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

[tokeweed]

It seems like there is quite a bit of bad press for Cloudhashing.com.

I know that all companies have people that love them and people that hate them.

Is there a way to confirm whether or not they are legit?

I have already invested with them for 20ghs using a credit card.

I am still within my dispute period with my credit card and want to know if I should file for a chargeback or stay with them.

I made about $6 in my first two days, but have only made about $2 in the next 2 days.

It appears that you will have ups and downs with this industry, but want to make sure I am not getting ripped off.

Thanks
Here are my stats so far (January 15-January 19 @ 5:00 EST:
   BTC   Dollar   
Earnings:   0.01142828   10.57$   
Fees:   0.00114282   1.06$   -
Real earnings:   0.01028546   9.52$   
RRP:   0.00144054   1.33$   -
Payments:   0.00000000   0.00$   -

one regret i have was not choosing cex.io. let's just put it at that.

[elmismo]

It seems like there is quite a bit of bad press for Cloudhashing.com.

I know that all companies have people that love them and people that hate them.

Is there a way to confirm whether or not they are legit?

I have already invested with them for 20ghs using a credit card.

I am still within my dispute period with my credit card and want to know if I should file for a chargeback or stay with them.

I made about $6 in my first two days, but have only made about $2 in the next 2 days.

It appears that you will have ups and downs with this industry, but want to make sure I am not getting ripped off.

Thanks
Here are my stats so far (January 15-January 19 @ 5:00 EST:
   BTC   Dollar   
Earnings:   0.01142828   10.57$   
Fees:   0.00114282   1.06$   -
Real earnings:   0.01028546   9.52$   
RRP:   0.00144054   1.33$   -
Payments:   0.00000000   0.00$   -

well I bough a september contract, after all the problems a issues I had with this people and several email with the none existing customer service I had to chargeback with google wallet. And them refundme as cloudhasshing stopped answering my emails when I asked them for a compensation.
My september contract had become a october contract because of delay. But october contracts had no pre-order and were cheaper. When I pointed that out basically customer service told me... bad luck!!

I honestly recomend you that take your money invested somewhere more reliable and trustworthy... this people will laugh in your face when they make mistakes and you try to get what is fair for you...

[ccualumni]

one regret i have was not choosing cex.io. let's just put it at that.

To be honest, I went on cex, and that site is confusing.

I used their calculator and based on what it said and the prices being offered, I would pay the current BTC rate of roughly $900+, and after 12 months would only have earned about $250. That hardly seems like a good deal. In fact, it sounds like a complete waste of your money.

Someone said I could resell after using it, but that will not make up for my loss nor would a tiny amount of hashing power sell for much.

Just confused about it. 

[tokeweed]

yeah, you're just confused about it. ask the users of cex.io, they are all happy about the service. or better yet, ask the users of both cloudhashing and cex.io, they noticed cex.io pays more per gh.

[Doeboy]

lol 2 weeks late on RRP but still the same price! so no compensation then.

[msc]

hey guys, just to cross check with other ch users...

how many payments have you received on january 16, 17 and 18?

I have 2 for the 15th, 3 for the 16th, 1 for the 17th, and none for the 18th yet...

Are we getting a payment each time a block is mined?  Is there a list somewhere of all the blocks that Cloudhashing has mined?

is this it?  https://pool.cloudhashing.com/blocks

i got no payment in the 18th and only one in the 19th.

Yes, we should be getting a piece of each block that they mine.  I've seen it vary from 3 or 4 blocks per day, to none for a day or two.  They claim to be adding 2 petahashes in a month or so, so the time between blocks should be reduced considerably.

[chinchs]

hey guys, just to cross check with other ch users...

how many payments have you received on january 16, 17 and 18?

I have 2 for the 15th, 3 for the 16th, 1 for the 17th, and none for the 18th yet...

Are we getting a payment each time a block is mined?  Is there a list somewhere of all the blocks that Cloudhashing has mined?

is this it?  https://pool.cloudhashing.com/blocks

i got no payment in the 18th and only one in the 19th.

Yes, we should be getting a piece of each block that they mine.  I've seen it vary from 3 or 4 blocks per day, to none for a day or two.  They claim to be adding 2 petahashes in a month or so, so the time between blocks should be reduced considerably.

also the reward would be reduced...

