ricky on Nostr: Never underestimate the value of someone who can #eli5 , especially in bitcoin and ...

Never underestimate the value of someone who can #eli5 , especially in bitcoin and Nostr

quoting note1u9l…qa8v

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 😎