CLOUD SCRYPT mining
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[quote name=“kris_davison” post=“35975” timestamp=“1385230865”]
Does it have to be actually divided could you not just give a logical share. So if you have a 10ghs farm and I ask for 500mhs share then just pay out my potion of whatever is mined rather than divide the actual cards!Just an idea I may be way off track here.
[/quote]There is no low maintenance scrypt farm. Even if you have 30 Ghs you have to babysit them. You could do logical shares. Problem is pools tend not to have that much hardware. They want to have as few maintenance issues as possible. This is a bonus of ASICs. No frequencies, fans to fixate on. Instead you now have to sell other people’s hash power.
But if suppose that hash power fails:
1. You’re paying for it because people bought it from you.
2. You can replace non-functioning shares, and but now you have to deal with a miner who claims it did work.
3. You can associate shares with miners and pay directly, but now you have to deal with customers who claim they are not getting the total they expected.
4. Your best option is to put those shares on the market after they are accepted and miners can elect to have a percentage of mining sold on the market.Typically what happens is:
People buy shares and rebuy from balance. But now you’re stuck with people wanting to buy more shares when no new miners are joining. Prices on your market explode. Then everyone suddenly sells because they exploded.
People get trolled and start calling your pool a scam. There needs to be an interpool exchange. Which comes back to the project I’m working on (see signature). Selling shaders from the hardware means the pool owner doesn’t need to worry about the failure rate. -
Sorry for digging this thread up but I am currently working on a site to sell shares in my new mining rig that is on the way, will only be about 30mh/s to start but when those contracts are sold I will use the money to buy more rigs and expand. I have bought the domain and hosting for the website already and have begun building the site… mining shall commence in about 2 weeks time as long as setting up the rig goes smoothly. The site will be [url=http://www.scryptcloud.com]http://www.scriptcloud.com[/url] and [url=http://www.scryptcloud.eu]http://www.scryptcloud.eu[/url]. I will mine with a pool using my own worker and then divide up the shares accordingly on a weekly basis. I will be selling 6 month and 12 month contracts.
What kind of price do you guys think I should charge? I’m thinking maybe 0.5btc per 1mh/s for 6 months… would you consider that reasonable??
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@FTCClover - price seems to be far too low.
With 1MHS you can expect around 15-20 FTC/day currently. 15*30*6 = 2700FTC. Current value on BTC-E = 1,21 BTC. And you need to include your costs too - you build the rig (for 30MH - I assume with around 20K investment - there you have to calculate what interest rate you could get), you have to pay the power (maybe) and within 1 year there will be some maintenance and very likely replacing parts. On the other hand you need to consider a difficulty increase - mainly depending on better hardware availability and FTC adoption. You can use current charts on difficulty development to make yourself a kind of prediction. -
And one important thing that might be overlooked: Don’t forget the time that it takes you to manage it (Doing the maintenance, software updates, running the pool and software, etc).
The disadvantage of your concept (for me) is that a customer would be locked in for 6-12 months. You cannot sell whenever you feel like it. You can do that on CEX.IO which results in a more or less constant stream of customers and also demand.
Regards,
MrSheep -
Also a lot of people get paid on a monthly basis and cant afford to pay one of fee’s for 6 months worth of mining. If I think allowing monthly payments in cash/paypal w/e is always an advantage and will increase your userbase dramatically.
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[quote name=“MrSheep” post=“48158” timestamp=“1388302909”]
And one important thing that might be overlooked: Don’t forget the time that it takes you to manage it (Doing the maintenance, software updates, running the pool and software, etc).The disadvantage of your concept (for me) is that a customer would be locked in for 6-12 months. You cannot sell whenever you feel like it. You can do that on CEX.IO which results in a more or less constant stream of customers and also demand.
