Cloudhashing ASIC mining contracts, UK LTD company - Now Mining & Paying Bitcoin

[Lloydie]

Petskup,

Thanks for posting.  You beat me to the punch

http://dealbook.nytimes.com/2013/12/21/into-the-bitcoin-mines/?hp&_r=0

Michael

Mr abiodun will ROI. The rest, I doubt it.

[AussieHash]

Looking at the video, cloudhashing is running KnC Jupiters.
This was expected and announced by Emmanuel 2-3 months ago
The 2 million dollar price tag is based on the ebay price for Jupiters, not what they would have paid KnC (especially with knc's buy 10 get 1 free)
I would expect about 100 x 560Gh/s = 56,000Gh/s
At currently difficulty this should mine only 23.85btc/d and not 225btc/d
More likely they started mid-late October (before KnC improved the firmware) and were mining only 70btc/d
ps it has been noted in KnC's thread that running Jupiters sideways raises their running temperature significantly.

[shaul]

Hi cloudhasher,

I too purchased a 2 year contract. I am pleased with your service and am glad that the company is growing. I was however extremely disappointed to see that my RRP contracts expire much earlier than my original contract. This was not made clear anywhere in the T&C, which I read thoroughly before agreeing.
In the mining spirit of meriting early adapters, I hope your management seeks to right this wrong with the early customers who joined your services at a time when all the forums where shouting "scam". We gave our trust in you and where patient when you said you where having issues scaling. We brought our friends as well, after careful calculations of expected returns (done based on 2-year RRP contracts).
I kindly request you extend the RRP contracts of earlier customers to 2 years, as were our original contracts. I expect this will not cost you much as any hashing power you create today from RRP will be very cheap 1 year later, but this will gratify earlier and loyal customers such as myself and 'padrino'.

Best,
Shaul

[hanoii]

I wrote a small review of cloud hashing services in general, and basically concluded they are currently overpriced, and I currently own two contracts of cloudhashing.com.

If you feel like taking a look, I post it here:

https://bitcointalk.org/index.php?topic=382046.0

and one i will update a bit:

http://arielbarreiro.com.ar/en/bitcoin-cloud-hashing-review

[cloudhasher]

Hi cloudhasher,

I too purchased a 2 year contract. I am pleased with your service and am glad that the company is growing. I was however extremely disappointed to see that my RRP contracts expire much earlier than my original contract. This was not made clear anywhere in the T&C, which I read thoroughly before agreeing.
In the mining spirit of meriting early adapters, I hope your management seeks to right this wrong with the early customers who joined your services at a time when all the forums where shouting "scam". We gave our trust in you and where patient when you said you where having issues scaling. We brought our friends as well, after careful calculations of expected returns (done based on 2-year RRP contracts).
I kindly request you extend the RRP contracts of earlier customers to 2 years, as were our original contracts. I expect this will not cost you much as any hashing power you create today from RRP will be very cheap 1 year later, but this will gratify earlier and loyal customers such as myself and 'padrino'.

Best,
Shaul

Shaul,

Yes, I am talking with management about this very concern.  I will let you know as soon as I have a solid answer.  It's Christmas so it may be a couple days.

Michael

[cloudhasher]

On the RRP:

The Revenue Reinvestment Program has always added an additional one-year reinvestment contract to your account.  Each monthly RRP contract is a new 12-month contract not tied to any existing contract's expiration date.  This means that even if you use the RRP in the very last month of your initial contract, your new RRP contract will not expire a month later, but it will continue for the full year following, even after your original contract has long expired.  We cannot extend RRP's contracts beyond one year because that would drive up the cost per Gigahash for RRP to a level that would make the program too expensive for our customers.  Additionally, if we somehow tied the RRP contract to previous contracts, it would significantly lower our customers' RRP contract ROI each month as the deadline of the original contract approached.

Based on our customers' feedback, we regret not being as clear about this as we would have liked, but please know that we are committed to our customers by always keeping our unique RRP program as affordable and beneficial as we possibly can.

