Bitcoin network confirmation delay

One payment transaction from 28.02 is not confirmed yet.

Payment from yesterday 29.02 also is not confirmed.

We are going to double transaction fee to speed up confirmation.

 

Why profit went down

We receive a lots of email from clients asking why profit went down. There are two things – bitcoin price and bitcoin difficult.

Bitcoin price drops from 450$ to 380$ for past 2 weeks, while network difficult goes up and continue to raise https://chain.btc.com/en/stats/diff

btc.com-diff

With current price of bitcoin and current difficult our GHASH1 farm can’t cover its electricity costs.

Network difficult now is 144,116,447,847 and bitcoin price 380$. With hash speed of 1000Gh/s we expect 0.00348958 BTC ( 1.32 USD) per day. But electricity for 1000Gh/s for 24hours is 1.35 USD.

GHASH2 calculation:

Expected PPS profit from 1000Gh/s – 0.00348958. Electricity cost 1.17 USD (  0.003078947 BTC ). Earning is 0.00348958 – 0.003078947 = 0.000410633 for 1000Gh/s.

In this situation we are going to stop selling GHASH2 from today and continue to looking for better hardware.

What to expect from gigahash this week.

Our road map for upcoming week.

  • Reinvest option – Select your favorite cloud mining plan and buy automatic with your current balance.
  • Scrypt cloud mining – New SHASH2 scrypt cloud mining with 0.0125$ fee per 1 Mh/s.
  • Mining contracts – We have agreement with private mining farm located in Bulgaria to resale their hash power. Agreement with them is to sold SHA256 mining contracts with included fee for 3, 6 and 12 months.

We withdraw support to Peercoin

There is no commits into peercoin core source code on github for about 2 years and no commits for Peerunity. Our CEO Vergil Petrov decide to withdraw support for this coin. All hash power down to PPC1 will be redirected to bitcoin mining.

While the bitcoin price hit 415$ right now, we can offer scrypt cloud mining again. LTC price is 4.40$ on BTC-e and scrypt is profitable again. Please note that our SHASH1 cloud is on zero profit from few months, but we are going to pay until all users got their investment back.

Bitcoin now tax-free in Europe after court ruling

Good news! Europe says Bitcoin is currency.

http://www.cnbc.com/2015/10/22/bitcoin-now-tax-free-in-europe-after-court-ruling.html

Deposit issue was resolved

We have receive few email with missing deposits. The problem was that users use their gigahash deposit address for withdraws from exchanges/pool mining. We update our software so now we correct handle all types of deposit.

CoinWallet Plans To ‘Stress Test’ Bitcoin

Bitcoin network will be test again in September. To avoid delay in deposit please use higher transaction fee. We are prepared for this and when test start we will issue payout with higher fee to avoid payout delays that we have in last test.

Source https://www.cryptocoinsnews.com/coinwallet-plans-stress-test-bitcoin-make-case-larger-block-size/

5Th of sha256 hash power are add for sale. Make sure you are familiar with fact that bitcoin reward halving for new block is expected in August 2016. We are going to install new hash power as it is requested by few clients, but keep in mind that there are a lots of factors that reflect on daily payments and reward halving next year. Please invest wisely!

Bitcoin price hit bottom from last 6 month

We need to inform all our clients that Bitcoin price fall below 200$ yesterday. This reflect daily earning and we are going to stop selling sha256 hash power until we found new hardware. The price drop after one of the biggest Asian exchange stop their work for 8 hours and now they are trying to restore their database. The other negative news is BitcoinXT, which will increase block site from 1Mb to 8Mb after 6 months. This will fork main blockchan may be. It depends on a lots of factors.

Meanwhile litecoin, the little brother of bitcoin is going to half mining reward from 50 LTC to 25 LTC after 5 hour.

http://www.litecoinblockhalf.com/

If the price of litecoin goes up and it is profitable to mine with our scrypt hardware we will start selling SHASH2 hash power.

Overloaded bitcoin network

Last 2 days the bitcoin network is overloaded for 2 reasons.

1-st is that not all mining pools update their to at least 0.9.5 version of bitcoin core ( we are using last stable 0.10.2 ).

https://bitcoin.org/en/alert/2015-07-04-spv-mining

2-nd – Right now there is 40000 unconfirmed transaction including our yesterday payment and counting.

chain.soYearly today we sent bitcoins to our hot wallet for today payment. The transaction is accepted by network, but we can estimate when the confirmation will arrive.

If there is no confirmation until 21:00 CET today we are unable to issue today payments!

Update:

09.07 – All payments for last 2 days are sent.

 

Delay in payments

While last month we have problem with deposit transactions handled by blockchain.info API, now we have similar problem. The problem now is that we can’t sent payments via their API, because they just block out server ip addresses.

We sent question about this issue on their support and waiting for answer.

While we are waiting their support our software developer are working on our own solution to sent payments. He already done this last month when we have similar problem with deposit transactions.

Gigahash.org is going to pay all earnings when blockchain.info restore access to API or our software is complete (who becomes the first)!

Thanks for your understanding and sorry for any inconvenience.

Updates:

01.07

19:00 CET Reply from blockchain.info support

Hello,

I’ve escalated your ticket to our development team. They will be able to assist you further with this issue.

Thank you.

19:11 CET -Yesterday payments (30.06) are sent. Give us 1 hour for today payments!

22:08 Today scheduled payment was sent to our hot wallet (2 hours ago), but still no confirmation to begin manual payment.

02.07

10:55 CET Yesterday’s payments are sent.

16:59 CET All payments were sent!

