Bitcoin Forum

Hey, does anybody do cloud mining or trading at bit-mining.co? I'm asking because I just deposited 0.10 BTC (a third of my current BTC) to my account there. The transaction has been confirmed a few times, but when I checked the site it is down? All of the pages on that site are currently down. Hmm. I'm really hoping this isn't them packing up and leaving, especially because I just sent a third of my money there. Has anybody else had these issues? Has it been down before and if so how long?

Dunno .. never heard about them... try to contact their support maybe they will respond.

The site's back up. Although "My Account" and GHs/BTC trading pages aren't working right now...

Bit-mining.co is up, but nothing on the site works.

All emails sent to support@bit-mining.co and contact@bit-mining.co are getting returned.

If you have any information on the name and identity and location of the owners of the site, please provide them.

You have lost all your money and it is time for legal action.

I don't understand how cloud mining works. Can anybody explain me?

Wow, all I can say is I'm not surprised. I ended up with a lot more BTC than 0.10, and had more invested at bit-mining.co itself. However, I sold all my GHs there instantly at a market price a couple weeks ago, sold all my alts for BTC, then hit withdraw on all my BTC and never looked back. I had noticed problems when I would withdraw my money, supposed to take up to 24 hours, some of mine took much longer (while disappearing) and other users I had seen commenting claimed they had been in the dark waiting for weeks on much larger BTC withdraws. Myself and Many other users there had problems getting our correct mining dividends, Support was rarely ever around and you could rarely hear back from anyone from the site regarding issues.

Anyways, I noticed shit starting to seem funny and the growing list of peoples' problems, along with the fact that Support could never be heard from, and I decided to pack up and leave. The whole of the big Mt. Gox debacle was just before my time starting out in BTC, but I read many users saying that the warning signs had been there in advance. I didn't want to get Goxx'd myself...
I started to believe towards the end that bit-mining did not seem to be solvent when it came to some larger customers cashing out their BTC, or many users all at once. In my case, I was lucky because I had no problems on my last withdraw. I did return to the site to comment on the chatbox telling the regular users there to pack up and leave like I did.

@LorenzoMoney- So is it really all Fubar now? From all I know, I believe the company was located in Toronto, Canada (Def. Canada but may not have been Toronto) and the main support guy commenting claimed to be from Greenville, North Carolina or something. Good luck with everything.

Cloud mining is where, the mining will be done on cloud servers. You dont need to have hardware or use your computer to mine the coins anymore.

So all the mining will be done on cloud.

Theoretically, someone buys a bunch of miners and sets them up somewhere and sells the rights to the income from the miners to others, and takes an operating fee for maintaining the hardware. Then, if that person sets up an exchange to trade the GH for mining, which is really ownership of the rights for the rights to the mining income for that amount of GH, and takes a %age of each trade, then you have what bit-mining.co tried to be.

The advantage is that you do not have to buy hardware and you can mine. The disadvantage we have seen in what just happened.