Bitcoin Forum

UPDATE:HASHNEST Discussion and Support Thread has been moved to https://bitcointalk.org/index.php?topic=766448.0





BITMAIN is announcing the acquisition of Hsahnest.com – a cloud hash platform which was originally named Snowball Exchange (Snowball.io). Hashnest.com will operate independently to build a reliable, economical and decentralized platform that serves the worldwide mining enthusiasts and hosting operators. What’s more, this is also a step to enhance the fundamental safety of Bitcoin.


The biggest advantages of Hashnest.com are the stable earnings, low maintenance cost and the safety & integrity of capital. Hashnest.com is the largest cloud mining platform for Bitcoin in China, which was officially launched on June 1st, 2014, and the users incredibly climbed to 1,000 in less than 90 days without any marketing expenses. So far, the total hash rate infused into the platform has been over 4PH/s that is accounted for about 2% of the total network hash rate. The core team members have the rich experiences in WEB development. They are not only focusing on customers’ needs and customer experiences, but also vigorously protecting customers’ assets which is spoken highly by the evaluation test conducted by the third party white-hat network evaluators such as one of the famous providers Wooyun (wooyun.org).

The hash rate distribution of HASTNEST is based on the actual hash rate and real output. Every day, the cloud mining hashing power owners will receive the mining revenue based on the real output of their own hash rate. Users can monitor the hash rate in the mining pool from HASHNEST platform in real-time.




With the rapid growth of Bitcoin industry, the hash rate of Bitcoin keeps increasing. The cost of mining rigs is gradually getting lower as the constant R&D efforts. Let’s consider a middle-class mining fans as an example. Funding the capital and making a decision to take risks to join mining industry are the easy part. It’s more difficult for him to spend a lot of time/patience on deploying/maintaining the mining rigs and meeting the electricity needs and managing the heat. In the future, most of the mining rigs will be deployed in specialized hosting farms, enterprising and professional teams will help to search the low cost energy and maintenance for the rigs. The miners will access their miners and hashing power remotely, just like the popular VPS business model in the Internet.

However, we still need to keep decentralization in this centralization trend. It is sure harmful and dangerous to the Bitcoin industry and the eco-system if the majority of hashing power are controlled by a handful of people.

We are investing significant resources into the development of p2pool mining protocol. At present, the hash rate of HASHNEST is mined from ANTPOOL, zero (0) fees, which will soon be contributed into p2pool. The development of contributed into p2pool is almost completed, and in the final testing and deploying. The code of ANTPOOL will be open sourced, and we are confident that you will be impressed by the outstanding contribution that BITMAIN put into p2pool protocol. We have a focused team who are developing the p2pool mining protocol, and the goal is to have 80% of the total network hash rate join p2pool within next 12 months. At that time, the whole Bitcoin community will never be anxious about the potential risks of the decentralization risk associated with the pool mining model now.




UMISOO, the first Operator on HASHNEST will provide 4PH/s hashing power, and plan to start the Round 1 subscription at Beijing Time 22:00pm, 2nd September, 2014 (UCT+8:00 Time Zone). Official subscribed flat price is 0.0016 BTC/Gh/s. Due to the anticipated high demands, each user is limited to a maximum of 1,000Gh/s. The Round 1 hash rate is generated by AntMiner S2 with the maintenance fee of $0.0032424/GH/s/Day.



HASHNEST official website is hashnest.com  (http://hashnest.com) and the BITMAIN official website is bitmaintech.com (http://bitmaintech.com)

FAQ

1. How can i buy hashrate?

Step 1: Visit hashnest.com
Step 2: Sign up an account
Step 3: Set your own Two Factor Authentication
Step 4: Deposit Bitcoins
Step 5: Purchase hash rate at 22:00pm on September 2nd (UCT +8:00 time zone) as the clock counts down in the official website hashnest.com

 :-\

QUESTIONS This is a different product than the new publication on your website Antminer L1 without description?
If yes what is the product?

 ??? ??? ??? ???

Hi Unblock64,
Yes, it is not L1, which will be open sales on September 3rd :)

Bitmain - I commend & congratulate you on your choice of using the p2pool network. You have kept to your promise and are helping the entire Bitcoin network remain decentralized & secure, WELL DONE!!

Looking forward to seeing the updated protocol that was badly needed. Open Source software too - excellent work Bitmain!!!!

Thanks for responding just waiting to surprise us.  ;D ;D ;D

This sounds very exciting. I eagerly await the open source release of your p2pool development.

Watching.

