Posts Tagged ‘bitcoin cloud mining’

Quick Update on Our Experience With Bitcoin Cloud Services and Lunamine

31, Jul 2014

cloud-mining-services

It is about time for us to do a quick report on the latest Bitcoin cloud mining services that we have started using and reviewing – Bitcoin Cloud Services and Lunamine. These two services are still very new, but they do look promising and are very attractive because of their very low prices per GHS even compared to other similar services with very low prices such as PBMining, let alone to other typically more expensive services such as CEX.io and other even more expensive services. It is normal that users want to get the best price per GHS from a cloud mining service in order to ensure a fast ROI and then get to the part where they actually make profit from their investment. So new services with very attractive prices do generate a lot of interest, however this also raises some concerns, especially if the people behind the specific cloud mining service do not wish to reveal much about their mining hardware and operation. This is precisely why we do always recommend to start small when you are testing a new cloud mining service and never invest more than you can afford to lose in case things turn out bad and the service turns out to be a scam… and we’ve already seen quite a few of these. Let us get back to the new Bitcoin cloud mining services that we have recently started testing…

Today we’ve passed a little over a month using the Bitcoin Cloud Services and the good news is that the service is still here and still pays daily. They do offer 5 years long contracts with no extra fees associated with the hashrate you purchase, currently the price of 1 GHS worth of Bitcoin cloud mining hashrate is 0.0028 BTC with a minimum order of 40 GHS or in order to check it out you need to invest a minimum of 0.112 BTC. The main disadvantage that the service still has is that there is still no history for all of the payments you have received and there is no information available for the total mined coins since you have started the mining contract. This makes it very hard to actually calculate the numbers as you only have the amount of the last daily payout available and these numbers do change with the change in difficulty of the Bitcoin network. Other than that things seem to be running smooth so far, you can check our detailed review of Bitcoin Cloud Services from the last month for some more details about the service.

The second service that we have started testing a little over 20 days ago – Lunamine, though the service itself is pretty much a month old already, is also still here and running just fine. The approach here is slightly different, there is no defined time for the contract, instead it runs for as long as the hashrate you have purchased is actually profitable – the mined coins minus the electricity cost is higher than zero. The minimum contract you can get here is 100 GHS for $150 USD or about 0.2551 BTC (~0.0025 BTC per GHS) or the more attractive price wise 1THS contract available currently for $1300 USD or 2.2108 BTC. Even though we’ve been testing the service for shorter time we’ve seen quite a lot of improvement in terms of the control functionality such as the ability to reinvest the mined coins for additional hashrate. The user control panel here is also more detailed and offers clear information about the total mined coins since the start of the contract as well as history about the withdraws you have made so far. The payment here is not automated, you need to request a payment to be made to you for any amount from your account balance. You can check our detailed review of Lunamine from the earlier this month for some more details about the service.

Checking Out the Lunamine Bitcoin Cloud Mining Service

9, Jul 2014

lunamine-cloud-mining-service

It seems that the currently most affordable in terms of price Bitcoin cloud mining services – PBMining and Bitcoin Cloud Services might have some new competition. By new we really mean new, as a new BTC cloud mining service was apparently very recently launched in Sweden called Lunamine. We normally do not review services that were just launched and usually give them some time to see if they are not just some sort of a new scam and to give them some time to fix bugs and improve the features they offer before reviewing them, however we were asked by readers to check this new service out and we have decided to do so.

lunamine-bitcoin-mining-contracts

What makes this new service interesting, and by new we really mean new as their domain name was registered on 30th June this year or a little over a week ago, is the fact that they claim to offer pretty much the best price per GHS for Bitcoin cloud mining. They even manage to beat some other services that were fighting to offer the best price to customers by a bit, like the two we already mentioned. The current rate stated on their website is 0.0025 BTC per GHs, but the real rate can be slightly higher due to the variance in BTC exchange rate. They accept payments in BTC only, though the contract prices are listed in USD prices and they apparently calculate how much BTC you need to pay with the current exchange rate for the contract you have chosen based on the USD price. Initially Lunamine has launched a free 7 day trial with 10 GHS for people to try their service, but apparently this was very quickly stopped due to people abusing it (according to the official information published). So at the moment you can purchase a contract of minimum 100 GHS for $160 USD or about 0.254 BTC, or go for a 1 THS contract for $1400 USD or about 2.2229 BTC (you can get multiple of these as well). We have chosen the 100 GHS contract for our testing and yesterday when we have purchased it e had to pay 0.25234804 BTC for it or about 0.00252 BTC per GHs.

