More Issues With the Ghash Litecoin Mining Pool and the “Double” Reward Bonus

17 Mar
2014

ghash-io-ltc-mining-pool-status-update

We have already stopped using the Ghash.io Litecoin Mining Pool after the initial problems and changes of rules to the one week double mining awards for LTC promotion that CEX.io was running. We did recommend to our readers to do the same as we were really disappointed by how things were handled and the problems that were appearing. It seems however that what we have experienced as issues in the first day wasn’t the only problem, we got reports from readers that apparently still remained mining at the pool after that for more issues. Below is a quote from one such reader:

I would like to inform you of cex.io’s poor behavior. Notwithstanding your warnings about the LTC Promo, I was using their LTC pool for the last 2 days.

Here is the current state of things:

* They allowed a multipool to participate in the 2x promo(easily pushing the hash rate over the 2x limit of 25Gh/s)

* Agreed to pay for server error that kept our machines hashing without getting paid for 10 blocks. Then said “the support member was wrong ” when he said we “would get paid, so keep your machines running on the pool”.

* Randomly hashing blocks(3) without receiving payment(blocks not orphaned)

* Currently(as of this writing) having LTC withdraw issues. Users are reporting a “insufficient funds” error, despite having 5+ LTC.

All of these issues are experienced by many users. This is a very bad start to a site that looks so promising. In any event, I simply wanted to pass on this information in an attempt to prevent others from possibly getting Goxed.

There are a little over 3 days that remain until the end of the Doubled rewards for LiteCoin mining at the Ghash.io mining pool and we are again going to recommend you to stay away from the pool. Currently the multiplier is x1.25 and will hardly go back to x2 as the hashrate of the pool needs to drop in half. And if you experience a few more issues in the remaining time you could easily end up with the same or even lower than x1 the expected earnings from directly mining LTC in another pool.

Inside Bitcoins – The Future of Virtual Currency Conference

17 Mar
2014

inside-bitcoins-conference

The upcoming Inside Bitcoins conference will tackle the hard issues surrounding the recently-mainstreamed cryptocurrency, the event will take place in New York City, USA for two tracks of programming on April 7-8 at the Javits Convention Center. More than 80 speakers are expected that are industry experts and business visionaries converge to analyze the first digital, decentralized, peer-to-peer based global currency. Attendees will gain insight into the future of bitcoin through carefully-curated information sessions including “Politics, Press and Regulation: Bitcoin in Washington, DC”, “Bitcoin in the Cloud”, “Wall Street’s View of Fair Value for Bitcoin”, “The State of Bitcoin Security”, “The Bitcoin Startup Ecosystem”, and more. The recent issues surrounding the crash of one of bitcoin’s earliest and largest exchange sites will be explored in the newly-added session, “MtGox: Collapse of a Bitcoin Giant”, taking place on April 8. Join us at Inside Bitcoins New York and get the answers to all of your questions surrounding the current state of bitcoin.

Who is this event for? The answer is anyone with a vested interest in Bitcoins and other virtual currencies, including, but not limited to: Developers, Entrepreneurs, Financial professionals, Private equity, corporate, angel and venture capital investors, Banks and financial institutions, Brick-and-mortar merchants and online retailers, Credit and loyalty solution providers, Consultants, Daily deal and group buying networks, Data and payment processors, Legal professionals, Security solution providers, Founders of early stage and emerging growth companies. For the moment a one day conference pass is available for $399 USD and the full conference pass is available for $499 USD, though these are early bird access prices – the onsite prices will be higher.

– For more information about the Inside Bitcoins conference and the event agenda…

Weekly Report on Our PB Mining Cloud Mining Service Testing

17 Mar
2014

pbmining-current-hashrate-and-price

One more week has passed from our ongoing PB Mining Bitcoin cloud mining service tests and yesterday we have received our payout. As we’ve already discussed the service is sending the payouts from the cloud mining hashrate that you have purchased every Sunday before Midnight. From what we are seeing so far the payout seems to be fixed based on the current difficulty and the hashrate you have purchased. So far we haven’t had any issues with the service, unlike many other similar services that do have problems lately, but we are still a bit wary and are not investing too much coins in hashrate.

pbmining-new-weekly-payout-report

We already have 20 GHS purchased worth of hashrate and we are probably going to be upping that hashrate some more after the next Bitcoin difficulty adjustment in about 8 days, because PB Mining is decreasing their price per GHS with every difficulty increase. And for the moment they are still offering the best price per GHS for cloud mining hashrate that starts mining for you right away. The total hashrate of the service that is being officially reported is now 64 THS. There seem to be already about 4000 people that have registered and are using the service for cloud mining and while there are still some concerns about it, things seem to be running smoothly so far. And even though we have been testing the service for more than 3 weeks already and are so far happy with the results, we do still recommend some caution and to start small and not rush in with a lot of BTC to invest in cloud mining hashrate if you do wan to test it yourself.

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

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