Same here. I’m a ‘small’ miner though but still.
No one will have an ROI if you don’t increase their hash rate. Why should anyone invest in your company? The CPU and GPU optimizations have literally just begun. If you bought all the hardware yourself upfront I would say good for you, go charge a million dollars per contract. However, considering you used customers money to buy GPUs I’d say the least you owe them is a competitive hash rate.
Your software will be playing catch up in a month anyways.
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If you bought all the hardware yourself upfront
We did. All of the service we’re currently offering is based on hardware that we’ve had in operation since June or earlier.
We spent an amount of money on GPUs recently that is less than the amount of money we’ve kept as our operating safety net. Since the amount of money in our accounts increased beyond what we need for safety and operations, we invested some of it in future mining capacity.
It’s pretty normal for a business to sell a product, then reinvest the revenue from that product in making more of that product. That is all we’re doing.
Why should anyone invest in your company?
We are not asking for investment. We are selling a service. That service is a well-defined number of H/s for a well-defined quantity of BTC.
Buying mining contracts is a speculative venture. It is a gamble. I am not an insurance company. I am not here to soften the blow for you if you roll and get snake eyes. I am not here to steal the pot from you either if you roll double sixes. All I am doing is providing the means for you to roll the dice.
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There is a sense of entitlement here that should not exist.
jtoomim was always upfront about what people were buying and clear that 1) Improvements and optimizations may occur but are subject to technical limitations, 2) investing in a cloud mining contract is a speculative thing with no guarantee of ROI, 3) It was up to the customer to properly assess whether or not to purchase said contract.
No one forced anyone into FOMOing and buying this even when there were open sourced efforts to develop CPU and GPU miners (And even an official Open Source Miner Competition).
jtoomim actually gave people more than they initially bought. Cloudmining is always a risky endeavor. It’s not a “magic money making machine”.
It’s a service.
One can always learn to build their own miners and install mining software instead of paying for cloudmining services. Like I said, no one forced anyone to buy in. Their own Fear Of Missing Out (FOMO) lead them to do so.
Fair enough. You’re free to operate your business as you see fit. I just don’t see how this will gain you more customers, just angry ones. However, a contract is a contract.
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I have never said that improvements in our code will lead to increases in the amount of hashrate we deliver to our customers. Zeropond and Genesis have made that statement, but I have not. I think it’s an unreliable and dangerous way to do business.
I have always said that we will deliver 1 H/s for every 1 H/s that a customer buys from us. I think it’s better for everyone if customers buy 1 apple because they want to get 1 apple, not because they are hoping that Safeway will give them 2 or 3 for the same price.
(Always, except right after the auction. But I said then that it wouldn’t happen again.)
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[quote=“jtoomim, post:449, topic:2080”]
I have never said that improvements in our code will lead to increases in the amount of hashrate we deliver to our customers. Zeropond and Genesis have made that statement, but I have not. I think it’s an unreliable and dangerous way to do business. [/quote]
You’re right, I confused Zeropond with you and I agree with you. Even suggesting improvements may allow increased hashrate to customers can border on overpromising. Customers often hear “may” as “will”.
Well said.
Out of curiosity, are your software using code from the Z-Cash projekt as a base or are everything written from scratch ?
Not sure their software will be that useful in a few days. 40H/s rx480 and 47H/s on a nano on opensource code. Unless they have increased their numbers.
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Still think your miner is worth over half a million? Your software is obsolete before launch. Congratulations on your cash grab. I knew this was going to happen, I just thought it would take a couple more weeks. Also you didn’t buy all those GPU’s with your own cash, please don’t lie lol.
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Equihash is a very simple algorithm and it’s all about having a very fast hash table implementation. Do not be surprised if, within the next 30 days, some GPU implementations are pushing 80+ Sols/s.
Toomim Bros win, their customers gambled (even after multiple warnings) and lost. Whose fault is that?
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I agree, good luck to them. Business is business and they didn’t force anyone.
Anyways just want to ask you a question about gpu’s.
I am trying to decide between 470 8g and the 480 8g, which way would you go if it were you?
Thanks
Hi @jtoomim - have you published the guide for hooking up our purchased hash rate with a mining pool? I’m a complete newbie, so I’d appreciate any guides/tutorials to get me started.
Thanks!
If you are only purchasing a couple, then go with the 480s. But if you are planning on purchasing hundreds, then the 470s will be a better choice.
Our draft pool setup guide is here:
I would like to make a refund, how is it possible?
You can take 5 or 10%, as fee for your service.
All paid orders are final.
The issue is this: We don’t want customers changing or cancelling their orders based on changes in the market conditions. Purchasing cloud mining is predominantly a speculative game. It’s like buying a futures contract on a stock market. If you buy a futures option, you can’t wait a few days and then decide you want to cancel it. The transaction has to be irreversible and immutable in order to be fair. If it’s not, you can buy an option, wait a few seconds or hours to see what the price movement in the market is, and thereby gain an advantage over anyone else who does not use this technique. There are no takebacks with speculative purchases.
you don’t get refunds when you’re being screwed 
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yes, but this is not a future contracts.
This is cloud mining SERVICE, that you are offering.
And i would like to get a refund, + im ready to pay a fee for the hassle, sounds fair to me.
