Posts Tagged ‘Bitcoin (BTC)


We have decided to post a short update on our progress in testing various cloud mining services for mining Bitcoins and Litecoins without having to purchase any hardware, instead you just rent hardware that mines for you. We are already testing a few of these services and have shared some experience and feedback and will continue to as we continue using them. The biggest concern with most cloud mining services is if they are here to stay and will not take away your coins or money and run away with them. This is especially true with new services that have just launched and the way they run and the information they provide raises some concerns. That is why we are proceeding with caution when using them and start with small investment in hashrate for a few weeks to see how they will work and try them for a while.

Bitcoin/Litecoin Cloud Mining Services:

CexIO is the oldest and biggest Bitcoin cloud mining service, no concerns there, though our experience has shown that it is good mostly for trading GHS/BTC and long term investment in Bitcoin cloud mining hashrate does not work that well. Apparently the service is soon planning to launch Litecoin cloud mining as well, but it is still not available. Currently the price of 1 GHS worth of Bitcoin cloud mining hashrate is around 0.0117 BTC. The service has a dedicated pool that you may also point your own mining hardware to mine with a 0% fee for Bitcoins and since recently for LTC as well.

PiggyBack Mining is a Bitcoin cloud mining service intended for long term investment as there is no exchange where you can buy/sell the purchased hashrate at any time. The service offers one of the best prices per GHS for BTC cloud mining hashrate and you purchase it in the form of a contract for 5 years. Currently the price per 1 GHS is 0.0078 BTC and the price gets down usually every difficult increase of the Bitcoin network. The only drawback is that you are getting paid your mined earnings once a week. We’ve been using the service for a few weeks already and had absolutely not trouble with them.

Bit Mining is a service that we just recently started using, even though it has been operating for a few months already with Bitcoin cloud mining service, though we are more interested in the more recently launched LTC cloud mining as well. The company has announced a partnership with the BTC ASIC maker Bitmain not long ago, but more recently they have been hacked and for the last about 10 days already they have been fixing things. The service is almost back to normal operation and everything in our account is back to normal and the only thing left is probably the restoration of the automatic withdraw payments as currently they are confirmed manually and it can take some time for the coins to be available in your wallet (up to about a day in our experience). The prices are currently around 0.0098 BTC per 1 GHS for Bitcoin mining and 0.047 LTC for Litecoin mining. There are also pools that you can point your mining hardware to mine for you with 0% pool fee along with your cloud mining hashrate.

MarketsCX is a new cloud mining service that has launched just recently as a Litecoin cloud mining service with an exchange that relies on Gridseed ASIC hardware. The service had some hiccups in its operation like delayed withdraws that we have experienced a few times, but seems to be working stable and is here to stay. We’ve had some concerns about it initially, but it seems that they might not be a problem. What we did not like initially was the fact that the price per KHS worth of Litecoin cloud mining hashrate has dropped significantly in very short time, probably due to the significant processing power available at the service. The good new is that if you are just starting the service you can purchase hashrate very cheap, probably the lowest price available at only 0.022 LTC per KHS. The service has just started adding BTC cloud mining option as well, but it is not yet fully operational. Since this is a new and unproven service we do recommend to be careful and start small if you want to give it a try!

ScryptCC is the first Litecoin cloud mining service that we’ve tried a while ago and we were very excited about it at first. Unfortunately we were very disappointed soon after we started testing the service as they’ve had some small but annoying bugs and issues that we reported multiple times and now more than a month later they are still not being addressed. We gave up on the service completely as apparently the support is virtually non existent there, but we check from time to time if there is any change. We are also reporting the problems from time to time again hoping that they will be resolved for the users that still continue using the service. We would not recommend that service to anyone, so stay away from it, there are already other alternatives available.

Cloud Hashing is a Bitcoin cloud mining service that has been available for some time and seems to be a very serious one according to what they claim (2.87 PHS total hasrate), but we still haven’t given it a try. We plan on trying out the service soon and what has been stopping us so far are the not so attractive price they have for the hashrate that you can purchase in the form of a 1 year contract. You are not able to purchase less than 85 GHS as a minimum, so not easy to test the service with a low investment before deciding if it is worth to invest more. Still worth checking it out and we’ll soon be giving it a try with a small 85 GHS contract in order to be able to give a proper review of the service based on our experience using it.


The upcoming Inside Bitcoins conference will tackle the hard issues surrounding the recently-mainstreamed cryptocurrency, the event will take place in New York City, USA for two tracks of programming on April 7-8 at the Javits Convention Center. More than 80 speakers are expected that are industry experts and business visionaries converge to analyze the first digital, decentralized, peer-to-peer based global currency. Attendees will gain insight into the future of bitcoin through carefully-curated information sessions including “Politics, Press and Regulation: Bitcoin in Washington, DC”, “Bitcoin in the Cloud”, “Wall Street’s View of Fair Value for Bitcoin”, “The State of Bitcoin Security”, “The Bitcoin Startup Ecosystem”, and more. The recent issues surrounding the crash of one of bitcoin’s earliest and largest exchange sites will be explored in the newly-added session, “MtGox: Collapse of a Bitcoin Giant”, taking place on April 8. Join us at Inside Bitcoins New York and get the answers to all of your questions surrounding the current state of bitcoin.

Who is this event for? The answer is anyone with a vested interest in Bitcoins and other virtual currencies, including, but not limited to: Developers, Entrepreneurs, Financial professionals, Private equity, corporate, angel and venture capital investors, Banks and financial institutions, Brick-and-mortar merchants and online retailers, Credit and loyalty solution providers, Consultants, Daily deal and group buying networks, Data and payment processors, Legal professionals, Security solution providers, Founders of early stage and emerging growth companies. For the moment a one day conference pass is available for $399 USD and the full conference pass is available for $499 USD, though these are early bird access prices – the onsite prices will be higher.

For more information about the Inside Bitcoins conference and the event agenda…


This is something interesting, usually MtGox has significantly higher exchange rate for BTC/USD than on other Bitcoin exchanges, but now the exchange on MtGox is actually lower than on other exchanges. The reason for that might be related to a problem that the exchange currently has with BTC withdraws, so maybe now more people are exchanging and withdrawing in cash. Below you can find the official statement regarding the problem from MtGox, the good news it that everything should be back to normal in Monday… hopefully.

Dear MtGox Customers,

In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.

We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers. 

Our team will resolve this problem as soon as possible and will provide an update on Monday, February 10, 2014 (JST).

We deeply apologize for the inconvenience caused, and thank you for your kind support and considerations. 


The MtGox Team