Posts Tagged ‘BTC cloud mining

bit-mining-cloud-mining-service

The Bit Mining cloud mining service for LTC and BTC is still not back to its normal and fully functional state, though things are slowly getting back online, but it could take some more time. Meanwhile there is an official statement from the guys behind the cloud mining services that reveals some more details on what has actually happened in the last few days and why is the service still not fully operational and back online…

Hello Bit-Miners,

We apologize for the unintended interruption in service; let us bring you up to
speed on the current situation over at Bit-Mining

Over the last few weeks, we have suffered a series of attacks against our
pools by a would-be hacker. This will explain the frequent and clustered pool
down times we have been experiencing; we have been doing our best to guard
ourselves against these DDOS attacks.

In the past few days however, the actions of our assailant have escalated, with
ransom demands and threats that have ultimately culminated in an intrusion
attempt on our server. Thanks to the valiant efforts of our TECHs, and security
considerations already in place, we were able to fend of this attack with
minimal damage. Our wallets were completely unaffected by the attack;
however, we have experienced corruption of our trading database and are
working to restore it to its pre-intrusion state. Let me clarify; NO USER FUNDS
OR ASSETS HAVE BEEN AFFECTED. ALL MINING HARDWARE
(that represents
your Purchased GHs/KHs) IS ALSO SAFE. Because of the corruption of the
trading database, we are suspending the Trading feature until we can get
everything sorted out with certainty.

If you had a BTC/LTC balance before we experienced down time; it should be
accurately reflected in your account balance currently and available for
withdrawal. We are expediting withdrawals for the time being to alleviate user
concerns. However, due to the way the database has been reconstructed,
there may be a few users with incorrect monetary balances; simply contact us
at support@bit-mining.co so that we can take an individual consideration of
your account and make it whole. This is also true for GHs/KHs balances, most
should be correct but there may be a few users with unique circumstances.
Mining power that is in pending orders will also be restored once we resume
trading. To all users having issues with referral counts, this is to be expected
and will be resolved soon. If you have an issue after that just contact us and
we will sort it out.

If you cannot regain access to your account, first attempt to reset your
password.

All withdrawals should have been processed before we went offline; and we
also have a record of all requested and satisfied withdrawals; if you are
currently awaiting one check to make sure you haven’t received it. If you still
haven’t received one that you know you requested, send an email to
contact@bit-mining.co with subject STUCK WITHDRAWAL, we will patch you
up.

Also, to ease concerns about mining payouts, no user has been paid out since 
3/07/14 (as we have been down since then), but everyone will be reimbursed
for Purchased GHs/KHs payouts whether or not they were in orders at the
time; we will not penalize the user for the inability to gain account access
during our downtime.

We sincerely apologize for any inconvenience this outage may have caused our
users.  We give our users our assurance that we will investigate each and
every user issue until eventual resolution; but we ask  that users hold non-
account access and withdrawal related issues until after we resume trading.
The maturity of our users about this matter is greatly appreciated during this
difficult time. We still remain committed to providing a superior cloud mining
experience with the most competitive pricing we can provide. We hope that
users observe our handling of this situation as an indication of our dedication
to this project.

As soon as I get a more precise ETA on trading being re-enabled from our
TECH department; I will update everyone via email and forum post. Chat
restrictions are lifted in order to facilitate user issue resolution, and I will be
available in site chat to answer any individual user questions.

If you have any additional concerns or questions please don't hesitate to
contact us. I apologize again for the hassle this has caused everyone.

BMC Support

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

bit-mining-cloud-mining-service

The Bit Mining cloud mining service for LTC and BTC recently had some technical issues that caused about a day of downtime, but it seems that the website is now back online and working. We’ve been using the service for just a few days starting with the purchase of 100 KHS of Litecoin cloud mining hashrate and the earnings from mining that we get every 24 hours we are reinvesting into buying more KHS (the service even offers automation by setting a percent for reinvestment of earnings). At the moment there are still things that apparently haven’t been restored yet, for example the trading functionality of the website is not yet operational, and some users are reporting that they are not seeing the purchased hashrate. The support however reassures that everything will be restored back to normal soon as apparently they’ve had some serious problem. Meanwhile if you are having problems logging in, then try resetting your password and login with the new one.

Another important thing that you should be aware of if you are interested in purchasing cloud mining hashrate at Bit Mining is that when you place a sell order of hashrate you have purchased it will not be mining for you ether until you cancel the order or you sell the hashrate. If you have used another alternative service for cloud mining scuh as CEX.io for example, you might expect that even the hashrate “locked” in trading is going to mine for you, but here apparently it does not.

In our ongoing tests of the Bit Mining we have also decided to try to mine with local hashrate at the pools available. The good thing here is that you can not only cloud mine, but also mine with mining hardware that you own physically at the same terms (minus maintenance fee for non cloud hashrate). However either there were some problems with the pool or you need to mine for 24 hours (or at least to be still mining when the payout happens) in order to get your earnings. We have mined with a BTC ASIC for a few hours at the pool and it was reporting hashrate and expected earnings, but as soon as we’ve stopped the miners we got 0 for Daily Payout reported and when the actual daily payout happened we got nothing for the time we spent mining. Ths could’ve been a bug, or something that is not very well documented, but we do advice to test first yourself with some low hashrate, before leaving all your miners pointed at the Bit Mining pools. For now we are going to be focusing mostly on testing the cloud mining functionality of the service and we are going to report how things go as we continue using the service.

Aside from the technical issues from the last 24 hours that Bit Mining is currently experiencing, the service worked pretty well for the few days we’ve been testing it. There were a few times when the website was loading a bit slower, but we were getting our payouts on time and had no issues in general aside from not getting anything from spending some time mining with an ASIC in their BTC pool. On the other hand the website’s interface and functionality could be improved as at the moment there are a few things that are not very user friendly, including the trading functionality. But we’ll see how things go from now on, at least the support is here and replying to users about their problems and it seems that issues are actually being worked on unlike in some other similar services. And we’ve had a fair share of issues with almost all cloud mining services that we’ve tried so far and the only one that seems to be holding up really well with no issues experienced for the last two weeks that we’ve been testing it is PBmining.

bit-mining-cloud-mining-service

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.

bit-mining-trading-ghs-btc-hashrate

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.

bit-mining-trading-khs-ltc-hashrate

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.

bit-mining-cloud-mining-local-pool

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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