Quote from: BITMAIN_Janet on April 19, 2015, 10:21:37 AM

Quote from: Wings1987 on April 17, 2015, 01:46:20 PM

Quote from: BITMAIN_Janet on April 17, 2015, 10:52:31 AM

Quote from: Wings1987 on April 17, 2015, 09:16:23 AM

Umisoo was slightly profitable for most of the day yesterday. The coindesk price was above the threshold until after 1:30 Bejing time and is currently below.

Based on how Bitmain stated the redemption period works. There should have been small PPS payouts and it should have switched to PPLNS for the day. Assuming the price stays below it would have switched back in 24hrs and the 10 days redemption period wold start again.

Can someone from Bitmain clarify?

Hi
Here is the terms of "Miner Redemption":

Quote

1. If due to falling bitcoin exchange rate or increase in mining difficulty, the electricity fee is greater than 90% of mining revenues, mining contracts on Hashnest will enter a redemption waiting period.

2. As we do our best to keep mining contracts profitable, during this waiting period, revenues will be paid out according to the PPS method.

3. If owing to a rising exchange rate, the ratio of electricity fees to PPS payout is lower than 90% for a period of ten continuous days, then mining contracts will revert back to the PPLNS method.

4. During this waiting period, if electricity fees are greater than revenues for a sustained period of ten continuous days, Hashnest reserves the right to retire the machines. When machines are retired, a users contract will then enter into the hardware redemption period.

5. Prior to a machine entering into this hardware redemption period, Hashnest will not accept any requests for hardware redemption.

6. During the hardware redemption period, users are given a period of fifteen days during which requests for hardware redemption must be made.

7. Customers holding enough GH/s to constitute an entire machine of the associated type (e.g., 1155 GH/s of Antminer S5) are eligible to convert that amount of GH/s into the used unit of the associated type. If a user does not have enough GH/s of the associated kind to exchange for actual hardware, then this user is not eligible for hardware redemption.

Janet - Thanks for the reply but my question had to do with why the 10 days did not reset today. According to the official message sent out - Coindesk price will be used and calculation will be done every day between 12-1 Beijing time. Today between 12-1 Beijing time Umisoo and S2 were profitable. (slightly)

It looks like the calculations and payments were processed several hours later once the price had dropped. Yes I understand that currently it is not profitable. I believe that we are not going to stay at these price levels forever so every day is important.

Please clarify.

Hi,

Before we announce "a users contract enter into the hardware redemption period", Hashnest will pay you by PPS mode instead of frequently changing between PPS and PPLNS mode due to the fluctuant BTC price. It is the best way to reduce user's loss under current conditons.

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why the 10 days did not reset today

It is the term that PPS payout is being processed before we announce "end 'redemption waiting period' " or "enter into 'hardware redemption period' "

Janet

Janet,

The official message gave a price $226.54 (or close to that) and a time of day the payout would be calculated. It seemed pretty clear that if the price was over $226.54 that Umisoo/S2 would be switched back to PPLNS and if it dropped below the next day that the 10 redemption waiting period would start.

If that is not the case under what conditions will payouts restart? As I write this the Coindesk BPI is $225.91. If the difficulty goes down slightly as expected Umisoo/S2 should be slightly profitable. What else has to happen for it to be turned back on?