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

[vga]

"Warning Trade with extreme Caution"


I've had back a third of my investment with current difficulty so high i'll be lucky to make another 3% in total!


YOU HAVE BEEN WARNED

Which contract did you purchase? If you don't mind telling..

[cesmak]

We will be implementing Revenue Reinvestment on March 7, 2014 and we have lowered the price from $12.19 per GH/s to $9.00 per GH/s! 

This means that you will receive significantly more hashing power for your RRP than previously announced.  We wanted to reward our loyal customers who have been so instrumental in our success and have stood by us as we have matured and developed as a company.  Thank you!

-Michael

False ! in my personal calculation you added rrp power with gh/s price at 12.19, not 9 !!!   

Can you tell us also what US$ / BTC change quote you have used ?

[ErnieRox]

are these contracts paid monthly, yearly? you guys need a faq 

[Mike18feb]

I just noticed there are new contracts available. I'm tempted by the new Gold contract which works out to about $10.80 per Gh/s. Will someone talk me out of this?

No problem. I bought a Platinum contract in January, costs: 5.2 BTC for 420Ghs, available on Feb 15.

Now do the math:
Month 01 : 1.4 BTC (at most! With a few days to go it's 1.25 actually)
Issue, is of course rising difficulty. In general that difficulty halves revenue every month. Apply that to the remainder on the year contract:
Month 02 : 0.7 BTC
Month 03 : 0.4 BTC
Month 04 : 0.2 BTC
Month 05 : 0.1 BTC
Month 06 : 0.05 BTC
Month 07 : 0.0125 BTC
Month 08 : 0.007 BTC
Month 09 : 0.004 BTC
Month 10 : 0.002 BTC
Month 11 : 0.001 BTC
Month 12 : 0.0005 BTC

Total over 12 months : 2.877 BTC
Cloudhashing charges a whopping 10% fee, makes the total 2.58 BTC.

Lets see, I invested 5.2 BTC, I will make only half that.
Actual revenue: -2.6 BTC !!!!

Cloudhashing has also invented the RRP. That way you can spent your earnings on overexpensive GHs (that they'll charge you 10% for) so in the end you 'll end up even less...

I expect the results to be even worse. So far I've had two days without any payment at all. According to Cloudhashing support that is because there are days when they don't find blocks. 1500THs online and no blocks? Sure...


So... if anyone wants to be talked out of it, do your own math before buying. New Gold contract is 370Ghs for $3999. That's over 6 BTC at the moment! Even more then I paid for 420Ghs! At best bet you'll end up with less then half what you invested. If you need help on the math: one of the very best revenue calculators can be found here: http://www.evolyn.net/bitcoin/mining_calc.php

[kenmomotaro]

The only chance that can save your ass is the difficulty level don't trend up so fast.
Or you're just buying hashing machines for CH.  A year later, CH has machines and your money, yay.
That's a slight difference between CEX.io and Cloudhashing.
CEX.io's situation is you can sell your ghs to others, so you still have a chance to make profit. However the last rat would suffer.
Cloudhashing's situation is that "You are the first and the last rat."

[Mike18feb]

First, I will have to alter the numbers I posted in my previous message, but not by much. Current earnings is 1.38 and still a few days to go the 15th, then it's one month exactly. Maybe 1.5?!

Eventually the difficulty growth might decline, but that decline is still growth, and the first 6 months that's not likely to happen. Cloud Hashing has effectively taken my 5.2 BTC and will turn them into 2.6. And in the mean time they go on about how affordable their services are and how concerned they are for the MtGox victims as they care about the Bitcoin community. I'm also the Bitcoin community, yet they simply take my coins and cannot even get themselves to provide me with a decent answer to my concerns about the horrible return on investment. My fault, I should have done the math before I fell for their sales talks/lies.

I've complained a few times and each time I get nothing but the standard answer like I posted above, claiming that it's all one big lottery and that it's normal to not find a single block an entire day with 1500THs, so sometimes no payment at all. Doesn't seem like they really care. If they would, they'ld realize that more and more people are going to feel cheated and word is going to get out. Once their reputation is to hell, there's no turning back and people will run. At least they won't cheat that many people out of their coins then.

Their claims:

Our Vision
Making bitcoin mining easy and accessible to all.
- Emmanuel Abiodun, CEO

maybe true, but

Cloud Hashing makes the process of earning Bitcoins simple, scalable and cost effective for you.

is most certainly not true. Cost effective for whom?! Definitely not for the customer, as the customer loses half his investment.

And the revenue reinvestment progam,

A profit-growth model that continually extends our customers' earning period of Bitcoins to receive larger payouts over time.

is most certainly not true as you would need to double your total hashrate every month just to stay current on the difficulty growth. So, to receive larger payouts you would need to more then double your hashrate. Anything below doubling means your payouts will go down month after month.

[s1lverbox]

New Gold contract is 370Ghs for $3999. That's over 6 BTC at the moment!

Thats made me laugh. 6btc for 370Gh/s? Bitmain selling 200Gh/s below 1 BTC so we talking about 1.2Th for 6 BTC.

