PB Mining -- 5 year mining contracts!

[galdur]

"""Cost savings

Monroe is very secretive about his clients and can not be drawn into conversation about specific mining rigs, though he is able to detail the cost-savings such companies are making.

"[One client] saved over 83% on their energy cost alone. But more importantly than just the energy savings - they substantially reduced their carbon footprint which for most companies is becoming more and more important."

DigitalBTC is not the only mining company to move in to the industrial park. Last month, Switzerland-based mining firm Bitmine switched from their base in the Alps to set up shop in Iceland."""

Geothermal Gold: Why Bitcoin Mines are Moving to Iceland

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

http://www.landsvirkjun.com/productsservices/valueproposition
$43/MWh ($0.043/kWh)
Still not cheap enough to justify pbmining's rates. With the best announced hardware (Spondoolies SP35, 0.6J/GH) 5 years of power would be 26.28kWh and cost $1.13/GH/s at that price. That's 0.0029BTC of the 0.0016BTC they are charging per GH/s, leaving -0.0013BTC to spend on everything else.
Even with not-yet-designed 0.2J/GH hardware, you're looking at $0.377/GH/s just for power, or 0.00098BTC of the 0.0016BTC/GH/s they charge, leaving 0.0006BTC/GH/s to acquire HW, maintain/upgrade it for 5 years, and make a little money.

Where do you get that it´s Landsvirkjun that is providing the electricity for the mining operations mentioned in that news story?

[1714242479]

1714242479

[galdur]

And since you assert that mining operations pay $0.043 per kwh in Iceland

presumably you have access to contracts confirming this.

Please provide the links.

[MrTeal]

And since you assert that mining operations pay $0.043 per kwh in Iceland

presumably you have access to contracts confirming this.

Please provide the links.

Of course I don't have them. Those rates are on 12 year contracts, it's entirely possible that they are paying more than that. Please provide links showing they get 0.043 or below. Better yet, show some proof you have done any mining at all.

Landsvirkjun is the national energy company and largest producer in Iceland though. Their rates are likely indicative of the general market, though if you have any kind of information that anyone pays significantly less than that price I'd love to see it.

[galdur]

And since you assert that mining operations pay $0.043 per kwh in Iceland

presumably you have access to contracts confirming this.

Please provide the links.

Of course I don't have them. Those rates are on 12 year contracts, it's entirely possible that they are paying more than that. Please provide links showing they get 0.043 or below. Better yet, show some proof you have done any mining at all.

Landsvirkjun is the national energy company and largest producer in Iceland though. Their rates are likely indicative of the general market, though if you have any kind of information that anyone pays significantly less than that price I'd love to see it.

Please pay attention.

Landsvirkjun doesn´t provide electricity to the location covered in that news story I posted.

You people are very quick to assume and very loose with actual facts.

Maybe I´ll waste some time on you later, maybe throw you a bone if I notice some signs of domestication.

BTW, I live in Iceland.

[jimmothy]

And since you assert that mining operations pay $0.043 per kwh in Iceland

presumably you have access to contracts confirming this.

Please provide the links.

Of course I don't have them. Those rates are on 12 year contracts, it's entirely possible that they are paying more than that. Please provide links showing they get 0.043 or below. Better yet, show some proof you have done any mining at all.

Landsvirkjun is the national energy company and largest producer in Iceland though. Their rates are likely indicative of the general market, though if you have any kind of information that anyone pays significantly less than that price I'd love to see it.

Please pay attention.

Landsvirkjun doesn´t provide electricity to the location covered in that news story I posted.

You people are very quick to assume and very loose with actual facts.

Here's some facts for you Mr fact checker: http://www.verneglobal.com/partnerships

You can also confirm the rates are ~0.043/kwh here: http://www.verneglobal.com/resources/energy_calculator

It's interesting you become a huge skeptic when someone makes a completely plausible statement about electricity rates, yet when someone wants to take your money via their extremely shady business there's no questions asked.

Maybe I´ll waste some time on you later, maybe throw you a bone if I notice some signs of domestication.

