Posts Tagged ‘LTC cloud mining’

Official Statement From Bit Mining About Current Technical Issues

10, Mar 2014

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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…

Checking Out the MarketsCX Litecoin Cloud Mining Service

10, Mar 2014

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If you were looking for the Litecoin alternative of the CEX.io Bitcoin cloud mining and trading service then you may not have to wait much more. We have just found out about a new service that looks and functions very much like CEX, however it is designed only for LTC cloud mining. This new service that has launched just a few days ago is called Markets CX and has started just about a week ago with a month before that for closed beta testing according to the available information. It seems that the service is based somewhere in Asia and to be more precise in mainland China according to the not so man details published about the operation. Furthermore the cloud mining hashrate being offered is apparently provided by 5-chip Gridseed ASIC devices and there is even an option to redeem your cloud mining hashrate for actual hardware (300 KHS per device).

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Of course we have decided to give the service a try as something new and interesting in our search for a good Litecoin cloud mining service. It seems like the most promising and well made from what we have tried for mining Litecoin, so we have decided to start by depositing 5 LTCs and purchasing Scrypt mining hashrate with them. We started with 1 LTC initially just to test and soon after that moved another ~4 Litecoins and the total hashrate we have purchased with them was about 120 KHS. We liked that the deposit confirmations require only 3 confirmations on the network, so you can quickly have the LTCs available on the exchange to buy hashrate with. The current price per 1 KHS is 0.0410 LTC with already over 40000 KHS (40 MHS) available on the exchange, so there is plenty of hashrate available for sale at the moment. We however do recommend to start small as we did and we usually do with new services that we are trying out and if everything works well out for you you can later on buy more hashrate. The good news is that we already got a few hourly earnings credited to our account and we can withdraw them, though we’ll probably reinvest them for more hashrate. We expect that soon the exchange rate will start to get higher as currently the available on the market KHS are probably offered by the service provider at a lower rate and with more demand the price will start to get high. This will allow you to buy now cheaper and sell more expensive later on to get some extra profit if you do not want to invest on the long run.

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And while this new service for LTC cloud mining does seem to look very similar to CEX.io the two are not run by the same people. This new Litecoin cloud mining platform does not yet have a public mining pool where you can mine with your own hardware, or even some real time information about what and how your purchased cloud mining hashrate is performing. For the moment you can only see every hour what your earnings are on the account Balance page, so there is more to be desired here, especially considering that this piece of information is not well described and you need to figure it out by yourself.

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Markets CX does offer a Mining Profit calculator that can give you an idea about when you can expect to break even in. The average return of investment according to the profit calculator is 6-7 months and that does sound pretty good, but the time required to get your invested LTC back can vary. The maintenance fee for the cloud mining hashrate you purchase is currently 7.5% and you can see how much from your earnings are deducted each hour when you get your mining profit credited to your account. So far we are excited by the potential we see in this Litecoin cloud mining service, so we do recommend to take a look at it if you are interested in LTC cloud mining. You can try it out with just a few KHS like we did and we’ll keep you updated on our experience and results from using this new Litecoin cloud mining and trading service. Note that we do recommend to proceed with caution though and not invest a lot of coins initially and give the service some time to prove itself first!

– For more information about the Markets CX Litecoin cloud mining service and to try it out…

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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