Cloudhashing was , is and will be scam for people who have no idea whats going on in real world of bitcoin.

Simple math guys, simple math.

[chinchs]

I just noticed there are new contracts available. I'm tempted by the new Gold contract which works out to about $10.80 per Gh/s. Will someone talk me out of this?

Buy bitcoins with that money... I was tempted 1 year ago and it wasn't a good investment (if a had bought bitcoins with that money I would won $1200 more thant the CH investment)

[AussieHash]

http://www.ihavebitcoins.com/featured/cloudhashing-claim-20million-month/

Cloudhashing is a company that rents out computing power to aspiring miners. The company has announced its plans of renting out a supercomputing network of mining machines at rates of between $999 and $8,999 per year to customer. The hardware offering is expected to produce $20 million worth of bitcoins each month.

[msc]

http://www.ihavebitcoins.com/featured/cloudhashing-claim-20million-month/

Cloudhashing is a company that rents out computing power to aspiring miners. The company has announced its plans of renting out a supercomputing network of mining machines at rates of between $999 and $8,999 per year to customer. The hardware offering is expected to produce $20 million worth of bitcoins each month.

Ultimately, maybe.  1 petahash currently produces over 3500 coins per month, and they're running 1.5.

[cesmak]

We will be implementing Revenue Reinvestment on March 7, 2014 and we have lowered the price from $12.19 per GH/s to $9.00 per GH/s! 

This means that you will receive significantly more hashing power for your RRP than previously announced.  We wanted to reward our loyal customers who have been so instrumental in our success and have stood by us as we have matured and developed as a company.  Thank you!

-Michael

False ! in my personal calculation you added rrp power with gh/s price at 12.19, not 9 !!!   

Can you tell us also what US$ / BTC change quote you have used ?

Whow this morning i found another contract for the difference between 12,19$ and 9$ Gh/s rrp price you promised, thank you !

[Mike18feb]

No problem. I bought a Platinum contract in January, costs: 5.2 BTC for 420Ghs, available on Feb 15.

Now do the math:
Month 01 : 1.4 BTC (at most! With a few days to go it's 1.25 actually)
Issue, is of course rising difficulty. In general that difficulty halves revenue every month. Apply that to the remainder on the year contract:
Month 02 : 0.7 BTC
Month 03 : 0.4 BTC
Month 04 : 0.2 BTC
Month 05 : 0.1 BTC
Month 06 : 0.05 BTC
Month 07 : 0.0125 BTC
Month 08 : 0.007 BTC
Month 09 : 0.004 BTC
Month 10 : 0.002 BTC
Month 11 : 0.001 BTC
Month 12 : 0.0005 BTC

Total over 12 months : 2.877 BTC
Cloudhashing charges a whopping 10% fee, makes the total 2.58 BTC.

Lets see, I invested 5.2 BTC, I will make only half that.
Actual revenue: -2.6 BTC !!!!

Update with actual earnings:
Month 01 : 1.4 BTC -> 1.58 BTC - (10%fee) 0.16 = 1.42
Month 02 : 0.7 BTC
Month 03 : 0.4 BTC
Month 04 : 0.2 BTC
Month 05 : 0.1 BTC
Month 06 : 0.05 BTC
Month 07 : 0.0125 BTC
Month 08 : 0.007 BTC
Month 09 : 0.004 BTC
Month 10 : 0.002 BTC
Month 11 : 0.001 BTC
Month 12 : 0.0005 BTC

[kulin3422]

My cointerra miner have stoped for 2 days,and nobody take care of it.
Can you help me?
contact me :kulin3422@126.com

[kulin3422]

Just received the message from the admin.

[kulin3422]

Just received the message from the admin.

But still 0 GH.
3 days...

[LostDutchman]

So Siavash Samei and Emmanuel Hunt aren't staying up to snuff, as it were?

Surprise, surprise, surprise!

My $.02.

[kulin3422]

Just received the message from the admin.

But still 0 GH.
3 days...

Still 0 GH...
My pool patience....

[kulin3422]

Just received the message from the admin.

But still 0 GH.
3 days...

Still 0 GH...
My pool patience....

It's OK now!
Thank you!!

[msc]

From Facebook:

We will be doing RRP again tomorrow (March 21) at $8 per gigahash!

Today is March 22.  Still waiting for that RRP.

[thy]

...
I've complained a few times and each time I get nothing but the standard answer like I posted above, claiming that it's all one big lottery and that it's normal to not find a single block an entire day with 1500THs, so sometimes no payment at all. Doesn't seem like they really care. If they would, they'ld realize that more and more people are going to feel cheated and word is going to get out. Once their reputation is to hell, there's no turning back and people will run. At least they won't cheat that many people out of their coins then.

The part about it beeing a lottery is true but the number of blocks they find a single day should in most cases be pretty close to the expected value witch is about 7.1 blocks per day at 1500 TH so 6-8 blocks per day should happen pretty ofthen for them.

Chance of finding 0 block a single day at current network hashrate for them with 1500TH is about 0.000688 = 0,0677% so it should happen about 1 time in 1453 days, if it happens more ofthen than that you correct that is suspicious then and would indicate that something is not right.