Good news for GigaWatt (WTT) Token Holders
Today GigaWatt has issued the following statement:
Dear WTT token holders,
We are writing to you to announce an important and exciting change. Due to overwhelming demand for Giga Watt’s equipment hosting services the Giga Watt project is discontinuing, for an indefinite period of time, the option of buying and hosting mining equipment for clients who do not own WTT tokens.
From now on, the orders to buy and host mining equipment are accepted only from the clients who, at the time of their equipment or hosting service order, already own WTT tokens, and the number of their WTT tokens is ample to cover the energy consumption of all the equipment or hosting service they are ordering.
Our preliminary estimates indicate that the number of orders already placed is sufficient to secure token renters for current token holders who are not interested in engaging in mining in the near future. We are currently preparing a token holder survey to conduct a more thorough evaluation. As soon as we see demand for more token renters, Giga Watt project will renew their sales of equipment and hosting services to clients who do not own WTT tokens.
This is very good news for all WTT token holders: your tokens will be hard at work whether you do your own mining or rent your tokens out to others.
Seems quite good at first sight. Looks like token holders have basically guaranteed rent. That can't be bad, right ?
For the time being we can't rent out tokens, we have to wait for their infrastructure to be properly built and the miners to be assembled, but once it does we'll let you know how to rent out the tokens.
The tokensale is still live, for those of you who are interested in profiting from mining without mining. Obviously, it is not that simple, you are still incurring in the company's risk. So make sure to conduct a proper ICO Evaluation before joining.
Cheers !
Yes good. I think.
I got a bunch of tokens but not shure what Im going to do with them.
Im hoping to get some discushion going on what you more experienced folks are doing with yours.
Im thinking mining litecoin with most and rent the rest.
How and where do you buy a rig?
I can do the research and figure it out eventually but I would rather watch an expert do a vedio.
How about cryptonick on youtube I figured he would be all over this. I learned a lot from him, Thanks Nick.
Unfortunately for the time being you can't buy a rig and mine using your WTT tokens. They state that they have suspended rig sales, and the rigs that were already bought are enough for the token holders to rent out theirs ! You can rent until they reopen.
Thanks Pedro.
Im new to this and will learn it in time. My first thought was I better get some of these tokens, and I have done that.
It sounded to me like a token holder had the option to buy the rigs first then any token holder that did not want to purchase mining rigs would simply rent your token compacity out to others who would like the mining space.
Can we order or reserve mining equipment yet.
I really want to mine some serious litecoin.
How does one go about getting ready to do that?
I figured that the token holders would get first dibs on mining space.
Any place to get all the details on how this will play-out?
I wont be disapointed if I can only rent but I think the big money will be made mining litecoin.
Initially token holders could buy the rigs before everyone else. But it seems they had a very large demand so they froze it for a while. At some point they will reopen it, but it is hard to say when.
May I ask why do you think mining litecoin is very profitable ?
Cheers !
Thanks Pedro.
Like I siad Im just learning about this mining stuff and I appreciate your input. There just isnt a lot of vedios going into the details of Giga Watt mining. I have found some and they have been very helpful.
I guess my thinking was that the amount of tokens sold reflected the mining space that will be available therfore if you had tokens there would be space for your purchased rigs
It sounds like I may get a chance yet so I better do more reasearch.
My thoughts on litecoin is that once these cryptos go mainstream say 5 years I think litecoin will be a major player with a few other currencies. At that point Im thinking litecoin at 400.00 to 700.00 dollar range.
Between now and then I would like to be mining about ten litecoin a month.
If all that came together like it did for bitcoin I would be in the position of retiring a few years early and still be able to do some things I like to do.
The tokens do not guaratee space for the rigs, you pay that separately. The tokens only give you a heavy discount on the electricity your rig consumes !
Hope you get it all done ! all the best to you.
This seems to be your lucky day ! Just received this from Gigawatt:
Good
Good? Months of delay in mining, people making losses in the thousands... Bad communication by Giga-Watt! One or two statements in three months. They kept selling miners with false deployment dates although they knew they could not deliver!
I have several thousand pre-ICO tokens that have been rented out 100% only about 60% of the time and only at the lowest rental tier. So much for being able to use the tokens upon release! I've had miners on order since July with various installation dates. Latest date was this past weekend and that did not happen. Also, I have some additional Phase three tokens that were scheduled to be released 2 weeks ago and a Dash miner on order since July with no movement in either case. Giga-Watt is a black hole for information. I have asked many diffferent times in many different ways and never get any answers specific to my situation. Just answers like"everyone is working hard", "we are working on the thousands of orders we have", etc. Plus they have no telephone numbers posted so you can call anyone. Just stuck sending emails to a general customer service email that may or may not be answered. The longer this goes the more I think I am getting scammed but I am getting paid the small amount for the tokens that are rented, so there is a veil of legitimacy. Their utter lack of transparency and stonewalling/ignoring requests for info is quite frustrating. On a scale from one to ten I give them a 3 overall based solely on the promise of things to come and zero for communications and openess.
Interestingly, my first set of miners were installed late in the day of my first post. All but one are working fine and producing income (finally). I reported the faulty miner as a warranty issue but have not heard back. I still don't know where these miners are installed (which pod) , nor do I know when the rest of my tokens will be released (overdue), the rest of my miners will be installed (overdue) or why I can no longer have all my pre-ICO high priority tokens rented out at 100% (60% to 80% average) even on the lowest rental tier. But I am pleased that progress has been made.
Ok I have an update. The miner that was only running at 75% has not been addressed. Although I am following up with daily emails, none of them have been addressed or even acknowledged. This worries me since it appears to be a warranty issue and it must be addressed in a timely manner to be valid. Additionally, another of the original 10 miners has been completely down since the power outage yesterday. I have emailed on this as well with no response. I did make a mistake when talking about my the release of my additional tokens above. I thought I had sent them all over from Cryptonomos to Gigawatt but I had not. I realized the issue, sent them over, and they immediately became available for rental. But as before, about 30% of the total are not rented and those that are rented are on the lowest tier. I tried raising the rental tier and it dropped my total rented percentage down to a point that the net income was less than the net at the lower tier. So I lowered the rental tier to get more rented out. I was also told my A5 Dash rigs that were due in August had shipped from China last week. Slow boat? Don't know. I do know that the difficulty factor for Dash mining has increased so much since I ordered these rigs that I would not make the same decision now. Still don't know when it will be installed, where my other rigs are installed, when the malfunctioning pair will be acknowledged or worked on, or when my rental tokens can be expected to be rented at 100%. Matching rental tokens to rental tiers or coin type as described in the white paper has been totally ignored. I think GW got in over their head right off the bat and decided to spend all their time and efforts on the miners and not rental tokens, nor their customers. I do feel better about them not being a scam since I am making some money. I see GW as a group of techno geeks spending their time working on machines and coding, without regard to communicating to the people who are paying their bills. They do not see the need to communicate to the customer nor to respond to the customer as long as they are working hard. This is a recipe for failure and somebody needs to start a tight communication process to tell the customers in detail just what the hell is going on. People can be understanding if they are just given the information. Can you even find a phone number in any of their published materials? Think about it. Its a shame too, because this is such a nice concept and a good extra income opportunity.
Here's a step by step guide to setting up a wallet and buying Giga Watt Token (WTT): https://getcrypto.info/giga-watt-token/