Quick Update on Our Experience With Bitcoin Cloud Services and Lunamine

31 Jul
2014

cloud-mining-services

It is about time for us to do a quick report on the latest Bitcoin cloud mining services that we have started using and reviewing – Bitcoin Cloud Services and Lunamine. These two services are still very new, but they do look promising and are very attractive because of their very low prices per GHS even compared to other similar services with very low prices such as PBMining, let alone to other typically more expensive services such as CEX.io and other even more expensive services. It is normal that users want to get the best price per GHS from a cloud mining service in order to ensure a fast ROI and then get to the part where they actually make profit from their investment. So new services with very attractive prices do generate a lot of interest, however this also raises some concerns, especially if the people behind the specific cloud mining service do not wish to reveal much about their mining hardware and operation. This is precisely why we do always recommend to start small when you are testing a new cloud mining service and never invest more than you can afford to lose in case things turn out bad and the service turns out to be a scam… and we’ve already seen quite a few of these. Let us get back to the new Bitcoin cloud mining services that we have recently started testing…

Today we’ve passed a little over a month using the Bitcoin Cloud Services and the good news is that the service is still here and still pays daily. They do offer 5 years long contracts with no extra fees associated with the hashrate you purchase, currently the price of 1 GHS worth of Bitcoin cloud mining hashrate is 0.0028 BTC with a minimum order of 40 GHS or in order to check it out you need to invest a minimum of 0.112 BTC. The main disadvantage that the service still has is that there is still no history for all of the payments you have received and there is no information available for the total mined coins since you have started the mining contract. This makes it very hard to actually calculate the numbers as you only have the amount of the last daily payout available and these numbers do change with the change in difficulty of the Bitcoin network. Other than that things seem to be running smooth so far, you can check our detailed review of Bitcoin Cloud Services from the last month for some more details about the service.

The second service that we have started testing a little over 20 days ago – Lunamine, though the service itself is pretty much a month old already, is also still here and running just fine. The approach here is slightly different, there is no defined time for the contract, instead it runs for as long as the hashrate you have purchased is actually profitable – the mined coins minus the electricity cost is higher than zero. The minimum contract you can get here is 100 GHS for $150 USD or about 0.2551 BTC (~0.0025 BTC per GHS) or the more attractive price wise 1THS contract available currently for $1300 USD or 2.2108 BTC. Even though we’ve been testing the service for shorter time we’ve seen quite a lot of improvement in terms of the control functionality such as the ability to reinvest the mined coins for additional hashrate. The user control panel here is also more detailed and offers clear information about the total mined coins since the start of the contract as well as history about the withdraws you have made so far. The payment here is not automated, you need to request a payment to be made to you for any amount from your account balance. You can check our detailed review of Lunamine from the earlier this month for some more details about the service.



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2 Responses to Quick Update on Our Experience With Bitcoin Cloud Services and Lunamine

Animosh

August 4th, 2014 at 04:39

I have been using the 5 year Bitcoin cloud mining service. I purchased 40 gigs of hash power. When I first started I was getting $0.75 (0.00122btc) a day now it is down to $ 0.63(0.001079btc) a day.

Hope that kind of helps people a little with number crunching

bathrobehero

August 4th, 2014 at 05:29

I invested 4 BTC (1111 GH/s) at pbmining in June (24th). The diff at the time was around 13,462,580,115.

This is the payout address which you can check for future reference:
https://blockchain.info/address/1NGtyym9Gqg1qRW1M9N1TQ3VPrCrK3AMWc

Hope it helps.

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