PB Mining -- 5 year mining contracts!

[Steiny217]

and that is a good point, What rodeo clown was pointing out is that lets say BTC/USD jumps to say USD$5000 tomorrow, what would the price for contracts do, as it would make them seriously unattractive over buying from someone who charges in USD

 Would PB change price accordingly to stay attractive or everyone else will raise their prices accordingly to capitalise on the high BTC price

option 2 would be my guess

So......... I've been with PBmining for a couple months now and have noticed them do the following a couple times now.  Beginning of this week the price per GH was 0.0048BTC  then we had the BTC value jump, they dropped the price to 0.0046BTC and then on Friday we had the Difficulty increase and they dropped the price again to the current price of 0.0044BTC.  No guarantees that it's because of price but sure seemed like that might have something to do with it.  Like I said they've done this several times in the past.  It would be a complete pain in the ass to chase the value of BTC/USD/CAD and drop the price, due to the fact that the value is fluctuating like crazy all the time as we had a $20USD drop in value over night.  

[syncsam]

 It hadn't even occurred to me until rodeoclownicp mentioned it, I've always just thought of it in terms of BTC, ignoring exchange rates, not too worry, just go with the flow, see what happens when it happens

 

[Steiny217]

It hadn't even occurred to me until rodeoclownicp mentioned it, I've always just thought of it in terms of BTC, ignoring exchange rates, not too worry, just go with the flow, see what happens when it happens

 

yeah, I don't really care how much it costs in USD, because I look at this as an investment and I think we are all still early in this game.  In the end I think it'll all work out in our benefit in the end!   

[kained]

I made a video about PBmining.

How to Mine Bitcoin on the Cloud - PBmining

https://www.youtube.com/watch?v=swnojmlPV2k

http://pbmining.com?ref=kainedamo

Thanks everyone.

[oztusk]

Is there a way to work out what I'm getting per GH on pbmining?  What the rate of satoshi is per GH?

Do an effort, maybe? scrool down a few posts, at least   I gave it all away for free, ffs

https://bitcointalk.org/index.php?topic=418183.msg6957655#msg6957655

you get the calculated rate...
just use calculator @ upper right of page:..    https://bitcoinwisdom.com/bitcoin/difficulty  
pb will pay at this rate.

for a nice estimate of return, multiply the weekly yield x ten... its all guesswork and prophecy if you want a more exact figure.

[chinchs]

Got my first referral, he bought 50Ghs, and now I see another contract in my dashboard showing 5Ghs !!! If anyone else want to get in

http://pbmining.com?ref=chinchs

the Price has dropped to 0.0044

[Steiny217]

Got my first referral, he bought 50Ghs, and now I see another contract in my dashboard showing 5Ghs !!! If anyone else want to get in

http://pbmining.com?ref=chinchs

the Price has dropped to 0.0044

look at you, lucky dog! 

[oztusk]

price, consistent with yield, has actually gone up 61%.

so yield is actually down 61%

as compared to pb price in february, when it was .0107/ghz

so bitcoin out per bitcoin in has dropped drastically


never mind price per ghz, its price per btc yield per time that counts

todays price to equal februarys proportional yield should be about 0.0027btc/ghz

[tuanvie]

Got my first referral, he bought 50Ghs, and now I see another contract in my dashboard showing 5Ghs !!! If anyone else want to get in

http://pbmining.com?ref=chinchs

the Price has dropped to 0.0044

if part of your referral will get a share?
I am interested to join 

[chinchs]

Got my first referral, he bought 50Ghs, and now I see another contract in my dashboard showing 5Ghs !!! If anyone else want to get in

http://pbmining.com?ref=chinchs

the Price has dropped to 0.0044

if part of your referral will get a share?
I am interested to join 

Sure, I'll give you %5

[PBmining]

oztusk, we sell hash power for what we determine we can get for it on the market just as any business would.   We have remained competitive and still have the best prices available.  

[oztusk]

yes, just putting out the figures FI

[byt411]

price, consistent with yield, has actually gone up 61%.

so yield is actually down 61%

as compared to pb price in february, when it was .0107/ghz

so bitcoin out per bitcoin in has dropped drastically


never mind price per ghz, its price per btc yield per time that counts

todays price to equal februarys proportional yield should be about 0.0027btc/ghz

That's correct. If difficulty increases by +15%, price should theoretically go -15%.

[oztusk]

his overhead doesn't always drop though
attractively priced equipment is getting harder to find, for the time being.
if chips advance to a 15 nm process or something, maybe. but if not, diff rise may lessen as fewer buy overpriced equipment.

[rodeoclownicp]

well in years 3,4,5 i dont think you could blame pb for not mining the coin and not  using greater cost to produce almost nothing - for instance and i am just making something up for examples sake - lets say in year 4 it cost pb $10,000 in electricity to produce 2 coins doo to difficulty jumps(made up number) u would just pay out the 2coins from previous profit and not bother mining it ,,,but most likely hardware will get cheaper ....my brain will have wifi and thousands of pico-meter asics in it- my electricity will be generated through my movement like an automatica wrist watch.. i will just think my money into existence...poor pb he will need to wear a neck brace around to handle the hardware in his head from his one century long contracts

[PilotofBTC]

poor pb he will need to wear a neck brace around to handle the hardware in his head from his one century long contracts

The contracts are 5 years, not a century. Yes, I know you were being hyperbolic.

That said, you aren't buying a contract on a particular machine. PBMining provides the contracted hash power. He is welcome to sell off older machines and buy newer more efficient machines throughout the contract.

[oztusk]

sell old machines? really. for foot warmers?
there must be some computational application for a hashing device...

[byt411]

sell old machines? really. for foot warmers?
there must be some computational application for a hashing device...

No, there isn't. ASICs are designed to mine bitcoins, and can only do that (or other sha-256 coins).

[MICRO]

Well, I'm kind of tired of reading all this buffing about profitability in PB, so here are some actual facts:

started  24th March, did a small initial buy to test it and them gone ahead with actual investments. Reinvested all of the payout received until the 5th May.
I'll share all the details here, for everyone's benefit, I hope:



All values are exact BTC and all calculations have 8 decimal accuracy; Calculated values are refreshed every week with new total payout values
Averages have been lowering and will predictably keep on doing so, because payouts are showing a ~10% drop per week.

Just facts, no predictions

Notice that my data is always in BTC, because that's the only logic analysis possible, since PB is an investment in BTC  - if you get profits or not in USD/EUR/whatever is a complete different situation and depends on how and for how much you got your BTC in the first place
As you can see, so far, profitability is achievable around week 15 after the investment date, i.e., ~3,5 months.


Now, is it so difficult to believe the breakeven in BTC is achievable in 6 months? And that from that point on, it's profit land all the way through, in BTC?

For those that *still* believe that PB might be a scam or a ponzy, all you have to do is invest only once, wait 6 months, and enjoy the ride - is it's a scam, they'll loose money with you from that point foward, LOL

Rly good post man. And kinda correct. I invested in PB , bought 5ghs with 0.051 btc, its been 3 months now and im almost even.

[PilotofBTC]

sell old machines? really. for foot warmers?
there must be some computational application for a hashing device...

How about as an ASIC miner. There might be people willing to buy a 6month old miner for 25-50% of what a brand new miner would cost.

But still, my point was, old inefficient machines are probably being replaced rather than sitting there wheezing on the difficulty and sucking down kilowatts.