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

[cloudhasher]

So:

1. If I upgrade my 1.25 Ghash July 1 year contract (1.25 because I received a 25% bonus), I will get a 5 Ghash September contract? Is that correct?
2. September contracts will start anywhere in September right (it could be September 30th?)
3. If I stick with the July contract, mining at 10% now, when do you think this will have reached 100%?

Thanks!

On top of those questions, I'm hoping that somehow our contract time will be pro-rated in the end since we're only mining at 10%.  Correct?

Absolutely. We will only count once you reach 100 percent capacity.

[cloudhasher]

I got an email, it's says they are mining already  , cloudhasher, where can I saw this? in my dashboard it's not present yet.

They say 1 week until new dashboard

Hold your horses. They are mining with only 10% of the purchased capacity with no indication when the rest will come online.

And they say you can switch to a September contract with more hashing power but not under what conditions and how much more hashing power. Also you have until August 1st to decide. Erm wait, based on what exactly I make that decision?

Great question !!! I agree with you... smoke in our eyes....

The behaviour of CH is not clear....

The only thing is clear watching the twitter channel is that they are trying to convince to convert contracts, from indefinite to 2 years shifting people to september....

Perhaps we should has been more clear.

If you switch to a September contract, it works like this.

Whatever you spent on your July contract is directly transferable to a September contract. Overall a September contract per dollar gives 2 to 4 times the hashing power.

E.g.

5 ghash July = 20 Gigahash September.

We no longer offer indefinite contracts. Giving then up for a higher hashrate September contract is solely at the discretion of the customer.

Hopefully that clears it up.

Cheers

Thanks for clarifying.

So:

1. If I upgrade my 1.25 Ghash July 1 year contract (1.25 because I received a 25% bonus), I will get a 5 Ghash September contract? Is that correct?
2. September contracts will start anywhere in September right (it could be September 30th?)
3. If I stick with the July contract, mining at 10% now, when do you think this will have reached 100%?

Thanks!

1. If I upgrade my 1.25 Ghash July 1 year contract (1.25 because I received a 25% bonus), I will get a 5 Ghash September contract? Is that correct?

You can only use the non-bonus part. So what you will actually get is a silver contract at 4ghash/s

2. September contracts will start anywhere in September right (it could be September 30th?)

According to KNC. It will most certainly be September. We share their confidence of that based on current project milestones.

3. If I stick with the July contract, mining at 10% now, when do you think this will have reached 100%?

Worst case we reckon is by September contracts start.  That means for BFL not to deliver and we use KNC September hardware for July contracts. We have ample reserves.

[wachtwoord]

Okay, thank you that clears up a lot. I just entered some numbers and 4 Ghash in September seems a nice offer for the early investors, thank you.

I have one question left though. Of the 1.25 Ghash July I receive 90% (10% is the fee you get). With the silver 1-year 4Ghash contract I would get instead is this number the same? I seem to recall reading somewhere it's only 70%, is that true?

[Stinky_Pete]

http://bitminter.com/livestats/big

Mining officially started this morning. Newetter to follow. Register for updates.

I noticed this morning - wondered if it was the real deal. Good News.

[cloudhasher]

Okay, thank you that clears up a lot. I just entered some numbers and 4 Ghash in September seems a nice offer for the early investors, thank you.

I have one question left though. Of the 1.25 Ghash July I receive 90% (10% is the fee you get). With the silver 1-year 4Ghash contract I would get instead is this number the same? I seem to recall reading somewhere it's only 70%, is that true?

July 1 year contract  (which you have) receive 90% payout
July indefinite contracts receive 60% payout . 30% reinvested into additional hashing power monthly for you and 10%  management. It actually works out as a higher payout over a year.

The September silver contract has thesame payment structure as the indefinite although its a fixed term contract.

[wachtwoord]

Okay, thank you that clears up a lot. I just entered some numbers and 4 Ghash in September seems a nice offer for the early investors, thank you.

I have one question left though. Of the 1.25 Ghash July I receive 90% (10% is the fee you get). With the silver 1-year 4Ghash contract I would get instead is this number the same? I seem to recall reading somewhere it's only 70%, is that true?

