I’m proud to announce the immediate launch of the Spolcyc Mining Experiment for Gigahashes (SMEG). SMEG is demonstration of the super awesome-ness of Counterparty and what can be set up over a cup of orange juice. My friends and I had a few spare ASICs lying around. I decided I might as well do something interesting with them and here it is.
[color=blue]Would you like to mine some Bitcoins with the spare change in your Counterparty wallet?[/color]
Are you a Bitcoin miner and want to hedge against the cost of your investment reducing?
Would you like to speculate on the cost of a gigahash?
Would you like to know more?
Mine from your Counterparty wallet
For immediate sale is the asset GIGAHASH. Each GIGAHASH is backed with at least 100% of the value of each GIGAHASH. [color=blue]The price of each GIGAHASH is being sold at an initial rate equal to the volume weighted average price for the 14th April 2014 (GMT) on CEX.IO [/color]. Furthermore you will receive 10% more GIGAHASH when you pay in XBTC.
Proof of hash power can be found at:
http://eligius.st/~wizkid057/newstats/userstats.php/1cQ7qhBbV4JmefCRCawsvqEP7QLU2jUh7
http://eligius.st/~wizkid057/newstats/userstats.php/1Bh9GDatapdmZkVgTm2JNHi84C48cG8SQ3
http://eligius.st/~wizkid057/newstats/userstats.php/1D657GRQWJGFXKWWWtsdJ73q3KWiWpfrnn
Payouts from Eligius (yes we still love you Luke-jr) will be paid directly to the address in which controls the issuance of GIGAHASH. Dividends will be paid in BTC to all shareholders within 24 hours of a payout from Eligius. Keep an eye on the statistics when pricing your orders on the DEX! Management fees for the cost of running the hardware is set at 3% and will be deducted from the payout prior to dividend payment.
The volume weighted average price on CEX.IO for 13/04/2014 (GMT) was 0.01067424 BTC/GHS.
The price for you is [color=blue]0.01067424 BTC/GIGAHASH[/color] or [color=#0000ff]0.009606816 XBTC/GIGAHASH[/color]
[color=blue]Mining operations have already commenced and the first payout is only 24 hours away from the time of writing.[/color]
Hedging against price movements of GHS/BTC
I’d like to also announce the development of the CEX.IO GHS/BTC VWAP (Volume Weighted Average Price) broadcast. Each day, just after 00:00 GMT the VWAP price of GHS/BTC on CEX.IO will be broadcast. You may use this to hedge against the price of a GIGAHASH falling! Test broadcasts will start in approximately 1 week’s time and I hope the feed will be production-worthy by the time Counterwallet has betting available on main-net.
More details and scenerios to follow soon.
[size=10pt]FAQ[/size]
Why is there a discount for GIGAHASH when purchasing in XBTC?
Because I issued XBTC and I want you to use it :-). Seriously, this is an experiment on the DEX and I want you to use as many features of Counterparty as possible.
Will I start earning BTC immediately when I hold some GIGAHASH?
No this is not CEX.IO. You will receive a dividend proportional to your holdings of GIGAHASH within 24 hours of when Eligius pays SMEG. Part of the fun when pricing your order is to consider the expected time to dividend payment 
How secure is the equipment backing GIGAHASH?
All GIGAHASH is undersubscribed by 10% to cover small unforseen circumstances. Should something go catastrophically wrong, I will pay the dividend from my own pocket. You will also see I have started hashing ahead of the public sale of GIGAHASH.
What are your plans for the future?
This is an experiment. What happens in the future depends on you the community. You can see the amount of hash power backing GIGAHASH is very small. If you take action and there is interest, I will progressively add hash power and issue more GIGAHASH for sale. I have the knowledge and contacts to scale this experiment to a fully functioning market if you want it to be one.
EDIT: The payout address has been changed due to a change to the new Counterwallet site
EDIT2: The payout address has been changed again due to the upgrade of Counterwallet
I was waiting for the final orders to go through before making the first dividend.
The total payout from Eligius was:
0.02029398 BTC
Taking out the 3% maintenance fee, the total dividend to pay is:
0.0196851606 NTC
This is 0.00024606 BTC/GIGAHASH.
