PB Mining -- 5 year mining contracts!

[gongomanny]

Scrypt ASIC is very risky investment imo, these coins are not as usefull as Bitcoin because hardly anyone using it and almost no merchant support. So you need hope the Scrypt altcoin price does not crash before you mine enought to be at least break even. The altcoin price is only backed by speculation imo, not real usage of the coins

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[PilotofBTC]

Scrypt ASIC is very risky investment imo, these coins are not as usefull as Bitcoin because hardly anyone using it and almost no merchant support. So you need hope the Scrypt altcoin price does not crash before you mine enought to be at least break even. The altcoin price is only backed by speculation imo, not real usage of the coins

What percentage of bitcoin transaction/use do you think is "real usage"? My guesstimate is that over 85% of the transactions are just trading/investment/speculation type stuff rather than commerce.

[wantaduff]

When we get asked this it usually feels like somebody trying to pump a coin. 
At the moment I don't see any altcoins that have any sort of overall advantage over Bitcoin, so I don't see us taking a different direction with what we're already doing.  It seems that most altcoins are pump and dump schemes, are they not?

Please don´t get me wrong, i don´t want to pump any coin.
I´ve just thought about to mine other currencys too and just hold them in my wallet.


However, i´m in to spend more money soon to gain some profit, buying hardware isn´t profitable anymore i think..unless you have much money and a big photovoltaic system on the roof

[Chriseric]

which is the next Price: 0.0022 BTC ??

THE CURRENT PRICE NO LONGER WITH COMPETITIVE CEX

[Rboxer]

I have some GH/s on PBmining and it's really awesome highly recommandate and without fees

[VJain]

which is the next Price: 0.0022 BTC ??

THE CURRENT PRICE NO LONGER WITH COMPETITIVE CEX

Cex price is currently 0.00315, and pb is at 0.0029. How is that not competitive?

[Biomech]

which is the next Price: 0.0022 BTC ??

THE CURRENT PRICE NO LONGER WITH COMPETITIVE CEX

Cex price is currently 0.00315, and pb is at 0.0029. How is that not competitive?

How dare you screw up a perfectly good fight with FACTS!!!

[akujin]

I don't get this cloud mining 
So let's say I buy 1TH/s, that's worth BTC2.9 then I mine for 30 days. Then after that, I don't want to mine anymore.
Do I get my BTC2.9 back plus my earnings from mining??

[Biomech]

I don't get this cloud mining 
So let's say I buy 1TH/s, that's worth BTC2.9 then I mine for 30 days. Then after that, I don't want to mine anymore.
Do I get my BTC2.9 back plus my earnings from mining??

It varies by vendor, but in this case you are buying a 5 year mining contract.

[akujin]

I don't get this cloud mining 
So let's say I buy 1TH/s, that's worth BTC2.9 then I mine for 30 days. Then after that, I don't want to mine anymore.
Do I get my BTC2.9 back plus my earnings from mining??

It varies by vendor, but in this case you are buying a 5 year mining contract.

After 5yrs, Do I get my BTC2.9 back? Or will I only get my earnings from mining?
If I won't be getting my BTC2.9 back, will I have something to resell, like a mining hardware?

[maxl]

You don´t get your money back and you don´t have any hardware to sell. You only get the money you earn from mining.

[Biomech]

I don't get this cloud mining  
So let's say I buy 1TH/s, that's worth BTC2.9 then I mine for 30 days. Then after that, I don't want to mine anymore.
Do I get my BTC2.9 back plus my earnings from mining??

It varies by vendor, but in this case you are buying a 5 year mining contract.

After 5yrs, Do I get my BTC2.9 back? Or will I only get my earnings from mining?
If I won't be getting my BTC2.9 back, will I have something to resell, like a mining hardware?

Nope. It's just a mining contract. You pay them to use their equipment on your behalf at an agreed upon rate foran agreed upon amount of hashpower. They pay out the proceeds once a week to your wallet. You may or may not recover all that you spent, depending on difficulty, in a reasonable time frame.

Pretty normal stuff for a performance contract. To determine whether it's worth it to you or not, you have to do the calculations of physical hardware, money you have to invest, electricity costs, expected return vs. anticipated difficulty increases (I'd aim high on diff and low on return for the sake of safety in calculation) and make a choice. You are esentially renting their hardware for 5 years.

[akujin]

I see. Wouldn't it be more profitable to just buy a mining hardware then mine for 1 or 2 months then resell it at a discount? 

[Netwerked]

You should do the math and figure it out.  Like look at other companies too like in my sig.  No hardware, that is one downside, but you have to look at difficulty and fees to see if it makes sense.

Let's say I want to buy 1TH/s of mining.

pbmining.com - Cost is 2.9BTC, with no other fees and 10% referral program

lunamine.com - Cost is 2.2056BTC + 0.0032USD per GH/s per day and 5% referral program
0.0032USD * 1000 * 7 * 52 = 1,164.80USD or ~2.0BTC at today's exchange rate for one year of fees.
So, lunamine is 2.20568BTC + ~2.0BTC or ~4.20BTC expenditure during the first year of mining.

