Posts Tagged ‘cex.io alternative’

Weekly Report on Our PB Mining Cloud Mining Service Testing

11, Mar 2014

pbmining-current-hashrate-and-price

One more week has passed from our ongoing PB Mining Bitcoin cloud mining service tests and we got some requests to report on how things are progressing. We are currently testing a few more other cloud mining services that lately do have some issues as apparently they are getting DDOS attacks from people trying to hack them and this is hurting the user experience. What we have noticed is that so far there were no problems with the normal operation of the PB Mining service since we’ve started using it more than two weeks ago and things are still running smooth and on time, definitely a serious plus in our personal opinion.

pbmining-week-2-earnings

As we’ve already discussed PB Mining is sending the payouts from the cloud mining hashrate that you have purchased every Sunday before Midnight. This is a bit of a drawback as you have to wait a week to get your earnings available the in Bitcoin wallet, it would’ve been even better if the payouts were daily, so that you would have access to the mined funds faster. Another thing that we have noticed since we’ve purchased another 9 GHs after the initial 1 GHS we used for testing was that each purchase comes on a separate line in your profile and that makes it a bit harder to track the overall results. Also when you are getting your payments sent they come in separate transactions for each purchased lot of hashrate, so if you purchase 10 or 20 times different amounts of cloud mining hashrate it will be harder to track them easily, though there are no problems and you are getting payed as promised and what you have earned right on time.

We have noticed that the total hashrate of the pool has reached 38000 GHS, so the operators of the service are apparently adding more ASICs all the time in order to supply enough hashrate with the increasing demand. If you are planning to start using the BTC cloud mining services that PB Mining provides it will be wise to wait a bit more until the new Bitcoin difficulty hits as we expect the price per GHS to get even lower. The next difficulty increase of the Bitcoin network should happen in about one more day, though the increase this time will be a bit more subtle with roughly about 12-13%. With the previous difficulty increase we’ve seen a price drop for the price per GHS, so we expect to see another one this time as well, so you can just purchase a few GHS to test the service now and get more in a day after the difficulty increases at even better price. Note that PB Mining does provide a long term contracts where you are renting the hashrate you purchase for 5 years period of time and you cannot sell it or transfer it to another user (at least for the moment). So do have in mind that if you plan on investing into cloud mining hashrate there, we do plan to increase our hashrate from the current 10 GHS to at least 20 for the next week when the new difficulty hits and we get an even better price per KHS.

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

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…

Bit Mining Cloud Mining Service Back Online

9, Mar 2014

bit-mining-cloud-mining-service

The Bit Mining cloud mining service for LTC and BTC recently had some technical issues that caused about a day of downtime, but it seems that the website is now back online and working. We’ve been using the service for just a few days starting with the purchase of 100 KHS of Litecoin cloud mining hashrate and the earnings from mining that we get every 24 hours we are reinvesting into buying more KHS (the service even offers automation by setting a percent for reinvestment of earnings). At the moment there are still things that apparently haven’t been restored yet, for example the trading functionality of the website is not yet operational, and some users are reporting that they are not seeing the purchased hashrate. The support however reassures that everything will be restored back to normal soon as apparently they’ve had some serious problem. Meanwhile if you are having problems logging in, then try resetting your password and login with the new one.

Another important thing that you should be aware of if you are interested in purchasing cloud mining hashrate at Bit Mining is that when you place a sell order of hashrate you have purchased it will not be mining for you ether until you cancel the order or you sell the hashrate. If you have used another alternative service for cloud mining scuh as CEX.io for example, you might expect that even the hashrate “locked” in trading is going to mine for you, but here apparently it does not.

In our ongoing tests of the Bit Mining we have also decided to try to mine with local hashrate at the pools available. The good thing here is that you can not only cloud mine, but also mine with mining hardware that you own physically at the same terms (minus maintenance fee for non cloud hashrate). However either there were some problems with the pool or you need to mine for 24 hours (or at least to be still mining when the payout happens) in order to get your earnings. We have mined with a BTC ASIC for a few hours at the pool and it was reporting hashrate and expected earnings, but as soon as we’ve stopped the miners we got 0 for Daily Payout reported and when the actual daily payout happened we got nothing for the time we spent mining. Ths could’ve been a bug, or something that is not very well documented, but we do advice to test first yourself with some low hashrate, before leaving all your miners pointed at the Bit Mining pools. For now we are going to be focusing mostly on testing the cloud mining functionality of the service and we are going to report how things go as we continue using the service.

Aside from the technical issues from the last 24 hours that Bit Mining is currently experiencing, the service worked pretty well for the few days we’ve been testing it. There were a few times when the website was loading a bit slower, but we were getting our payouts on time and had no issues in general aside from not getting anything from spending some time mining with an ASIC in their BTC pool. On the other hand the website’s interface and functionality could be improved as at the moment there are a few things that are not very user friendly, including the trading functionality. But we’ll see how things go from now on, at least the support is here and replying to users about their problems and it seems that issues are actually being worked on unlike in some other similar services. And we’ve had a fair share of issues with almost all cloud mining services that we’ve tried so far and the only one that seems to be holding up really well with no issues experienced for the last two weeks that we’ve been testing it is PBmining.


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