PB Mining -- 5 year mining contracts!

[Anyayakubu]

Have you actually plugged this in to a spreadsheet, or are you telling us what your intuition is guessing?

Yes, February contracts broke even in July, and I don't doubt that April contracts have broken even or are breaking even now.

This does not automatically mean that all future contracts will break even.  Past performance is no guarantee

For a mining contract to be profitable, you have to receive more mining income than the purchase price of the contract.  While the cost/GH of contracts has fallen significantly since February, so has the weekly mining income from each GH.

This calendar year, difficulty has risen around 16% on average.  If someone purchased a contract at the beginning of August, and difficulty continues to rise 16% each time, then they will never break even.  This is part of the risk we take with Bitcoin mining.  Hopefully we will have some more single digit difficulty increases in the near future to increase our odds for profitability.
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   Anya            I agree with some that you say. Some dosen't add up.  Future contracts will break even, it is a mater of how many weeks.  Again, this word (never)  is problematic.  I dont want to discuss spread sheets and such, 
       August contracts will break even. but the amount of weeks to achieve this is rising.
 If you bought in August, your looking at 30 to about 32 weeks, a ten or twelve week jump from buying in April. I predicted the April breakeven long before it happened, i know that even if my math is way off, say it 35 weeks to break even from August,  I then am way more accurate  in my calculations than what I hearing out here.  (never)
No that doesn't add up. 
       Profit, that a whole different thing,  I loved being part of the birth of bitcoin, I love how people were actually mining at home, creating a new future  in trade for us.
Pb gave me the chance to have the fun of mining with out being complicated.  I love the math involved with it all. I wipe a tear from my eye that the glory days of mining is over,  We are now approaching the commercial stage of bitcoin mining.   Therefore, no I'm not saying there going to be much profitablity,  I am saying that that contracts bought through August will reach breakeven, it not a matter of if , or never,  They will in 32 weeks. 

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[5ick3uffalo]

That.

And there is also the possibility btc goes up in value again.

With positive news like from Paypal today it could go fast to 600 again also.

At this price level i buy btc.

[Netwerked]

Future contracts will break even, it is a mater of how many weeks.  Again, this word (never)  is problematic.  I dont want to discuss spread sheets and such

I'm trying to have a factual conversation about the likelihood of August contracts breaking even.  I respect your opinion that you think August contracts will break even, but you are not supporting it with any facts.

August contracts will break even. but the amount of weeks to achieve this is rising.
If you bought in August, your looking at 30 to about 32 weeks, a ten or twelve week jump from buying in April. I predicted the April breakeven long before it happened, i know that even if my math is way off, say it 35 weeks to break even from August,  I then am way more accurate  in my calculations than what I hearing out here.  (never)
No that doesn't add up.

Ok, so you did some math.  I would be curious to know more.

Are you taking past contracts and calculating how long they took to break even?  Are you then taking that data and extrapolating future break-even dates?  Are you assuming that difficulty increases will decrease or remain constant?  What is the average difficulty increase that you predict over the next 30 weeks?  These details would go a long way in helping me understand how you arrived at your opinion.

[Flep182]

I have a total of 6 contracts, of which 2 are very small.

My April contract has ROI'ed, the one from end of June is getting close, the July contracts aren't even close yet. But with my April contract only returning profit the risk of not ROI'ing in total is getting smaller and smaller.

I had calculated last week it's another 10 weeks for the total account to ROI.

[Anyayakubu]

Ok, so you did some math.  I would be curious to know more.

Are you taking past contracts and calculating how long they took to break even?  Are you then taking that data and extrapolating future break-even dates?  Are you assuming that difficulty increases will decrease or remain constant?  What is the average difficulty increase that you predict over the next 30 weeks?  These details would go a long way in helping me understand how you arrived at your opinion.
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       Anya, - All good and intelligent questions to ask Netwerked, you deserve an answer. Yes I am doing all that you mention above. I bought contracts each week and each difficulty period and and from these I'm extrapolating future data. Difficulty has never remained constant or dropped in this time period we are considering. Therefore I am adding a substantial difficulty for each two week period.  As for what the difficulty will be for the next 30 weeks, its going to be increasing but not the huge jumps like we saw a few times when huge mining farms came on line. We will see the small jumps like we saw a few weeks ago, this next one is also slightly smaller than some we have seen.

