PBmining - legit?

[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.

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.

That miner isn't shipping yet.   And even so you will a lot more on power for 5 years than the price of the miner.   It draws 366 watts!   Let's say you have very cheap power $.05/kilowatt.  That would be ((366 * 24) / 1000) * $.05 / day = $.44 / day.    Over 5 years that is $803 which is currently 1.27 BTC.

So even with very cheap power you are looking at .75+1.27 or 2.02 BTC.   2 BTC / 478 is .004184 BTC

So if PBMining were legit they would be either charging a fee for power or charging a LOT more per GH/s.

We also know they aren't charging a fee for maintenance because they have been basically returning the theoretical maximum BTC that can be mined.    So something isn't right and the math doesn't support them.

For the record you can by cloud mining cheaper than what PBMining charges, but there is a fee for power taken out on a daily basis.   An example it the PETA shares at HavelockInvestments.  Each share is 1 GH/s of mining and the current cost is about .0027 per share.   It is a free market price so it goes up and down all the time, well mostly down.   You get paid daily.   

 

[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.

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.

I was debating on if I should buy an S3 on ebay for an inflated price. I have been kicking it around for a few days and Im almost there. Everytime I go to do it I hear my wifes voice bitching at me so I freeze.

[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.

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.

I was debating on if I should buy an S3 on ebay for an inflated price. I have been kicking it around for a few days and Im almost there. Everytime I go to do it I hear my wifes voice bitching at me so I freeze.

Bitmaintech.com says it won't ship to July 20th.   No point in buying now. 

[ronskii]

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.

That miner isn't shipping yet.   And even so you will a lot more on power for 5 years than the price of the miner.   It draws 366 watts!   Let's say you have very cheap power $.05/kilowatt.  That would be ((366 * 24) / 1000) * $.05 / day = $.44 / day.    Over 5 years that is $803 which is currently 1.27 BTC.

So even with very cheap power you are looking at .75+1.27 or 2.02 BTC.   2 BTC / 478 is .004184 BTC

So if PBMining were legit they would be either charging a fee for power or charging a LOT more per GH/s.

We also know they aren't charging a fee for maintenance because they have been basically returning the theoretical maximum BTC that can be mined.    So something isn't right and the math doesn't support them.

For the record you can by cloud mining cheaper than what PBMining charges, but there is a fee for power taken out on a daily basis.   An example it the PETA shares at HavelockInvestments.  Each share is 1 GH/s of mining and the current cost is about .0027 per share.   It is a free market price so it goes up and down all the time, well mostly down.   You get paid daily.   

LOL at people assuming PB Mining magically doesnt use any power.. There is no way that they can sell contracts for 0.003 BTC without asking to pay for electricity. 100GH costs $200 and electricity will be consumed about $600 during those years. Where the $400 go?

People should start using common sense and realize they are in no way legit.. just a ponzi.

[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.

That miner isn't shipping yet.   And even so you will a lot more on power for 5 years than the price of the miner.   It draws 366 watts!   Let's say you have very cheap power $.05/kilowatt.  That would be ((366 * 24) / 1000) * $.05 / day = $.44 / day.    Over 5 years that is $803 which is currently 1.27 BTC.

So even with very cheap power you are looking at .75+1.27 or 2.02 BTC.   2 BTC / 478 is .004184 BTC

So if PBMining were legit they would be either charging a fee for power or charging a LOT more per GH/s.

We also know they aren't charging a fee for maintenance because they have been basically returning the theoretical maximum BTC that can be mined.    So something isn't right and the math doesn't support them.

For the record you can by cloud mining cheaper than what PBMining charges, but there is a fee for power taken out on a daily basis.   An example it the PETA shares at HavelockInvestments.  Each share is 1 GH/s of mining and the current cost is about .0027 per share.   It is a free market price so it goes up and down all the time, well mostly down.   You get paid daily.   

Well there would be a point at which the miner would use more electricity then it generates in bitcoin and a rational miner would take the S3 offline at this point. So it is not an apples to apples comparison to use a 5 year time-frame because the s3 will likely not be mining for 5 years.

PB mining essentially forces you to prepay for 5 years worth of electricity even if some of that electricity would not be economical to buy.

[Zoou]

PB Mining is legit for sure. I,ve been using them for months.  Paid every Sunday without fail

[joshraban76]

Update: I did receive a payment for .01824328btc today. So with such a small increase in difficulty this term I should be looking at a similar figure next Sunday as well. I still am not convinced that I will ever get my initial investment back but reading some other peoples praise of them makes me hopeful.

[dyask]

PB Mining is legit for sure. I,ve been using them for months.  Paid every Sunday without fail

Doesn't mean they are actually mining.  That is what is meant by legit. 

[snowcrawl]

Interestingly, the payout for this week was slightly higher than last week's.  That is the first time that I have noticed this happen since I began following them, they always generally give out successively smaller payouts.

