Archive for the ‘Cloud Mining’ Category

Buy Bitoin ASIC Now, Buy Future Mining Contract or Start Cloud Mining Now

14, Mar 2014

bitmaintech-antminer-s1-asic-miner

The fresh information from CEX.io about the addition of an option to buy future mining contracts for Bitcoin has made us thing and calculate how profitable are they if we compare them to what other options are already available to start mining immediately. We are going to do a comparison between the FHA contracts (purchasing cloud mining hashrate for the end of April) that you can already purchase to the currently being shipped Bitmain AntMiner S1 BTC ASICs and to a BTC cloud mining service that is already available and running by offering 5 year Bitcoin mining contracts, namely the PB Mining Bitcoin cloud mining service. We are going to compare how much it will cost you to purchase 1 Terahash (1 THS or 1000 GHS) worth of Bitcoin mining hashrate at each of these services.

1 THS of ASIC mining hardware currently shipping:
– 5x 180 GHS Bitmain AntMiner S1 overclocked to 200 GHs each
– This will cost you about 5 BTC for the moment for the miners
– You will need power supplies for about 2100W for them
– You will need to pay for 2.1 KW of power an hour for electricity
– Miners will be at your door in a week and you will start mining

1 THS of PB Mining cloud hashrate currently being sold:
– The current cloud mining hasrate price is 0.0083 BTC per 1 GHS
– You will need to pay 8.3 BTC at the moment for 1000 GHS
– The cloud hashrate will start mining for you in a few hours
– No extra cost for electricity or need to support hardware
– This is a long term mining contract for 5 years that you purchase

1 THS of CEX future cloud hashrate for end of April (FHA):
– The current contract price for FHA is about 0.00799999 BTC per 1 GHS
– You will need to pay 7.999 BTC for a purchase of 1000 GHS contract
– The cloud hashrate will start mining in about month and a half for you
– No extra cost for electricity or need to support hardware
– You can sell or trade the cloud mining hashrate contract at anytime

So it seems that all of the above options do have their own advantages, but there are disadvantages as well. It is up to you to decide what seems the most reasonable for you at this moment if any of the options is a viable alternative for you. Based on our experience, the AntMiners are very good product and the company making them is really fast and ships from stock (if ordering directly from them), not to mention the always up to date prices going down with the difficulty increase. The PiggyBack Mining cloud mining service so far is working great based on our few weeks of experience using it, they also update prices after difficulty increase. The use of CEX.io for cloud mining is not so good of long term investment in mining hashrate due to the higher prices driver by the users trading on exchange, but if you use the platform for trade and treat the cloud mining as just an extra profit while trading it is not a bad option.

Weekly Report on Our PB Mining Cloud Mining Service Testing

11, Mar 2014

pbmining-current-hashrate-and-price

One more week has passed from our ongoing PB Mining Bitcoin cloud mining service tests and we got some requests to report on how things are progressing. We are currently testing a few more other cloud mining services that lately do have some issues as apparently they are getting DDOS attacks from people trying to hack them and this is hurting the user experience. What we have noticed is that so far there were no problems with the normal operation of the PB Mining service since we’ve started using it more than two weeks ago and things are still running smooth and on time, definitely a serious plus in our personal opinion.

pbmining-week-2-earnings

As we’ve already discussed PB Mining is sending the payouts from the cloud mining hashrate that you have purchased every Sunday before Midnight. This is a bit of a drawback as you have to wait a week to get your earnings available the in Bitcoin wallet, it would’ve been even better if the payouts were daily, so that you would have access to the mined funds faster. Another thing that we have noticed since we’ve purchased another 9 GHs after the initial 1 GHS we used for testing was that each purchase comes on a separate line in your profile and that makes it a bit harder to track the overall results. Also when you are getting your payments sent they come in separate transactions for each purchased lot of hashrate, so if you purchase 10 or 20 times different amounts of cloud mining hashrate it will be harder to track them easily, though there are no problems and you are getting payed as promised and what you have earned right on time.

We have noticed that the total hashrate of the pool has reached 38000 GHS, so the operators of the service are apparently adding more ASICs all the time in order to supply enough hashrate with the increasing demand. If you are planning to start using the BTC cloud mining services that PB Mining provides it will be wise to wait a bit more until the new Bitcoin difficulty hits as we expect the price per GHS to get even lower. The next difficulty increase of the Bitcoin network should happen in about one more day, though the increase this time will be a bit more subtle with roughly about 12-13%. With the previous difficulty increase we’ve seen a price drop for the price per GHS, so we expect to see another one this time as well, so you can just purchase a few GHS to test the service now and get more in a day after the difficulty increases at even better price. Note that PB Mining does provide a long term contracts where you are renting the hashrate you purchase for 5 years period of time and you cannot sell it or transfer it to another user (at least for the moment). So do have in mind that if you plan on investing into cloud mining hashrate there, we do plan to increase our hashrate from the current 10 GHS to at least 20 for the next week when the new difficulty hits and we get an even better price per KHS.

– For more information and to try out the PB Mining Bitcoin cloud mining service…

Official Statement From Bit Mining About Current Technical Issues

10, Mar 2014

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…


top