Posts Tagged ‘bitcoin cloud mining’

Cloud Mining Service Testing Progress Report

20, Mar 2014

cloud-mining-services

We have decided to post a short update on our progress in testing various cloud mining services for mining Bitcoins and Litecoins without having to purchase any hardware, instead you just rent hardware that mines for you. We are already testing a few of these services and have shared some experience and feedback and will continue to as we continue using them. 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. This is 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 are proceeding with caution when using them and start with small investment in hashrate for a few weeks to see how they will work and try them for a while.

Bitcoin/Litecoin Cloud Mining Services:

CexIO is 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. Apparently the service is soon planning to launch Litecoin cloud mining as well, but it is still not available. Currently the price of 1 GHS worth of Bitcoin cloud mining hashrate is around 0.0117 BTC. The service has a dedicated pool that you may also point your own mining hardware to mine with a 0% fee for Bitcoins and since recently for LTC as well.

PiggyBack Mining 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. The service offers one of the best prices per GHS for BTC cloud mining hashrate and you purchase it in the form of a contract for 5 years. Currently the price per 1 GHS is 0.0078 BTC and the price gets down usually every difficult increase of the Bitcoin network. The only drawback is that you are getting paid your mined earnings once a week. We’ve been using the service for a few weeks already and had absolutely not trouble with them.

Bit Mining is a service that we just recently started using, even though it has been operating for a few months already with Bitcoin cloud mining service, though we are more interested in the more recently launched LTC cloud mining as well. The company has announced a partnership with the BTC ASIC maker Bitmain not long ago, but more recently they have been hacked and for the last about 10 days already they have been fixing things. The service is almost back to normal operation and everything in our account is back to normal and the only thing left is probably the restoration of the automatic withdraw payments as currently they are confirmed manually and it can take some time for the coins to be available in your wallet (up to about a day in our experience). The prices are currently around 0.0098 BTC per 1 GHS for Bitcoin mining and 0.047 LTC for Litecoin mining. There are also pools that you can point your mining hardware to mine for you with 0% pool fee along with your cloud mining hashrate.

MarketsCX is a new cloud mining service that has launched just recently as a Litecoin cloud mining service with an exchange that relies on Gridseed ASIC hardware. The service had some hiccups in its operation like delayed withdraws that we have experienced a few times, but seems to be working stable and is here to stay. We’ve had some concerns about it initially, but it seems that they might not be a problem. What we did not like initially was the fact that the price per KHS worth of Litecoin cloud mining hashrate has dropped significantly in very short time, probably due to the significant processing power available at the service. The good new is that if you are just starting the service you can purchase hashrate very cheap, probably the lowest price available at only 0.022 LTC per KHS. The service has just started adding BTC cloud mining option as well, but it is not yet fully operational. Since this is a new and unproven service we do recommend to be careful and start small if you want to give it a try!

ScryptCC is the first Litecoin cloud mining service that we’ve tried a while ago and we were very excited about it at first. Unfortunately we were very disappointed soon after we started testing the service as they’ve had some small but annoying bugs and issues that we reported multiple times and now more than a month later they are still not being addressed. We gave up on the service completely as apparently the support is virtually non existent there, but we check from time to time if there is any change. We are also reporting the problems from time to time again hoping that they will be resolved for the users that still continue using the service. We would not recommend that service to anyone, so stay away from it, there are already other alternatives available.

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 (2.87 PHS total hasrate), but we still haven’t given it a try. We plan on trying out the service soon and what has been stopping us so far are 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 less than 85 GHS as a minimum, so not easy to test the service with a low investment before deciding if it is worth to invest more. Still worth checking it out and we’ll soon be giving it a try with a small 85 GHS contract in order to be able to give a proper review of the service based on our experience using it.

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.

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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