All About BTC, LTC, ETH mining as well as other alternative crypto currencies
The Bitcoin Cloud Mining service Cloud Hashing has a new website design and new cloud mining plans and prices. The new prices however are just slightly more attractive than the old ones and that with the fact that the Bitcoin network difficulty continues to increase in big steps does not make the service that much more attractive and profitable as it was before the latest update. The cloud mining contracts being sold by the service are for 1 year term, and you can get 30 GHS for $299 USD, 110 GHS for $999 USD or 375 GHS for $2999 USD. If you put these values in a profit calculator with the current market situation there is absolutely no chance to even get a return of your investment in a year, let alone to have made some profit. And that makes it really hard to eve consider investing in the service, though if conditions improve for the better there is some chance to actually get some profit, but the risk is quite high to hope for such. So we do recommend to look for other better priced alternatives if you are interested in cloud mining services.
We’ve been testing the Bit-Mining cloud mining service for a while already and our experience with it was actually Ok while the service was working properly. The problem is however that the service was not functioning properly pretty much most of the time since we started testing it and yet again it seems to be experiencing some serious issues. The last time that the service was apparently “hacked” it took more than just a few days to restore the normal operation, then there were some issues with the SSL certificate of the service and now again they have been having some issues for more than a few days already. What we do not like is that the people behind the service are not very active in communicating about the problems when they have some, so the users can be rest assured that they are going to be fixed. And since they do have problems so often what is happening is that their users are going away and so are we. We decided to give a second chance after their last problem was fixed, but now we can already draw our conclusion – stay away for the service. They do have too much problem, take a lot of time to fix them and you as the user only get some headaches from all of the trouble associated with it to be worth it.
Currently users are unable to login, resetting the password could work for some, but after loging in successfully the service is still not properly functioning. The last official news from the service was a short post on April 15th at the Bitcoitalk forum quoted below:
We apologize for the lack of communication during these last few days. As you all have noticed, there have been many issues and down times as of late with the website. We have received many hack attempts in the last few days at Bit-Mining.Co, which has caused us many issues. All our staff members are working together to fix all the issues and bring the website back to normal activity as soon as possible.
All open tickets should be resolved and withdrawals processed in the next 48 hours.
If you don’t see your issue resolved in the next 48 Hours, please email us
at: Support@Bit-Mining.Co . Again, we apologize for the lack of communication.
From now on, we will keep you updated more frequently by using social media pages.
Please follow us on Facebook: https://www.facebook.com/bitmining
and Twitter: https://twitter.com/Bit_Mining
The problem is that since then nothing new has been available as information, no communication through the Facebook or Twitter pages that are supposed to be used for things like that. And the service is still not properly functioning after a few days have passed already. Again, we’ve had enough of issues and recommend to stay away from that service and if you are using it and still haven’t withdrawn your coins you should consider doing so after they finally fix this problem as well.
Aside from CexIO there is another old enough service offering with long enough history in order to be able to consider it as a trusted in terms of Cloud Mining services for Bitcoin mining. That service is called Cloud Hashing and we’ve been keeping an eye on it for a while already, though we were a bit reserved about investing some coins in it due to the quite high process they have. You can rent 85 GHS for $999 USD, 370 GHS for $3999 USD or 1 THS for $8999 USD, the lower the cloud mining hashrate the less attractive it is in terms of break even time. The prices cited here are quite high and they are for 1 year contract, so we took the numbers in a Bitcoin mining calculator that is supposed to give us an idea on when you can expect to break even and the results weren’t promising at all. Do note that the calculator uses some fixed values that we gave it like 15% increase in difficulty each time and a fixed price for Bitcoin at about $560 USD. In a year the price of Bitcoin could be double than what we have at the moment, the difficulty increase may be lower or higher, so there are quite a few unknown variables to take into account.
Running the numbers for the cheapest 85 GHS cloud mining hashrate plan we got a really disappointing results, as you can see in the graph above if the conditions do not change in favor of serious price increase for the Bitcoin there is absolutely no chance to get even in just 1 year (the period of the mining contract) and even if the contract duration was 2 years you will still be in the red. Going for the 370 GHS plan also returns pretty much the same unfavorable results, and even the 1 THS plan at the current price is way too high. In order for these BTC cloud mining hashrate plans to be profitable for sure with the current conditions they need to be half the price to what they currently are. Otherwise you are most likely going to loose money instead of earn investing in the cloud mining hashrate at the current prices that Cloud Hashing has… that is if the price of the BTC stays at the same level for another year. If the price gets twice than what it is for the moment you can actually make some money, however the risk is higher and no guarantees that this will happen. So be careful if you are considering investing in cloud mining hashrate in that service. We are probably still going to get a plan just so that we can properly test the service when we have some spare resources to invest there.