Please do. It's nice to see some pbmining customers using their critical thinking skills.

[galdur]

And since you assert that mining operations pay $0.043 per kwh in Iceland

presumably you have access to contracts confirming this.

Please provide the links.

Of course I don't have them. Those rates are on 12 year contracts, it's entirely possible that they are paying more than that. Please provide links showing they get 0.043 or below. Better yet, show some proof you have done any mining at all.

Landsvirkjun is the national energy company and largest producer in Iceland though. Their rates are likely indicative of the general market, though if you have any kind of information that anyone pays significantly less than that price I'd love to see it.

Please pay attention.

Landsvirkjun doesn´t provide electricity to the location covered in that news story I posted.

You people are very quick to assume and very loose with actual facts.

Here's some facts for you Mr fact checker: http://www.verneglobal.com/partnerships

You can also confirm the rates are ~0.043/kwh here: http://www.verneglobal.com/resources/energy_calculator

It's interesting you become a huge skeptic when someone makes a completely plausible statement about electricity rates, yet when someone wants to take your money via their extremely shady business there's no questions asked.

Maybe I´ll waste some time on you later, maybe throw you a bone if I notice some signs of domestication.

Please do. It's nice to see some pbmining customers using their critical thinking skills.

But what does it have to do with PB Mining? Are you saying that they´re part of this Verne Group? I never claimed that this news story had anything to do with PBM as you may or may not have noticed.

[jimmothy]

But what does it have to do with PB Mining? Are you saying that they´re part of this Verne Group? I never claimed that this news story had anything to do with PBM as you may or may not have noticed.

No of course they are not hosting their hardware at Verne Global. If that were the case then they would have had Verne Global vouch for their legitimacy 8 months ago when the ponzi accusations began.

As a native you should know that Iceland has some of the cheapest electricity in the world. Canada (where this farm is located) is much more expensive.

But let's say they somehow have access to Icelandic rates. Most of their hardware was purchased before any <1 w/gh hardware was shipping from stock so we can assume their hardware is all or mostly 1 w/gh.

$0.000043/wh * 24 * 365 = $0.37 * 1.1 (PUE) = $0.41/GH/year in electricity costs.

Subtracting $0.41/gh from the contract price of $0.62/GH would leave $0.21/gh to purchase hardware, buy a warehouse, fill it with racks, add cooling/power/networking infrastructure, pay staff, pay taxes, spend boatloads on advertising, etc.

Seems a bit of a stretch considering no manufacturers are selling hardware for less than $0.4/gh.

[galdur]

Yeah, I had another location in mind. Also geothermal power, also has some mining operations. And another power company, or consortium I guess.

But are you sure they´re in Iceland? I mean, it´s a tiny place. Everybody knows everybody else. It´s not like you´re searching for something in bloody China. Not a very promising location for a cloud mining scam. And why haven´t the competitors sent someone to check this out? Or hired someone locally.

[galdur]

As for the costs you mention, it´s possible that they´re just a department (a room of racks) in a private company which mainly mines for its owners and has this as a side business.

[MrTeal]

As for the costs you mention, it´s possible that they´re just a department (a room of racks) in a private company which mainly mines for its owners and has this as a side business.

A room of racks that sells guaranteed hashrate for 5 years, and claims to have 2.87PH/s of hardware?

[galdur]

As for the costs you mention, it´s possible that they´re just a department (a room of racks) in a private company which mainly mines for its owners and has this as a side business.

A room of racks that sells guaranteed hashrate for 5 years, and claims to have 2.87PH/s of hardware?

Well, i´ve been in a tiny room and a very large room. There are all sorts of rooms.

[galdur]

In any event, since 90% of the bitcoin community (according to jimmo) is convinced that this is a scam

someone will in the coming years get a clue and simply send investigators to get evidence and take it down.

Should be easy since apparently the dumbasses running the scam have moved to Iceland. Come on, not even a

freakin mouse can hide in Iceland, LOL.

[jimmothy]

But are you sure they´re in Iceland? I mean, it´s a tiny place. Everybody knows everybody else. It´s not like you´re searching for something in bloody China. Not a very promising location for a cloud mining scam.