You will probably notice that there is no term period cited for the contracts duration, something that is a bit confusing as it says “Lifetime validity” and “No operational fees” when you are about to purchase a contract. There is a catch though, as Lifetime validity actually means until the hashrate purchased by you actually brings some profit for you when you pay for the electricity cost. Yes, there may be “No operational fees”, however you need to pay fee for electricity used and the rate is $0.0032 per GHS per day, and so for a 100 GHS contract you have to pay $0.32 USD a day for electricity and the rest of the mined coins you get as profit. Doing a quick calculation shows that at the moment you can mine around 0.00299 BTC per day with 100 GHS hashrate or your daily profit will be around $1.85 USD minus the $0.32 USD fee for electricity or around $1.50 USD with the current network difficulty of Bitcoin. This would take around 106 days or about three months and a half for you to break even on your investment and actually start earning on to of what you have invested if the conditions remain the same as in the current moment… and they will not be as the network difficulty will continue to rise. So do have in mind that as in about three months and a half from now if the network difficulty continues to rise with 10% you will be making about half of what you can currently mine with the same hashrate and the fee for the used power will remain the same. If you remain with only 100 GHS the lifetime of this contract will be roughly about 230-240 days or about 8 months before the mined coins will not be able to cover the electricity fee, that is if the price of Bitcon remains the same and the network difficulty continues to increase by about 10% each time, so not that accurate calculation.

lunamine-logged-in-dashboard

After we have purchased our contract it took about an hour for the payment to be processed and in about two hours the contract was activated, though this may take up to 12 hours according to the service description. Another thing to note is that while your mined coins get credited in your account, there is no automatic daily or weekly payout, you need to request the payout manually and in order to do so you need to already have accumulated at least 0.01 BTC. Furthermore since the payouts are apparently processed manually it can take up to 48 hours for your request to be fulfilled again according to the official information published about the service. We haven’t tried withdrawing yet as we’ve just started testing the service and have not yet generated enough BTC in order to be able to request a withdraw of the mined coins.

An important word of advice though, we have just started testing this service and since the service is really very new we do recommend serious caution! If you are interested in trying it out always start with a minimum investment and with something that you can afford to loose if things go bad. We are going to continue using the service and will be reporting how things progress with it as well as our own experience using the service.

– For more information about Lunamine’s Bitcoin Cloud Mining Services currently offered…

Bitcoin Cloud Mining Services Current Price Comparison

2, Jul 2014

bitcoin-current-network-difficulty

We have decided to do a quick roundup of the current Bitcoin cloud mining prices you can find with various service providers that we have tested or covered so far. We are not covering Scrypt cloud mining services this time as currently the Litecoin difficulty is high and price, along with the price of most other Scrypt crypto currencies is currently quite low, so it might not be the best moment to invest in Scrypt at the moment. While at the same time the Bitcoin price is quite nice at the current level, though the network difficulty has been steadily increasing as well. We have decided to have two categories, one for the typical cloud mining services an the other for the hashrate renting services as an alternative for short term investment in more hashrate. Do note however that renting hashrate or mining rigs to mine Bitcoins for you with Bitcoins might not be the wisest idea.

Typical BTC cloud mining services:
– Bitcoin Cloud Services – 0.00290000 BTC per GHS, 5 years, no pool fee, no maintenance fee
– PBMining – 0.00300143 BTC per GHS, 5 years, no pool fee, no maintenance fee
– CEX.io – 0.00682705 BTC per GHS, indefinite, no pool fee, has maintenance fee
– Cointerra Mining – 0.00775 BTC per GHS, 1 year contract, pool and maintenance fees
– Hashop.io – 0.00844000 BTC per GHS, 2 years, no pool fee, maintenance electricity fee
– Cloud Hashing – 0.0116375 BTC per GHS, 1 year contract, pool and maintenance fees

Hashrate renting mining services:
– Nice Hash – 0.00002620 BTC per GHS per Day (current)
– Mining Rig Rentals – 0.00003490 BTC per GHS per Day (current), cheapest 0.00003 BTC


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