Dividend has been paid. However, I had to pay using counterpartyd from a different address.
cf the issue reported here:
https://forums.counterparty.co/index.php/topic,188.msg1945.html#msg1945
https://blockchain.info/tx/79ff5655fef911cf6965421d265004855b9e280889ff504a7b790cba506dd5c3
The next dividend has been issued.
To compensate for the decreased hash rate for approximately 12 hours, I have forfeited the 3% fee and increased the dividend by 0.005
0.02029398 + 0.005 = 0.02529398
0.00031612 BTC will be paid per GIGAHASH.
https://blockchain.info/tx/0b45c13e367e6cfe5995785f0268febad86bd850e405f580c430e174bd120493
For the next dividend, I will increase the payout barrier on Eligius to 0.05 BTC. This will increase the time to dividends to approximately 7 days.
The price of GIGAHASH that is will now float accordingly. For the GIGAHASH I own personally, I will continue to offer a discount of 10%.
As per a good suggestion by GLaDOS, I am considering the next dividend to be issued in XBTC.
Hi fellow miners,
The current payout has been made as a dividend:
0.05247989
-3% fee = 0.050905493
0.00063632 BTC paid per GIGAHASH
https://blockchain.info/tx/5a13c078ffafbf8499fa6073da446999ce392a59178e49958d3e8c32abd9b132
I will need to move the payout to the new mining address. This should only cause a momentary disruption to mining operations.
The eagle-eyed may have noticed that there has been sporadic broadcasts of the CEX.IO VWAP. This will start in earnest soon. More details to follow!
Anyone care to take up a little wager on how the price of BTC/GIGAHASH would look like in about 1 week’s time?
I just placed an order for about half of a BTC. I’ll stay logged in this time. Let me know if I got it right this time.
[quote author=sparta_cuss link=topic=249.msg2104#msg2104 date=1398611141]
I just placed an order for about half of a BTC. I’ll stay logged in this time. Let me know if I got it right this time.
[/quote]
Yes, it worked. Thanks for joining The next dividend will be in approximately 1 week’s time.
any idea why GIGAHASH/BTC | GIGAHASH/XBTC seem to be missing on counterwallet View Price ? or they show up on yours ?
[quote author=romerun link=topic=249.msg2187#msg2187 date=1399111669]
any idea why GIGAHASH/BTC | GIGAHASH/XBTC seem to be missing on counterwallet View Price ? or they show up on yours ?
[/quote]
I see BTC/GIGAHASH on page 4, but no XBTC/GIGAHASH.
Hi fellow miners!
I have run out of my GIGAHASH which is why there were no orders of XBTC/GIGAHASH. I will contact the other holders to put up some orders.
I have allowed the current dividend payout barrier to remain at the default on Eligius. This means the current dividend will be later than usual (~2 days from time of writing). However, it will be correspondingly higher.
[color=blue]To add more liquidity to the asset, I can source 100 GIGHASH but they are mining at GHASH.IO and therefore proof of hash rate is not transparent. Does anyone have any issues with this? If I add GIGAHASH it will be simultaneously performed at a dividend payment to stop dilution of the dividend.[/color]
Aren’t we a day overdue for a dividend payout, or did I get the schedule wrong?
Looks like he’s trying to issue dividends but is having trouble with it
[quote author=Global_trade_repo link=topic=188.msg2248#msg2248 date=1399466930][font=Verdana]I’m trying to issue a dividend but getting this error:failoverAPI: Call failed (failed over across all servers). Method: broadcast_tx; Last error: JSON-RPC Error:Type: Server errorCode: -32000Message: {‘code’: -22, ‘message’: ‘TX rejected’}[/font][/quote]
[quote author=Adeally link=topic=249.msg2252#msg2252 date=1399488321]
Looks like he’s trying to issue dividends but is having trouble with it
[quote author=Global_trade_repo link=topic=188.msg2248#msg2248 date=1399466930][font=verdana]I’m trying to issue a dividend but getting this error:failoverAPI: Call failed (failed over across all servers). Method: broadcast_tx; Last error: JSON-RPC Error:Type: Server errorCode: -32000Message: {‘code’: -22, ‘message’: ‘TX rejected’}[/font][/quote]
[/quote]
Thanks, Adeally. Where did you see this posted?
Edit: Nevermind; I found it in the bug report thread.
Hi All, my apologies for the delay. As Adeally mentioned, there was a problem in Counterwallet that stopped me from paying the dividend.
