PBmining - legit?

[Syke]

+ it would easily be double that in cooling and a facility able to host 375TH/s for 5 years that's a pretty serious set up you'd need your own sub station running that much power. It's most likely just a case of how long it goes on for now. If you have broke even already it's lucky but it's horrible to think it's probably other peoples money

They setup their ponzi in Canada, so the cooling costs for the imaginary hardware are only during a short summer.

[rodeoclownicp]

It's not even close to that cheap for an S1.  Bitmain has them for $2.59 per GH as of right now.  PBMining is mining at $2.20 per GH.  You're saying that PBMining worked out some kind of deal that got them a price lower than that, that factored in the 1100watts per unit power charge and somehow gives them a profit that pays for the management of this operation for a bunch of full time workers? 

Use your head.  It's a scam.

You're entitled to your opinion and I won't try to change it. I will correct your facts though.

The S1 is BTC0.484 per 180gh/s. 0.484/180=BTC.002688888/gh/s
.00268*439=$1.17/gh/s

Draw of the unit is 360 W at the wall - not 1100.

If we were to assume their whole facility were antminers, that would put their total electric consumption per hour as follows:

((TotalHashrate/HashratePerUnit)*WattsPerUnit)/1000

((375500/180)*360)/1000=751

So in a given month thats ((30*24)*751)=540720

I think they said they were in canada: the average electric price in canada (1) for an industrial facility is $.0732/KWh CAD or $.07USD

540720*$.07=$37,850.4 Monthly Power Cost

Per GH that's 37850.4/375500=$0.1008 Cost per month.

Over 5 years that's $0.1008*(12*5)=$6

So - we can deduce that in order to maintain profit, they'll have to upgrade their hardware after a year assuming they are running S1's. But, customers have paid up front. So they have the capital to get new hardware.

Furthermore, since they are charging double the hardware cost, they could buy double the hardware, basically using the customer as a loan for them to build a huge mining farm half of which is mining for them.

Power consumption aside - baseline - they are basically doubling their money on hardware. Further profit can be derived from merged mining. Even further profit can be derived from the fact that their fixed payment calculator accounts for avg 10 minute blocks. As difficulty increase approaches blocks are solved faster, and then when difficulty increase arrives they pay out less. They are mining more than they are paying out. Users, like me, are okay with this because of their guaranteed fixed payout rate.

At 375TH/s they are making about $4,423.36 per month just in NAMECOIN. There's room for profit. Could it be a scam? Sure. Does it scream scam from the hilltops? Nah.

There's a risk involved. There's a risk in pre-ordering hardware.

But if you're going to say it has to be a scam - at least try to back that point up with correct figures.

wow  nice job well put - alot of people jump to the  the easiest hate its human nature but you put the facts for all to see and you were nice about it - i agree the capital is there to be a legit operation, there is even enough capital to be half ponz and in the process of legitimizing - there is way more money in keeping this alive then letting it fail

$4,000 in name? is that this number 1x10^{99999999999999999999999999999999999999999999999999999999999999999999999999999}

[thirdprize]

FWIW i have just invested some money in PBMining.

I brought 5GH for around £5 (high roller).  According to their stats that gives around 0.00135259 btc per week pay out.  Extrapolate that for 5 years and you get 0.3516734 btc which equals £93.5 GBP at todays exchange rate.  That is a lot of ifs (whether btc or PBMining will be here in 5 years time and what the exchange rate would be), but a nice return if it panned out.  And it is more than I am getting from my Antminer U2.

They seem to be currently sold out of Hashing which may explain why i had to give them a nudge to get my order processed.  I looked at CloudHashing but they want $300 up front for 30 GHs.

I will report back on how things go.

[jimmothy]

FWIW i have just invested some money in PBMining.

I brought 5GH for around £5 (high roller).  According to their stats that gives around 0.00135259 btc per week pay out.  Extrapolate that for 5 years and you get 0.3516734 btc which equals £93.5 GBP at todays exchange rate.  That is a lot of ifs (whether btc or PBMining will be here in 5 years time and what the exchange rate would be), but a nice return if it panned out.  And it is more than I am getting from my Antminer U2.

They seem to be currently sold out of Hashing which may explain why i had to give them a nudge to get my order processed.  I looked at CloudHashing but they want $300 up front for 30 GHs.

I will report back on how things go.

If you get 0.3 btc from 5gh I think we are all going to be millionaires.

I would guess more like 0.03btc in 5 years if you're lucky.

[Kashim]

im in there now for almost a month and got my pay every sunday

[iflash]

FWIW i have just invested some money in PBMining.

I brought 5GH for around £5 (high roller).  According to their stats that gives around 0.00135259 btc per week pay out.  Extrapolate that for 5 years and you get 0.3516734 btc which equals £93.5 GBP at todays exchange rate.  That is a lot of ifs (whether btc or PBMining will be here in 5 years time and what the exchange rate would be), but a nice return if it panned out.  And it is more than I am getting from my Antminer U2.

