PBmining - legit?

[Mike18feb]

And a fake perhaps, see https://bitcointalk.org/index.php?topic=657647.new#new

[ronskii]

Now another place starting up even cheaper than PBMining!  http://lunamine.com/contracts/  

However you will have to pay for electricity.   From the home page:

  Largest returns

We have 0% fees. You only pay for electricity and your income is insured against variance

I am mining with them. Their contracts are valid until coins mined is less than expenses. Everything kinda makes sense and I have already received the first withdrawal..

They do seem a lot more legit than PB mining. You really cant mine for 5 years without paying electricity wtf! Does anybody know any names associated with PB mining?

[dyask]

Now another place starting up even cheaper than PBMining!  http://lunamine.com/contracts/  

However you will have to pay for electricity.   From the home page:

  Largest returns

We have 0% fees. You only pay for electricity and your income is insured against variance

I am mining with them. Their contracts are valid until coins mined is less than expenses. Everything kinda makes sense and I have already received the first withdrawal..

They do seem a lot more legit than PB mining. You really cant mine for 5 years without paying electricity wtf! Does anybody know any names associated with PB mining?

Pretty poor dashboard ... Anyway if difficulty goes up more than 12% (average) breaking even won't be possible.  So from here it is even worse with PBMining, which is probably what they are counting on.   However this period might be different, although the phantom 20 pH/s seems to have been back for a while.  Maybe we will still get a break on the difficulty increases.

[snowcrawl]

From PB Mining's buy a contract page:

"As of June 21, 2014 we are no longer allowing orders to be purchased by residents of Canada. By continuing with this purchase, you are agreeing that you are not a Canadian citizen. We apologize for the inconvenience, and we will allow Canadians to purchase contracts again once we are get a clearer understanding of the regulatory requirements that need to be met."

[maok]

From PB Mining's buy a contract page:

"As of June 21, 2014 we are no longer allowing orders to be purchased by residents of Canada. By continuing with this purchase, you are agreeing that you are not a Canadian citizen. We apologize for the inconvenience, and we will allow Canadians to purchase contracts again once we are get a clearer understanding of the regulatory requirements that need to be met."

So they're based in Canada and some canadian pressed charges against them so they banned all canadians until the law is clearer so that they won't get into troubles from their own country-men ?

[snowcrawl]

I just remembered the following news story from a short time ago, also regarding a bitcoin related business in Saskatchewan.

http://www.cbc.ca/news/canada/saskatchewan/dominion-bitcoin-mining-hit-with-cease-trade-order-1.2633904

[thirdprize]

I have to say my payments have been getting smaller each week.  From .02 a month ago to .013 this week.

[leex1528]

I have to say my payments have been getting smaller each week.  From .02 a month ago to .013 this week.

Well I would hope so...Mining becomes more difficult each 11-12 days or so.  Thus it would be harder to make a profit.

I am not saying this makes them legit but if they were going up or staying the same it would be rather scary...

[snowcrawl]

I have to say my payments have been getting smaller each week.  From .02 a month ago to .013 this week.

To help give you some perspective, I remember back in early February signing up for a cloud hashing contract from a guy who had miner that ran at around 500 GH. He stated to me that this miner was generating 8 payouts per day at that particular moment in time = 0.08 BTC.   Fast forward 4 short months and that same miner would generate 0.1 BTC per week.  So we've almost reached the point where a given hashrate from 4 months ago will now generate only 1/10th the amount of bitcoin.  The conclusion is that the average person who dables in mining cannot keep up with the increases in difficulty.

[dyask]

I have to say my payments have been getting smaller each week.  From .02 a month ago to .013 this week.

To help give you some perspective, I remember back in early February signing up for a cloud hashing contract from a guy who had miner that ran at around 500 GH. He stated to me that this miner was generating 8 payouts per day at that particular moment in time = 0.08 BTC.   Fast forward 4 short months and that same miner would generate 0.1 BTC per week.  So we've almost reached the point where a given hashrate from 4 months ago will now generate only 1/10th the amount of bitcoin.  The conclusion is that the average person who dables in mining cannot keep up with the increases in difficulty.

Well this period is looks like miners are going to get a small break, less than 10% increase in difficulty.   That will be good for the people that just bought the PBMining GHS, but I don't expect it to last yet.

[snowcrawl]

Pbmining.com commenced operations in January 2014, and has additionally been selling Bitcoin mining hardware since spring 2013.

Location and legal info:

Originally based in Saskatchewan, Canada, most operations have now been moved to Iceland. PB Mining further tells us that while registration details were available on the website initially, these were later removed for reasons of heightened security.

Canada recently introduced laws which required Bitcoin entities to register with financial regulator FINTRAC or face being ‘de-banked’. However, operations for PB Mining remain unaffected at present.

A significant source of traffic for the service is generated from the Mexican market.