However, after trying now, it has worked and I have just paid the dividend.
The total payout from Eligius was:
0.04209890
Minus 3% fee:
0.04083593
The dividend per share is:
0.00051045
https://blockchain.info/tx/e3433a621ba96853b5a2b6c9c5ee473ea5f112cd828baf04ffbf17e75d2e4c76
Due to the switch over to the new Counterwallet, there is some residual BTC that will be paid from Eligius in approximately 5 days. The total is 0.01085830 and will be incorporated into the next dividend.
Happy mining!
[quote author=Global_trade_repo link=topic=249.msg2256#msg2256 date=1399507867]
Hi All, my apologies for the delay. As Adeally mentioned, there was a problem in Counterwallet that stopped me from paying the dividend.
However, after trying now, it has worked and I have just paid the dividend.
The total payout from Eligius was:
0.04209890
Minus 3% fee:
0.04083593
The dividend per share is:
0.00051045
https://blockchain.info/tx/e3433a621ba96853b5a2b6c9c5ee473ea5f112cd828baf04ffbf17e75d2e4c76
Due to the switch over to the new Counterwallet, there is some residual BTC that will be paid from Eligius in approximately 5 days. The total is 0.01085830 and will be incorporated into the next dividend.
Happy mining!
[/quote]
Happy mining, indeed. Thank you!
One question: Should Counterwallet provide a notification of an incoming dividend deposit? This would obviate the need to keep up with secondary channels, like this thread, to know why my balance changes. Some people would not even notice a balance change, or wouldn’t notice a particular dividend payment (or lack of a scheduled one) if they expect a number of dividends from a variety of sources on a regular basis.
[quote author=sparta_cuss link=topic=249.msg2257#msg2257 date=1399510210]
Happy mining, indeed. Thank you!
One question: Should Counterwallet provide a notification of an incoming dividend deposit? This would obviate the need to keep up with secondary channels, like this thread, to know why my balance changes. Some people would not even notice a balance change, or wouldn’t notice a particular dividend payment (or lack of a scheduled one) if they expect a number of dividends from a variety of sources on a regular basis.
[/quote]
I’m not sure about the answer to this one. I thought that in the past, whilst I was logged in I received a notification that I received BTC. It’s certainly worth raising this question in the Counterwallet thread.
It would be great (though I’m not sure if it is feasible) to keep a state of the wallet prior to logging out and then display a notification of all the events that occurred when you log in again.
[quote author=Global_trade_repo link=topic=249.msg2259#msg2259 date=1399512494]
[quote author=sparta_cuss link=topic=249.msg2257#msg2257 date=1399510210]
Happy mining, indeed. Thank you!
One question: Should Counterwallet provide a notification of an incoming dividend deposit? This would obviate the need to keep up with secondary channels, like this thread, to know why my balance changes. Some people would not even notice a balance change, or wouldn’t notice a particular dividend payment (or lack of a scheduled one) if they expect a number of dividends from a variety of sources on a regular basis.
[/quote]
I’m not sure about the answer to this one. I thought that in the past, whilst I was logged in I received a notification that I received BTC. It’s certainly worth raising this question in the Counterwallet thread.
It would be great (though I’m not sure if it is feasible) to keep a state of the wallet prior to logging out and then display a notification of all the events that occurred when you log in again.
[/quote]
I might be wrong but, I don’t think the server is storing any information about account/wallet access at all - but it would be a nice feature.
Greeting Miners,
It’s that time again to send out dividends!
For those who may be eagle-eyed, you would have noticed a dip in the hash rate and a short period of maintenance. This is due to a hub failure in one of the miners. Not to worry though, I had been running an additional 10 GIGAHASH as a backup in case of such failures which I increased to 15 GIGAHASH.
The dividend comprises of 3 components:
main_payout + old_address_payout + backup_payout
0.04209890 + 0.02029398 + 0.00376768 = 0.06616056
Minus 3% fee:
0.064175743
The dividend per share is:
0.0008022
https://blockchain.info/tx/92c369be734f62ca3af5e00d453364e4dd6757595dd4d453c8d8fd9481149dcb
Once again I need to switch across to a new mining address because of the upgrade to Counterwallet.
I haven’t seen a dividend payout in almost 2 weeks. Is anything wrong?