I'm trying to have a factual conversation about the likelihood of August contracts breaking even.  I respect your opinion that you think August contracts will break even, but you are not supporting it with any facts.

     Anya---  I bought two contracts in August. I bought a 500 on Aug. 3, which has now received 5 payments, paid me .394 already. I also bought a 500 on Aug. 19, and in three payments paid me .184.  Using this knowlege  lets extrapolate together on what this Aug. 19 will do Understand that i can do with with much greater accuracy when a contracted is further progressed into more time.  Lets use these numbers and look at this and extrapolate together.  .184 in 3 weeks if you got that for 30 weeks would be 1.84 bitcoin
Wouldn't that be nice? I paid 1.35 btc for this contact were using. Lets average 30 weeks, for me to break even  I would need to average .135 every three weeks to achieve breakeven in 30 weeks.  Can this contract do this over the next 30 week?  The difficulty is going to take a huge chunk out of the .184 I got in the first three weeks.
My answer is no, it will take 32 weeks, achieving an average of .131 for each three weeks.  Thats just the basics how I do this.  And usually I use single weeks of payment to do this work but that August contract of three payments was available.
           Glad you like to share thoughts on the math of mining, I started reading this thread in March,  Two things I noticed. I was proud of the people I saw posting their graphs and at least trying to work out some math.  The other was a lot of post with people saying never going to reach  ROI.,saying how your throwing your money away and never going to get it back. I heard a lot of things that didn't add up.   Which made a student of math like me, have some fun with it.  I stick by my 32 weeks, i hope I'm wrong and is shorter time, and difficulty can't be known so even if its 35 weeks, then you got 225 weeks of rewards.
      I miss rodeo clown and hearing paid on Sunday Morning,
             
           
 

[Pheoxy92]

Anyone up for 271 gh/S mining contract
271 * 0.0027 = 0.7317 bitcoins (worth on pg mining site)
I am selling for 0.55 bitcoins
Pgmining will be the middle hand, so 100 % safe

;;P

[PBmining]

Anyone up for 271 gh/S mining contract
271 * 0.0027 = 0.7317 bitcoins (worth on pg mining site)
I am selling for 0.55 bitcoins
Pgmining will be the middle hand, so 100 % safe

;;P

There seems to be a misunderstanding.  Please e-mail or PM.

[Anyayakubu]

Anya, takes out her calculator, says to herself now there is a proposition, 271 Ghs at .55 btc.  She furiously pushes a lot of buttons, inputs a lot of data. Stops, does some of the math in her head. Comes  up with about 26 weeks, possibly less. Decides, to offer .52 and bring it  down to 23 weeks.
            Then she sits back and wonders?   I've seen these people wanting to sell. Is this OK?  Ok with PB?  for someone  to want to sell  and transfer a contract,
      As a young lady and a student of math, I would maybe consider something like this offer, however is this ok  with PB, to do this , can I be safe with my  bitcoin?
    I would never want to do anything that might not be approved of by PB, And I would want to be sure the transaction was smooth.   Anya puts her calculator  away, decides to think about all this for a while.
       

[VJain]

Running some numbers.... at the current difficulty and price, a positive ROI is only possible with a 9% difficulty increase per period.

Based on the current trend of difficulty increase, I'm not sure how viable of an investment buying hash-rate is right now. Anyone else come to the same conclusion?

[vipgelsi]

Running some numbers.... at the current difficulty and price, a positive ROI is only possible with a 9% difficulty increase per period.

Based on the current trend of difficulty increase, I'm not sure how viable of an investment buying hash-rate is right now. Anyone else come to the same conclusion?

