PB Mining -- 5 year mining contracts!

[PBmining]

do you guys really expect this company will last 5 years ?

Reasonably speaking a 1 year contract and a 5 year contract will pay out essentially the same thing. Hardware that's 1 year old at this point can no longer be run profitably due to its inefficient energy use compared to modern equipment, and suffice to say that the current equipment will be made obsolete before a terribly long time.

This is true, you can't buy a 5 year contract and think you'll make the same profit for 5 years, it's not realistic. If they last even 1 year, and bitcoin price doesn't explode, crash, it'll have been a win for most of the investors.

There is always the chance that Bitcoin will increase in value significantly, at which point your original hash rate could continue being significantly profitable.  We wanted to go this route because 1 year contracts seemed "standard" and we wanted to raise the bar a little bit.  We do realize that most profits are seen at the beginning, but to cut off profits after 1 year seems unnecessary.  

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[PBmining]

Also, lack of transparency with PB Mining was discussed here:
https://bitcointalk.org/index.php?topic=418183.640

We will not put our operation at risk, violate sales agreements with our suppliers, open ourselves up to extortion, etc.  The list goes on.  When we feel more secure, we will become more transparent.  Our stance on this topic has not changed since page 33 of this thread.  

In January we made a lot of mistakes with our security, and just as we started releasing too much information about our business we just about got fried.  We are not going to let that happen again.

[raskul]

You can try "exposing" us all you want, in fact I have said numerous times we welcome people to take us to scam accusations.  It does not affect our guarantee to pay our customers for the entire 5 year contact term.  We have a responsibility to do that and we will follow through with it.  

Much of the bitcoin community works on trust and I respect your advisory that you have a need for confidentiality.
i've put my trust in this operation, and if i get screwed over, i'll have nobody to blame but myself... somehow i don't think this will happen, and i took a good while of consideration before I started putting funds into this.
i'm getting paid weekly and once it's broken even, i'll get some dust. that's all fine with me, regardless of the price of bitcoin. I enjoy mining both at home and using the cloud mining.
I've said it before and i'll say it again, PBMining, what you are doing is a great effort, allowing us little people to keep hashing in small amounts, when the big buggers are ruining the prices by farming en-mass. All I can say is, at least THIS farm is split between us and not directly hashing for a few muppets who think it's clever to take a lions share and pretend that they are 'stock traders'.

rant over.

[SlientBit]

I would like to point out that even for last week's purchase, given the disaster scenario of bitcoin dropping to, say, $250, this contract is still profitable, in USD - your breakeven point will probably be somewhere around the 4th year, but you still get some  dust from the 5th year - not much of an investment, true, but still profitable.

And that's in fiat, 'cause in bitcoins you're still looking for breakeven around 4 months - if you sell each satoshi you get from PB at it's lowest rate every monday, the fiat breakeven can be shortened in time - even if it makes it a lousy investment, it's still profitable

In essence, if you have an equal risk opportunity of turning the same profit in 5 years, than you've chosen wrongly :-/ if you don't, then stop worrying about it in the first week, 'cause there's 259 more coming, LOL

PB, all you have to do is fulfill the contracts - anything else is nice/good/interesting/wonderful/whatever to have, but not necessary
You get to prove that every monday morning

259 weeks to go

[Steiny217]

Man, it's like everytime I buy some bitcoins to throw at you guys, there has been a hold put on orders! lol 

[raskul]

thanks for payout 
nice to get paid early - I don't get that at work!

[Steiny217]

   YAY PAYDAY!!!!!!!!!!!!!!!!!!  wish I could give it back to you though and get some more GH/s!

[raskul]

  YAY PAYDAY!!!!!!!!!!!!!!!!!!  wish I could give it back to you though and get some more GH/s!

Via PM...

We are currently maxed out with capacity and working as fast as we can to get more hardware online.  We ask everyone to please be patient. 

[Steiny217]

Thanks Raskul, much appreciated for sharing the word!  Wish they'd post something next time! That's my one complaint with PBmining, love their service just wish they'd post something and say what's going on.   I can't wait till they get more hardware!!!!!!!!!!!!   I'm starting to make some good money each week, wanna keep growing!

