Archive for the ‘Cloud Mining’ Category

Our Conclusion About the Scryptcc Scrypt Cloud Mining Service

2, Mar 2014

scryptcc-scrypt-cloud-mining-service

After using the scryptcc cloud mining service for a over two weeks already we are ready to draw our final conclusions about it. Initially the service seemed very promising with a few things that needed to be fixed and some extra polishing of the already available features, so we had high hopes and have invested into it until going up to 400 KHS worth of Scrypt mining power. We were buying from the second batch of 100 MHS (total of 200 MHS or 200000 KHS) were sold by the service provided to users and we have also reinvested our earnings into more kilohashes. And as expected when the second 100 MHS batch was sold out the price per KHS started to increase as you had to buy from other users that are selling their already purchased hasrate. As predicted this meant that if you went early and bought from the “cheaper” KHS you could also profit by selling them later at a higher price, along with the earnings you will get by them mining for you.

Everything seemed to work fine and we’ve received our mined earnings every 10 minutes into the account balance, though we’ve noticed some bugs and have reported them to the support. We got response from the support that they will look into them and even suggested some workarounds. That was during our first days of use of the service, so we were not aware that the support will be so bad in terms of not fixing anything ad even not responding anymore to our numerous reports about the fact that the problem still exists two weeks after our initial report about it. We suspect that other users have also reported these problems and they are still not being addressed and we got only promises and excuses that the service is still in Beta and the reason for issues is that. Now, more than two weeks have passed since we started testing the cloud mining service and the issues still persist, so we were fed up and decided to sell our KHS and stop using the service. When money or crypto coins are invested into some service or product you expect to get something worth these money in return, and apparently we are not getting proper support, so we better stay away…

Selling the 400 KHS hashrate that we’ve had purchased in the service along with the profit from mining for this time, we ended up making about 0.05 BTC profit which is not bad. However we wanted to invest into more Scrypt hashing power as well as to continue using the service for longer periods of time. With this level of support, or the lack of such, we have decided to get out of the service with small profit and not risk having a more serious issue that will have to wait for who know how long to be resolved and that could lead to loosing money or coins. Our final advice is to stay away from the scryptcc cloud mining service and if you have already purchased some KHS there you might want to sell them and reinvest the coins into another more reliable and better service. We have done that and are already trying another alternative services and may revise our conclusion in a few weeks of time if there is some improvement.

Status Update on Our PB Mining BTC Cloud Mining Service Test

28, Feb 2014

pbmining-5-year-btc-mining-contracts

We’ve been using the PB Mining Bitcoin cloud mining service for almost a week already and since the BTC network difficulty just increased by about 21% we have decided to report on our current earnings with the previous difficulty. We have started testing the BTC cloud mining service by purchasing 1 GHS with a price of 0.0107 BTC per GHS for the purposes of our tests. Now, after the difficulty has been just increased the there is a new price of just 0.0089 BTC per GHS. This means that at the moment you can purchase 500 GHS for about 4.45 BTC as opposed to 5.35 BTC for the same hashrate last week. This price reduction with the increase in Bitcoin network difficulty is a good thing and makes the service even more attractive, so we are already considering of purchasing some more GHS.

pbmining-current-earnings-status

Let us see how things are going in terms of earnings, since our testing has started we got a small payment (they are sent every Sunday before Midnight) and currently our earnings from the 1 GHS purchased equal 0.00075838 BTC (not including the payment that was already sent). These earnings are for mining in the last 4 and a half days after we got a payment on Sunday. With the previous difficulty the estimate was 0.0001607 BTC per day earnings with 1 GHS hashrate so for 4.5 days this equals to 0.00072315 BTC and for 5 days 0.00080350 BTC. With our current earnings in between these two numbers we can say that we are very happy with the results we are getting so far. And with the update of the price for 5 years mining contract the PB Mining Bitcoin cloud mining service is getting more and more attractive option. Sure there are other alternatives available, but they try to not only sell you higher priced GHS, but also make you trade them while they mine for you in order to get higher profit (or loose more trying to do that). This service on the other hand is a long term contract where you cannot sell your purchase GHS, however they will continue to mine for you for 5 years with expected return of investment in roughly 6-8 months currently estimated.

