nicopreti / is on Nostr

slinging hashrate @rigly

Last Notes

2025-03-13 22:39:37

🔥
#nevent1q…qlha

2025-03-13 22:38:20

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Give a shout out with any questions. Helps us learn what we need to explain better 🤓

2025-03-13 22:37:01

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This song is lit. Thanks @npub1fnn…4xnx

2025-03-13 16:41:19

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1. At this moment, the only product where you can potentially make a profit is the auctions. That is IF the price at which you buy the hashrate is lower than sum total of payouts you receive for mining with what you purchased (https://blog.rigly.io/how-to-bid-on-rigly-auctions-20250127/). We do have a new product about to come out which will offer a fixed-return. This yield for that will come from miner's willingness to sell their existing hashrate at a discount in return for getting paid upfront.
2. Depends on how you choose to mine. When you buy hashrate on rigly you choose where to point that hashing power. There are different kinds of pools you can choose with different payout schemes. If you mine with FPPS which pays you per unit of computation, it doesn't matter if you the pool hits a block or not you get paid out anyway. If you mine with Ocean, which uses something like PPLNS, they pay out per block that is found proportional to the contribution to the pool. If you solo mine, you only get paid if you find the block (it's like a lottery).
3. It also depends on what pool you use, if they do not KYC, then yes you effectively mine new bitcoin without KYC.

2025-03-12 20:50:48

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yeah, really appreciate it. Setting expectations and keeping customers informed is definitely where we want to be.

2025-03-12 19:57:30

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I hear you loud and clear on this, totally agree, and we're working on improving the content and communications around the different products. A lot of that is on me so I apologize it wasn't clearer from the outset. We're rapidly iterating on the products, trying to figure out pricing so people can't game it while aligning incentives between buyers and sellers as much as possible. We're trying to get things out the door asap, but need to do better at informing customer expectations. Thanks for your feedack 🙏

2025-03-12 19:07:52

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Ciao Marco, piacere! Sono Nico, uno dei fondatori di Rigly. Parlo un po di italiano. Il guadagno che ottieni dipende dal prodotto che compri. Il test drive è pensato come un’opzione low cost per provarci, non riavrai tutti i 1000 sats perché è a un prezzo maggiorato. Le opzioni di instant mining funzionano allo stesso modo. Auctions, al momento, possono portare a un profitto a seconda di quanto gli altri offerenti alzano il prezzo e del valore del hashprice mentre ricevi il mining. Però, stiamo lavorando su un nuovo prodotto che lanceremo presto, con un rendimento fisso: minerai finché non ti tornerà una percentuale in più rispetto a quanto hai pagato.

2025-03-12 17:23:39

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Rigly does not KYC because it is a peer to peer marketplace for buying and selling bitcoin mining hashrate and is therefore not a money transmitter. Rigly lowers the barrier to entry for bitcoiners to mine and point hashrate that is run by existing small and medium size mining operations. So you don't own the rig yourself, you are renting time on a machine from another miner directly. This has trade-offs becuase while you don't physically have the machine with you, you take control of hashpower from someone who is a professional operator with good electricity rates and all the necessary conditions to stay hashing.

2025-03-12 17:11:54

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The big thing to consider here is how we calculate work in bitcoin mining. Work is the amount of hashes you have to produce on average to find a valid hash for a given difficulty. So how much work is related to how difficult (read: improbable) the hash is to produce. Satoshi designed bitcoin to use a scaling factor to adjust difficulty up or down which determines the probability of finding a valid hash for a bitcoin block. This scale is given by a constant which comes from how bitcoin stores these very large values. This constant is the baseline value for the work required to find a hash at difficulty 1, which corresponds to (roughly) 2^32. This means that on average it will take 1 out of 2^32 hashes to find a valid hash for difficulty 1. Soooo if you want to figure out how long it will take you to find a hash of a certain difficulty you multiply this baseline (2^32) x the difficulty you're going for and then you divide by the rate of hashes you're producing. This will give you the average time it takes you to find a hash of that difficulty. Now, this is ON AVERAGE, but remember this is probabilistic so the shorter the time frame the higher the variance, and vice versa over time variance smooths out.

2025-02-27 20:19:50

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Well the auctions are really just a free-market pricing mechanism. There's a limited amount of hashrate we can sell so we put it up for auction to let the market decide what the appropriate value is of this scarce resource. How much you have to hope that the difficulty drops in the future depends on what you paid for the hashrate in the first place. I wouldn't bet against difficulty going up over time, but the question is at what rate does it increase? That's where the market can come in...
This is also what we plan to simplify with our new fixed discount product. You can buy some hashrate and not have to worry about the difficulty because you will mine until you make back a fixed return.

2025-02-27 19:44:58

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Hey! I'm nico one of Rigy's founders. So i'm really glad you asked this question. Right now when you bid on auctions, hashrate get's bid up to around the FPPS rate, sometimes above, sometimes below, but this determines whether you make more sats than you put in. You can figure this out by comparing what you paid vs multiplying the FPPS rate (while you are actually mining) * the hashrate * the number of days you've purchased, which gives you what you could make back from mining to an FPPS pool (you have to subtract pool fees!). But basically to answer your question, it depends on what you paid for the hashrate vs what the FPPS rate will be over the period that you actually mine with the hashrate you bought. So in this model, no it is not necessarily free sats, it depends... Also if you buy instant hash rate you're paying a premium there so also not free sats. More at https://blog.rigly.io/how-to-bid-on-rigly-auctions-20250127/
HOWEVER (!), we are currently putting together a new product that will price hashrate at a discount to the floating FPPS rate so that if you mine to an FPPS pool you should get a percent of sats back over what you put in; in which case it is exactly as you say, free sats for low time preference; at least that's the idea so stay tuned 😎

2025-02-25 12:22:53

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puede ser que nos equivocamos o que haya tenido un tema la orden de scrotus. Vamos a ver qué pasó.

2025-02-25 12:21:05

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Hey Nico from Rigly here. Sorry to hear your had a bad experience. We are a new marketplace so we are still working through bugs and probably need to address how our hashrate allocator works to meet expectations: it could be that we sent over more hashrate than you bought so the order completed early. We're also definitely not trying to ghost you so feel free to reach out to us by email as well at hello@rigly.io and we'll work through the issue with you.