Bitcoin Forum

lunamine.com (http://lunamine.com/44)
They offer cloud mining they are a bit cheaper than pbmining. Who's used their service are they legit?

i can't understand how cloudmining works, but all of them seem scam for me, why would someone sell minig speed if he can use it for himself?

please, I second this question. can anyone can explain it?

As nobody can predict how mutch that difficulty may rise if it will be too mutch then miner will miss ROI if they will be lucky enought then they may get it back and make some LITTLE profit.

That depends. Do they deliver freshly-minted coins? If not, then they're just another ponzi. Proceed at your own risk.

Like every business, we do things to make more profit and/or expand faster. By selling contracts, we can expand at a much faster rate. We get the money invested + the margin really soon, instead of a few months later. Money now is worth more than money in the future. Hope you understood the concept. Also, a lot of risk is decreased and we do good for enthusiasts who don't want to deal with defrauding mining companies, complicated setups, dust and noise.

Yes, you do have an option to get freshly mined bitcoin payouts.

Best regards,
lunamine

They are just new to the mining zone and not a big company tho

I will be more careful when investing on cloud mining .

They do seem legit to me. I checked the update on coin balance when using the 10gh/s free trial and it updated when a new block was found that showed on blockchain.info to be from a certain IP address. So I guessed it's theirs as it updated under the same time (roughly 5-10mins).

In case anyone wants to try it out here is my leet ref link :P

http://ourdomain.com/13337

have fun.

10gh/s free trial ?

Where do you get it i cant even click on that its all grey .

I think they disabled it after too many started signing up just for the free trial. :)

They were getting crazy 10gh trials to people traffic, I just want a company give honest rates so at least both can make a profit.  Thats how it should be, not selling miners and hosting just for yourself.  I will def buy 2th soon to try out if Lumine is legit

I wish there were cheaper contracts to buy, 160$ for one contract seems a bit too much.

Can't they sell 10gh/s a piece for 16$ instead? Or 20gh/s/50gh/s a piece.

The site says that they charge $.0032 per GH/s per day for power and upkeep.

So for 100 Gh/s thats 32 cents by my math.

Not sure what they pay for power - but if you use enough - one can normally negotiate a rate closer to 5 or 6 cents per kwh.

so if you have a 1w/1GH - then 100 would use 2.4kw a day - or about 15 cents.  That leaves the rest to cover overhead like rent, internet, and cooling - obviously not heating in the winter... So that seems about right.

Compared to a typical residential customer that has 10 cent per kwh power - you'd be at 24 cents a day to do the same thing at home - but you would own the machine. 

Sounds more believable to me than pbmining.

Note: I am not a customer of lunamine

Do you realise it's a ponzi scheme?

You pay BTC to older members and you get paid from new members. One day it will end up scamming everybody.

THat's the only way I can get the math to work for Pbmining.  Especially with the weekly payout stuff.  Why not pay like any other pool...

Actually the price is not bad but you need to buy a few 100 gh to make some money, and you dont have to worry about setting it up, electric cost, etc.  I am looking into free energy as that where the money might be at.

You can take a look at the links

http://cryptomining-blog.com/tag/lunamine-review/

http://www.miningcontracts.com/lunamine

Take that link off your sig there is no more more 10gh free trials

Why?  Why should it be that way?  If hypothetically, I establish a company and invest a substantial amount of capital, such that I have a substantial hashrate, why the heck would I cut you (who has done nothing at all) in on the profit?  That is essentially what you are expecting a company to do. 
We all know that a given hashrate, say, 1Th/s, will generate a certain amount of revenue in a given timeframe.  We know it will be a specific amount, even if we don't in advance what that exact amount will be.  If I sell\rent you that 1Th/s for more than the expected rate of return, you obviously can't and won't profit.  If I sell\rent you that hashrate for less than the expected rate of return you will profit, but that profit comes directly out of my pocket.  Why would I do that?  The idea is even sillier when you consider the fact that a quick look at the market demonstrates that there are many, many people who are quite willing to overpay for hashpower (overpay in the sense that they are willing to pay more than the hashrate will ever mine).  Once you look at it like that, you can see there are only a few reasons why anyone would ever do that.

1.  Generate immediate capital.  Though this isn't really applicable to bitcoin mining given the fast turnaround on the entire mining process (measured in weeks, as opposed to years in other commodity markets like farming, actual mining, etc.).

2.  Guaranteed revenue.  Though this isn't really applicable either, given that we can predict with almost complete accuracy the current difficulty level, and high degrees of accuracy for the next few. 

3.  Profit.  Customers willing to pay more for the hashrate than it will generate simply mining.

4.  If I don't actually have any mining equipment at all, and am just making the whole thing up, and therefore NEED customers to provide actual revenue.

Once you look through the various scenarios for a given company selling hashpower, and see that these are the only reasonable reasons to ever sell hashpower, it is easy to see why the customers almost always lose.  Actually, you can reword this a little bit and it works for the manufacturers too. 

Lunamine seems legit to me.  See my sig, I know I'm biased, but they seemed like the most legit cloud miner out there.  They are totally upfront with fees, and how your mining contract may or may not last long depending on difficulty increases.  Check them out, see how responsive they are in their threads, etc.  As far as I can tell cloudmining is all a bet on the price of BTC and the difficulty increases.

Also to add to the possible legitimacy of lunamine they say part of the reason they are doing it is because they want to get a larger group together to combat GHash which people worry about getting 51% capabilities, so lunamine tries to offer it as cheaply as possible.

Without a proof of hardware and/or solvency it's not possible to tell if a cloud mining service is legit.
All you can do is make a bet on it.

As said in another thread, I do think proof of hardware is a bit of a red herring.  You can't tell anything from photos of hardware, if that's what you're looking for.  Someone could easily photoshop that.  I would put more stock in lunamine because they seem to be honest and upfront about everything, including information you might not like, such as fees and length of mining contract.

Other cloud sites have their terms but just simply do the math and you can see it's too good to be true...so then it usually is.

Based on what i have gathered so far i guess they are legit so am gonna invest some coins.

Honestly, let me know what you think.  They have always seemed responsive and fair to me, so I'd like some more feedback from someone who invested more coins with them.

This is incorrect.  The minimum you have to buy with them is 100 Gh/s which is about .25 BTC.  Still it's not a major investment and I've only heard good things about them.

SCAM !!

I GOT SCAMMED HERE!!

https://bitcointalk.org/index.php?topic=675315.440 (https://bitcointalk.org/index.php?topic=675315.440)

Many people got scammed.  Lunamine ran a nice con.  They had people advertise for free with a signature campaign (which they did not pay a single person).  They gave away 10GH/s 1 week contracts for a week to get the buzz going and drive up membership.  Then when they got a good amount of contracts and income up front they just ran off. 

How many people looking back at this thread said they were legit?
How many people ran their sigs?

Until I see some basic incorporation information I would automatically assume their all a ponzi - trust should not be given.

Yeah your a scammer lunamine, just get out of here.