First Impressions from the Bit-Mining Cloud Mining Service

4 Mar
2014

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Cloud mining is becoming more and more interesting alternative for mining not only Bitcoins, but for Litecoins as well. With the significant increase of the BTC network hashrate and difficulty cloud mining is getting more and more interesting alternative to buying ASIC devices and waiting for them to arrive, to setup them and to support them. Services such as CEX.io that offer you to buy Bitcoin mining hahrate in the cloud have generated a lot of attention and have attracted a lot of users. However the price per GHS there is quite high to just purchase GHS and mine Bitcoins with it on the long run, so we have been looking into new services that have better prices and options for cloud mining. We are already testing the PBmining BTC cloud mining service that offers the best price for long term investment into Bitcoin mining hashrate with the reason being that there is no exchange to trade it at, it is yours for 5 years. But we are also looking for Scrypt cloud mining services as these are still new and not many, due to the fact that Scrypt mining is still done mostly on GPU and there are still no very powerful ASIC devices available to replace the GPU for mining. So we have found another interesting service called Bit Mining that gives you the ability to purchase both SHA-256 (BTC) cloud mining hashrate as well as Scrypt (LTC) mining cloud hashrate. But what really caught our attention was the recent announcement that the service has partnered with Bitmaintech, the only company still shipping relatively powerful SHA-256 ASIC devices that are on stock. We have made a comparison between 180 GHS AntMiner S1 vs 180 GHS Cloud Mining Contract that you might be interested to check out.

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Bit Mining offers cloud mining BTC and LTC hashrate and there is an exchange where you can purchase GHS for Bitcoin mining with BTC as well as KHS for Littecoin mining with LTC. The price of SHA-256 cloud mining hashrate is currently about 0.017 BTC per GHS which is lower than the current exchange rate at CEX.io that is about 0.0197 BTC per GHS, but is almost twice higher than on PBmining where the current price is 0.0089 BTC per GHS (for a long term contract though, meaning you cannot sell it on an exchange). At the moment there are about 4537 GHS available for trade on the exchange, so significantly lower than on other cloud mining services with their own exchanges, but still more than enough for many people to get into cloud mining with a small investment just to try it out. So if you want to purchase 100 GHS Bitcoin cloud mining hashrate at Bit Mining you will have to pay for it about 1.7 BTC.

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Moving onto Scrypt cloud mining for LTC, you will have to pay with Litecoins for the hashrate (the exchange does have BTC/LTC trading as well, though not very active at the moment). Bit Mining currently sells on their exchange the Scrypt cloud mining hashrate for about 0.0745 LTC per GHS, or with other words 100 KHS will cost you about 7.5 LTC. With the current exchange rate of LTC per USD a 700 KHS hashrate that is pretty much equivalent to a clocked Radeon R9 280X video card will cost you about $900 USD. So significantly more expensive than getting the video card, but without any need to setup and maintain hardware or to pay for electricity etc. At this moment the cloud mining hashrate available on the Bit Mining exchange is about 2270 KHS, so not that much actually, but more than enough to start testing the service and as more hasrate is added if you are happy with the results you can get more.

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What we did for starters was to purchase 100 KHS of Scrypt mining hashrate about 2 days ago as apart of our test of the service and so far we are satisfied with the results. Even though we are seeing some things that still need some more work, mostly polishing the user interface and adding some useful extra functionality of the service itself. Things however do seem very promising and the hashrate prices are better than on some other cloud mining services with trading exchanges with good potential for growth. Bit Mining is paying out your earnings on a 24 hour basis and we have already received two payments from our purchased hashrate, so we can either withdraw them or reinvest them into more hashrate, there is even an option to set a percentage of your earning to be automatically reinvested into hashrate (something that is missing in most other cloud mining services).

Another interesting thing about the Bit Mining cloud mining service is that it also has its own pools that you can point your actual BTC and LTC mining hardware to mine at the same pool where you have the purchased cloud mining hashrate. You can actually mine at the LTC and BTC mining pools even if you don’t have any cloud mining hashrate and to invest your earnings into some cloud mining hashrate or just withdraw the earnings. The service has a 0% fee P2Pool node with a special feature – paying miners not based upon how many blocks are found, but based upon only how much work each miner does for both BTC and LTC mining. So if you mine with 100 GH for 1 day, you will receive exactly 0.013180047005724 BTC at the end of the day at the current difficulty. And if you mine with 100 KS for 1 day, you will receive exactly 0.027659086465469 LTC at the end of the day at the current difficulty. This makes it easier to do the numbers and see how much it will take to get a full return of your investment into cloud mining hashrate, though you will still have to take into account the variation of the difficulty increasing over time. If you are wondering what are the fees for the cloud mining hashrate, there is 6% SHA256 maintenance fee and 10% SCRYPT maintenance fee. There is also a 1% sale fee, which will be deducted from the earnings from your sale of hashrate on the marketplace, no fee when buying KHS or GHS.

So far what we could recommend is if you are interested to try out the service by purchasing a small amount of hashrate and see how things go for a few days and then decide to invest into more or not, this is exactly what we are doing already with out 100 KHS purchased Scrypt mining hashrate. For now we are more interested in the LTC cloud mining functionality of the service, but we are probably going to invest a bit in the BTC mining hashrate even though PBmining is our preferred choice for the moment for Bitcoin cloud mining where we have already uppded our cloud mining hashrate to 10 GHS for the next week of testing the service from the initial 1 GHS that we started with for the first week of testing the service. But it is up to you to decide to check out only the Scrypt cloud mining or the SHA-256 cloud mining hashrate as well that the service offers.

For more information about the Bit Mining BTC/LTC cloud mining service…



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1 Response to First Impressions from the Bit-Mining Cloud Mining Service

Vicente

March 22nd, 2014 at 19:01

They are not paying anymore within the 24hs SLA. Sometimes withdrawals take up to 12 days to be completed. I am leaving the pool as soon as I can withdraw my coins.

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