PB Mining -- 5 year mining contracts!

[galdur]

I don´t care what this yahoo is going on about and don´t have to prove anything to it, LOL.

[1714285818]

1714285818

[1714285818]

1714285818

[galdur]

Geothermal Gold: Why Bitcoin Mines are Moving to Iceland

http://www.ibtimes.co.uk/geothermal-gold-why-bitcoin-mines-are-moving-iceland-1468295

[dimiro]

Payment Recieved

[snowcrawl]

I am on track to break even on next Sunday's payout.  I have 150 GH of contracts purchased between early April and early June.  0.8338 BTC was the total cost, currently I'm at 0.822588 BTC repaid.  I quit buying because PBmining made the statement that they could no longer sell contracts to Canadian customers.  Overall, that's a longer period to break even than some of the "shills" seem to let on.  Those who bought contracts after I did will have to wait even longer to reach so called "ROI".  Yet it is probably a slightly better rate of return than some of the other mining of I have done.

[RD965]

I am on track to break even on next Sunday's payout.  I have 150 GH of contracts purchased between early April and early June.  0.8338 BTC was the total cost, currently I'm at 0.822588 BTC repaid.  I quit buying because PBmining made the statement that they could no longer sell contracts to Canadian customers.  Overall, that's a longer period to break even than some of the "shills" seem to let on.  Those who bought contracts after I did will have to wait even longer to reach so called "ROI".  Yet it is probably a slightly better rate of return than some of the other mining of I have done.

The thing is that new users cant trust this really

[okae]

payment received as always, ty pbmining, the best minning site!!!!

[botolo86]

WOW I left this forum some months ago, I am back and I see people still arguing the same stuff against PBMining. Truth is that this company has been up since the beginning and never failed a payment. If this is a Ponzi, it is the most customer support efficient Ponzi I have ever seen. Anyhow, people should stop bothering asking the same questions all the time. The owner of PBMining made it clear a loooooong time ago that he will not provide info on hardware, business strategy, etc.

[jimmothy]

WOW I left this forum some months ago, I am back and I see people still arguing the same stuff against PBMining. Truth is that this company has been up since the beginning and never failed a payment. If this is a Ponzi, it is the most customer support efficient Ponzi I have ever seen. Anyhow, people should stop bothering asking the same questions all the time. The owner of PBMining made it clear a loooooong time ago that he will not provide info on hardware, business strategy, etc.

I disagree. If pbmining was a ponzi they would have absolutely no problem lasting this long because they gained plenty of new customers to payout the few early birds and ROI is capped at ~5-10% profit unlike most ponzis which give huge compounded returns.

If pbmining is a legit mining operation then they are without a doubt the most efficient operation in the history of bitcoin mining. Even mega-scale mining operations with the cheapest electricity in the world cannot compete with PBmining and their free electricity generator.

It is quite an efficient and well executed ponzi, I'll give them that, but let's not kid anyone in to thinking it's a legit operation.

Just look at the evidence, there is literally none to suggest they are actually mining yet a never ending trail of red flags to suggest they are a ponzi.

PBmining is the only company that is completely fine with 90% of the bitcoin community thinking they are a scam.)

[1Referee]

WOW I left this forum some months ago, I am back and I see people still arguing the same stuff against PBMining. Truth is that this company has been up since the beginning and never failed a payment. If this is a Ponzi, it is the most customer support efficient Ponzi I have ever seen. Anyhow, people should stop bothering asking the same questions all the time. The owner of PBMining made it clear a loooooong time ago that he will not provide info on hardware, business strategy, etc.

I disagree. If pbmining was a ponzi they would have absolutely no problem lasting this long because they gained plenty of new customers to payout the few early birds and ROI is capped at ~5-10% profit unlike most ponzis which give huge compounded returns.

If pbmining is a legit mining operation then they are without a doubt the most efficient operation in the history of bitcoin mining. Even mega-scale mining operations with the cheapest electricity in the world cannot compete with PBmining and their free electricity generator.

It is quite an efficient and well executed ponzi, I'll give them that, but let's not kid anyone in to thinking it's a legit operation.

Just look at the evidence, there is literally none to suggest they are actually mining yet a never ending trail of red flags to suggest they are a ponzi.

PBmining is the only company that is completely fine with 90% of the bitcoin community thinking they are a scam.)

You made your point by now, you think it's a ponzi. There is no need to keep repeating it over and over again.

