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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…

EnergyCoin (ENRG) alternative cryptocoin

1, Mar 2014

energycoin-logo

EnergyCoin (ENRG) is a pure PoS coin which generates coins through PoS blocks. Except the first block where it generates the initial 101 million coins, no PoW mining will get any coins. All every person has to do is post it on our facebook, twitter or reddit page, and add a signature to btctalk profile. After distribution is over energycoin is mineable by simply running your wallet. Thus a huge mining cost of hardware and millions of electricity costs are saved.

EnergyCoin also adopts a variable PoS rate with the following annual interest rate: Year-1: 10% Year-2: 8% Year-3: 6% Year-4: 4% Year-5: 2% Year 6 has only 1% of annual interest. 30 seconds block time to make sure network is stable and fast at the same time -Difficulty retarget is based on each block ensures to keep the difficulty logical -Scarce but not too scarce to be uninteresting or not usable. 101 million coins in distribution and interest values were decided to make sure the coin retains its value

Website:
– Announcement at Bitcointalk

Block Explorer:
– https://chainz.cryptoid.info/enrg/

Coin Specifications

  • Scrypt POS/PoW Hybrid (No PoW Reward)
  • Max Coins: 110 Million and yearly interests
  • Year 1: 10% interest, 8%, 6%, 4%, 2% and then down to 1 % each year after that
  • Block Time: 30 seconds
  • Confirmations: 3 to confirm tx
  • Stake age: minimum 1 day to stake coins
  • Transaction confirmation time: 6 blocks or ~9 minutes
  • Block maturity time: 100 blocks or ~2 hours
  • Premine: 100% given away free to bitcointalk members

Wallet:
– Online Staking Wallet
– Windows
– Android

Source Code:
– at GitHub

Ports:
– RPC Port: 22706
– P2P Port: 22705

Mining Pools:
No pools available, PoS only coin.

Coin Exchanges:
– Crex
– Bittrex

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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