Delay in today payments

The bitcoin network is overloaded today. There is a lots of transactions and limitation of current protocol is about 750Kb per block. We already sent enough coins to our hot wallet, but the transactions is not confirmed yet.

https://blockchain.info/tx/524559b31b16d165792ca729ad1c4acceb37b8cfadaa13f8c10416c60f2c5230

https://blockchain.info/tx/68ed24915b9a185287f612516b7f1cdf407fc19ac20061932c75a4f619267609

chainsoAs a result of this issue we will sent tomorrow 2 payments.

All deposit addresses have changed on 09-06-2015

ALL DEPOSIT ADDRESSES HAVE CHANGED ON 2015-03-08. DO NOT SEND COINS TO AN OLD DEPOSIT ADDRESS.
PLEASE ONLY USE THE NEW DEPOSIT ADDRESS LISTED ON YOUR DEPOSIT PAGE

Blockchain.info API once again failed to relay deposit transactions, so we write our own script to handle deposits. Last 24 hours we lost about 2 BTC. Next monday 15.06.2015 we will stop monitoring old deposit addresses. If you have transaction that is not credited into your account contact us via email (include your email and transaction hash).

Update 10.06

Blockchain.info API

Once again we failed to process deposit bitcoin transactions. As we write several times that deposit depends on 3-rd party API. We have working solution for our own bitcoin transaction software, but we need some more time to test it is working as expected.

Please note that this week we will generate new deposit addresses to all our clients!

All deposit addresses will continue to work, but they will also continue to depend on blockchain.info and we can not guarantee they will relay transactions to our hot wallet.

Please accept our apologies for the inconvenience!

GAuth Authenticator

gauth-iconWith 2-Step Verification, signing into your account will require both your password and a verification code you can generate with this app. Once configured, you can get verification codes without the need of a network or cellular connection.

To enable GAuth click on “settings” tab.

Install Google Authenticator application on your device for iOS or Android . Scan barcode with Google Authenticator, if your device has camera. If your device has no camera, enter account and key manually.

Due to security reasons, in future, we will not provide you the Key under any circumstances. If you think you may loose your device, then write down the Key and keep it safe.

gauth-gigahash

GHASH2 cloud mining batch 2 pre-order

We have order 52 units of AntMiner S5. Gigahash contact 4 different asics provider and only option for now is this.

  • Pre-order price is 1.525 BTC per 1 TH/s.
  • Expected start of mining before 9 june 2015.
  • Complete refund if we fail to start/receive units before 9.06.2015.
  • Maintenance fee is 1.17 usd per 1 TH/day.
  • PPLNS payment (daily fixed, no more pool luck).

We would like to remind you that our service is not for 1 year! This is a long term investment that will run until cover costs.

Switching from PPLNS to PPS

We are going to switch our payment method from PPLNS (which depend on pool luck) to PPS ( fixed daily payment)! This will normalize daily profit and remove gaps from earning graph.

This will take affect tomorrow 24.05.2015!

All GHASH1 maintenance fee will be lowered to GHASH2.

Scrypt based cloud mining remain unchanged.

New hash power

We have successful sold GHASH2 hash power. Thanks for investing with us.

Last week we contact our previous hardware provider, but they can’t provide us what we want. Today we sent some questions to spondoolies-tech. We believe they have one of the best ASIC hardware.

We have start testing new cloud product Multi-Algorithm cloud mining. The new mining rigs will mine all algorithm except scrypt and sha256. GPU hash power will be directed to NiceHash, so will get best price.

“NiceHash brought a solution to GPU miners as well as cloud mining users. Our best profit auto-switching multi-algorithm mining mode provides careless operation and highest profits for GPU miners as well as on-demand cloud mining of a particular coin for cloud mining users (buyers of hashing power)”

Security issue

Yesterday afternoon an user try to guess username/password using big list with stolen email addresses and passwords from other sites. For about 24H the bot have tried ~1511000 combinations. 8 of those combinations match our database and 5 of them match both email+password. While affected 5 account are empty ( no hash power ) we inform their holders to change their password as soon as possible.

Now you have few tries to log on into your account. If the limit is reached you have to wait 5 minutes before next try.

If you have a lots of request to our host our firewall may block your access for 10-15 min.

To prevent features security risk our team will integrate GAuth and withdraw wallet lock in next week. You can also check your security log from “settings” button, when you are logged.

To improve security we do not have any bitcoin client/daemon installed on our server. All payments are done manually every day from separate computer and our hot wallet for payments only hold few coins.

If you have any questions contact us.

Buy cloud mining with altcoins

altcoinsNow you can deposit with altcoins like peercoin, litecoin, namecoin, dogecoin etc.. We use shapeshift.io API to convert altcoins into bitcoins.

This speed up the process of exchanging you altcoins. Shapeshift convert them on fly and redirect them into your gigahash.org account.

For more information read How to deposit altcoins.

Issue – Processing of bitcoin deposit transactions.

We have a technical problem with the processing of bitcoin deposit transactions.

We use 3-rd party payment processor Blockchain.info for generating deposit addresses. Its look like they have temporary problem with callback notification. We are working to solve this ASAP. Orders with PayPal and withdrawals are not affected! All deposits are visible on blockchain and if the problem is not resolved until next payment (25.04) we will credit them manually.

Status: Resolved

Updates:

26.06 New certificate is issued and installed. We are testing all API.

26.06 The problem is found and we are working on it. It was our ssl certificate issued by cloudflare, our caching server. New one is ordered today and should be install ASAP.

24.04 All transactions are credit manually. If your transaction is not processed please contact us at gigahash.org(at)gmail.com include your username(email address) and transaction hash.

24.04 The problem is not resolved. May be “a bit delay” means “wait for monday”.

23.04 We contact support team from blockchain.info.

Answer : “The funds should forward to the proper address, but there may be a bit of a delay right now. Sorry for the inconvenience.