They seem to be currently sold out of Hashing which may explain why i had to give them a nudge to get my order processed.  I looked at CloudHashing but they want $300 up front for 30 GHs.

I will report back on how things go.

Maybe you should learn a bit more about BTC before "investing". You will *never* get ,35 BTC. The rate you are mining constantly decreases due to the ever increasing difficulty level. If you do not know what I am talking about I suggest you google "bitcoin difficulty"

Best

iFlash

[thirdprize]

FWIW i have just invested some money in PBMining.

I brought 5GH for around £5 (high roller).  According to their stats that gives around 0.00135259 btc per week pay out.  Extrapolate that for 5 years and you get 0.3516734 btc which equals £93.5 GBP at todays exchange rate.  That is a lot of ifs (whether btc or PBMining will be here in 5 years time and what the exchange rate would be), but a nice return if it panned out.  And it is more than I am getting from my Antminer U2.

They seem to be currently sold out of Hashing which may explain why i had to give them a nudge to get my order processed.  I looked at CloudHashing but they want $300 up front for 30 GHs.

I will report back on how things go.

Maybe you should learn a bit more about BTC before "investing". You will *never* get ,35 BTC. The rate you are mining constantly decreases due to the ever increasing difficulty level. If you do not know what I am talking about I suggest you google "bitcoin difficulty"

Best

iFlash

True, difficulty goes up but so does hashing power.  If you are mining now with the same rig you had 2 years ago, it would be very hard.  I see this as a variation on pooling where people who don't want the bother of actually mining, get someone to do it for them.  The more people, the more power.

Anyway, £5 is just under 2 cups of coffee.  No great loss if they go bust tomorrow. 

[rodeoclownicp]

FWIW i have just invested some money in PBMining.

I brought 5GH for around £5 (high roller).  According to their stats that gives around 0.00135259 btc per week pay out.  Extrapolate that for 5 years and you get 0.3516734 btc which equals £93.5 GBP at todays exchange rate.  That is a lot of ifs (whether btc or PBMining will be here in 5 years time and what the exchange rate would be), but a nice return if it panned out.  And it is more than I am getting from my Antminer U2.

They seem to be currently sold out of Hashing which may explain why i had to give them a nudge to get my order processed.  I looked at CloudHashing but they want $300 up front for 30 GHs.

I will report back on how things go.

what do you mean out of hashing power? it still looks like contracts are for sale

[oztusk]

without getting into a breakdown of the math....
if you want a reasonable estimate of overall return...
multiply your weekly yeild by 10.
this is as close an  approximate as you can do considering difficulty varies unpredictably.
most of that return will be had during the first 26 weeks, some small but significant additional within the next 26 weeks.
as to the yield during years 2-5,... dont worry about it,..  less than ten cents worth of btc.
if that doesnt look good compared to your outlay, its not a good investment.
you may gain or loose 20% over a year.


Additionally you might note that a few people here are assuming that pb is going to spend $6000 on electricity to mine 500 satoshi during years 2-5.
You may reasonably assume not.

want your weekly {at present} yield?... try https://bitcoinwisdom.com/bitcoin/difficulty  .......calculator upper right corner. its accurate if you type in your ghz correctly.


expect .02BTC from your 5 ghz

[oztusk]

@ FIVEJONNY

Good layout!
ive been too lazy to put that much effort into explaining to the doomsayers here.
Thanx for the clearer picture.

[Bagus23]

the most reason they keep survice 

[glen123]

Hi !

i will go to 1Ths then unplug my own 1Ths Miner and hope it works ;-)

Thats my PBMining :

Created on    Hash Rate (GH/s)    Account Balance    Last Payout Amount
Date    Total Payout    Expires on
16-04-2014    14    0.00407340     0.00565786
18-05-2014 08:57:01    0.02931644     16-04-2019
23-04-2014    16    0.00465532     0.00646613
18-05-2014 08:57:01    0.02529939     23-04-2019
30-04-2014    23    0.00669202     0.00929506
18-05-2014 08:57:01    0.02550550     30-04-2019
05-05-2014    21    0.00611011     0.00848679
18-05-2014 08:57:01    0.01628609     05-05-2019
07-05-2014    21    0.00611011     0.00848679
18-05-2014 08:57:01    0.01357511     07-05-2019
11-05-2014    27    0.00785585     0.01025613
18-05-2014 08:57:01    0.01025613     11-05-2019
18-05-2014    145    0.03944192     Never    0.00000000     18-05-2019
Total: 267    Total:  0.07493877   (Refresh to update)

Total :
GC    267    0.07498651     0.12023868  = 0.20 roundabout

if i now buy :



267   GH/s @ 1.28167174
for 5 years


approx 6.4 Times/BTC

for me = 6.4 Weeks ROI








Hope it stays ;-)

Glen

[Wattda]

How can it stay when diff keeps going up...., its a hobby!!!!!