Michael

[shawshankinmate37927]

On the RRP:

The Revenue Reinvestment Program has always added an additional one-year reinvestment contract to your account.  Each monthly RRP contract is a new 12-month contract not tied to any existing contract's expiration date.  This means that even if you use the RRP in the very last month of your initial contract, your new RRP contract will not expire a month later, but it will continue for the full year following, even after your original contract has long expired.  We cannot extend RRP's contracts beyond one year because that would drive up the cost per Gigahash for RRP to a level that would make the program too expensive for our customers.  Additionally, if we somehow tied the RRP contract to previous contracts, it would significantly lower our customers' RRP contract ROI each month as the deadline of the original contract approached.

Based on our customers' feedback, we regret not being as clear about this as we would have liked, but please know that we are committed to our customers by always keeping our unique RRP program as affordable and beneficial as we possibly can.

Michael

Can you please elaborate on these two justifications.  I'm having a hard time understanding the reasoning behind making the RRP contracts expire after one year.

  1. "because that would drive up the cost per Gigahash for RRP to a level that would make the program too expensive for our customers."

How does reinvesting revenues drive up the cost of hashing power?  Why does it matter where the BTC comes from?  Seems to me that it shouldn't matter if the BTC that are being used to purchase available hashing power are coming from the RRP or elsewhere.  Is hashing power sold through RRP sold at a discount?

  2. "Additionally, if we somehow tied the RRP contract to previous contracts, it would significantly lower our customers' RRP contract ROI each month as the deadline of the original contract approached."

I guess this is assuming #1 is true?  I thought hashing power was getting cheaper per GH as new mining hardware comes to market.

[cloudhasher]

Can you please elaborate on these two justifications.  I'm having a hard time understanding the reasoning behind making the RRP contracts expire after one year.

  1. "because that would drive up the cost per Gigahash for RRP to a level that would make the program too expensive for our customers."

How does reinvesting revenues drive up the cost of hashing power?  Why does it matter where the BTC comes from?  Seems to me that it shouldn't matter if the BTC that are being used to purchase available hashing power are coming from the RRP or elsewhere.  Is hashing power sold through RRP sold at a discount?

  2. "Additionally, if we somehow tied the RRP contract to previous contracts, it would significantly lower our customers' RRP contract ROI each month as the deadline of the original contract approached."

I guess this is assuming #1 is true?  I thought hashing power was getting cheaper per GH as new mining hardware comes to market.

Shawshank,

Maybe I didn't do a good job of explaining.  What I meant was that if the RRP lasted two years, it would make us have to raise the rates per Gigahash.  For example, in January we have announced a $15 per Gigahash RRP.  It would be higher if it lasted longer, and we don't think that our customers want to make that tradeoff.  

On your second question, imagine that you buy a two-year contract and that the RRP expires at the two-year mark regarless of when you invest.  That would effectively mean that you would only want to do RRP for the first few months of the two-year contract because who would do RRP at say the 16 month mark only to have it expire a few months later.

By making each RRP contract a separate contract altogether, it makes it easier for people to decide if and how they want to participate.  It's completely voluntary one way or another.

If I am still not clear, please let me know and I'll try to explain it better.

Michael

[shawshankinmate37927]

Shawshank,

Maybe I didn't do a good job of explaining.  What I meant was that if the RRP lasted two years, it would make us have to raise the rates per Gigahash.  For example, in January we have announced a $15 per Gigahash RRP.  It would be higher if it lasted longer, and we don't think that our customers want to make that tradeoff.  

On your second question, imagine that you buy a two-year contract and that the RRP expires at the two-year mark regarless of when you invest.  That would effectively mean that you would only want to do RRP for the first few months of the two-year contract because who would do RRP at say the 16 month mark only to have it expire a few months later.

By making each RRP contract a separate contract altogether, it makes it easier for people to decide if and how they want to participate.  It's completely voluntary one way or another.

If I am still not clear, please let me know and I'll try to explain it better.

Michael

Got it.  Thanks for the clarification.

[cloudhasher]

Please keep the questions coming.  We only get better as we receive feedback.  We want each and every customer to fully understand how CloudHashing.com works, because we want you to trust in what we're doing.  Even if someone chooses to do their own hardware mining, we want them to understand how we operate and what we offer so there is no confusion.

Michael

[jamesc760]

cloudhashing vs cex

I think cex is better value, you can get a GHs less expensively, you can redeem your own hardware miner, you can buy and sell your GHs instantaneously, and most of all, you get to decide how long or short you own the GHs. Cloudhashing is for the math-challenged, low -IQ folks.