If the price goes up then you will have more room for profit but thats a big if.

[PBmining]

Running some numbers.... at the current difficulty and price, a positive ROI is only possible with a 9% difficulty increase per period.

Based on the current trend of difficulty increase, I'm not sure how viable of an investment buying hash-rate is right now. Anyone else come to the same conclusion?

I ran it too, and you are right.  I would suggest holding off for now too and wait to see what the price does.  We had 0.0027 a few weeks ago and it sure looked good before it ran back up to 0.0032.
  

[Hanslo]

Running some numbers.... at the current difficulty and price, a positive ROI is only possible with a 9% difficulty increase per period.

Based on the current trend of difficulty increase, I'm not sure how viable of an investment buying hash-rate is right now. Anyone else come to the same conclusion?

I ran it too, and you are right.  I would suggest holding off for now too and wait to see what the price does.  We had 0.0027 a few weeks ago and it sure looked good before it ran back up to 0.0032.
  

Current Price: 0.0027 BTC / GHs Have been the price for a couple of week now.

[PBmining]

It was at 0.0027, ran up to 0.0032, and now it is back down to 0.0027. 

0.0027 back then was a better deal than 0.0027 now, due to changing difficulty factor.

[Hanslo]

It was at 0.0027, ran up to 0.0032, and now it is back down to 0.0027.  

0.0027 back then was a better deal than 0.0027 now, due to changing difficulty factor.

Yes, i know. Ran up to 0.0032 the first day (24.08.14) after you filled up with more Hash Rate after the week you was empty. 0.0027 the day after if I don't remember wrong.
I see, maybe 0.0025 next week, same difficulties

[Mike18feb]

I hope a lot below 0.0025, but we'll see. There's another difficulty adjustment (around 9%) later today. And payday tomorrow. Changing price before the payout would be nice 

[apsvinet]

Anyone else unable to access PBMining.com?

Edit: Got into the site now, but it's painfully slow.

[Hanslo]

Anyone else unable to access PBMining.com?

Edit: Got into the site now, but it's painfully slow.

No problem at all

[okae]

Running some numbers.... at the current difficulty and price, a positive ROI is only possible with a 9% difficulty increase per period.

Based on the current trend of difficulty increase, I'm not sure how viable of an investment buying hash-rate is right now. Anyone else come to the same conclusion?

I ran it too, and you are right.  I would suggest holding off for now too and wait to see what the price does.  We had 0.0027 a few weeks ago and it sure looked good before it ran back up to 0.0032.
  

you are very honest, in glad to be with you guys, keep up the good job.

[VJain]

Need feedback for the App.

For myself, I've set up Notifications when the price changes (cause my beta version is badass and so poorly coded and insecure  ). The app has earned me about $5 in ad money, and $25 in donations (I'm working for a 10c/hour atm). In order to release these features, I'd likely charge for premium features

1. Notifications - get an alert when the price changes & hashrate is now available
2. Buy contracts from your phone - This would require you entering your password on your phone, since there is no API system at the present moment.

I'd likely hit it at 99c, and just altogether remove ads (from both the Free and Premium). I'd give the 3 donators free premium updates, since well, they donated. 

I also am really freaking close to releasing on the iOS store as well (again/finally), just want more feedback before I go ahead.

-VJ

[Mike18feb]

Well, I'm certainly interested in Notification, for price changes and for hashrate changes, VJain. I know, if I buy hashrate, the total amount changes so stupid me should know that and not rely on an app to tell me what I just did. But... if I receive referral hashrate then I know it when I log in to my account, so I'd like to be notified also if my hashrate goes up (did it ever go down for someone?!). Do you think it's possible to show such added hashrate? Something to consider, sometimes hashrate changes multiple times per day

I think I donated, but if I see what you got in total then I'm thinking about doing it again to be certain I did
Oh. you can make it a bit easier, I think, by putting a BTC address in your signature