[bigasic]

Notice how the minimum required to buy goes up regularly? the minimum is now 8ghs, I believe they raise the minimum when their payments increase.. This is an obvious ponzi. I would love to see a video or even a photo of their mining setup. Its just magical how their total hashrate increases. But, those that got into this in the beginning will win and the ones at the end will lose.

[Group Bitcoin]

Notice how the minimum required to buy goes up regularly? the minimum is now 8ghs, I believe they raise the minimum when their payments increase.. This is an obvious ponzi. I would love to see a video or even a photo of their mining setup. Its just magical how their total hashrate increases. But, those that got into this in the beginning will win and the ones at the end will lose.

I have some experience on this and to run 500TH/s you would need your own sub station it would be one seriously impressive facility. The fact they are completely anonymous mix the coins and keep increasing the minimum order...

[kuusj98]

I won't say they are not legit, but just think about things as these everytime you invest: Does 5 year look legit? (no), are the prices realistic? (no), do we have proof of theyr setup? (no).
Again, I won't say they are not legit, but I have my thoughs about it.

[bigasic]

if it looks like a duck, etc... When I first looked at them, i thought "wow, what a great place to mine" but when I started to look into it, every red flag went up. They cant even show you that they are actually mining!!! This smells very very bad. If it seems too good to be true, it probably is.

Also, if you believe that its a ponzi and still invest with them, I dont see that being morally better than what pbmining is doing. The money has to come from somewhere. Also remember that when a ponzi scheme is taken to court, the court makes the people that profited from the ponzi pay the money back.

Just stay away from this one. In a few weeks to a few months, we are going to see a lot of threads of woe from people that got scammed. The easiest way not to get scammed is to stay away...

Maybe Im wrong, I hope I am, but I honestly dont think so.

[Light]

if it looks like a duck, etc... When I first looked at them, i thought "wow, what a great place to mine" but when I started to look into it, every red flag went up. They cant even show you that they are actually mining!!! This smells very very bad. If it seems too good to be true, it probably is.

The fact that they obscure the transactions by mixing was the big one for me. They claim that if they show you a tx of a newly generated block going to a certain address and signing a message from that address with compromise their security and privacy which is rather improbable claim. Really, all it seems is that it is a ponzi that using the mixing to hide this fact so they don't get called a scam from day one. I'll eat my shorts if they truly meet the five years they promise.

[fivejonnyfive]

if it looks like a duck, etc... When I first looked at them, i thought "wow, what a great place to mine" but when I started to look into it, every red flag went up. They cant even show you that they are actually mining!!! This smells very very bad. If it seems too good to be true, it probably is.

The fact that they obscure the transactions by mixing was the big one for me. They claim that if they show you a tx of a newly generated block going to a certain address and signing a message from that address with compromise their security and privacy which is rather improbable claim. Really, all it seems is that it is a ponzi that using the mixing to hide this fact so they don't get called a scam from day one. I'll eat my shorts if they truly meet the five years they promise.

I am going to hold you to this.

If I get a payout five years from today I will send you a PM requesting a video of you eating your shorts.

If you don't do it, then who is the scammer huh???

Anyway - There's no real evidence for this being a scam, there's not enough evidence for it being legit. The operator however is 5000x more traceable than the admin of any ponzi I've ever heard of though, and all I've been saying is "It has potential to be legitimate" and even that is distasteful to people.

I bought 100gh in feb which have already ROI'd.  Terribly run for a scam if you ask me.

I guess time will tell. I just wish people would shut up with the "OMG THIS LOOKS LIEK A SCAM" when they bring literally no new information or no new extrapolations or deductions to the table.

[bigasic]

of course there is no "real" evidence that this is a ponzi, if there were, no one would be buying it.. Look at BTST (i forgot the acronym) but its Pirateat40's ponzi. He had thousands of people convinced by saying he was investing it in some sort of investment scheme, it looked like a ponzi to me from the beginning, and yes, the early birds made a lot of money, just like the the early investors of this probable ponzi will. But, won't you feel any guilt that when you find out that it was a ponzi? Knowing that their money was paid to you?

You say that there isnt proof that it isn't a ponzi, but can you show me ANY proof that it is legit? Heck, just give us one found block transaction number and that would prove a lot.. Why hide their mining Tx's? makes no sense to me at all. And the theory that they have a 97 percent approval rating over at Ebay means nothing, it just shows that they purchased and sold some equipment. Hasn't it crossed your mind that they did this to gain some street credibility.

This ponzi will last as long as they have enough money to feed everyone (hence the requirement to purchase more, first it was 1ghs, then 2 and now its 8ghs, pretty soon it will be 10ghs) they need the money to stay afloat.  The other thing that they could be doing is getting money to buy mining equipment, but a ponzi scheme is much easier, so thats the most probable thing that they are doing. Even Cloudhashing gave people transaction info from Asic manufacturers before they even went live. They proved they were legit before they started hashing.

Why cant they just give us 1 transaction number or one little photo of their equipment? If they did that, I would invest,  

i wonder where Micon is? He's usually on top of these things..