I hope this follows the p2pool model and other public and private nodes will be able to join the network.

M

Email verification not working? Tried 3 times now........

PM your username and email, i will check it.

Working here

PM'd  :)

Your verification email may be classified as spam

Nothing in my junk folders.......maybe it's a gmail thing?

registered successfully, sending some coins into wallet.

Tried 5 times now, still nothing & the email is correct. Should I try with a different email provider?

Hi,

yes, please try another email box..

Username has already been registered - so it's gone in, just nothing come out........I'd like to keep my username the same if possible.

Edit: If it is a gmail problem, it needs to be fixed I think. Many gmail users out there...... ;)

ok, coins hit the wallet, already bought some GH.

when they will start to hash?

also, what about the fees for S3 ants, how much are they? I didnt find that info.

thanks.

Hi,

We have tested gmail box early and some customers tried gmail box, it works.
May you PM us a new email box, we will change it for you in our end.

PM'd new email  :)

Hi tarmi,

There is a table in the main page of hashnest.com, you may check it through Hash Exchange -> BTC Miner

thank you, I found it.

when will the hashing actually start?

Edit: NVM

i have not received the email (using gmail as well)

edit2: email received.

Success!!  Thanks Hashnest.

A question, I noticed that you are using S2's in your p2pool setup, which are known to not work well with p2pool. Have you modified the S2 firmware to fix this, or is it the p2pool protocol itself that has been modified? Also, can you give a time frame as to when the firmware/p2pool code will be released? I know that there are many S2 owners that are waiting to be able to use their S2's with p2pool.

Thanks again for fixing the sign-up problem  :)

PatMan

Great surprise when I found out bitmain bought snowball.io I thought snowball.io had a great concept and I had very few problems with them but their support was lacking. Now that bitmain took it over I am sure they will have much better support and help improve an already great platform and idea.

This looks great! Can we get some more information about Antpool and how its compatibility is with existing p2pool nodes?  Very exciting.

The farm UMISOO is mining in antpool which has been not based on p2p protocol yet. But We have been pushing the antpool to be contributed into p2pool, will share the news once antpool is ready to be open sourced.

congrats to Hashnest.com, I am an existing user of snowball.io and I am really happy to see the existing development. Hope more people will join the pool

Bitmain and hashnest...your conditions are unclear

"Official subscribed flat price is 0.0016 BTC/Gh/s."-for what period of time?
If I want 1 antminer S2 worth of hashing (1000Gh)-I have to pay 1.6 BTC to get cloud hashing for how long (forever?)
If forever, is it (subscription) sellable/transferable to another person?

Think of it like a daily dividend paying share of a miner, all mining rigs' earning are assigned to the balance once every ~24 hours, you may wish to learn more about the earnings at https://www.hashnest.com/miners

Hi,

1. Official subscribed flat price is 0.0016 BTC/Gh/s."-for what period of time?
    The price may be adjusted flexibly. But you will get the mining profit the next day after purchasing GHS.  
  
2. If I want 1 antminer S2 worth of hashing (1000Gh)-I have to pay 1.6 BTC to get cloud hashing for how long (forever?)
Validity: Fees=Earnings

3. If forever, is it (subscription) sellable/transferable to another person?
    You may start to sell your own hash rate after Round 1 subscription finishes.

I guess Bitmain can be trusted with cloud hashing as they are the premier hardware manufacturer  ;D.

Read on the snowball.io thread that Bitmain has acquired them and launched their cloud hashing. Can the admin please verify if this is the case?

Might be interested in investing as snowball was looking increasingly like a scam, seems they gave up the moment Bitmain approached them to acquire them!

(in Shatner like scream) Nooooooooooo!!!!! Oh man, looks like bitmain is going down the cloud mining route. This would suck, Bitmain is an awesome supplier of hardware, but cloudmining sucks. It's not even mining, you're just buying infrastructure for someone else in the hopes of getting a small slice back and praying for ROI.   :-\

This is great news BITMAIN.

Can you elaborate on some of your changes to p2pool?

Have you figured out a way to handle variance for smaller miners?

When will the source be available?

Very excited!

-WindPath

Check your spam folder.

Suggestion: You should elaborate Fees=Earnings as "Valid until Maintenance fee > earning"

It suppose to be trad-able when start (like shares on Havelock) instead of finishes. In case anyone regret, I'd take it at below offered price. 

reserved

Signing up and watching, price seems a little steep for 1 TH/s at the moment though.

