New PACMIC v2 is on subscribeFollowing the success and popularity of Hashnest’s proprietary PACMiC offering, we are pleased to announce that we are continuing this product, although the terms of the new PACMiC will be slightly different than before.
What is PACMiC? Read more here!
https://www.hashnest.com/contracts/new?contract_id=2Hashnest continues to be the leading platform in the cloud mining industry, and is the only cloud mining service which manufactures its own hardware. This significant point allows Hashnest to maintain its competitive advantage over the others. As a trusted supplier of physical mining hardware, Bitmain & Hashnest are able to supply the large real hardware base necessary to run such an operation.
The PACMiC is a cloud mining offering for those who would like lower risk but more steady and reliable payouts from their cloud mining contracts. PACMiC contracts do not charge a maintenance fee, and do not expire based on the cost of bitcoin. In fact, owning PACMiC is a way to hedge against bitcoin price decreases, as PACMiCs give their owners mining revenue payouts even when the price is low.
This new round of PACMiC will offer users 0.45 satoshis per second, per outstanding bitcoin, in bonus payments until the contract expiry.
About PACMiCs
Each PACMiC represents one terahash of mining power, and is sold for 1 BTC. The contract goes into effect immediately upon completion of payment. Once the contract is in effect, users will immediately begin receiving mining revenues equivalent to owning 1TH/s of mining power; payouts made will be according to AntPool’s PPLNS method. Electricity is calculated at 0.098 USD per Kwh, and payment of maintenance is assumed by Bitmain.
Each time a PPLNS payout is made, it will go towards paying back the 1 BTC initial purchase price. Additionally, a bonus payout of 0.45 satoshis per BTC per second is also made to the user. The contract expires when the original 1 BTC purchase price is repaid to the user. In the event that 1 TH/s is not enough to pay for both electricity and pay back the user, the contract will be suspended until such time that payouts are able to made again. Unlike regular cloud mining contracts, a PACMiC does not terminate when the bitcoin price falls too low, it just becomes inactive.
A 1 BTC PACMiC contract represents 1 terahash of mining power, making the PACMiC cheaper than traditional cloud mining contracts. Traditional cloud mining contracts generally price one terahash of mining power between 1.5 and 2 BTC.
If a user were to buy 1000 BTC of PACMiCs, they would receive 1 petahash of mining power. At present bitcoin network difficulty, on the first day the user would receive approximately 10.57 BTC in mining revenues, which count towards paying back the 1000 BTC in capital, and an additional 0.3888 BTC as bonus payment. On the second day, assuming same difficulty and pool luck, the user will again receive the same amount, ~ 10.57 BTC, in mining revenue, but this time the bonus paid will be slightly less than on day one, while the amount paid back to the user, in percentage terms, will be greater than on day one.
With PACMiC, users no longer need to worry about high electricity fees or soaring difficulty. Mining with PACMiC is less stressful.
PACMiC FAQ
What is a Payout Accelerated Cloud Mining Contract (PACMiC)?
The PACMiC is a value-added cloud mining service product from Hashnest. The PACMiC is an electronic contract structured in a new way. BITMAIN will pay all the maintaining cost of the mining rigs, and all the mining revenue will be used to pay back the PACMiC owners. When the principal is not fully paid back, it will share profit with buyers. When the principal is paid back, the mining rigs will belong to BITMAIN. Both principal and profit payments will be made to the contract holder based on the mining revenues of AntPool. Since PACMiC will not bear the maintenance cost, so the payout is accelerated.
Purchasing a PACMiC
In the initial sales open day, one PACMiC will be sold for one (1) bitcoin. Each PACMiC represents one terahash of hashing power. The contract will become active immediately upon receipt of full payment.
Computing principal and profit of an PACMiC
As soon as the PACMiC is activated, payouts will be made through Hashnest in accordance with the mining revenues generated by AntPool’s PPLNS payout method. Profit payments will be made beginning with the first block found by AntPool after the contract’s activation. From the first block until the contract’s expiry, profit will be accumulated every second.