Security:

PB Mining does not offer two-factor authentication, and it does not permit certain special characters often used to make secure passwords. However, as its mining rewards are automatically sent to an external address, funds are not stored on the site and therefore cannot be stolen.

Mining contracts are fully insured against loss should any of the mining equipment malfunction under any circumstances.

[Harley997]

I have to say my payments have been getting smaller each week.  From .02 a month ago to .013 this week.

To help give you some perspective, I remember back in early February signing up for a cloud hashing contract from a guy who had miner that ran at around 500 GH. He stated to me that this miner was generating 8 payouts per day at that particular moment in time = 0.08 BTC.   Fast forward 4 short months and that same miner would generate 0.1 BTC per week.  So we've almost reached the point where a given hashrate from 4 months ago will now generate only 1/10th the amount of bitcoin.  The conclusion is that the average person who dables in mining cannot keep up with the increases in difficulty.

This is what makes it very difficult to measure if you will ever ROI on your cloud mining contracts. With difficulty skyrocketing as it is now (and will likely continue to do) even a small change in the rate of difficulty change would have a huge impact on your overall revenue over the course of your contract.

[joshraban76]

I bought into this a few days ago. I only bought 100 GH/s because I have this feeling that I wont really make anything on it. In fact I would be happy to see just break even in 5yrs. It all depends on the difficulty not increasing drastically I think. This term it doesn't look like it is predicted to be a big increase so I shouldn't see a big drop per day. If we get a few terms with bog increases I may not have any chance to ever make it back. Either way it will be an experience that I will learn from one way or the other.

[snowcrawl]

I bought into this a few days ago. I only bought 100 GH/s because I have this feeling that I wont really make anything on it. In fact I would be happy to see just break even in 5yrs. It all depends on the difficulty not increasing drastically I think. This term it doesn't look like it is predicted to be a big increase so I shouldn't see a big drop per day. If we get a few terms with bog increases I may not have any chance to ever make it back. Either way it will be an experience that I will learn from one way or the other.

Based on my experience, the payout from PBmining compares very favorably to the amount that I've mined so far using my own equipment at home.  I began mining in early March of this year with a couple 22 GH technobit miners.  Gradually worked my way up to 6 of those (120+GH).  Now have a total of over 300 GH with an S1 miner.  To give you an idea of the effect of the change in difficulty, my 24 hour earnings on the BTC Guild dashboard just reached over 0.01 BTC for the first time since mid-May, back when I had significantly less hash power.   In April I started buying contracts at PBmining with some of the bitcoin I was earning from mining, and stopped at 150 GH.

Total payout from home mining through BTC Guild so far (early March to present):  0.74 BTC

Total payout from PB MIning so far (early April to present):   0.487 BTC

I think that almost all of us who got involved with mining bitcoin did not see the results we had initially been hoping for.  On the other hand, a part of the lesson is that mining bitcoins represents only a very small part of the opportunities that cryptocurrency will open up for those who have gotten involved.   Beyond simply hoping to reach ROI, you can appreciate the benefit of getting at least some baseline income of bitcoin which you can then use.  Just enough to start making some small purchases.  Thereby you begin participating in this new economy, and start thinking in new ways.

[dyask]

Based on my experience, the payout from PBmining compares very favorably to the amount that I've mined so far using my own equipment at home.

That is in fact why I don't believe PBMining is legit.  They payout too well for the difficulty.  It isn't a large amount more, but each time I checked they were paying slightly more than they should in theory.   That could be luck or it could be they way they wrote code simulating payouts.  

For what it is worth, over the last month I've been trading B.Mine at HavelockInvestments.   I know that isn't real, it is a virtual mining.   However I've still been able to turn 2.25 BTC into 3.11 BTC in less than 4 weeks.   The most virtual mining I've held is 970 GH/s.  (Daily dividend was 0.029 BTC for 970 GH/s)   But I've been trading out when there is a good profit and buying back in when the price is lower.   Right now the price is a little high and I'm out.

Anyway the point is why buy contracts when you can't easy trade them and you don't know when the contracts will fail?  

(Note: The Havelock site does go down a lot so trading on it is a bit of a pain.) 

[snowcrawl]

While not totally failing yet, it certainly has backfired for Canadian PB Miner customers who are presently not technically allowed to buy contracts until this company makes it clear that any grey area it is operating in is in accordance with Canadian law.

[Harley997]

I bought into this a few days ago. I only bought 100 GH/s because I have this feeling that I wont really make anything on it. In fact I would be happy to see just break even in 5yrs. It all depends on the difficulty not increasing drastically I think. This term it doesn't look like it is predicted to be a big increase so I shouldn't see a big drop per day. If we get a few terms with bog increases I may not have any chance to ever make it back. Either way it will be an experience that I will learn from one way or the other.

This is the problem with buying such a long term investment in cloud mining or any type of mining for that matter. As it is now the difficulty is doubling roughly every two months, in other words your expected revenue is going to half every two months (assuming that your provider does not charge any kind of ongoing maintenance fee, if it does then your drop will be more every two months). The later part of your contract will see very few results.

