Posts Tagged ‘Bit-Mining’

The Scryptcc Cloud Mining Service Moving from GPUs to Scrypt ASICs

18, Jun 2014

scryptcc-scrypt-cloud-mining-service

The Scrypt cloud mining service Scryptcc was one of the first to start offering Scrypt cloud hashrate using GPUs for mining alternative Scrypt-based crypto currencies and paying its users in Bitcoin. The service was quite interesting when they’ve launched, but had some issues from the start and they were a bit slow in fixing things, but lately they seem to have improved. In fact we’ve seen some similar services come and go and this one is still here and without having some major hiccups like others had. The interesting thing was that up until recently they were still using only GPUs for mining Scrypt and thus the profitability was not good at all. However there is a new announcement that they have started adding Scrypt ASICs in their new data center and report that profitability has started to get better again. Currently the price of 1 KHS is ~0.000324 BTC or about 0.324 BTC per Megahash worth of Scrypt mining hashrate at the service, so definitely not the best price. According to the profit calculator available on their website buying 1 MHS of cloud mining hashrate at the moment you can expect to break even in about 152 days. This is not the best deal we’ve seen for sure, but not the worst either.

– For more information about the Scryptcc cloud mining service and to try it out…

Our New Cloud Mining Service Testing Progress Report

13, May 2014

cloud-mining-services

We haven’t updated our cloud mining progress report for a while now, so we have decided to write down our latest impressions form the services we are currently testing or have tested already. And with services such as MarketsCX and Bit-Mining disappearing, creating a lot of trust issues with other and especially with newer cloud mining services it is good to give an overview based on our own experience. The biggest concern with most cloud mining services is if they are here to stay and will not take away your coins or money and run away with them. Especially true with new services that have just launched and the way they run and the information they provide raises some concerns. That is why we do recommend to always do some research and start small should you decide to test a new cloud mining service and be very careful, unless you are sure to be investing in an already proven and established service.

CexIO is probably the oldest and biggest Bitcoin cloud mining service, no concerns there, though our experience has shown that it is good mostly for trading GHS/BTC and long term investment in Bitcoin cloud mining hashrate does not work that well. The service does plan to launch Litecoin cloud mining as well, but it is still not available, though they have been expanding the list of services they have such as adding Scrypt mining pools as well as introducing a trading fee on their exchange and adding future cloud mining contracts for trading. Currently the price of 1 GHS worth of Bitcoin cloud mining hashrate is around 0.0069 BTC and near the end of this month it should most likely go below 0.006 BTC judging from the current FHM trading price.

PBMining is a Bitcoin cloud mining service intended for long term investment as there is no exchange where you can buy/sell the purchased hashrate at any time and you buy a 5 years long mining contract. The service has probably the best prices per GHS for BTC cloud mining hashrate and this along with the 5 year contract makes a lot of people concerned and we were a bit concerned as well initially. However the fact that we’ve been using PiggyBack Mining for almost 3 months already and we didn’t have any problem and were always getting our weekly payouts on time we are not that concerned about them anymore… especially comparing to the bad experience we’ve had with other services that are no longer available. Currently the price per 1 GHS is 0.005 BTC per GHS and the price gets down usually every difficult increase of the Bitcoin network.

Cloud Hashing is a Bitcoin cloud mining service that has been available for some time and seems to be a very serious one according to what they claim (3.79 PHS total hasrate). The service has own dedicated pool and you get control over the workers you have via a web-based dashboard depending on the mining contracts you have purchased. The only drawback of this service is the not so attractive price they have for the hashrate that you can purchase in the form of a 1 year contract. You are not able to purchase minimum of 30 GHS and they are a bit expensive at $299 or 0.69 BTC (0.023 BTC per GHS), so not easy to test the service with a very low investment before deciding if it is worth to invest more. After all everything that a miner wants to get is profit when investing in either Bitcoin mining hardware or in cloud mining services and the numbers here don’t look so good. The fact that the price for the cloud mining packages offered does not adjust with the change in difficulty does not help either.

ScryptCC is the first Litecoin cloud mining service that we’ve tried a while ago and we were very excited about it at first, but were not very satisfied by the level of support we were getting – very slow response to issues. Though things seem to have been improving the fact is that this is the only more serious Scrypt cloud mining service that remains after others such as MarketsCX and Bit-Mining have disappeared. The service is apparently using GPUs making it harder to add additional hashrate and thus the prices are mostly depending on the trading going on between users. Currently the lowest price of 1 KHS worth of Litecoin cloud mining hashrate is available for 0.000719 LTC and when we started testing it about three months ago it was pretty much double that price.

We’ve seen quite a few other new cloud mining services popping up, but no other serious enough made in terms of user functionality that is currently available. Other similar services rise some concerns, don’t have detailed mining reporting and/or trading functionality etc. Again we do recommend to always do some research and start small should you decide to test a new cloud mining service and be very careful, so that even if it disappears quickly you will not loose much!

The Bit-Mining Cloud Mining Service Experiencing Problems Again

19, Apr 2014

bit-mining-cloud-mining-service

We’ve been testing the Bit-Mining cloud mining service for a while already and our experience with it was actually Ok while the service was working properly. The problem is however that the service was not functioning properly pretty much most of the time since we started testing it and yet again it seems to be experiencing some serious issues. The last time that the service was apparently “hacked” it took more than just a few days to restore the normal operation, then there were some issues with the SSL certificate of the service and now again they have been having some issues for more than a few days already. What we do not like is that the people behind the service are not very active in communicating about the problems when they have some, so the users can be rest assured that they are going to be fixed. And since they do have problems so often what is happening is that their users are going away and so are we. We decided to give a second chance after their last problem was fixed, but now we can already draw our conclusion – stay away for the service. They do have too much problem, take a lot of time to fix them and you as the user only get some headaches from all of the trouble associated with it to be worth it.

Currently users are unable to login, resetting the password could work for some, but after loging in successfully the service is still not properly functioning. The last official news from the service was a short post on April 15th at the Bitcoitalk forum quoted below:

Hello Bit-Miners,

We apologize for the lack of communication during these last few days. As you all have noticed, there have been many issues and down times as of late with the website. We have received many hack attempts in the last few days at Bit-Mining.Co, which has caused us many issues. All our staff members are working together to fix all the issues and bring the website back to normal activity as soon as possible.
All open tickets should be resolved and withdrawals processed in the next 48 hours.
If you don’t see your issue resolved in the next 48 Hours, please email us
at: Support@Bit-Mining.Co . Again, we apologize for the lack of communication.
From now on, we will keep you updated more frequently by using social media pages.
Please follow us on Facebook: https://www.facebook.com/bitmining
and Twitter: https://twitter.com/Bit_Mining

Bit-Mining.Co

The problem is that since then nothing new has been available as information, no communication through the Facebook or Twitter pages that are supposed to be used for things like that. And the service is still not properly functioning after a few days have passed already. Again, we’ve had enough of issues and recommend to stay away from that service and if you are using it and still haven’t withdrawn your coins you should consider doing so after they finally fix this problem as well.

– For more information about the Bit Mining BTC/LTC cloud mining service…


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