GHcoin Plans Moving Forward


#1

Good news! As you know, the recent difficulty jumps and stagnant BTC/USD price has left GHX with a razor-thin profitability margin. The team has been discussing the situation, and we’ve decided to expand beyond SHA256 ASICs in the farm. We have already placed orders for a number of Scrypt ASICs (they should arrive in the next week or so), and GPUs. Adding new algorithms to the farm will allow us the flexibility to follow the profitability curve of more than just Bitcoin.

So what does that mean for you, our loyal community members? GHX will transition to a multi-algorithm asset! Each GHX will still represent a static amount of real hashing power, just as it does today, but that static value will depend on the algorithm being mined by the farm. The GHX asset itself will remain exactly as it is today - you’ll hold, use, and trade it the same as you always have, and you’ll still receive dividends in Bitcoin. So really, nothing changes for you (other than hopefully a higher payout), all the leg-work is on us.

Values for each GHX in every available algorithm are still a work in progress, as there is no good math to simply convert hash power from one to another. As we add algorithms to the farm, and start to see real results on actual hardware, we’ll be able to determine those values and, of course, communicate them.


#4

This seems straightforward, but then…

This completely confused me! I’m sure it will all become clear in the end though but the obvious question is what will my current GHX represent in the future? Will I own GHX-SHA and someone else GHX-GPU or will the earnings from each be combined and a single unified dividend get paid? If the latter, then surely the amount of hashing that each GHX represents will constantly be changing?


#5



#6

Paul,

Great questions, GHX will represent a portion of a GPU, lets use 2 algorithms, ETH and X11. We would use something similar to: 1/8MH of ETH (250kh) per GHX and that would equate to 360kh of X11. Although it is ever changing on the kh dependent on algorithm, it will be exactly the same as the GPUs we have hashing. This way we would remove any confusion, we will document what algo will hash at what rate while we continue to roll through each different algorithm.

GHX is GHX, everything will hash, pool funds, and pay out together. It’s no different than when GHminting was running full speed, instead of Proof of Stake mining, we will still be doing Proof of Work, GHX will grow with the hardware installed.


#7


#8

Back to life and ready to boogy!


#9

Sounds interesting, if it keeps things moving forward then that’s great, and I’m sure you won’t slip on the POE concept - I’m curious how you’ll handle redemption’s now though, could be a bit tricky if you’re maintaining the premise that the holders of the GHX are the owners of the devices, no?


#10

Redemption is only offered during periods of transition or end of our service. It would be exactly the same as before. 1 290X will hash at ~28MH ETH, that would be ~224GHX (on the number i used as an example in my previous post) to do a redemption on the single GPU, each rig will hold 6 GPUs.

If/When we go through another redemption phase, it will be clearly shown what will be what amount of GHX.


#11

Cool going to lead to some interesting choices further down the road, in the mean time I’m looking forward to seeing how this bit goes :slight_smile:

Gimme tha monies!


#12

Would you have any interest in purchasing mining hardware with GHX?
For example, I have everything needed for a mining rig, including two GPU’s. I don’t have time to set it up, but I’d be willing to sell it for market value in GHX.


#13

Reach out to me via PM, we can discuss further, i’m not positive but it never hurts to ask.


#14

:smiley:


#15

Well, I’m in if you guys are going to spin out Scrypt and X11 stuff. If those are going to be somehow mixed in with the SHA stuff, though, I’ll have to pass. At the very least, Scrypt hashrates have remained at the current level, ± 10% for a long time now (in crypto seconds) so they’re much more palatable for me. SHA is a losing game until at least the halvening - then who knows - but my bet is it rises big (bubble) and bursts at a price 20% above average power costs.

Further, since SFARDS ASICs are only available as chips, can I assume you guys are going with Titans and A2’s? If so, I’d like to offer to help admin and engineer the rigs.


#16

Root, It’s all going into 1 bucket. The whole point is to keep with the self sustaining platform and keep everyone’s GHX relevant. We will be expanding all options continually, the goal is to survive halvening and also be capable of going for most coin launches as they come through.

As for hardware, we’re going to keep on A2’s primarily, Titans would be more difficult in the DC environment from everything i’ve looked into, if you have ideas on how to make them work well i’m more than happy to hear you out :-).


Everyone, 6 A2’s purchased out of the GHColocate ‘immediate available’ inventory, These are currently on NH, they can be seen at: https://www.nicehash.com/?p=miners&a=0&addr=1NQZ6QMBc9hmfhWStimefFAPQ9w2kNNH6P&l=1

This is to the GHRigs address as NH is a rental service. We are currently setup to switch between NH and Prohashing depending on how either is performing.


#17

I really like this approach. I think it gives us more flexibility to take advantage of mining opportunities with other algos, altcoins that are debuting, and it spreads our risk across multiple coins. We’re reaching an interesting point where the value of some alts actually rises when btc drops, rather than them all being hard-linked to the “gold standard”.

It seems to me (using the example numbers):
The old formula was: SHA Hashrate / 10 GH = # of GHX
The new formula is: (SHA Hashrate / 10 GH) + (Scrypt Hashrate / 0.05 MH) + (X11 Hashrate / 0.320 MH) = # of GHX

I like this because there is not any dilution of shares, there is still hardware backing for every GHX in existence. GH just wants to be able to use some of the more profitable hardware out there for other algorithms. This seems like a very good move to me.


#18

Does this mean the 148 GHX I have will start get a payout again and I do not have to do anything else? Thank you.


#19

how does this equate for the daily maintenance fees ? remain the same / lower or increases based on number of asic/scrypt miner hardware we activate ?


#20

That is certainly the hope, but they have to get all the hardware running first. Looks like they’ve already started up some scrypt mining, but I think it will take a few weeks for the GPUs to get put in.

edit: nothing needs to be done by GHX holders.


#21

The maintenance fees are based on power usage, so they will certainly change as rigs are brought online or taken off.

I should clarify that the dollar amount of maintenance fees is based on power usage, but the rate itself (how much maintenance is charged per GHX) can change based on how much hashrate we have online for a given power level. So the goal is actually to maximize power usage, while minimizing the rate. That means you have a large, efficient farm.

Essentially, I could bring online a farm of all S4s and use a lot of power, but the hashrate wouldn’t be that great, so the maintenance rate would suck. Alternatively, I could bring online a farm of all SP50s at the same power usage, but the rate would be vastly improved. The goal of GH is to balance both of those factors to grow the farm (power usage), while achieving high efficiency (maintenance rate). It’s not an easy thing to do because you’re trying to maximize two different variables that are both linked to $. Cheap, Efficient, and Powerful: pick 1.5 :smiley:


#22

We have installed 6 Innosilicon A2 Scrypt ASICs.

Scrypt Mining Address: 1mUNyWnCTx2CC7sXtf9YVruKev8JW674R

We have also installed 1 of 4 GPU Rigs.

GPU Mining Address: 1LXKKSpnAALh7aX6ABmdAFDcgE9wwr18fD

*Please note: Any time these units are turned to rental power such as NiceHash, they will mine to our GHRigs address.


Currently the GPUs are hashing on Ethereum: http://dwarfpool.com/eth/address?wallet=0x22f1cb472fc7168f32980a59c35a14178fb51b85


Some Images of our GPU units:




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