[joshraban76]

I bought into this a few days ago. I only bought 100 GH/s because I have this feeling that I wont really make anything on it. In fact I would be happy to see just break even in 5yrs. It all depends on the difficulty not increasing drastically I think. This term it doesn't look like it is predicted to be a big increase so I shouldn't see a big drop per day. If we get a few terms with bog increases I may not have any chance to ever make it back. Either way it will be an experience that I will learn from one way or the other.

This is the problem with buying such a long term investment in cloud mining or any type of mining for that matter. As it is now the difficulty is doubling roughly every two months, in other words your expected revenue is going to half every two months (assuming that your provider does not charge any kind of ongoing maintenance fee, if it does then your drop will be more every two months). The later part of your contract will see very few results.

My thinking was with the .3btc i spent on this contract... What could I have bought really to get into mining with such little funds. I mean, for me to buy a miner doing 100gh/s would cost me more then .3btc. I will still only get 100gh/s so all I am losing is the paper weight after it costs more to run then it can get mine in coin, which I imagine wont be long. Like I said it is more of an experiment for me. I will not be reinvesting along the run I am just curious if it will eventually give any roi at all.

[dyask]

I bought into this a few days ago. I only bought 100 GH/s because I have this feeling that I wont really make anything on it. In fact I would be happy to see just break even in 5yrs. It all depends on the difficulty not increasing drastically I think. This term it doesn't look like it is predicted to be a big increase so I shouldn't see a big drop per day. If we get a few terms with bog increases I may not have any chance to ever make it back. Either way it will be an experience that I will learn from one way or the other.

This is the problem with buying such a long term investment in cloud mining or any type of mining for that matter. As it is now the difficulty is doubling roughly every two months, in other words your expected revenue is going to half every two months (assuming that your provider does not charge any kind of ongoing maintenance fee, if it does then your drop will be more every two months). The later part of your contract will see very few results.

My thinking was with the .3btc i spent on this contract... What could I have bought really to get into mining with such little funds. I mean, for me to buy a miner doing 100gh/s would cost me more then .3btc. I will still only get 100gh/s so all I am losing is the paper weight after it costs more to run then it can get mine in coin, which I imagine wont be long. Like I said it is more of an experiment for me. I will not be reinvesting along the run I am just curious if it will eventually give any roi at all.

Well the morning I was able to buy 200 GH/s for 0.58 BTC, then I sold it all a few hours later for .62 BTC.  That was PETA on HavelockInvestments.com.   If you are playing with small amounts and willing to wait a bit you can make BTC there.   PBMining isn't the only game in town and at least there you know what is real and what isn't.    

I started there with .4 BTC, built it up to about .6 BTC then I added 1.85 BTC more and did some bigger trades.   (Total deposit in was 2.25 BTC)   I have taken 1.0 BTC out and my balance there is still 2.14 BTC.   That is just over four weeks to make 0.89 BTC.   I've been sticking to mining stocks that pay dividends, there are only a few.  

Okay, it might be just luck, I've lost big before on stocks and it could happen again.   However, the point is PBMining isn't the only game in town and you don't really know what you are getting with them.   In all fairness I watched Havelock for about 7 months before I tried them and I think they used to be a lot bigger.   There are other places too, like CyptoStocks, but I'm still just learning. 

[Harley997]

I bought into this a few days ago. I only bought 100 GH/s because I have this feeling that I wont really make anything on it. In fact I would be happy to see just break even in 5yrs. It all depends on the difficulty not increasing drastically I think. This term it doesn't look like it is predicted to be a big increase so I shouldn't see a big drop per day. If we get a few terms with bog increases I may not have any chance to ever make it back. Either way it will be an experience that I will learn from one way or the other.

This is the problem with buying such a long term investment in cloud mining or any type of mining for that matter. As it is now the difficulty is doubling roughly every two months, in other words your expected revenue is going to half every two months (assuming that your provider does not charge any kind of ongoing maintenance fee, if it does then your drop will be more every two months). The later part of your contract will see very few results.

My thinking was with the .3btc i spent on this contract... What could I have bought really to get into mining with such little funds. I mean, for me to buy a miner doing 100gh/s would cost me more then .3btc. I will still only get 100gh/s so all I am losing is the paper weight after it costs more to run then it can get mine in coin, which I imagine wont be long. Like I said it is more of an experiment for me. I will not be reinvesting along the run I am just curious if it will eventually give any roi at all.

https://bitmaintech.com/productDetail.htm?pid=00020140704023505485N5SxDMkW0693
Bitman AntMiner S3 costs .725 BTC that runs at 478 GHs, or ~ .15 per 100 GHs.

Granted you do not have to pay for electricity, however I don't think that the electric cost would add up to be 1/2 of the cost of the machine.