[tokeweed]

"Slight Delay in RRP this month

We had hoped to have the RRP activated by the 19th of January however delays in manufacturing have pushed the date back a few weeks. You can still earn RRP hashing power at the low rate of $15/gigahash until activation. We hope to activate before the end of January and will keep you posted once we have a solid date."

a few weeks delay is hardly slight. we need rrp to be consistent if we are to make investing in you worth our while.

again, anyone know anybody at bitcoin magazine?  someone has to write a review cex.io, cloudhashing and others.

[tokeweed]

can we at least get our coins back from rrp? 

[ccualumni]

I am not defending cloudhashing, but have had issues in the past with technology upgrades.

Is there any chance he had problems and instead of telling us what happened in detail, he is working around the clock trying to resolve the issues?

I guess I am an optimist by nature and really hope this works for us.

[chinchs]

I am not defending cloudhashing, but have had issues in the past with technology upgrades.

Is there any chance he had problems and instead of telling us what happened in detail, he is working around the clock trying to resolve the issues?

I guess I am an optimist by nature and really hope this works for us.

They are always delayed (just read the first pages of this topic), we always pay for that, if they compensate the mistakes, I wouldn't complain (at least not so much). I'm kind of mad about the lies too.

[ujka]

I thought I would share my experience so far regarding Cloud-hashing, positive or negative as it may be, and only the facts I have on my own contracts.

I like to start constructively. Despite service delays and disruptions along the way, Cloud-hashing have ultimately delivered the features to customers they have promised. So some credit is due there. Now on returns...

I bought 2 year September contracts. According to their on-site advertising at the time of purchase, the minimum expectation for BTC mined per year was equivalent to around 1.3 BTC per GH/s purchased. In the first 3 months I have so far mined around 6% of that annual projection, which with the BTC mining rate declining it should have been over 25%, so it is well behind the advertised BTC projections, even recognising these can only ever be estimates in a rapidly changing environment. I have been re-investing some of the earnings in the RRP (experimenting between 0 and 30%), which has so far given me an extra 20% GH/s on my initial amount. So that at least works, and seems to partially compensate for the exponentially increasing difficulty. Given all of this, I've calculated that over the last 2 months the rate of BTC being mined per day on my accumulated GH/s has fallen by around 40%, probably a better result than without the RRP, but overall still a much lower BTC yield than advertised.

The company presents their results in fiat dollars however. Given the 8-fold rise in BTC value since September, I therefore have received all capital back and then some measured in fiat dollars, consistent with their claim. That could actually be a relevant way to look at things if one is funding the contracts from fiat (as I did), which is how they quote the contract purchase prices. However, Cloud-hashing has no influence over the BTC price change, and ongoing 8-fold increases are certainly not a reasonable norm on which to form future expectations. The fiat dollar return can theoretically only be considered indicative then if one expects ongoing quarterly 8-fold increases in price, or if a legitimate claim can be made that if price had remained more stable, many more BTC would have been mined in line with the initial projections. I am not sure if there is such a valid inverse relationship here, and whether it could be significant enough to support such ongoing fiat return expectations. Perhaps somebody with greater understanding of the technicals of mining can comment on this. If not, fiat return results experienced to date seem unreasonable to expect for the future.

Possibly there is more context that others could provide here about the economics of mining BTC today. I note for example that even on CEX, estimated BTC yields are currently well below the cost per GH/s. So not sure how mining BTC makes sense right now at all in the absence of large price increases (and then if that's what you are relying on, why not buy BTC now instead?).

Regards all.

Long post, Kato, I don't know where to start explaining.
As a bitcoin miner you should be familiar with the 'mining difficulty' number. Anyway, mining difficulty is adjusted on every 2016 blocks mined (11 to 14 days). From september on difficulty increased about 30% on every period. That's 100% per month! To keep your hashrate relative at the same level, you need to reinvest to increase your hashrate by that same percent. If you started with 10gh in september that means adding another 10 gh in october, then adding 20 in november, 40 in december...
The question is, does your mined amount allow you to by that much new hashrate (gh/s) at cloudhashing.com, while still havinh some profit?
Or, same question, but from the other side, is new hashrate at cloudhashing priced low enough to allow effective reinvestment and still some profit to be made?