Profit Calculation Method
Unpaid principal (BTC) * 0.45 (satoshis per BTC per second) * time to find a block (seconds).
For every block found, the remaining payout after the profit is paid will count towards the principal payment. After each principal payment is made, the amount is subtracted from the amount of remaining principal.
Please note: information on blocks found will only be transfered to Hashnest.com from AntPool after receiving six network confirmations. Because of this, profit and principal payments will be on a slight delay from the network.
Contract Suspension
If after 120 days, a PACMiC has still not recovered the initial capital for its user, and is not mining enough revenue to pay for its own electricity cost (fixed at 0.098 USD per kWh, calculated using an ideal AntMiner S5 hashing at 100% uptime per PPS payout), whether because of difficulty increase or BTC price decrease, the PACMiC will continue paying out for ten days as though it were running, even if the machine is turned off. If these conditions persist for ten continuous days, the contract will be considered temporarily suspended. During the suspension period, mining revenues and profit payments will also be temporarily stopped. If after the suspension period, difficulty has dropped or bitcoin price has risen, making mining possible again, the contract will be reinstated and pick up where it left off.
Contract Expiry
The contract expires at the moment that the principal has been paid back in full.
BITMAIN may pay extra Bitcoin to the owner of PACMiC before the purchase cost has been paid back in full, which will accelerate the payout even more.
FAQ
Q: Can the PACMiC be sold or transferred to other users?
A: No, PACMiCs may not be traded on the exchange.
Q: Do PACMiCs deduct electricity and maintenance fees?
A: PACMiCs do not deduct electricity or maintenance fees separately, all fees covered by Bitmain.
Q: Can I redeem my PACMiC before contract expiry?
A: No. The contract will be closed automatically at the time that the principal has been repaid in full. Contracts may not be terminated prior to this.
Q: Does PACMIC returns miners after contract end?
No, PACMiC is different from Hashnest's other cloud mining services in this regard.
Q: If AntPool experiences bad luck, will this affect bonus payments?
A: Bonus payouts are calculated using the amount of unpaid initial cost, and are unrelated to the pool luck of AntPool. Changes in pool luck will only affect the speed at which the cost is repaid.
Q:How does the user make profit?
A: Bonus payouts are calculated using the formula: unpaid principal (BTC) * 0.45 (satoshis per BTC per second) * time to find a block (seconds). Mining revenue will first be used to make bonus payments, the remaining of mining revenue will be payment towards the purchase price.
Q:When does the user start to get the bonus payout? Where does the bonus go?
A: Bonus payout begins accumulating when the first block is found after contract activation. Bonus will be paid directly to user’s wallet on Hashnest.com
Q: What is Auto-Rebuy feature ?
After enabling the Auto-Rebuy feature, your payout and profit payments will be used to automatically and incrementally purchase more PACMiC hashrate.
When you disable the feature, mining revenue and profit payments will continue accumulating inside your account balance as usual.
Q: I already bought a PACMiC, If I re-buy a part of new contract in PACMiC from my profit from old contract, how long will my new contract last?
Same terms as before -- a PACMiC expires only when the purchase price has been paid back to the owner. If the BTC price drops too low and the contract does not generate revenue, the contract becomes suspended (but not ended) until the time that it may generate revenue again.
Q:When does the contract end?
A:When the one BTC purchase price has been paid back in full.
Q:Is the PACMiC risk-free?
A: Like all forms of bitcoin mining, there is a certain level of risk involved. If network difficulty unforeseeably skyrockets, or if the price of bitcoin drops too much, the Antminer S5 units backing the PACMiC may not be profitable to run and be forced to go offline, in which case contracts would be suspended (possibly indefinitely) and the user may not recover the initial cost of the miner. However, the AntMiner S5 is currently the most power efficient bitcoin miner available on the market, and would be among the last to be forced to power down under unfavorable market circumstances. We ask that our users to do their own research and understand the risks inherent to any sort of bitcoin mining, and also to understand that there is no such thing as a risk-free product.
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