July 1 year contract  (which you have) receive 90% payout
July indefinite contracts receive 60% payout . 30% reinvested into additional hashing power monthly for you and 10%  management. It actually works out as a higher payout over a year.

The September silver contract has thesame payment structure as the indefinite although its a fixed term contract.

Ah too bad, thanks for clarifying this, though.

1) This 30% will indeed make my 4Ghash increase during the year correct?
2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?
3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

[cloudhasher]

Okay, thank you that clears up a lot. I just entered some numbers and 4 Ghash in September seems a nice offer for the early investors, thank you.

I have one question left though. Of the 1.25 Ghash July I receive 90% (10% is the fee you get). With the silver 1-year 4Ghash contract I would get instead is this number the same? I seem to recall reading somewhere it's only 70%, is that true?

July 1 year contract  (which you have) receive 90% payout
July indefinite contracts receive 60% payout . 30% reinvested into additional hashing power monthly for you and 10%  management. It actually works out as a higher payout over a year.

The September silver contract has thesame payment structure as the indefinite although its a fixed term contract.

Ah too bad, thanks for clarifying this, though.

1) This 30% will indeed make my 4Ghash increase during the year correct?
2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?
3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

1) This 30% will indeed make my 4Ghash increase during the year correct?

Correct

2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?

You will see the additional hashing power on your dashboard monthly.

3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

We have ran the numbers and you would actually end up with 3 times the hashing power you started with. This helps reduce(to a great extent) the effect of the difficulty rise to some extent.

[wachtwoord]

Okay, thank you that clears up a lot. I just entered some numbers and 4 Ghash in September seems a nice offer for the early investors, thank you.

I have one question left though. Of the 1.25 Ghash July I receive 90% (10% is the fee you get). With the silver 1-year 4Ghash contract I would get instead is this number the same? I seem to recall reading somewhere it's only 70%, is that true?

July 1 year contract  (which you have) receive 90% payout
July indefinite contracts receive 60% payout . 30% reinvested into additional hashing power monthly for you and 10%  management. It actually works out as a higher payout over a year.

The September silver contract has thesame payment structure as the indefinite although its a fixed term contract.

Ah too bad, thanks for clarifying this, though.

1) This 30% will indeed make my 4Ghash increase during the year correct?
2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?
3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

1) This 30% will indeed make my 4Ghash increase during the year correct?

Correct

2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?

You will see the additional hashing power on your dashboard monthly.

3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

We have ran the numbers and you would actually end up with 3 times the hashing power you started with. This helps reduce(to a great extent) the effect of the difficulty rise to some extent.

Thanks for patiently answering my questions.

What I meant with the third question is that I'm investing in hardware that I won't be using for the full period of a year. The hashing power purchased with my last investment I won't even use at all. I find it hard to believe this to be more profitable than simply releasing the 30% to my account. (I understand the usefulness for indefinite contracts of course).

Could you share these numbers?

[frankenmint]

Feeling Strongly Mislead here - So I keep putting off my hardware hashing for the promise of greater hardware hashing - in other words I can refuse my 1.25 GH/S now to recieve 4 GH/S in September - what is the promise or guarantee that I will get that said rate?  Will that then make my fixed cost 1 year contract a September to September 1 year 4 GH/S contract?  I sent a letter to your support staff informing of my strong dislike of this decision.  I thought the goal with my 300 dollars was to buy hashing services that would begin around week 2 in july.  Had I spent that same measly 300 dollars into BFL at that point in time, I would likely receive my 5 GH/S Jalapeno by the end of the September Date (reading up on KNC, unless you guys were day 1 pre-orders, you aren't getting hashpower until October)

[cloudhasher]

Okay, thank you that clears up a lot. I just entered some numbers and 4 Ghash in September seems a nice offer for the early investors, thank you.

I have one question left though. Of the 1.25 Ghash July I receive 90% (10% is the fee you get). With the silver 1-year 4Ghash contract I would get instead is this number the same? I seem to recall reading somewhere it's only 70%, is that true?

July 1 year contract  (which you have) receive 90% payout
July indefinite contracts receive 60% payout . 30% reinvested into additional hashing power monthly for you and 10%  management. It actually works out as a higher payout over a year.