[raskul]

well I guess when the website says 'sold out' it means 'sold out'.
I'm presuming all web migration has been completed now and if we see that statement from here-on-in, it means they are sold out.
I just asked off the cuff, as I was querying the early payment this week...

more info;

Hi

are payouts happening early this week? my balance just went to scratch?

Yes, we have a new payout procedure that takes a lot of workload off our staff.  It is almost fully automatic now.

[cisary]

You can try "exposing" us all you want, in fact I have said numerous times we welcome people to take us to scam accusations.  It does not affect our guarantee to pay our customers for the entire 5 year contact term.  We have a responsibility to do that and we will follow through with it.  

Much of the bitcoin community works on trust and I respect your advisory that you have a need for confidentiality.
i've put my trust in this operation, and if i get screwed over, i'll have nobody to blame but myself... somehow i don't think this will happen, and i took a good while of consideration before I started putting funds into this.
i'm getting paid weekly and once it's broken even, i'll get some dust. that's all fine with me, regardless of the price of bitcoin. I enjoy mining both at home and using the cloud mining.
I've said it before and i'll say it again, PBMining, what you are doing is a great effort, allowing us little people to keep hashing in small amounts, when the big buggers are ruining the prices by farming en-mass. All I can say is, at least THIS farm is split between us and not directly hashing for a few muppets who think it's clever to take a lions share and pretend that they are 'stock traders'.

rant over.

Great statement!! I wish more people can see the situation around Bitcoin this way  Keep up great work pbmining!

[cisary]

do you guys really expect this company will last 5 years ?

Reasonably speaking a 1 year contract and a 5 year contract will pay out essentially the same thing. Hardware that's 1 year old at this point can no longer be run profitably due to its inefficient energy use compared to modern equipment, and suffice to say that the current equipment will be made obsolete before a terribly long time.

This is true, you can't buy a 5 year contract and think you'll make the same profit for 5 years, it's not realistic. If they last even 1 year, and bitcoin price doesn't explode, crash, it'll have been a win for most of the investors.

There is always the chance that Bitcoin will increase in value significantly, at which point your original hash rate could continue being significantly profitable.  We wanted to go this route because 1 year contracts seemed "standard" and we wanted to raise the bar a little bit.  We do realize that most profits are seen at the beginning, but to cut off profits after 1 year seems unnecessary.  

"increase in value significantly" ?

[PBmining]

Well we can always start selling 1 year contracts if we continue getting complaints that the 5 year contracts are such blasphemy, but for some reason most people don't seem to mind it so far.  It's not like we're trying to sell it for a ridiculous price based on the longer contract term.

[Steiny217]

I'm tickled pink with 5 year contracts! 

[raskul]

oink!  

PBMining, stop being a troll, the mask doesn't suit you. we'll take 5 year contracts as long as you are happy to sell them!

[jamieb81]

Well we can always start selling 1 year contracts if we continue getting complaints that the 5 year contracts are such blasphemy, but for some reason most people don't seem to mind it so far.  It's not like we're trying to sell it for a ridiculous price based on the longer contract term.

the 5 year contract was one of the main factors I chose for PB mining !

[BitChrisUK]

Well we can always start selling 1 year contracts if we continue getting complaints that the 5 year contracts are such blasphemy, but for some reason most people don't seem to mind it so far.  It's not like we're trying to sell it for a ridiculous price based on the longer contract term.

Charge the same price as for a 5 year contract!

I too am fed up with complaints about getting greater value than usual

[obeesi]

Oh, early payout and price drop, I don't mind

[amprocket]

Damn you pbmining, you lower the price so I can buy another 2GH/s & then your sold out  

Are we talking hours or days before more are available? I never heard of cloud mining a week & a half ago, now I'm addicted  

[jamieb81]

Damn you pbmining, you lower the price so I can buy another 2GH/s & then your sold out  

Are we talking hours or days before more are available? I never heard of cloud mining a week & a half ago, now I'm addicted  

yes and you can even sponsor a ref. and he gets 10% of the Gh/s you bought for free did you know? :p and maybe next time he will use your ref