[cloudhasher]

cloudhashing vs cex

I think cex is better value, you can get a GHs less expensively, you can redeem your own hardware miner, you can buy and sell your GHs instantaneously, and most of all, you get to decide how long or short you own the GHs. Cloudhashing is for the math-challenged, low -IQ folks.

James,

Your referral link kind of betrays your objectivity.

Michael

[tokeweed]

where can we see the blocks found by cloudhashing on a given day?

[chinchs]

cloudhashing vs cex

I think cex is better value, you can get a GHs less expensively, you can redeem your own hardware miner, you can buy and sell your GHs instantaneously, and most of all, you get to decide how long or short you own the GHs. Cloudhashing is for the math-challenged, low -IQ folks.

James,

Your referral link kind of betrays your objectivity.

Michael

He's sure that cex is better, at least they have beneficts... and they give you what they promise... that is a big difference.

[ZetaOS]

cloudhashing vs cex

I think cex is better value, you can get a GHs less expensively, you can redeem your own hardware miner, you can buy and sell your GHs instantaneously, and most of all, you get to decide how long or short you own the GHs. Cloudhashing is for the math-challenged, low -IQ folks.

James,

Your referral link kind of betrays your objectivity.

Michael

He's sure that cex is better, at least they have beneficts... and they give you what they promise... that is a big difference.

Correct!
Specially after the huge price drop to 0.041BTC a GH/s

[CryptoCrazy]

To cloudhasher,


I too am very happy to be using your services, I agree that you have greatly improved your operations but I do have a question:

I really miss having my total number of mining power in the dashboard. I hate to have to sum up all my contracts for the total amount especially if you're always adding more contracts through the RRP Program. Would it be possible if you can add the total amount of Hashing Power back to the dashboard just like the old interface used to?

Thanks for your time

[tokeweed]

are we still mining?  haven't received anything for the 29th.

[cloudhasher]

To cloudhasher,


I too am very happy to be using your services, I agree that you have greatly improved your operations but I do have a question:

I really miss having my total number of mining power in the dashboard. I hate to have to sum up all my contracts for the total amount especially if you're always adding more contracts through the RRP Program. Would it be possible if you can add the total amount of Hashing Power back to the dashboard just like the old interface used to?

Thanks for your time

Crypto,

So you're saying that you want one place on the new dashboard that totals your current hashing power right?  If so, I'll let our management know.  I agree that that was cool on our previous dashboard.  Please let me know if I have this right.

Michael

[modcom]

To cloudhasher,


I too am very happy to be using your services, I agree that you have greatly improved your operations but I do have a question:

I really miss having my total number of mining power in the dashboard. I hate to have to sum up all my contracts for the total amount especially if you're always adding more contracts through the RRP Program. Would it be possible if you can add the total amount of Hashing Power back to the dashboard just like the old interface used to?

Thanks for your time

Crypto,

So you're saying that you want one place on the new dashboard that totals your current hashing power right?  If so, I'll let our management know.  I agree that that was cool on our previous dashboard.  Please let me know if I have this right.

Michael

What you have stated is what is needed. The GHS was displayed easily to see. I have to add it up in order to know where I stand. Please return the GHS summary that showed the total amount of GHS for the user.

Thank You

[CryptoCrazy]

To cloudhasher,


I too am very happy to be using your services, I agree that you have greatly improved your operations but I do have a question:

I really miss having my total number of mining power in the dashboard. I hate to have to sum up all my contracts for the total amount especially if you're always adding more contracts through the RRP Program. Would it be possible if you can add the total amount of Hashing Power back to the dashboard just like the old interface used to?

Thanks for your time

Crypto,

So you're saying that you want one place on the new dashboard that totals your current hashing power right?  If so, I'll let our management know.  I agree that that was cool on our previous dashboard.  Please let me know if I have this right.

Michael

What you have stated is what is needed. The GHS was displayed easily to see. I have to add it up in order to know where I stand. Please return the GHS summary that showed the total amount of GHS for the user.

Thank You

Yes, that's right. It was a cool feature and would love to see that placed back on the dashboard. Thanks