&


 ;)

This is unrelated to the S4, isn't it ?

u should accept credit cards so newcomers can start mining too

To put things in perspective, if BTC/USD remains constant, you're looking at a 37% pool fee.  No electricity, no heat, presumably guaranteed up time, but still 37% pool fee.

According to tradeblock.com, at 15% difficulty increase/month, if all else remains the same, you'll break even in March 2015.

If you buy 3 S3s from batch 8, or somewhere else, at 0.58 BTC a piece, you get 1.36 TH/s for 1.74 BTC.  Mining at a 0% fee pool, like p2pool, and electricity at 0.12 KW/h, if all else remains same, you'll break even in Jan 2015.  That's assuming you have PSUs available already, and you don't have a problem with the heat.  Cold weather is coming in the northern hemisphere, so the heat should be welcome.  And you can resell your S3s.

At 25% increase per month, you'll break even with Hashnest in August 2015.  You'll never break even with your S3s.

M

Interesting, may pick up a few GHs tomorrow.

The hashnest site is difficult to understand. How can I buy hashrate? What is the process? It is VERY unclear how this whole process works. I want to get in on this, but the interface is quite confusing.

Awesome!

I've had good luck with snowball.io and was wondering ...

8 )

Yup, both you and snowball.io had some good luck

deposited some btc & standingby as the clock counts down to purchase some ghs . . .

anyone figured out the unique code to get more ?

How long is the initial purchase for, if I purchase 1 TH is that for a week, month forever? Not stated on site.

The way they make it sound is that you will continue to receive a dividend until the cost to run it each day is higher than the Pay out you would receive.

Edit, so once an S2 makes less than $3.20 a day it will stop hashing for us.  Anyone have an estimate of when that will be?

More info damnit  ???

I have been with the site before when it was called Snowball.io. Essentially you are buying real mining shares of bitmain miners. Each share ideally correlates to a gh but it is not always the case (like with the S3). When you own the share you own it much like the new hashlets from GAW. They are yours until they are taken offline which will be when they are no longer profitable and the maintenance fees are greater than the return. The nice side is you can sell the share back whenever you please. It is much like CEX.IO except the maintenance fees are lower since they are based in China.

So it's considered a good deal compared to CEX. Is it a good deal compared to GAW? Never looked into such kind of service before, except that I always wanted to have the physical hardware and not some cloud or DC mining scum.


???

am I missing something .... 1.6btc for 1TH?!?!?!? You got to be fucking kidding me!
I hope noone is stupid enough to buy this shit....

http://btcinvest.net/en/bitcoin-mining-profit-calculator.php?diff=27428630902&dcosts=1.6&diff_mincrease=15&blpbtc=25&dhsmhs=1000000&diff_mincreasedecrease=0.5&btcusd=1&dpowcon=0&btcusd_mincrease=0&pcost=.11&calcweeks=15&dleadtime=0&action=calc#

That's definitely calculated completely wrong. I've just tried myself using the btcinvest.net calculator (http://btcinvest.net/en/bitcoin-mining-profit-calculator.php?diff=27428630902&dcosts=768&diff_mincrease=15&blpbtc=25&dhsmhs=1000000&diff_mincreasedecrease=3&btcusd=480&dpowcon=0&btcusd_mincrease=0.5&pcost=0&calcweeks=32&dleadtime=0&action=calc) but I'm not sure that's the way it can be done.

If I did understand it right, you buy the hash power at a flat rate (in case of 1 TH/s that's BTC1.6), no running costs till maintenance equals earnings (that's when the contract ends), and earnings is 37.32% of what the miner profits. Correct?

Can someone please show how that Hashnest / UMISOO Round 1 Subscription offer can be calculated using the btcinvest.net calculator?

Utilizing Antminer S2?

0.8$/GH for 1W/GH hardware is also quite high, especially as AM tubes are available at around 0.7$/GH (including PSU cost), shipped.

Hosting cost of 100$/TH is acceptable, though I wouldn´t neccesarrily run any 1W/GH hardware at such high electricity prices....

The customer also doesn´t own the miner, but it will remain with hashnest once no longer profitable (at ~100$/kW/m).

