Bitcoin Forum

Hey Guys !

I am a newbie in mining first I was planning to purchase mining equipment but when I saw this website PBmining.com

They sell 0.0044/BTC per GH. So, if I purchase direct GH from that website site will it make me profit?
I am planning to purchase 200GH/s.  ???

Please share your views!  ::)

Thanks
Danny  :) :D

I`m not sure. I`m in the same boat as you.

I saw this thread https://bitcointalk.org/index.php?topic=484355.320

And made me debate and question a few things.

thats a huge talk out there ....   :o ::) ::) ::) ;D

I saw few posters commenting about it being a ponzi-like and not about actual mining.

Well, it's a contract for five years, so you will definitely break even.
If you are going to buy, please buy through my ref link :)

I think this is similar to cex.io, am I correct? I think the only reason you could make money or break even easily is because others are dumb enough to buy the contracts from you. Like some else said, like a ponzi....

It's not the same. It's not a ponzi like pyramining either.
It's a hashing contract for 5 years. You buy that directly from PBMining.
You can trade your ghashed on cex.io, but you cannot on PBMining.

What is to stop people from buying contracts from one another? If you can't do it directly on their site, is there any reason you couldn't do it elsewhere? If not, I'm sure there would be a market on this forum, for instance.

I'd like to know more about this as well. When I saw the threads in the marketplace, I kind of assumed it was just like cex.io. That was my first thought anyway. If it's not, maybe I'm interested.

Agreed. Some people could just trade their account to one another, and sell it lower than the contract price. Really no way to stop it.

I'm skeptical.

First, suppose you own 1000 GH/s of mining equipment and that mining equipment will earn 5 to 6 BTC over the next several months. Would you rent it out for 4.4 BTC?

Second, don't forget that you also have to maintain the equipment and pay for 5 years worth of electricity.

Does that sound rational? It doesn't to me.

Didn't even think about that. Electricity bills depend on where you normally live, so it might be costly if they live in any of the metro or huge cities. Which could totally mess up the ordeal. And anything can happen to their company or the profitability of rigs in that time range.

They didn't prove that they physically own the hardware, possible ponzi scam.

Yes, I am very skeptical of the people behind this. I don't see any proof of anything, and as someone else mentioned, it is a very odd setup that doesn't make a whole lot of sense. I would proceed with extreme caution.

I found this on a review, seems to be a bit risky but profitable:

Company Background: Bitcoin Mining company PB Mining is based in SK, Canada, and has successfully sold Bitcoin mining hardware on eBay for two years.
Further information about the company for a thorough Bitcoin mining comparison is more difficult to find.
Customers are advised to exercise caution on this point.
However, Bitcoin mining rates are quite inexpensive, customer support has been excellent, and Bitcoin mining clients have been paid promptly based on their Bitcoin mining investment in the company.

they neither show us proof that they have mining rig and BTC that mined from pools
they only give you fix rate BTC from GHS you purchased before
and they paid weekly using mixing/shared coin to us all
why they use mixing/shared coin? because they don't want us know from where the coins originated
it makes sense? sorry, no for me
it's like they laundering coins.

hey guys

today I received payment from PBmining.com.

The address from where i got coins - 1Payday1sm5wGqtatKscfXnxARZ2B2MF3z
http://i61.tinypic.com/mc88k3.jpg

I got paid today too. Look, it might be a ponzi, but the whole point is that it's a sustainable and paying ponzi.

A ponzi, by definition, is unsustainable. It can only continue as long as new investors come in.

https://en.wikipedia.org/wiki/Ponzi_scheme

Hey, you know, as bitcoin difficulty rises, payouts will go down. The funds from the bought contracts can be then paid out. So it will last more and more.
And even if they don't have that many TH/s, they should at least have some.

If the expected payout is reduced, so then will be the money coming in from new investors, so it makes no difference.





I have no idea :)

No, because there will always be newbies trying out cloud mining.

You will most likely NEVER get ROI unless you can sell back your GHS like on cex.io

In which case, you have to pay more and more people using the money from each set of new investors. This is why ponzi schemes can never be sustainable as you claimed.

These insignificant payments you are receiving don't prove anything. You will find out that it is a ponzi scheme when they stop paying. They can stop paying at any time and you will lose all of your money.


They don't have to have any mining equipment if they don't intend to pay the full amount.

I'm like 2 weeks to break even :)
And yes, they might not have any mining equipment at all, but I think they do. However, that's just my opinion.

Use a calculator. You will most likely find that it will take a LOT of time to break even not to mention making a profit worthwhile. Cloud mining is definitely not recommended at the prices today. I think PB mining has proven to be legitimate enough, and while I don't doubt their service, I do doubt the concept.

To me, the site is very likely a ponzi because of 2 reasons.
1. It has no indication of any hardware, even if they claim to have sold about 600TH/s.
2. The weekly payments aren't sent from block rewards.

Is it because they are still paying weekly as promised?

To be honest, all ponzi/hyip make payments to their "investors" as promised, until the owners run away with your money...

I found one thread on other forum where OP caims "pure profit" but he started in January so it took him 5 months (still good for 5y contract)

but who know, maybe he profits from his referals  ;D

check
http://www.moneymakergroup.com/Pbmining-Bitcoin-Mining-t465153.html&pid=1108834170&mode=threaded#entry1108834170

If you distrust everyone even when they're paying what they promise they do you're probably a very close minded person. People know what ponzis are. Of course they pay a few people. Investments are always risky.

