All About BTC, LTC, ETH mining as well as other alternative crypto currencies
Recently we’ve been contacted by a new cloud mining service called Chabat Mining, and we’ve already seen it before that, but wanted to give it some more time before actually checking it out. In our experience so far with some new cloud mining services that have later on turned out to be scams, most of them are usually gone in a month, so when we see a new one appear we are approaching it more careful. This is especially true when the service operators want to remain pretty much anonymous and do not provide a lot of information on their website about their mining operation, so doing a bit of research is a good idea. The website has been registered on August 20th and the first news on the website appear to be published on 26th, Archive.org has a snapshot of the website from September 22nd. We’ve actually found out about this website about a month ago, so we’ve decided to give it a go and try out the service since it is apparently still here.
Being contacted by the operators of the service gave us the opportunity to ask a bit more information about the service and their mining operation. It seems the people behind Chabat Mining are from France, however their mining operation is based in Bangalore, India in order to take advantage of cheaper workforce and electricity there, or so we were told. We were sent the photo above as a proof of their mining operation, a not very clear image of a data center and the Litecoin mining equipment the service says they use is custom built based on 28nm ASIC chips. According to the statistics available on the main page of the service they operate a 14 GHS Litecoin mining farm out of which a little over 1000 MHS (1 GHS) are currently available for customers.
What makes this service seem very attractive is the price they currently offer for their mining contracts, currently 10 MHS Litecoin Scrypt mining power will cost you $88 USD (were $85 earleir today when we have purchased a contract). The mining contract duration is 1 year with no maintenance fees, though apparently after that the contract continues with some fees – $0.08 USD per MHS for another year or three (not made very clear on the website). There is also a future contract available for pre-order where 10 MHS will cost you $69 USD, but the mining for that one will start at the end of the year, so not that much attractive. The service uses CoinPayments as a payment processor for paying with either BTC or LTC for the hashrate, but there is also an option to pay with PayPal, not something we often see with cloud mining services nowadays. The payments are automated and ran every 6 hours if you have mined an amount larger than 0.1 LTC (Payments are only in LTC), otherwise the mined Litecoins will be sent once you have accumulated more than 0.1 on the next payment schedule. Our purchase of 10 MHS hashrate (order number a little over 100) that we use for testing the service went smooth and fast and pretty much within 30-40 minutes we got the hashrate available in our account and mining coins, though it could take some more time.
The user account control panel and the mining information available is not the best we’ve seen, but it provides you with the most important information to help you keep track of your mining and calculate profitability and expected ROI time. If the current conditions for Litecoin remain the same you might be able to ROI in about 4 months with the current low prices and difficulty that has been showing pretty moderate increase for quite some time already. This is just a rough estimate however as it is really hard to predict what can and will happen in the next 4 months with Litecoin, but considering that some alternative services offer significantly higher prices for hashrate this deal might not be bad at all. Of course there is always some risk and the better the deal, the higher the risk usually is, so as usual we advice caution, start small and do not spend more than you can afford to loose. We’ve purchased 10 MHS hashrate and will continue to test the service and report our experience over time, so you can keep an eye out on how things develop further. Meanwhile, if you are interested in trying out the service you can use the link below to register, as following it you will get a 3% promo code for your first order, so even better price per MHS. Do note that once you register and add a contract in your Cart you will see the 3% discount code shown in the Cart, but you need to copy and paste it in the Coupon Code field and click on the Apply Coupon button in order for the code to be activated for your purchase… it will not be activated by default, just displayed for you to use it!
The cloud mining platform ZeusHash has announced that it will be running some interesting promotions for Halloween. Tomorrow, October 27th the service will offer special prices for Bitcoin and Litecoin cloud mining hashrate valid until November 2nd. The prices you can get for hashrate can be down to as low as $459 USD per THS for BTC hashrate and $12.99 USD per MHS for LTC. All new orders for hashrate between October 27th and November 2nd will have 7 days of mining with no maintenance fees for 7 days after the purchase. At the moment the regular price for 1 THS Bitcoin hashrate is $859 and 1 MHS Litecoin hashrate goes for $15.99 USD, so if you are planning to purchase some hashrate make sure to take advantage of the promo starting tomorrow to enjoy the double bonus – lower price and 7 days with no maintenance fees.
On a side note, ZeusHash has told us about their partnership with two major players in the Bitcoin mining industry – ASICMiner and XBTec. The partnership is needed to ensure that the platform will be able to offer competetive prices for Bitcoin cloud mining as ZeusMiner, the company operating the service is making only Scrypt ASIC miners. ZeusHash has already partnered with Rockminer and aside from using their miners for Bitcoin cloud hashrate, the Rockminer T1 ASIC miners are also being sold by ZeusMiner. ASICMiner is a well know name in the mining world, but you might look into XBTec which is a younger company that probably many of you are not familiar with. It is not yet clear if ZeusMiner will also be selling hardware from ASICMiner and XBTec or they will be using their products only as a part of the ZeusHash platform for providing cloud mining hashrate.
It seems that Genesis Mining has lowered their prices for Bitcoin cloud mining hashrate, though the prices for Scrypt cloud hashrate remain the same as the last time we have discussed the prices of the cloud mining service. The Gold starter pack is now 20 GHS available for $15.99 USD, previously it was 10 GHS for $9.99 USD or $19.98 USD for 20 GHS, the 1 THS Platinum best buy package is now available for $779 USD and it was previously available for $989 USD and the 10 THS Diamond max profit package will now cost you $7699 USD as opposed to $9790 USD previously. This essentially means that now you need to pay about $0.79 USD per GHS instead of $0.999 USD per GHS as the price of last month. Furthermore it seems that the increase in network difficulty may not be so steep for some time after a few bigger jumps we’ve seen lately, unless of course the BTC price increases rapidly, though it has been quite stable near the $400 USD mark lately as well.
You can also get even lower prices than the ones cited above if you are interested in getting cloud mining hashrate at Genesis Mining. By usig the promo code CryptoMiningBlog5 you will get an extra 5% discount on every purchase, the code is valid for both Scrypt and SHA-256 cloud mining hashrate at Genesis Mining. So if you still haven’t checked the service out, then you might want to do so with the new lower prices that are more attractive for getting into cloud mining. Do note that the contracts being currently offered by Genesis Mining are with lifetime validity (until the purchased hashrate mines more than the maintenance fee) and these is a maintenance fee associated with the hashrate you purchase.