Quote from: gracesfall on November 16, 2013, 02:15:53 PM

I've been seeing a lot of talk about Pyramining, here as well as other places. What is it exactly and how does it work? Can someone explain it so that even a complete newbie can grasp it?

Thanks

You can put money in and pyramining buys hardware with it (or you wait in queue until pyramining can get said hardware). You buy x hardware that's added to the pool of hardware that everyone uses and then you get back x/y from each block where y is the total deposited amount across all of pyramining (So your returns are proportional to your share of uncompleted deposits). A total of 30% of your hashing rate is used to complete accounts that referred your account. Each amount you deposit is tracked for completion separately, and once you get the full reward you lose the hashing power (and it goes back into the hardware pool for uncompleted deposits). The deposit bonus (the amount above 100%) that you earn on your deposit starts at 10% (so 110% return) and increases if you get referrals underneath your account. Getting the full return is currently fairly slow and there is no way to refund your deposit unless someone is willing to buy your account from you, however this likely is at a severely reduced price.

I may well have missed something, so I'd definitely recommend reading through the pyramining site and asking about anything specific that doesn't make sense.

Tl;dr - deposit; wait; profit. Bonus for referrals! (Note, no Huh

step).

Tips and tricks:
Opening multiple accounts is perfectly allowed, and opening one account as a referral of another of your accounts gets extra bonus for you.
The more you deposit the faster everyone hashes.
You can't withdraw your money once deposited!
The completion time is currently relatively high, this is not an overnight process.

Quote from: rdyoung on November 16, 2013, 06:15:18 PM

Quote from: ricciolone on November 16, 2013, 06:05:48 PM

yes for the future i have the same idea but 5.1 5.2 ecc ! but doing so, will be the 1° account close faster on not?

Because the referrals only go 3 deep, 5 imo would be overkill.
Yes, it speeds up the completion of the top account.

However, I have mine feeding up the chain topping off at the top one, so my (1) account will keep growing in size.
I view pyramining as a long term investment, akin to a CD or other locked investment vehicle.

They only start 3 deep, once an account is completed the bonus will continue up the chain until all accounts above you in the chain are completed as well. So until everyone is completed you'll still be "leaking" referral amounts. Additionally any of the accounts on the bottom (4.x or 5.x depending) don't get any bonus from having lower down referral accounts. I don't personally see any reason not to make them one long line off accounts all the way down instead of grouping them (Although given that some account that belongs to you is getting a bonus it might be about the same, I don't think that there would be any difference between just having a larger bottom account instead of having multiple accounts).