The September silver contract has thesame payment structure as the indefinite although its a fixed term contract.

Ah too bad, thanks for clarifying this, though.

1) This 30% will indeed make my 4Ghash increase during the year correct?
2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?
3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

1) This 30% will indeed make my 4Ghash increase during the year correct?

Correct

2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?

You will see the additional hashing power on your dashboard monthly.

3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

We have ran the numbers and you would actually end up with 3 times the hashing power you started with. This helps reduce(to a great extent) the effect of the difficulty rise to some extent.

Thanks for patiently answering my questions.

What I meant with the third question is that I'm investing in hardware that I won't be using for the full period of a year. The hashing power purchased with my last investment I won't even use at all. I find it hard to believe this to be more profitable than simply releasing the 30% to my account. (I understand the usefulness for indefinite contracts of course).

Could you share these numbers?

Sure,

Send an email to info and I will send you a spreadsheet.

There is also the option of going for a bronze contract with no revenue reinvestment. We will give you 2 bronze contracts for your one July indefinite.

[cloudhasher]

Feeling Strongly Mislead here - So I keep putting off my hardware hashing for the promise of greater hardware hashing - in other words I can refuse my 1.25 GH/S now to recieve 4 GH/S in September - what is the promise or guarantee that I will get that said rate?  Will that then make my fixed cost 1 year contract a September to September 1 year 4 GH/S contract?  I sent a letter to your support staff informing of my strong dislike of this decision.  I thought the goal with my 300 dollars was to buy hashing services that would begin around week 2 in july.  Had I spent that same measly 300 dollars into BFL at that point in time, I would likely receive my 5 GH/S Jalapeno by the end of the September Date (reading up on KNC, unless you guys were day 1 pre-orders, you aren't getting hashpower until October)

We will kindly respond to your customer support questions (specific to your account) via email.

[cloudhasher]

Feeling Strongly Mislead here - So I keep putting off my hardware hashing for the promise of greater hardware hashing - in other words I can refuse my 1.25 GH/S now to recieve 4 GH/S in September - what is the promise or guarantee that I will get that said rate?  Will that then make my fixed cost 1 year contract a September to September 1 year 4 GH/S contract?  I sent a letter to your support staff informing of my strong dislike of this decision.  I thought the goal with my 300 dollars was to buy hashing services that would begin around week 2 in july.  Had I spent that same measly 300 dollars into BFL at that point in time, I would likely receive my 5 GH/S Jalapeno by the end of the September Date (reading up on KNC, unless you guys were day 1 pre-orders, you aren't getting hashpower until October)

We will kindly respond to your customer support questions (specific to your account) via email.

1) All our Knc orders are day 1.

2) I very much doubt your ordering from BFL would had gotten you what you stated.

Please refer to the email

[wachtwoord]

Okay, thank you that clears up a lot. I just entered some numbers and 4 Ghash in September seems a nice offer for the early investors, thank you.

I have one question left though. Of the 1.25 Ghash July I receive 90% (10% is the fee you get). With the silver 1-year 4Ghash contract I would get instead is this number the same? I seem to recall reading somewhere it's only 70%, is that true?

July 1 year contract  (which you have) receive 90% payout
July indefinite contracts receive 60% payout . 30% reinvested into additional hashing power monthly for you and 10%  management. It actually works out as a higher payout over a year.

The September silver contract has thesame payment structure as the indefinite although its a fixed term contract.

Ah too bad, thanks for clarifying this, though.

1) This 30% will indeed make my 4Ghash increase during the year correct?
2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?
3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

1) This 30% will indeed make my 4Ghash increase during the year correct?

Correct

2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?

You will see the additional hashing power on your dashboard monthly.

3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

We have ran the numbers and you would actually end up with 3 times the hashing power you started with. This helps reduce(to a great extent) the effect of the difficulty rise to some extent.

Thanks for patiently answering my questions.

What I meant with the third question is that I'm investing in hardware that I won't be using for the full period of a year. The hashing power purchased with my last investment I won't even use at all. I find it hard to believe this to be more profitable than simply releasing the 30% to my account. (I understand the usefulness for indefinite contracts of course).