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

First Impressions from the PB Mining BTC Cloud Mining Service

24, Feb 2014

pbmining-5-year-btc-mining-contracts

It seems that cloud mining crypto currencies is booming lately and more and more new and interesting services giving you the opportunity to purchase Bitcoin mining hashrate in the cloud are appearing. We are going to be looking at one new such service that we just started testing a day ago – PB Mining, so we are going to be sharing our first impressions from the service and in the following days we’ll keep you updated with more details and interesting findings as we continue to use it. You should know that there are different types of services that offer you cloud mining hashrate, and you should approach them differently based on what exactly they are offering you. For example one of the most popular such service called CEX.IO has an exchange where users trade hashrate and the current market price is based on the users trading. The advantage of that method is that you can both mine and trade at the same time and maybe get some extra profit, the disadvantage is that the price per GHS is higher and the risk of price fluctuations is higher, making it not so attractive for long term investment. On the other hand, the new service offers a different approach – they are selling you long term contracts for 5 years of mining. So essentially you are going to be renting a BTC mining equipment for 5 years and all of the mined coins will be sent to your Bitcoin wallet every week for the duration of the mining contract. This is essentially a long term investment in Bitcoin cloud mining service and the good thing here is that the price per GHS is more than two times lower (0.0107 BTC per GHS) compared to what CEX is selling at the moment on their exchange (~0.0240 BTC per GHS).

pbmining-purchase-ghs-contract

You can quickly and easily register at PB Mining and purchasing some hashrate and starting to mine with it can take just few hours. For the moment this service is not that automated and feature rich as you might want it to be, but on the other hand it is very easy and simple to start using it. When you are registering you need to provide your Bitcoin wallet address that will be used to send your weekly earnings, make sure you type it right as you will not be able to change it afterwards (probably edit functionality will be added soon) along with other profile details in your account. As soon as you register you will need to deposit some Bitcoins that you will use to purchase cloud mining hashrate with, the price is 0.0107 BTC per GHS and you can purchase from 1 GHS up to 500 GHS at a time (0.0107 BTC – 5.35 BTC) at a single order, though you can make more orders after your first one. We started our testing with the purchase of 1 GHS hashrate and after we have sent the Bitcoin transfer to the provided address it took about 3 hours for our purchased Bitcoin mining hashrate to appear in our account, but it could take up to 12 hours according to the service provider.

pbmining-1ghs-user-stats

After our hashrate has become active and our 1 GHS started mining BTC we have waited for 24 hours to see how much Bitcoins we are going to have mined for 1 day. Since our first 24 hours ended a bit after midnight this Sunday you can see that we even have our first weekly payment sent and received in our BTC wallet, so we can confirm that the service is really paying every week as well. The image above can give you an idea about how your profile details look, simple and easy, though a bit more functionality like editing the details you have entered upon registration would be nice. For example after some time you may need to change your wallet address, after all here you are paying for a 5 years contract. But since the service is still quite new, we expect to see some improvements happening soon, the important thing for now is that it seems to be running very well and problem free and we like that. We suppose that there are already about 1500 people that have registered for it and the currently available hashrate reported by the service statistics shows that there are currently about 24.314 THS available out of which there are 14.4 THS still available for sale.

We are sure that you are already asking is it worth to go for long term Bitcoin cloud mining investment and the answer is yes. And to the question if it is better to go for dedicated ASIC mining hardware for BTC or to purchase cloud hashrate the answer is a bit more tricky. If you are able to buy a Terahash size ASIC miner at the moment and get it immediately, then you should do so as it will be cheaper than renting for 5 years cloud mining hashrate. However if you are not able to pay and get the hardware immediately as is most likely the case with almost all people, then investing in cloud mining is a good alternative. With cloud mining services such as PB Mining you can purchase a lot of GHS and they will immediately start mining for you, even if you may have to pay something like 50% more than for a dedicated Bitcoin ASIC that you will however pre-order now and will have to wait for some time to get it.

bitcoin-1ghs-profitability-current-difficulty

Now we are going to do some calculations to see what you can expect to get in terms of mined BTC from the Bitcoin cloud mining hashrate that you can purchase at PB Mining. On the image above you can see an estimation of what earnings are expected for a day with the current BTC difficulty with 1 GHS mining hashrate – 0.0001607 BTC for 24 hours in ideal conditions. Our 1 GHS cloud mining hashrate has so far generated for us a total of 0.0001624 BTC, so we probably had a bit of more luck in finding blocks at the pool. And if we do a long term calculation for the possible break even in time for the purchased hasrate and we set a 20% increase of BTC difficulty on each retarget (a moderate value closer to the latest few diff increases) we have ended up with about 180 days or half an year. This means that the rest of our 4.5 years of the mining contract duration we are going to be earning Bitcoins after completely getting back in just 6 months what we have invested at the beginning. This does not sound bad at all, though the return of investment time could be a bit higher with higher difficulty increases every 12 or so days. This is pretty much the average ROI time that most of the good cloud mining services should be able to offer, making this an interesting service to try out and invest into some GHS that will be mining for you on the long run. So far we are pretty happy with the service and what we are seeing and already getting back in return, and we’ll keep you updated on how things progress as we continue using it.

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


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