[ujka]

Also, as a bitcoin miner you should know, to calculate your profit you should count inputs and returns only in bitcoins - how much bitcoins did you put in to buy hashrate, how much bitcoins you got with mining. Because that last sentence always apply: why not buy btc instead.

[Kato]

Also, as a bitcoin miner you should know, to calculate your profit you should count inputs and returns only in bitcoins - how much bitcoins did you put in to buy hashrate, how much bitcoins you got with mining. Because that last sentence always apply: why not buy btc instead.

Thanks for your thoughtful comments ujka. The amount I have been re-investing through the RRP has not allowed me to maintain a level production rate and keep up with the increasing difficulty, as per my first paragraph. Is it possible if I had re-invested a higher percentage, perhaps closer to 100%? I doubt it, but even then I've got to take some earnings along the way.

On looking at inputs and returns in BTC only, my contracts are way behind, and I would have benefited from more research in advance to verify their projections. On this basis I don't get how anyone can make mining profits right now. At CEX, the cost per GH/s last I looked was around 0.045 BTC, and based on their profit estimates (linked at bottom of their page) the expected output was 0.022 BTC (quoted as 2.2 BTC per 100 GH/s). Isn't that an expected 50% loss on BTC capital? I might be missing something, but its not stacking up for me.

Anyway, cheers.

[cloudhasher]

Our newest newsletter below.

Cloud Hashers,

 Happy New Year! We hope 2014 will be a breakthrough year for Bitcoin! We have some updates on everything going on here at CloudHashing.com and we wanted you to be the first to know.

 CloudHashing.com's hashing power to increase

 Over the next month or so we will be bringing more than 2 Petahashes online. This marks a huge increase in hashing power. We've partnered with industry leading ASIC manufacturers to create the absolute best hashing environment for our customers. For our earliest customers, we thank you so much for your early adoption of cloud mining with us. Your commitment with us made it possible for us to plan this rollout of new hashing power because it had to be carefully planned months in advance. The result is that CloudHashing.com's pool will be one of the only ones in the Bitcoin mining space to dramatically increase over the next month. This should translate into more blocks per day, and ongoing benefits to each of our customers. We are very excited about this rollout, and we hope you are too. Continue looking on the top of our website and watch as the hashing power increases as we bring the new ASICs online.

 Slight Delay in RRP this month

 We had hoped to have the RRP activated by the 19th of January however delays in manufacturing have pushed the date back a few weeks. You can still earn RRP hashing power at the low rate of $15/gigahash until activation. We hope to activate before the end of January and will keep you posted once we have a solid date.

 CloudHashing.com has hired more customer support

 We have recently hired even more customer support team members, and we know you're seeing a huge difference in our response times. Our goal is to offer you as prompt customer service as we possibly can, and we have come a long way in a very short period of time. We sincerely appreciate all of our early customers who were patient with our customer support as we ramped it up. We want to be known as a great customer support company, and we are now answering your emails within hours, not days or weeks. We will continue to improve our customer service until it's the best in the industry.

 CloudHashing.com partners with children's charity

 Because of our loyal customers like you, we have been able to partner with a wonderful children's charity Songs of Love that helps children and teens who are sick. It's an amazing charity, and we want to thank you for giving us the ability to do this. Without you, we would not be able to support such a wonderful cause. Read more about it here: http://www.prweb.com/releases/Bitcoin/Charity/prweb11470892.htm

 CloudHashing.com in 2014

 We have so many exciting things lined up for 2014. If you haven't already done so, please join the CloudHashing.com community on Facebook and Twitter. We discuss CloudHashing.com and also the Bitcoin space in general. It's a wonderful way to connect with other Cloud Hashers.

 Sincerely,
 The Cloud Hashing team

[bit.alex]

Nice! That's a lot of hashing power.
Do you plan on decreasing the prices also?

[chinchs]

Nice! That's a lot of hashing power.
Do you plan on decreasing the prices also?

Are you really thinking to buy anything from them?

[Doeboy]

You'd be mad to buy!

They've put their prices up not down! clearly they're taking advantage of the influx of new Ignorant people into the market because by now they'd know people had lost money and that mining won't ROI.

[tokeweed]

havent received payment for 2 days now.

[msc]

havent received payment for 2 days now.

Same here, but I got one a few hours ago.