Could you share these numbers?

Sure,

Send an email to info and I will send you a spreadsheet.

There is also the option of going for a bronze contract with no revenue reinvestment. We will give you 2 bronze contracts for your one July indefinite.

Thanks a lot! I send the email.

Regarding the alternative offer: I have 1 July 1 year contract. Did you just gave me the option to choose between 1 silver (4 Ghash) contract with reinvestment or 2 bronze (2 Ghash) contracts without reinvestment? (I'm asking again because you said July indefinite contracts)

[philipma1957]

to cloudhasher  While still quite frustrated by all of this. I would prefer a refund today over anything else. I purchased a 6gh contract that was due to go to 7.5gh in sept.  

you have it listed as 5gh july contract. you mentioned it was a bug in the website and that it would be fixed.  So why have you not listed my contract correctly?

   Next question is to july contract owners. Did anyone buy a 1gh plus 5gh = 6gh contract/ due to go to 7.5gh in sept. If anyone has please post your details.

 If you want to be private  please send me a pm. I want to see if your contract is the same as mine.  


Also at least you have some hash but you realize that your conversion offer punishes those that jumped in early. I spent 700 usd plus fees .

 A person today can spend 500 usd and buy a gold 2 year 8gh for 500 and buy a bronze 1 year 2gh for  150  that is 650   .  He takes less risk since you are hashing now and  he spends less money.

he gets more hash. I took risk gave you money in early june if I convert  I should get a better deal then dollar for dollar. plain and simple  you have had my money since june 10th .  

so the new guy gets a free ride on my back.

 I would convert but my 700 dollar july  should convert to the 20gh platinum which would be 952 for the new buyer.  .

[cloudhasher]

I would convert but my 700 dollar july  should convert to the 20gh platinum which would be 952 for the new buyer.  .

We would be able to accommodate that.

Forums are not the best place for customer queries as things can get a little haywire with the attempt to answer each query with the quality response it deserves. If you have a query please use the preferred channel which is email.

Regards

[cloudhasher]

Okay, thank you that clears up a lot. I just entered some numbers and 4 Ghash in September seems a nice offer for the early investors, thank you.

I have one question left though. Of the 1.25 Ghash July I receive 90% (10% is the fee you get). With the silver 1-year 4Ghash contract I would get instead is this number the same? I seem to recall reading somewhere it's only 70%, is that true?

July 1 year contract  (which you have) receive 90% payout
July indefinite contracts receive 60% payout . 30% reinvested into additional hashing power monthly for you and 10%  management. It actually works out as a higher payout over a year.

The September silver contract has thesame payment structure as the indefinite although its a fixed term contract.

Ah too bad, thanks for clarifying this, though.

1) This 30% will indeed make my 4Ghash increase during the year correct?
2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?
3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

1) This 30% will indeed make my 4Ghash increase during the year correct?

Correct

2) I have no way of valuing the 30% investment, why are you so certain this works out as a a higher payout?

You will see the additional hashing power on your dashboard monthly.

3) This is a fixed term contract. What is the advantage to me of reinvesting 30% in the last month? How about the second to last month?

We have ran the numbers and you would actually end up with 3 times the hashing power you started with. This helps reduce(to a great extent) the effect of the difficulty rise to some extent.

Thanks for patiently answering my questions.

What I meant with the third question is that I'm investing in hardware that I won't be using for the full period of a year. The hashing power purchased with my last investment I won't even use at all. I find it hard to believe this to be more profitable than simply releasing the 30% to my account. (I understand the usefulness for indefinite contracts of course).

Could you share these numbers?

Sure,

Send an email to info and I will send you a spreadsheet.

There is also the option of going for a bronze contract with no revenue reinvestment. We will give you 2 bronze contracts for your one July indefinite.

Thanks a lot! I send the email.

Regarding the alternative offer: I have 1 July 1 year contract. Did you just gave me the option to choose between 1 silver (4 Ghash) contract with reinvestment or 2 bronze (2 Ghash) contracts without reinvestment? (I'm asking again because you said July indefinite contracts)

Apologies, forums aren't best for these. :-)

If you have a 1 year, we can either convert to 2 bronze contracts or 1 silver. Hope that clears things up.