[dannyboyjr1982]

I been using them and I seem to make my money back and in profits already, but I started in march!: http://pbmining.com?ref=dannyboyjr

[jimmymc]

I've been using them since May and get payouts every Sunday too, without fail. I guess they're making their mining off NMC. I'm using Megamine too and like their service. Where I live, power is very expensive. I had a BFL SC 58 costing me over $200 a month until I pulled the plug a couple of months ago.

Cloud mining doesn't make sense for the majority, and probably not for me either... but fuck it. I like to be involved.

[dyask]

Interestingly, the payout for this week was slightly higher than last week's.  That is the first time that I have noticed this happen since I began following them, they always generally give out successively smaller payouts.

If true, it is just more proof they aren't really mining.  Difficultly when up a small amount.  Mining awards should be slightly lower. 

[ljudotina]

Their business model is that they are counting on diff to rais enough to eat your investment before it can pay for iteself. They are probably not mining (i cant proove it) but only returning parts of BTC you initialy payed em. Basicly returning you your own BTC and keeping small part for themselves.
As diff rises you will get payed less and less untill you get payed 0 BTC a week (and so on for next 5 years). Only thing that can screw em it diff not raising for longer periods of time...when that happens, they will pull the plug and run with whatever they have in that moment (well..they "will be hacked"  like many before).

[aminrusli]

PB Mining is EXCELLENT!!  I have been a member for almost 30 days and 2 weeks from breaking even on my investment.  I'm customer #36

PB pays every Sunday with excellent customer service.  They are vetted on Ebay with a 97% approval rating. They only recently got into the cloud mining business after successfully selling mining equipment for about a year.

I have made good $$ cloud mining, don't let the ignorant posters in these forums scare you off by screaming "scam" to every program.  Do your homework, PM members like myself to verify and then make your own personal decision.

 
YAAAAA........ PBMINING ITS GOOD AND BEST MINING
NO SCAM NO SCAM NO SCAM......... ^_^

[thirdprize]

Just reading the offical PBMining thread for some background.  Up to page 14 of 172?!?!  They state https://bitcointalk.org/index.php?topic=418183.120
that you don't actually do any mining with your GHz and they post the formula for working out your payment. 
 
Halfway down https://bitcointalk.org/index.php?topic=418183.180 they say "We need to be careful that we are not violating their sales agreement by reselling hash power for non-personal use.".  That implies they are not mining themselves either. 

Doesn't sound like we are cloud mining, but just getting paid a share of the profits of a company that is itself using a 3rd party mining company.  It would explain why they are not showing pictures of all their hardware.  They don't have any.

I remember reading somewhere that they had had personal threats made against them.  That and the threat of getting hacked, I would probably keep schtum. 

[SDRebel]

Their business model is that they are counting on diff to rais enough to eat your investment before it can pay for iteself. They are probably not mining (i cant proove it) but only returning parts of BTC you initialy payed em. Basicly returning you your own BTC and keeping small part for themselves.
As diff rises you will get payed less and less untill you get payed 0 BTC a week (and so on for next 5 years). Only thing that can screw em it diff not raising for longer periods of time...when that happens, they will pull the plug and run with whatever they have in that moment (well..they "will be hacked"  like many before).

that does make a lot of sense

[pumawolf]

it could be hes  doing the virtual mining  thing  similiar to    havelock's  b mine and b sell,  where ur just really specalating on btc diffuculty, except u can short on havelock.   since u cant short on pbpluming  , hes playing the short position. so  if there are high diff changes house wins  and  low diff  investors win. but the problem with this is ,if he doesnt like what he sees , the guy can just fold up right away and cash out.

[iflash]

Hello,

I broke even last week and was able to sell my account with 1.076 GH/s for 3 BTC. So over a time of close to 4 months, I made a profit of around 40 per cent (30 per cent increase in number of BTCs, 10 per cent BTC going up during that time).

Now I am done with it. Still not sure whether they are legit or not, but I do not care anymore. For me it worked just fine and all the nay-sayers were wrong. Period.

[thirdprize]

From page 41 of the official thread.

I should also add that we have had seen numerous attempts at extortion, especially when we started showing "some" transparency such as posting our business registration.  Threats were also injected directly into our database via SQL from attackers back in January, as our earliest customers will remember.  Not to mention we have received some odd phone calls which hit a little "too close to home".  For PB Mining to survive, we are not going to take unnecessary risks.  And trust me, in this industry, transparency = risk.  We would rather see only 20% of our potential with sales and survive long and prosperously, than to risk damaging what we have.  For this reason, I tell everybody "If you are not satisfied with the lack of information, please don't invest".

Eventually when we have much stronger security (which is also the reason for our new upcoming site), and certain terms in our sales agreements have been lifted, things will be a lot more different.  We thank all of our customers who have shown us a high level of trust and we will strive to not let anyone down.  PB Mining is here to stay.

[leex1528]

Will we ever know if it is legit or not?  Probably not-unless they close the website obviously....Who knows what is going to happen.