Regards,
MrSheep
[/quote]Thanks sradics thats really helpful info right there! And I’m gonna add the option to sell your shares back but like this - you buy 1mh/s for 6 months for 1btc and use for 1 month then decide to sell, you will get only 0.85btc back roughly to cover the month used or something like that…
And as for paypal. I hate paypal and can’t/won’t use them anymore… I was a legit ebay seller and they limited my account for no reason and messed up all my sales so I will never use paypal again… but I will offer payment to okpay, in litecoins and feathercoins.
How would this be for pricing:
1.1 BTC per 1mh/s for 6 months
2 BTC per 1mh/s for 12 monthsI am hoping to double the available mh/s within 6 months also, between myself and my brother I think we can handle the maintenance side of things if we get some sort of rota going!
I will post a new thread in the mining section with updates of my little project :)
Thanks for the advice!
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[quote name=“mrflibblehat” post=“48160” timestamp=“1388305841”]
Also a lot of people get paid on a monthly basis and cant afford to pay one of fee’s for 6 months worth of mining. If I think allowing monthly payments in cash/paypal w/e is always an advantage and will increase your userbase dramatically.
[/quote]Thats an excellent idea! Minus the paypal part… maybe I could offer bank transfer as an option for payment aswell with okpay and bitpay, but I think one month contracts would involve alot more work on top of everything else… maybe after we’re up and running for a month or 2 and buy more rigs I will do one month contracts just to keep it simple starting off… never know what kind of problems I will have to deal with in the beginning ::)
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[quote name=“FTClover” post=“48188” timestamp=“1388320654”]
[quote author=mrflibblehat link=topic=4634.msg48160#msg48160 date=1388305841]
Also a lot of people get paid on a monthly basis and cant afford to pay one of fee’s for 6 months worth of mining. If I think allowing monthly payments in cash/paypal w/e is always an advantage and will increase your userbase dramatically.
[/quote]Thats an excellent idea! Minus the paypal part… maybe I could offer bank transfer as an option for payment aswell with okpay and bitpay, but I think one month contracts would involve alot more work on top of everything else… maybe after we’re up and running for a month or 2 and buy more rigs I will do one month contracts just to keep it simple starting off… never know what kind of problems I will have to deal with in the beginning ::)
[/quote]You could still do 6 - 12 month contracts just billed on a monthly basis, get user to sign contract if they stop paying send the debt collectors round ;) hehe
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[quote name=“mrflibblehat” post=“48245” timestamp=“1388332821”]
[quote author=FTClover link=topic=4634.msg48188#msg48188 date=1388320654]
[quote author=mrflibblehat link=topic=4634.msg48160#msg48160 date=1388305841]
Also a lot of people get paid on a monthly basis and cant afford to pay one of fee’s for 6 months worth of mining. If I think allowing monthly payments in cash/paypal w/e is always an advantage and will increase your userbase dramatically.
[/quote]Thats an excellent idea! Minus the paypal part… maybe I could offer bank transfer as an option for payment aswell with okpay and bitpay, but I think one month contracts would involve alot more work on top of everything else… maybe after we’re up and running for a month or 2 and buy more rigs I will do one month contracts just to keep it simple starting off… never know what kind of problems I will have to deal with in the beginning ::)
[/quote]You could still do 6 - 12 month contracts just billed on a monthly basis, get user to sign contract if they stop paying send the debt collectors round ;) hehe
[/quote]That sounds like a solid idea but alot more hassle than for what it’s worth… I would just like to sell the contracts for one time payment and that be that, then I can focus on maintenance and upgrades, I would like to read into other scrypt based coins that I might use a rig to mine if it looks good…
Right now I am just flat out building the website and organising everything! On top of Christmas just passed and my birthday (new years eve) party to organise. I really want to get the site launched on the 1st of January to coincide with ftc week!
It’s going to be a busy few weeks from here on in! :o
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Happy Birthday, When you do decide to take monthly/quarterly payments you can count me in ;)
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I started a new thread dedicated to scryptcloud.com over here: [url=http://forum.feathercoin.com/index.php/topic,6481.0.html]http://forum.feathercoin.com/index.php/topic,6481.0.html[/url]
I will post all updates there! And maybe we can get a bit more discussion going too! :)