You can see why we prefer to deal with emails...

[wachtwoord]

Thanks a lot! I send the email.

Regarding the alternative offer: I have 1 July 1 year contract. Did you just gave me the option to choose between 1 silver (4 Ghash) contract with reinvestment or 2 bronze (2 Ghash) contracts without reinvestment? (I'm asking again because you said July indefinite contracts)

Apologies, forums aren't best for these. :-)

If you have a 1 year, we can either convert to 2 bronze contracts or 1 silver. Hope that clears things up.

You can see why we prefer to deal with emails...

Everything is cleared up for me now. I have all the data to make an informed decision (which I'll do when I've had time to study the numbers). Thank you both for the info and the choice between the two upgrade options

[frankenmint]

Mining Payout Schedule
USD
Display Currency

Break Even Period:   No break-even in first year   Total Fixed Costs:   $150
Max Profit:   $   Monthly Power Costs:   $0
Month   Difficulty (MM)   Time per
Block (days)   Monthly Revenue   Monthly
Profit   Cumulative
Return
Aug-13   51   20139   $4   $4   $(146)
Sep-13   82   32626   $2   $2   $(144)
Oct-13   133   52854   $1   $1   $(143)
Nov-13   215   85623   $1   $1   $(142)
Dec-13   349   138710   $1   $1   $(141)
Jan-14   565   224710   $0   $0   $(141)
Feb-14   915   364030   $0   $0   $(141)
Mar-14   1483   589728   $0   $0   $(141)
Apr-14   2402   955360   $0   $0   $(140)
May-14   3892   1547682   $0   $0   $(140)
Jun-14   6305   2507246   $0   $0   $(140)
Jul-14   10213 4061738   $0   $0   $(140)



Then add in your potential earnings after September at the 1GH/S level

Mining Payout Schedule
USD
Display Currency

Break Even Period:   No break-even in first year   Total Fixed Costs:   $150
Max Profit:   $   Monthly Power Costs:   $0 Month   Difficulty (MM)   Time per
Block (days)   Monthly Revenue   Monthly Profit   Cumulative
Return
Sep-13   82              3263   $23   $23   $(127)
Oct-13   133              5285   $14   $14   $(113)
Nov-13   215              8562   $9   $9   $(105)
Dec-13   349            13871   $5   $5   $(99)
Jan-14   565            22471   $3   $3   $(96)
Feb-14   915            36403   $2   $2   $(94)
Mar-14   1483            58973   $1   $1   $(93)
Apr-14   2402            95536   $1   $1   $(92)
May-14   3892           154768   $0   $0   $(91)
Jun-14   6305           250725   $0   $0   $(91)
Jul-14   10213   406174   $0   $0   $(91)
Aug-14   16546   658002   $0   $0   $(91)


So instead put in your hashing rates for the trade-in of 4 GH/S


Break Even Period:   98 days   Total Fixed Costs:   $150
Max Profit:   $39.7 (Aug-14) - 26.5%   Monthly Power Costs:   $0
Month   Difficulty (MM)   Time per  Block (days)   Monthly Revenue   Monthly
Profit   Cumulative
Return
Sep-13   82             1020   $73   $73   $(77)
Oct-13   133             1652   $45   $45   $(32)
Nov-13   215             2676   $28   $28   $(4)
Dec-13   349             4335   $17   $17   $13
Jan-14   565             7022   $11   $11   $23
Feb-14   915           11376   $7   $7   $30
Mar-14   1483           18429   $4   $4   $34
Apr-14   2402           29855   $2   $2   $36
May-14   3892           48365   $2   $2   $38
Jun-14   6305           78351   $1   $1   $39
Jul-14   10213   126929   $1   $1   $39
Aug-14   16546   205625   $0   $0   $40

At this point I'm really feeling like "what was I thinking?"

[streetuff]

What happened to your ~500GH/s mining at Bitminter. You are not visible in the stats anymore...

[cloudhasher]

What happened to your ~500GH/s mining at Bitminter. You are not visible in the stats anymore...

Bitminter was down temporarily so our systems defaults to BTC Guild. We will be returning to bitminter shortly.

Panic not :-)