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Economy / Service Discussion / Re: did anyone try groupbitcoin.com for cloud mining?
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on: December 13, 2014, 04:28:01 PM
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My first ever message on here was abut Group Bitcoin and wanted to change a few things now because sme time as passed and I did get my payments sorted out. So this company or service does pay on time now and have done for a few months now.
I still have one more thing to sort out. These were the first mining company that I ever put money into but compared to the prices these days I still don't understand how me paying neary £93 pounds for. I've time contract for only 50 GH/S is even profitable cobcidering I am getting around 75p a month in Bitcoins.
I feel I can trust you guys now as time= trust in my books but the fact remains I am not going to get my investment back for 9 years. I would have sunk my £600 in to your company instead of pbmining if you had sorted out my payments.
I actually would like to invest in you again if you messaged me or posted on here to sort out my payments because 9 years is bad to get an investment back. Cobcidering I got back in 4 months 30 percent of what I invested in to PB.
You seen my comment in another thread so would like you to reply please if possible.
We actually buy and run mining hardware which seems to be a rather novel idea within cloud mining these days. Unfortunately electricity in the UK is very expensive we have a great deal at 12p per Kwh but even at that rate we barely break even when you add rent/cooling we're now running at a substantial loss and looking for cheaper premises. Mining in the UK is finished unless you get/steal free electricity. We're finished now and haven't accepted new customers for a while, we'll just be running the 12 month contracts for the duration specified and the indefinite ones for as long as they cover their running costs, which they're now falling bellow. It's a shame really, we started in October 2013 everything was looking great then the network went from 0.9PH to well over 200PH in a few months. It's only possible to mine in the cheapest electricity areas in the world like Washington but even then it'll be difficult to ROI on the hardware costs, if we had gotten to the size of PB we would have considered moving to a cheaper country. Mining is now for hobbyists and companies like KNC, Bitmain and Cointerra they can get cheap hardware they build it and run it on an industrial scale. |
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Economy / Service Discussion / Re: Recovery program beginning in January for PB Mining customers.
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on: December 13, 2014, 01:38:15 AM
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Mr teal I a, doing this right now. Might take me a while :-) what was his payment address as I have that many transactions on my xapo account and can't remember his payment address
This might help you ... I've sent BTC to ... Sent to 1PiggyKTPYdtjPaHPTkJUnR314vz2v1wfs Sent to 1BaconWxMiPFiS1URZEjKjMaQTFka4PBrx Sent to 1BaconBrq3GvzKjTaGb3ba87tQAFKLjek5 Sent to 1PiggymPPieBtwaUKdrmxi4p1VuXG2ZHy4 I don't think they are specific to my account ... has anyone sent to the same addresses ? Just checked those out on the blockchain serious amount of Bitcoin gone in zero balance on all of them now  |
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6
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Economy / Service Discussion / Re: Recovery program beginning in January for PB Mining customers.
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on: December 11, 2014, 11:24:52 PM
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Mining hardwares now are efficient and affordable especially the upcoming hardwares in 2015. If i have the money i'll set up one here in my location and use solar energy. Solar panels are now affordable and we have lots of sunlight here.
Anyone interested in funding?
I know a Nigerian prince looking to invest in such projects, there are just several requirements he will need from you before funding can begin.... Are they known to be scammers... Atleast from what i searched online..  |
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7
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Economy / Service Discussion / Re: Recovery program beginning in January for PB Mining customers.
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on: December 11, 2014, 08:44:05 PM
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A chat log from our live chat 'Zopim' on our site from a few months back and yes it clearly was whoever owned PB in repose to our posts about them on here.
What makes you think it was pb owner, and not one of its bazillion mignons that promote it for refs or just to keep the ponzi going? Either way, it doesnt matter much since we know just about everything about Jason except for the name of his dog. The fact it was roughly 2 mins after a our first post about them and the location. 'Saskatoon, Saskatchewan, Canada' I'm sure the IP will match whoever else has it. |
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Economy / Service Discussion / Re: Recovery program beginning in January for PB Mining customers.
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on: December 11, 2014, 08:36:26 PM
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Visitor 73542558
..
4:08 PM
Visitor 73542558 has left.
What am I looking at here exactly? A chat log from what, where, when ? Are you suggesting that IP belonged to Jason? Yes a chat log from our live chat 'Zopim' on our site from a few months back and yes it clearly was whoever owned PB in repose to our posts about them on here. |
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Economy / Service Discussion / Re: Recovery program beginning in January for PB Mining customers.
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on: December 11, 2014, 08:19:04 PM
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Got a guy on our live chat a while back when we posted the fact that PB clearly wasn't mining as it's impossible at that price per GH/s in electricity alone... quite funny, obviously young and stupid. Did anyone truly believe it was legit and going to run for 5 years for less than a 1$ per GH/s ? Everyone involved should report it immediately rather than posting asking for refunds.
Visitor Path
Direct Traffic
Location
Saskatoon, Saskatchewan, Canada
Browser
Firefox 30.0
Platform
Windows 7
Device
-
IP Address
70.64.100.38
Hostname
-
User Agent
Mozilla/5.0 (Windows NT 6.1; WOW64; rv:30.0) Gecko/20100101 Firefox/30.0
Visitor 73542558
4:06 PM
get ready to be shit on
4:06 PM
Visitor 73542558 has joined.
4:06 PM
Justin has joined.
Justin
4:06 PM
Hello
Justin
4:07 PM
is that pb
?
4:08 PM
Visitor 73542558 has left.
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Economy / Economics / Re: How profitable is BTC daytrading?