No they said their operation is in Canada not Iceland.

And why haven´t the competitors sent someone to check this out? Or hired someone locally.

Check out Pbmining or Iceland?

Clearly many mining companies are already moving to Iceland, that's no secret.

Nobody could check out PBmining because they will not tell anybody where they are located. Nobody knows anything about PBmining other than they are located in Canada.

As for the costs you mention, it´s possible that they´re just a department (a room of racks) in a private company which mainly mines for its owners and has this as a side business.

That doesn't explain the costs. If they are really located in Canada then electricity for only a single year would cost more than their contract price.

Even if they get hardware for $0.2/gh (which is below every known manufacturers production costs) and electricity for $0.04/kwh, there's still no way Capex plus Opex over one year is less than $0.6/gh.

Also several manufacturers have vouched for cloudmining companies before, why not for PBmining who gets more ponzi accusations than every other company?

[galdur]

But are you sure they´re in Iceland? I mean, it´s a tiny place. Everybody knows everybody else. It´s not like you´re searching for something in bloody China. Not a very promising location for a cloud mining scam.

No they said their operation is in Canada not Iceland.

And why haven´t the competitors sent someone to check this out? Or hired someone locally.

Check out Pbmining or Iceland?

Clearly many mining companies are already moving to Iceland, that's no secret.

Nobody could check out PBmining because they will not tell anybody where they are located. Nobody knows anything about PBmining other than they are located in Canada.

As for the costs you mention, it´s possible that they´re just a department (a room of racks) in a private company which mainly mines for its owners and has this as a side business.

That doesn't explain the costs. If they are really located in Canada then electricity for only a single year would cost more than their contract price.

Even if they get hardware for $0.2/gh (which is below every known manufacturers production costs) and electricity for $0.04/kwh, there's still no way Capex plus Opex over one year is less than $0.6/gh.

Also several manufacturers have vouched for cloudmining companies before, why not for PBmining who gets more ponzi accusations than every other company?

They said when? January? August? Did they say that their operations or most of them were in Canada? Just because the headquarters are there doesn´t necessarily mean that the operations are there too.

[galdur]

Who´s the head of the co.? CEO, whatever.

[jimmothy]

They said when? January? August? Did they say that their operations or most of them were in Canada? Just because the headquarters are there doesn´t necessarily mean that the operations are there too.

What makes you assume they are located in Iceland?

As I said, even if they have the worlds cheapest electricity and have hardware costs below every manufacturers production costs, their contracts are still too low for them to make a profit.

PBmining would have to be most efficient mining operation in existence to be legit.

There are tons of people who would be willing to invest massive amounts of cash in to such an operation but it's never going to happen when PBmining dresses themselves up like a ponzi.

Who´s the head of the co.? CEO, whatever.

Nobody knows. There is absolutely no public info and much effort has been put in to keeping it as secret as possible.

I can even understand if the CEO wants to remain anonymous, but I cannot come up with a single good reason to implement a coinmixer and hide the mining address.

[galdur]

The plot thickens.

Well, I´m certainly not betting the farm here. All i have is lousy 720 GHS for which I paid just over one bitcoin. Not a biggie. And it´s all profits from my other bitcoin investments and trades so no new funds. And I guess I´ll be reinvesting the payouts. In the unlikely event that this one goes bust suddenly I can take it.

[galdur]

Hashnest sells GHS at 0.001125 BTC.

If PBM can´t cover the costs at .0016, then how do you guys figure Hashnest does it?

Or are they a scam as well ?

[Muhammed Zakir]

Hashnest sells GHS at 0.001125 BTC.

If PBM can´t cover the costs at .0016, then how do you guys figure Hashnest does it?

Or are they a scam as well ?

I haven't used it. But from what I read from the website, they are charging fess and it is a peer-to-peer exchange. So it isn't like PBMining. I don't think it is a scam too.

   ~~MZ~~

[galdur]

Even with fees, the price should be comparable.

So, how do they do it ?