It's simple, if you don't like it, then don't buy contracts. Fact is that people do get paid, and they genuinely like it.

[jimmothy]

Fact is that people do get paid, and they genuinely like it.

^ Said anyone who ever participated in a ponzi before it collapsed.

It's just sad to see the bitcoin community falling for the same scams over and over which can be easily prevented. If the everyone would just adopt the most basic standards like requiring proof of mining via a mining address then 99% of cloudmining scams could be avoided. Although I think most people already require simple proof of legitimacy, there's a never ending wave of noobs who oppose the idea.

But you're right I think I've made my point, I'll leave and let you guys enjoy your gambling. I just hope you guys are honest when spamming your referral links and don't pretend pbmining is a completely legit mining operation without massive risks for a tiny reward.

[ajw7989]

Fact is that people do get paid, and they genuinely like it.

^ Said anyone who ever participated in a ponzi before it collapsed.

It's just sad to see the bitcoin community falling for the same scams over and over which can be easily prevented. If the everyone would just adopt the most basic standards like requiring proof of mining via a mining address then 99% of cloudmining scams could be avoided. Although I think most people already require simple proof of legitimacy, there's a never ending wave of noobs who oppose the idea.

But you're right I think I've made my point, I'll leave and let you guys enjoy your gambling. I just hope you guys are honest when spamming your referral links and don't pretend pbmining is a completely legit mining operation without massive risks for a tiny reward.

People keep saying pbmining is a ponzi. ANY operation can fail and make you lose your investment. Look at bitcoin trader. They just lost everyone's bitcoins now. Look at gox months ago. THese were all legit companies that stole peoples funds. Another person with reputable reputation was tradefortress with the whole inputs.io scam. The point is ALL investments have risks. THe greater the risk the greater the reward especially with bitcoin stuff. For example my most profitable investments were newer companies like cex when they first started. People were skeptical but there were no fees and people made a killing compared to now where its extremely hard to make a profit but its now a reputable company. I am pretty sure pbmining is legit of course no one can make an guarantees. MANY people reached ROI and there is no reason to believe more people will not

[Skatter]

http://www.coindesk.com/bitcoin-trader-customer-losses-management-disappearance/
Another bitcoin trader gone under.

[5ick3uffalo]

http://www.coindesk.com/bitcoin-trader-customer-losses-management-disappearance/
Another bitcoin trader gone under.

Doesn´t affect PbMining so i don´t care

Only care my weekly payout and that is always on time - since joined back in march.

That is ALL that matters for me

[Skatter]

http://www.coindesk.com/bitcoin-trader-customer-losses-management-disappearance/
Another bitcoin trader gone under.

Doesn´t affect PbMining so i don´t care

Only care my weekly payout and that is always on time - since joined back in march.

That is ALL that matters for me

Thats true and im with you
 it goes to show no matter how big the business is it can fail.

[vipgelsi]

WOW I left this forum some months ago, I am back and I see people still arguing the same stuff against PBMining. Truth is that this company has been up since the beginning and never failed a payment. If this is a Ponzi, it is the most customer support efficient Ponzi I have ever seen. Anyhow, people should stop bothering asking the same questions all the time. The owner of PBMining made it clear a loooooong time ago that he will not provide info on hardware, business strategy, etc.

I disagree. If pbmining was a ponzi they would have absolutely no problem lasting this long because they gained plenty of new customers to payout the few early birds and ROI is capped at ~5-10% profit unlike most ponzis which give huge compounded returns.

If pbmining is a legit mining operation then they are without a doubt the most efficient operation in the history of bitcoin mining. Even mega-scale mining operations with the cheapest electricity in the world cannot compete with PBmining and their free electricity generator.

It is quite an efficient and well executed ponzi, I'll give them that, but let's not kid anyone in to thinking it's a legit operation.

Just look at the evidence, there is literally none to suggest they are actually mining yet a never ending trail of red flags to suggest they are a ponzi.

PBmining is the only company that is completely fine with 90% of the bitcoin community thinking they are a scam.)

+1

[PilotofBTC]

http://www.coindesk.com/bitcoin-trader-customer-losses-management-disappearance/
Another bitcoin trader gone under.

You mean the ponzi game came to an end.

[Muhammed Zakir]

 =snip=

Even mega-scale mining operations with the cheapest electricity in the world cannot compete with PBmining and their free electricity generator.