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on: November 08, 2014, 09:32:20 PM
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Less profitable than gambling.
Gambling is designated for you to lose. Is designated Casino earns money to pay their workers and machines. The volatility in bitcoin prices present opportunities... to lose as well as make money.
Exactly. without that would give us much less chances to earn. This is not actualy true. "Luck"based Gambling is mathamatically designed to favour the house however this is not true for 'Skill' based gambling. Skill based Gambling is when you play a game against an opponent such as Poker, Backgammon etc and the house then charges a flat fee, known as a rake, to host the game. As a poker player I win, over time, playing poker however as there is an element of luck, unlike chess, then i can play to the best of my ability and still lose to bad luck (known as a 'Bad Beat") or just being card dead. The skill of being a poker professional is all about Bankroll management and the principles can be applied to Bitcoin and day trading. Basically when i play poker i only play with 2% bankroll. I am guessing Day traders apply similar methods when applying their investment strategies 'Skill based gambling' hahaha favorite quote of the day! |
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Other / Archival / Re: Pictures of your mining rigs!
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on: November 08, 2014, 12:19:11 PM
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An Inert gas fire suppression system would ruin ROI for any Bitcoin mine but surely if you spent a few million on SP30's you'd buy a few $5 fire alarms and have a security guard?
I think it's an insurance scam but they forgot to buy any first.
You could fry an egg on top of an SP10 I certainty wouldn't put 2 on top of each other.
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15
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Other / Archival / Re: Pictures of your mining rigs!
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on: November 06, 2014, 02:10:04 AM
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Here's my favorite picture of a mining rig...  Burn like fire, burn like fire in Cairo.... That is 7Million dollars of SP30s up in smoke. Holy guacamole Batman, pass the foam! Is this real ? |
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16
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Economy / Service Discussion / Re: PBmining - legit?
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on: November 01, 2014, 11:18:39 AM
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Everyone seems to be missing something.
Say they are very charming and managed to get free mining hardware, free cooling, free rent and a free giant 10mw data center. That's great, well done PB! It's still impossible to run 1 Gh/s for 5 years for less than a dollar in electricity alone in the cheapest country in the world.
This simple fact should end any discussion as to whether they're mining or not.
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18
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Bitcoin / Mining / Re: Largest Bitcoin Mine In The UK
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on: September 30, 2014, 04:39:44 PM
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Looks nice, it doesn't matter what Photos you supply though, people will still question.
Good luck with your venture though.
I've got a 1.3 MH scryupt Miner from Gaw sitting here doing nopthing, might try to get it hashing,
how much to host it.
Hello, thanks but unfortunately we're not taking new customers anymore as it's unlikely you'll ever ROI with the electricity costs in the UK. We got a bulk deal at 12p per Kwh but even that doesn't come close to areas like Washington. You're best off looking to colocate in another country. The 1 year contracts are unaffected.
Perhaps they're unaffected in terms of being able to continue to run for the whole twelve months but on the other hand they surely must be severely affected by the rapid increase in difficulty over the same period of time ? In other words although they'll be mining as such, the actual creation of new bitcoins will be FAR FAR LESS than was anticipated right ? The original 12 month mining contracts run for 12 months regardless of mining difficulty or Bitcoin value as the year of running costs was factored into the cost per GH/s but yes the revenue will be far less than a few months back. We also sold 'indefinite' contracts with no fixed end date they end when the monthly revenue from mining can't pay for the electricity/running costs which will be very soon, if Bitcoin had kept going up they'd last longer and be far more profitable than the one year contracts. The cost per GH/s was the cost of the hardware, setup, shipping taxes etc only. When we started last year we certainly didn't expect such extreme difficulty rises, the network is now almost 250 PH/s. |
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19
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Bitcoin / Mining / Re: Largest Bitcoin Mine In The UK
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on: September 27, 2014, 02:11:12 PM
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To what extent is this mine (groupbitcoin.com) still operating?
I cannot see groupbitcoin.com covering costs, let alone making any money, as it is not operating in a low cost electricity area. Electricity is 0.12 pound sterling per KWh or $0.19 USD from groupbitcoin.com figures.
Assuming a 0.9 J/Gigahash efficiency of the hardware the electricity costs would be $0.17 per terrahash hour (0.9*$0.19).
But mining is currently only returning $0.24 USD per terrahash hour.
After electricity costs there is only a margin of $0.07 (0.24-*.9*0.19) per terabyte hour, or $50 per month per terrabyte for groupbitcoin to pay off the initial hardware cost, cover the floor space rent, any labour costs as well as all other costs.
And this amount to cover all costs other than electricity will fall from $0.07 to under $0.05 per terrahash/hour after the next difficulty change.
Even worse, groupbitcoin say their hardware costs are $60 pound sterling per terrahash, based on 4U cost for a terrahash at $15 sterling per U. This is $97 per month per terrahash or $0.13 per terrahash hour. This is well beyond the $0.07 margin over electricity cost which means groupbitcoin would already be running at a significant loss (assuming it is still operating).
We started in late 2013 when difficulty was less than 1 million. We sold 1 year mining contracts for a few months where the running costs were included in the cost per GH/s. We then started selling contracts where the initial cost was just the cost of the hardware and the running costs were deducted each month, they end when the hardware can't pay it's running costs if that makes sense which is unfortunately looking very soon with the price of Bitcoin at the moment and the difficulty almost at 30m. We've brought our costs down lots to the point where it literally just covers the rent but aside from that there's not much else we can do. The 1 year contracts are unaffected. |
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