On lunamine, it looks like it is a lifetime contract, but the odds of receiving any significant revenue after the first year is low, especially with their daily fees.  Pbmining looks like a much better deal, all things considered.

Did I do the math correctly?

[jjc326]

You should do the math and figure it out.  Like look at other companies too like in my sig.  No hardware, that is one downside, but you have to look at difficulty and fees to see if it makes sense.

Let's say I want to buy 1TH/s of mining.

pbmining.com - Cost is 2.9BTC, with no other fees and 10% referral program

lunamine.com - Cost is 2.2056BTC + 0.0032USD per GH/s per day and 5% referral program
0.0032USD * 1000 * 7 * 52 = 1,164.80USD or ~2.0BTC at today's exchange rate for one year of fees.
So, lunamine is 2.20568BTC + ~2.0BTC or ~4.20BTC expenditure during the first year of mining.

On lunamine, it looks like it is a lifetime contract, but the odds of receiving any significant revenue after the first year is low, especially with their daily fees.  Pbmining looks like a much better deal, all things considered.

Did I do the math correctly?

I won't be able to respond, my posts keep getting deleted for anything that isn't praising PBmining I guess.

[PilotofBTC]

You should do the math and figure it out.  Like look at other companies too like in my sig.  No hardware, that is one downside, but you have to look at difficulty and fees to see if it makes sense.

Let's say I want to buy 1TH/s of mining.

pbmining.com - Cost is 2.9BTC, with no other fees and 10% referral program

lunamine.com - Cost is 2.2056BTC + 0.0032USD per GH/s per day and 5% referral program
0.0032USD * 1000 * 7 * 52 = 1,164.80USD or ~2.0BTC at today's exchange rate for one year of fees.
So, lunamine is 2.20568BTC + ~2.0BTC or ~4.20BTC expenditure during the first year of mining.

On lunamine, it looks like it is a lifetime contract, but the odds of receiving any significant revenue after the first year is low, especially with their daily fees.  Pbmining looks like a much better deal, all things considered.

Did I do the math correctly?

Your math looks correct, if those are the actual rates they are crazy high.

I thought Cloudhashing was expensive at $3,000 for 1 TH/s for 1 year. The big bonus there is you can buy cloudhashing contracts for cash using a credit card. So, it's a way to "buy" bitcoin with a credit card.

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I also cloud mine with nXtGen mining http://nxtmining.com/, although they pay out in NXT not BTC. Given the price of NXT they are charging ~$2.05 per GH/s. But, that is lifetime contract, and you can sell them on the AE if you want to at any time, assuming there is a buying, similar to cex. They also have a small fee, I think 3%.

[Chriseric]

It is no longer competitive, a few months ago the price was almost half that cex are now almost equal, besides that you can not trade, not instant payments, time indefinite, etc

[Netwerked]

It (pbmining) is no longer competitive, a few months ago the price was almost half that cex are now almost equal, besides that you can not trade, not instant payments, time indefinite, etc

I'll rerun the 1 TH/s example with cex.io.

pbmining.com - Cost is 2.9BTC with no other fees, 5 year contract, and 10% referral program

cex.io - Cost is 3.17314BTC + 0.18USD per GH/s per month, and it is possible to liquidate your GH/s at any time
0.18USD * 1000 * 12 = 2,160USD or ~3.7BTC at today's exchange rate for one year of fees.
So cex.io is 3.17314BTC + ~3.7BTC or ~6.87BTC expenditure during the first year of mining.
You can subtract 1-2BTC from the expenditure when selling your GH/s after a year.

Still not a good deal compared to pbmining.

[Cheridum]

It (pbmining) is no longer competitive, a few months ago the price was almost half that cex are now almost equal, besides that you can not trade, not instant payments, time indefinite, etc

I'll rerun the 1 TH/s example with cex.io.

pbmining.com - Cost is 2.9BTC with no other fees, 5 year contract, and 10% referral program

cex.io - Cost is 3.17314BTC + 0.18USD per GH/s per month, and it is possible to liquidate your GH/s at any time
0.18USD * 1000 * 12 = 2,160USD or ~3.7BTC at today's exchange rate for one year of fees.
So cex.io is 3.17314BTC + ~3.7BTC or ~6.87BTC expenditure during the first year of mining.
You can subtract 1-2BTC from the expenditure when selling your GH/s after a year.

Still not a good deal compared to pbmining.

Yup, you pay about 30-40% of what you mine in fees...
And I know it's not a lot, but you also have to pay fees for trading AND transaction fees for every withdrawal...
So in my opinion, PBMining is awesome. Would've been even better if the price would be at 0.002 BTC / GHs now, WAY faster ROI and I would invest a LOT more if it was

[lanshop2010]

Hi Guys,

does anyone know if PBMining is planning to use mining power to mine other currencys like Peercoin and so on?
I think it would be very nice to decide for yourself what you want to mine.

Thanks in advance!

WantaDuff

How about merged mining? Does PBmining has any plans for that? In lunamine, it caught my attention that  for the 1 TH contract, they plan to include merge mining.