amount, from $1 or 0.001 Bitcoin, to whatever amount you desire; 4) You can pay using ACH, Wire, Paypal, Credit Card, Bitcoin, or whatever currency which we can reach an agreement on; 5) Your contract will be signed and notarized by bank officers to establish trust & confidence between us and to prevent fraud. 6) You will be paid your share of Bitcoins allocated to you monthly, which is 50% of all Bitcoins mined, multiplied by percentage of your shares in the pool; 7) The other 50% of all Bitcoins mined will be used to pay for cost & maintenance of the pool; 8) Your contract will be valid for the lifetime of the pool or till cancelled by you, whichever is earlier; 9) If the majority of pool members (each member has the voting power represented by their shares in the pool) have decided to close down the pool, all hardware will be sold at the market price, and the yields will be distributed to pool members according to their shares in the pool; 10) Your share of the pool is determined by your investment so far divided by the total investment of the pool.
In a nutshell, you would be able to pay a discounted price for a Monarch card, and then pay the same price for the maintenance & cost for the lifetime of the card, and got all Bitcoins generated in its lifetime. This is a win-win deal compared to other hashing contracts which cost more and only last for 12 months. You can also think this as a host or cloud hashing solution with no upfront cost, as you only pay for the hardware, and all maintenance costs are paid by me. My return is 50% of all Bitcoins your hardware mined so I can pay for the maintenance costs, and may be have a little left for myself if I can cut the cost enough .
In the long run, as a pool member, you should win big, as the maintenance & electricity & hosting cost will far exceed the hardware cost.
Think about it, when the hardware reaches the end of its lifetime, the Bitcoins it mined won't even cover the cost of electricity. However, you will still be paid half of the Bitcoins it mined, which is equal to half of its electricity cost. I will pay the other half of its electricity cost plus hosting plus maintenance with half of the Bitcoins it mined, which leaves barely nothing for me, or even worse, in red.
Also, with other host solutions, your share of the pool is determined by your hashing power purchased initially, which stays the same for the life time of the contract, divided by the total hashing power of the pool, which increases everyday. In one sentence, your returns diminishes very fast, by approximated 50% each month.
However, with our contract, your share of the pool is determined by your investment in $ divided by the total inivestment in $ of the pool, which still decreases over time, but not as fast as other host solutions using GH/S shares. Think about it, your shares calculated in GH/S decrease much much faster if you don't keep investing in new hardware.
However, why am I still doing this if I might incur a big loss in the end? First, I believe in Bitcoin in the long run. Second, I want to build a sound business model around Bitcoin. If you are a believer of Bitcoin just like me, we should talk, and work together.
If you don't trust me, please don't invest. There are people who run away with other people's money, who are scammers. I can assure you that I am not one of them.
Just FYI, I recently returned a total investment of $1.6 million to one of my investors when he asked his money back. I told him my decision to return his money in 5 minutes after he has requested. He then told me the next morning that he was just trying to test me, and he didn't want his money back. I was shocked, but I told him that I already made the decision to return his money, and there is no need to test me in the future. I gave him the check the next day, and revoked his contract. He has since asked to join again, however, I have since revised the terms for new contracts, and he didn't agree because he still wants the old good terms.
Business and personal references can be given upon requests to further assure you that there is no scam whatsoever here.
If there is no one interested, I will try to talk with Dave of BFL to see if I can get institutional pricing by myself with my current & orders in the following weeks.
I would like to hear your thoughts on the proposal, and ping me if you are interested. I can be reached by email at [email protected].
Thank you all for your time.
submitted by junhuac to BitcoinMining [link] [comments]

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Bitcoin Cloud Mining Contracts

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