Name	Power efficiency	Maintenance fees	Fees/Earnings	Last Price	Amount
UMISOO	1.0W/GHS	$0.0032422/GHS/Day	37.33%	0BTC	0.0 Ǥ

------------
==> 1000Ghash - 1000W - 650$
(1kwh = $0.135)
With difficult 5%/1month
2014            -675
9-3 – 9-30 (28 days)   27428 M   145.5   145.5   -529.5
10-1 – 10-31 (59 days)   30240 M   134.8   134.8   -394.6
11-1 – 11-30 (89 days)   33339 M   107.3   107.3   -287.4
12-1 – 12-31 (120 days)   36756 M   89.29   89.29   -198.1
2015
1-1 – 1-31 (151 days)   40524 M   69.02   69.02   -129
2-1 – 2-28 (179 days)   46912 M   47.08   47.08   -81.97
3-1 – 3-31 (210 days)   51720 M   36.83   36.83   -45.14
4-1 – 4-30 (240 days)   57022 M   22.07   22.07   -23.07
5-1 – 5-31 (271 days)   62866 M   10.25   10.25   -12.82
6-1 – 6-30 (301 days)   69310 M   -1.422   -1.422   -14.24

Can not make profitable

IMHO, BITMAIN's acquisition of  SNOWBALL.IO is to simply make a method to monetize on any remaining hashes. However they just did it wrongly with their UMISOO "IPO" or whatever term you call it. Should it be in an incremental pricing system against volume, this would 1 drive more people to look 2; to find the optimal price that customers would pay for.



The single thing I like is that they act as a competitor to GHASH.IO, offer feature like "redeem real miner with shares" or vice versa and pledge (hope they would release soon) using P2Pool.



I am a fanboy of Snowball since like week 1 of them and now they are being acquired (I read Chinese, translation are lossy like JPEG with 50 compression, you see the shape, but all the details are gone, *poof* ). If for they are not aiming on at least helping to decentralize by P2Pooling and to actually have a prove of miner reserve instead of being yet another perpetual ponzi mining bond, I wouldn't have been posting here right now.


Best of luck.

Well before you get back the BTC1.6 without a doubt.

Selling cloud mining is a way to raise money for the next generation equipment. This wouldn't be so bad if you stood a chance of making a profit as well out of the deal but the chances are slim, and that new equipment will be deployed by them before you have access to it, raising the difficulty and further eroding your returns from the current offering.

ALL manufacturers are ripping off buyers, the only way the equation will start to balance so that BOTH parties make something is when people stop paying these inflated prices.

Your analysis is incorrect because 37% is valid only at current difficulty. As the maintenance costs are fixed, the percentage will go up every time the difficulty rises. Better calculator is here https://bitcoinwisdom.com/bitcoin/calculator

Even at ultra optimistic 5% diff. growth per period the investment will never return.

I agree, I don't see much of a return if any with this pricing. As you said the hardware will be in service way before roi making it even more difficult. They really need to re evaluate their pricing structure. I just don't see it, at least for me anyways.

email verification not working i have sent verification like 4 times now, no email still. I am using gmail.

In the early days of CEX.IO I bought close to 2 BTC worth of mining shares. I watched it dwindle away rapidly as both the cost of a Ghash shares dropped and difficulty went up. I can honestly say if I had it to do over I would have purchased my own gear and gone that route. For the same 1.6 BTC now I think would rather by more mining gear sha or scrypt or simply hold that BTC for investment.  I know most of us are guilty of not knowing when to stop mining and have been bit by the hashing bug, same as a compulsive gambler lol just doesn't know when to leave the table.....

I don't like bitcoinwisdom, it always is wayyyy off on difficulty estimates.  

Regardless, if percentage increases every time, then my estimates are even worse.  Thanks for pointing that out. :)

M

Hello Guyz

The price went from 0.0016 to 0.00135฿/GHS, minus 18.5% :)

Again, absolutely not a good way to start a brand.

Still too high.  If the maint fee was lower, it'd be a different story.  This is China, electricity is supposed to be dirt cheap, why so high??

M

Just got this in my email this morning, what do you think?

https://www.kncminer.com/categories/cloud-mining


Seems September is brining all kinds of hashing deals.... lol

Why don't you just ship your product instead of keeping them on backorder and filling your cloud datacenter?

Coz from what I've seen on the QQ group (chatroom thing of China) and Weibo, people are just desperate of the launch and think it is profitable. You may think of it as the difference of literacy and free flow of information.
Calculator, who would use that? They're all with their sixth sense

PS: People are complaining on missing mail, good luck (also, seen from QQ).

S2 seems not to be backordered, these are what they have in the mine. S2... consider it as "better than trash"



With plenty of noobs around (however less than CEXIO), price of miners are overpriced since day one (of snowball.io). You may want to take a look all the ANtS1-S3
https://www.hashnest.com/currency_markets/10

hover the chart icon on top-left, select Candlestick/Volume. Laugh on the pathetic-ness.

I did the calculations with that new price, no ROI possible at current conditions.