All About BTC, LTC, ETH mining as well as other alternative crypto currencies
We haven’t updated our cloud mining progress report for a while now, so we have decided to write down our latest impressions form the services we are currently testing or have tested already. And with services such as MarketsCX and Bit-Mining disappearing, creating a lot of trust issues with other and especially with newer cloud mining services it is good to give an overview based on our own experience. 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. 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 do recommend to always do some research and start small should you decide to test a new cloud mining service and be very careful, unless you are sure to be investing in an already proven and established service.
CexIO is probably 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. The service does plan to launch Litecoin cloud mining as well, but it is still not available, though they have been expanding the list of services they have such as adding Scrypt mining pools as well as introducing a trading fee on their exchange and adding future cloud mining contracts for trading. Currently the price of 1 GHS worth of Bitcoin cloud mining hashrate is around 0.0069 BTC and near the end of this month it should most likely go below 0.006 BTC judging from the current FHM trading price.
PBMining 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 and you buy a 5 years long mining contract. The service has probably the best prices per GHS for BTC cloud mining hashrate and this along with the 5 year contract makes a lot of people concerned and we were a bit concerned as well initially. However the fact that we’ve been using PiggyBack Mining for almost 3 months already and we didn’t have any problem and were always getting our weekly payouts on time we are not that concerned about them anymore… especially comparing to the bad experience we’ve had with other services that are no longer available. Currently the price per 1 GHS is 0.005 BTC per GHS and the price gets down usually every difficult increase of the Bitcoin network.
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 (3.79 PHS total hasrate). The service has own dedicated pool and you get control over the workers you have via a web-based dashboard depending on the mining contracts you have purchased. The only drawback of this service is 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 minimum of 30 GHS and they are a bit expensive at $299 or 0.69 BTC (0.023 BTC per GHS), so not easy to test the service with a very low investment before deciding if it is worth to invest more. After all everything that a miner wants to get is profit when investing in either Bitcoin mining hardware or in cloud mining services and the numbers here don’t look so good. The fact that the price for the cloud mining packages offered does not adjust with the change in difficulty does not help either.
ScryptCC is the first Litecoin cloud mining service that we’ve tried a while ago and we were very excited about it at first, but were not very satisfied by the level of support we were getting – very slow response to issues. Though things seem to have been improving the fact is that this is the only more serious Scrypt cloud mining service that remains after others such as MarketsCX and Bit-Mining have disappeared. The service is apparently using GPUs making it harder to add additional hashrate and thus the prices are mostly depending on the trading going on between users. Currently the lowest price of 1 KHS worth of Litecoin cloud mining hashrate is available for 0.000719 LTC and when we started testing it about three months ago it was pretty much double that price.
One of the newest cloud mining services called MarketsCX had been experiencing downtime for almost a day already with no official information about the problem so far. Yesterday at some point the service started introducing BTC cloud mining functionality and soon after that the website gone offline. There was an announcement posted on the website just a bit before it went offline about the possibility of downtime due to the upgrade of the service, but now users of the service (we included) are worrying that it might have been all a very well made scam. The service has been running quite smooth with just some minor hiccups since it has been launched not long ago until this problem and the fact that about a day later and there is still no official information from the service operators anywhere rises a lot of concerns. It could all be caused by technical issues from upgrading the service to support BTC as well, but not properly announcing that to users is something that really kills the trust in the service itself. That is if it is not a very well designed and realized scam to get away with a lot of Litecoins from users, if this was the case. We’ll keep monitoring the situation, hoping that the service will be restored back to normal operation soon…
Meanwhile another cloud mining service, namely Bit Mining apparently has finally recovered their service back to normal operation after they recently had some issues caused by hacker attacks. And we are even seeing some new features getting added such as merged mining NMC and DVC along with the Bitcoin mining in the dedicated BTC pool that the service runs. On the other hand, that service also does have very poor communication with users regarding announcements, even though they even have Twitter account and Facebook page they are not using them very actively to announce things like issues or new features. Other even bigger cloud mining services that we’ve used also do seem to have trouble properly communicating with their users, so it seems that the lack of communication is a common problem. This is really an issue for users that have invested their hard earned coins in cloud mining services, especially when there are some problems with the service and there is no clear information on what is going on and when the problem will be resolved.
It has been about a week already since we have discovered the new Markets CX LTC cloud mining service and have started testing it. We have decided to give it a try as it was new and interesting, so we have invested 5 Litecoins to purchase about 120 KHS worth of cloud mining hashrate at a price of 0.0410 LTC per KHS. Initially we’ve had some concerns about the service that is claiming to be using Gridseed ASIC devices to provide so attractive prices for cloud mining hashrate as compared to other services that are still using GPUs. You can check our first impressions from the MarketsCX Litecoin cloud mining service and see some of the concerns and issues that some readers that have decided to try it out as well have reported.
The good news is that a week later and the service is still here and works and today we’ve got an official reply in the comments section of the article with our initial impressions seemingly from the Support of the service. This is the reason why we’ve decided to give some updates on our experience with the Markets CX service so far and below is a quote of the post regarding some of the issues reported in the comments above:
Guys, indeed there were some technical problems a few days ago. Some user accounts with dots and uppercase characters in their E-mail addresses were affected. We have successfully solved this problem. No LTC, KHS or mining profits were lost.
It is nice that they are keeping an eye on what other people are talking about their service and taking the time to respond to users with issues that are not posted on their website, though their onsite support seems a bit slow in responding apparently. Up until today we’ve had no issues with the service so far, and today was a bit of a delay when we have requested an LTC withdraw – we did not receive a confirmation email shortly after requesting the withdraw (previously we got it in less than a minute). So we’ve sent a support ticket about the problem and have requested multiple times a withdraw to test if we are going to receive an email. A bit more than an hour later we got a confirmation email and the withdraw was completed, so we’ve closed the ticket (we got no answer, but maybe the issues was addressed). So a few more hours later we’ve requested another withdraw to see if the problem with the delay still exists. Again we did not get a confirmation email within a few minutes, but requesting the withdraw again and we got the confirm email in a moment (again just one with two requests made).
Another thing that we did not like much about the service is the rapid decline in price per KHS, we have purchased hashrate just a week ago at 0.0410 LTC per KHS and back then this was very reasonable price and now the price is 0.02442 LTC per KHS. We are not sure if this is because of users that are dumping their hashrate or by the service pushing new hashrate at a lower price, but we are not very happy that in just a week time our hashrate lost almost half of its value (a common problem with cloud hashrate services with trading exchanges). Currently there are more than 34 MHS worth of hashrate available on the exchange, so at the moment you can buy some cheap LTC mining hashrate. We do recommend caution though as this is still a new service and we still do have some concerns, so not a good idea to invest a lot of Litecoins in it for the moment. If you are interested in checking it out you can get with a few LTCs like we did, as it is probably not a good idea to invest in thousands of KHS for the moment!