They don't really offer free electricity, we are forced to give some BTC when we buy GHs but I don't know how many uBTC they charge per GHs. Anybody?

   ~~MZ~~

[galdur]

There are places on this earth where electricity is REAL cheap. 

[jimmothy]

 =snip=

Even mega-scale mining operations with the cheapest electricity in the world cannot compete with PBmining and their free electricity generator.

They don't really offer free electricity, we are forced to give some BTC when we buy GHs but I don't know how many uBTC they charge per GHs. Anybody?

   ~~MZ~~

MrTeal summarized it quite nicely:

The proof is that people are getting their payments every week, and this since January.

He's saying the offer is too good. Right now they are charging $0.60 per GH/s for a 5 year "guaranteed" contract. Out of that, they have to pay
1. Capital cost of the equipment
2. Capital cost of the facility its housed in
3. Maintenance and replacement of failures for 5 years
4. Power for 5 years
5. A normal profit

Just look at the power cost: Even if they somehow average 0.2J/GH/s over that time (3.5x better than anything on the market) and pay $0.04/kWh, that's 8.76kWh and $0.35 in power. Equipment costs are similar, even in bulk that's another $0.30/GH/s. That's just the initial investment in equipment, it says nothing of the additional investment needed to keep pace with efficiency.
If they are doing what they claim which is actually operating the hashrate they're selling, there's no way they can do so and still make money. If they actually are in Saskatchewan as they claim, the numbers are even worse as you won't get power anywhere close to $0.04/kWh.

Why do you think actual hardware manufacturers are charging more than PBmining for cloudmining contracts? Don't forget that they have huge discounts on hardware/electricity which PBmining doesn't (a few TH/s per week is hardly enough for any sort of bulk discounts/economies of scale).

http://en.wikipedia.org/wiki/Electricity_sector_in_Canada#Rates

With only ~3MW (assuming it's not a ponzi) PBmining would only qualify for medium power, so at best they are paying ~$0.07/kwh which is pretty bad compared to their competition in Iceland/Washington who pay as little as $0.03/kwh.

How does PBmining have the best contract prices while paying more than twice the price for electricity? How do they make a profit?

And the most important question: Why is pbmining mixing coins if they are supposedly legit? If anyone can give me a logical answer I'll leave this thread permanently.

[RD965]

 =snip=

Even mega-scale mining operations with the cheapest electricity in the world cannot compete with PBmining and their free electricity generator.

They don't really offer free electricity, we are forced to give some BTC when we buy GHs but I don't know how many uBTC they charge per GHs. Anybody?

   ~~MZ~~

MrTeal summarized it quite nicely:

The proof is that people are getting their payments every week, and this since January.

He's saying the offer is too good. Right now they are charging $0.60 per GH/s for a 5 year "guaranteed" contract. Out of that, they have to pay
1. Capital cost of the equipment
2. Capital cost of the facility its housed in
3. Maintenance and replacement of failures for 5 years
4. Power for 5 years
5. A normal profit

Just look at the power cost: Even if they somehow average 0.2J/GH/s over that time (3.5x better than anything on the market) and pay $0.04/kWh, that's 8.76kWh and $0.35 in power. Equipment costs are similar, even in bulk that's another $0.30/GH/s. That's just the initial investment in equipment, it says nothing of the additional investment needed to keep pace with efficiency.
If they are doing what they claim which is actually operating the hashrate they're selling, there's no way they can do so and still make money. If they actually are in Saskatchewan as they claim, the numbers are even worse as you won't get power anywhere close to $0.04/kWh.

Why do you think actual hardware manufacturers are charging more than PBmining for cloudmining contracts? Don't forget that they have huge discounts on hardware/electricity which PBmining doesn't (a few TH/s per week is hardly enough for any sort of bulk discounts/economies of scale).

http://en.wikipedia.org/wiki/Electricity_sector_in_Canada#Rates

With only ~3MW (assuming it's not a ponzi) PBmining would only qualify for medium power, so at best they are paying ~$0.07/kwh which is pretty bad compared to their competition in Iceland/Washington who pay as little as $0.03/kwh.

How does PBmining have the best contract prices while paying more than twice the price for electricity? How do they make a profit?

And the most important question: Why is pbmining mixing coins if they are supposedly legit? If anyone can give me a logical answer I'll leave this thread permanently.

You're answering yourself