This is not true. The difficulty for bitcoin is rising so fast that at one point you will not even make 1% of your first payment.
However I've been looking at PBmining and it might actually go break even.
I bought mining contracts from e-pickaxe in November and they gave me ROI +10-20%. That's ROI in BTC. If I were to buy the contracts in dollars and straight away sell whatever was payed out for me I would probably not get ROI.

can you guys tell me the litecoin cloud mining contracts websites ?

maybe you can try this website
https://scrypt.cc
learn about it before you buy contract

Cloud mining isn't profitable.
There, lesson learned.

yeah agree ;D
it's better to buy our own mining rig and mine with it instead cloud mining

Its the same thing as getting any miner, you need a lot . I mean a lot of gh/s to get something out of it, you're just not paying the mining pool fee and electricity but everythings about the same as pay.

Hence with no one can change about the daily/weekly/monthly difficulty factor.

And even that is hard to break even with. Unless you already have been mining for a long time it's gonna be hard to break even, not to talk about making a profit worthwhile.

Guys I am really confused now !  ??? ??? ??? ???

Please tell me is bitcoin mining even profitable? if so, what will be the best way to mine? or just purchase some coins and hold em ?? ::) ::)

Thanks  :D

No, it isn't profitable, buy and hold is the way if you want to increase your capital.

Cloud mining isn't profitable, no. Purchase, hold. Remember not to invest more than you can afford to lose. It's not a sure thing.

Pbmining can reach an ROI it will just take a while. I reached ROI in the middle of may from an investment in the very end of January

So pretty much you broke even.

How much did you invest just curious, cause I`m debating on making a large purchase. Some people are claiming it to be a ponzi since they wont show any miners facility etc.

Despite the weekly payouts.

Not much I bought a few (6ish) gh at .013btc/gh back in January and then a small amount on ebay. I made a good amount of profit from referrals from my sig. I do not believe they are a ponzi. Their mining address was public at some point but due to harassment they had to go into hiding. Also the early customers like me actually have more info about them they we probably should although we keep it private for their own protection. Their prices are not too good to be true since you can buy your own mining equipment at a cheaper rate but obviously there are other costs such as cooling and electricity to take into account. The prices though are the best I have seen and their support is pretty good.

From my own calculation, bitcoin mining is not profitable for all the existing ASICs (excluding pre-orders), unless difficulty increases in a very low rate (say, just 5% every 2 weeks) in the future.

yea I have 145gh/s on pbmining and they are paying me the exact amount which is shown in bitcoin mining calculator..
 8) 8)  they have a 5 year contract.. lets wait and watch if they keep on paying me till they GH/s expires.. ::) ::)
and if u have an account on pbmining you can see the global status of people mining.

like this guy makes like 1 coin a day with about 26011 gh/s  :o :o :o :o

http://i58.tinypic.com/j6ms1i.png

I have bought from BPmining and they have paid me Bitcoins every Sunday into my blockchain wallet without fail, just like clock work.

Below are my results for you to make your own mind up to see if it will be profitable or something you might want to invest into.

On 18/05/2014 I stared with 336 GHS and made on the 25/05/2014 0.12574762 Bitcoins then I reinvested the Bitcoin profit back in and that bought me 29 GHS giving me 365 GHS on the 01/06/2014   I made 0.11989724 Bitcoins which I reinvested it giving me 27 GHS giving me 392 GHS in total. On the 08/06/2014 I made 0.12596721 and reinvested it giving me 30 GHS giving me 422 GHS and the next lot of BItcoins will be sent on 15th June 2014.

I think it is making me money for me personally but you have to remember over time due to the bitcoin difficulty the amount you make each week will become less. The other thing to bear in mind is if the price of bitcoins rises so does your profit if you were to sell them for your countries currency.  

They also have a great referral affiliate program giving you 10% of anyone one under you. For example if the person under you buys 2000 GHS you will receive 200 GHS.

and do you believe that coins from actual mining? ;D
if you understand how to mine work, we won't see your payout same with calculator
in my mind, they just do "fantasy mining" and everyone pay from that calculation based on that calculator, not actual mining :P
imo

Exactly.
The weekly payment amount is calculated using formula, and the bitcoin is not sent from block outputs. :D

yeah, that's why many people doubt with pbmining
since bitcoin sent from mixing coin instead from block reward coin
many noobs believe buy contract in pbmining will make them riich, too bad

I invested in this and got paid every Sunday. I wish they would provide more proof of ownership of the ASIC's though. Be careful...

PBmining offers 5 year contracts for those of you who are sure you want to mine for a long time.  they accept their payments in bitcoin.  Their minimum contract price is is 10GH/s that's $24
Bitcoin mining with ASIC hardware
Begin earning Bitcoins instantly
They cover the electricity costs and all pool fees
Contract is 100%. insured

I own a website and i thought their site was worth looking in to. My final decision was to add them to my site. Their prices are pretty fair and, if your looking for long term mining it is a good place to invest IMO, but if your not sure you want to buy that much gh/s or if you dont want a contract right away there are other options. I do list a few different cloud mining options on my site.

Final decision should always be made after doing your own homework and using a mining calculator though. these are my thoughts.
If you'd like to check out my site the url is in my signature. hope this help a little

Insured by who?

Anyway, I implore everyone to do the math before sending them any money.

Pbmining offers people a deal that has a reasonable chance of making the customer a small profit. However, they are virtually guaranteed to lose money. So, either they aren't very bright or they are running a scam.

I am really getting confused now  ??? ???
but have invested the money now so , lets see what happens ? lol  :D ;D