All About BTC, LTC, ETH mining as well as other alternative crypto currencies
We just got a not so pleasant surprise from ZeusHash in the form of a notifications that they may start terminating customers’ Scrypt cloud mining contracts. With “lifetime” cloud mining contracts offered by services such as ZeusHash the duration of the contract is until the coins you mine result in more than what you have to pay for the daily maintenance fee. If the mined coins end up being less than what you need to pay for maintenance for a period of time, 10 consecutive days for ZeusHash, then your Scrypt cloud mining hashrate contract will be terminated. We were just notified that there was one such day and if we get 9 more days like that our Scrypt cloud mining contract will be terminated as it would have reached its “lifetime” term. Below you can see a quote of the notification that we and apparently every other ZeusHash customer with Scrypt cloud mining hashrate probably has received today.
This is an important notice for your MHS contracts.
Due to the surging of Litecoin minining difficulty, the daily payout of MHS fails to cover the maintenance fee today. According to the term of MHS contract, “the payout allocation will be terminated in case the daily mining return is lower than the maintenance fee for 10 days in a row”.
We are sorry to inform you when this continues for 10 consecutive days, we’ll have to terminate your MHS contracts. We didn’t expect this happening so soon but we have no other choice.
For now, GHS will be a better investment and we recommend you to buy GHS instead. And to thank you for your long-term support and faith in us, we’d like to give you a GIFT of 5 GHS so you can continue with your profits in cloud mining. Please check your balance in 24 hours.
Besides, to provide more ROI despite the termination of your MHS contract, we are offering you the LOWEST PRICE TIER @ $0.419 per GHS for your FIRST ORDER between Dec. 20th and Dec. 21st(UTC+8). More promotions are on the way for Christmas as well. Stay tuned for the good news soon.
In the meanwhile, we’ll strengthen our efforts to find you better contracts–MHS with lower costs for a better ROI and cloud mining investment.
ZeusHash CS Team
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!
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!