PBmining - legit?

[hibr3d]

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.   

 

You made a good math right there. Maybe you have any idea where to invest my btc? Any legit cloudmining sites out there?

I was about to invest in pbmining and all i can see its a ponzi scheme.

I've been buying/selling B.Mine & B.Sell on HavelockInvestments.com a lot.   It isn't real but they clearly tell you that.

What does this page basically do? If you want you can private message me.

[JennaK]

Well I'm already invested and I can't get out.. (invested .3BTC)

[hibr3d]

Well I'm already invested and I can't get out.. (invested .3BTC)

Dont reinvest till you get out your 0.3 BTC.

Best of luck to you, Mate!

[JennaK]

Thanks ^^

[jjc326]

As other have said yes he thing you want I do is do the math and figure our if it makes sense mathematically to pay for cloud mining. The one vRiable will be the difficulty increase so you'll want to make your best guess on that too, then decide whether to join. For instance the best ROI and honest answer are with the company in my sig. At least you know what you're getting there.

[hibr3d]

As other have said yes he thing you want I do is do the math and figure our if it makes sense mathematically to pay for cloud mining. The one vRiable will be the difficulty increase so you'll want to make your best guess on that too, then decide whether to join. For instance the best ROI and honest answer are with the company in my sig. At least you know what you're getting there.

Some questions :

Electricity fees or any other fees?

You buy ghs for what term?

Any proof of them owning mining rigs?

[guitarplinker]

Pbmining is definitely a legit site. I have been paid by them before and they are the cheapest site i can find at 0.003btc/GH. This gives people a really easy break even point because at that price buying hardware is more expensive that just buy cloud mining. Pbmining is a one time payment with only 0.003btc per Gh and no other fee so far. they payout every sunday and so far they have been on time. IF you do decide to sign up plz go it under me.

copy and paste : http://www.pbmining.com/?ref=andylin

I wouldn't say that just because you've been paid by them that they're legit. They very well may be, but they haven't proved anywhere that they have and hashing gear, let alone 1-2% of the network hashrate (which I've heard they have contracts with users for)

[dyask]

Pbmining is definitely a legit site. I have been paid by them before and they are the cheapest site i can find at 0.003btc/GH. This gives people a really easy break even point because at that price buying hardware is more expensive that just buy cloud mining. Pbmining is a one time payment with only 0.003btc per Gh and no other fee so far. they payout every sunday and so far they have been on time. IF you do decide to sign up plz go it under me.

copy and paste : http://www.pbmining.com/   <<<<< Fixed for you

Hey newbies, you are only supposed to put referral links in your signatures. 

[dyask]

I'm a university student going to University of Toronto, being a student isn't cheap!
If you're considering joining pbmining please join under me!!!
http://pbmining.com <<<<< FIXED IT FOR YOU

Referral links only in signature please!

[toleng]

very reliable
and hopefully I get a bonus 2THS of PB

[dyask]

very reliable
and hopefully I get a bonus 2THS of PB

Too reliable and the mining awards are too high for it to be real.   Every time you refresh the mining page the amount of BTC is increased.   It isn't real mining. 

[jjc326]

very reliable
and hopefully I get a bonus 2THS of PB

Too reliable and the mining awards are too high for it to be real.   Every time you refresh the mining page the amount of BTC is increased.   It isn't real mining. 

You're not the first person I've heard this from.  I think you have some scam operators who are looking for more advanced ways to scam people and this could be one.  They act like it's above board and all you're doing is mining BTC.  But actually they just give you more and more BTC in order to lure more and more "investors" (sound familiar?) in.  Make sure your cloud mining site DISCLOSES their info - fees, how they are calculating what you are getting, etc.

[danny757]

I started mining with PBmining in FEB after I lost my building that I was using for mining it had free power and ac, after mining a week at home , the heat was killing me
I have never thought about it being a Ponzi tell I read this I used 2 BTC that I had , I have gotten my payments every sunday, and I'm in the plus side now, I never went into it as a 5 year deal
knowing after 6 months it would drop to a lower return with time  but I took 2 BTC and made it 3 BTC with no heat and power cost. 

Danny 

[er.arpit]

Not sure about their legitimacy but i have already hit my break even.

[hibr3d]

I started mining with PBmining in FEB after I lost my building that I was using for mining it had free power and ac, after mining a week at home , the heat was killing me
I have never thought about it being a Ponzi tell I read this I used 2 BTC that I had , I have gotten my payments every sunday, and I'm in the plus side now, I never went into it as a 5 year deal
knowing after 6 months it would drop to a lower return with time  but I took 2 BTC and made it 3 BTC with no heat and power cost. 

Danny 

Well after 2-3 months people investing in this site will just going to get scammed and PBmining will just close. Thats suspicious that PBmining won't prove any mining rigs.

[ftoole]

I have been signed up with PB Mining for 2 months. I have received back 42% of my investment. I had contacted them about fees and stuff such as that they told me they don't charge any fees its all built into the up front fee for the 5 year contract. So i guess in 4 months at most i should be into profit territory. But they haven't lowered their Per GH price lately so i don't think its a smart investment to get into right now. untill they lower their rate again.

[danny757]

wanted to thank everyone for pointing this out, as I have done good by them , I was going to buy one more TH/s now I Don't know I sure will put more thought into this now
I thought it was odd the no one in Canada can buy from them now ? starts to add to the fishy smell of it,

So to go with them or deal with buying more hardware that is a luck if you get it ontime, don't get me started on butterfly labs it won't end well.. lol  

Thanks Danny
  

[ftoole]

wanted to thank everyone for pointing this out, as I have done good by them , I was going to buy one more TH/s now I Don't know I sure will put more thought into this now
I thought it was odd the no one in Canada can buy from them now ? starts to add to the fishy smell of it,

So to go with them or deal with buying more hardware that is a luck if you get it ontime, don't get me started on butterfly labs it won't end well.. lol  

Thanks Danny
  

The reason they stopped with Canadians is in regards to the new legislation they put in place regarding Bitcoins. Which you really can't blame them for tryin to stay out of that mess. But at the same time it is werrid they even care about those regulations.

[dyask]

I started mining with PBmining in FEB after I lost my building that I was using for mining it had free power and ac, after mining a week at home , the heat was killing me
I have never thought about it being a Ponzi tell I read this I used 2 BTC that I had , I have gotten my payments every sunday, and I'm in the plus side now, I never went into it as a 5 year deal
knowing after 6 months it would drop to a lower return with time  but I took 2 BTC and made it 3 BTC with no heat and power cost. 

Danny 

All that is well and good, but it doesn't mean they are actually mining.   Personally I wouldn't have any problem with them virtual mining as long as they didn't claim it was all from real mining.   I think they do have some real mining, just not enough to cover all the contracts they have sold.

[DhaniBoy]

I started mining with PBmining in FEB after I lost my building that I was using for mining it had free power and ac, after mining a week at home , the heat was killing me
I have never thought about it being a Ponzi tell I read this I used 2 BTC that I had , I have gotten my payments every sunday, and I'm in the plus side now, I never went into it as a 5 year deal
knowing after 6 months it would drop to a lower return with time  but I took 2 BTC and made it 3 BTC with no heat and power cost. 

Danny 

All that is well and good, but it doesn't mean they are actually mining.   Personally I wouldn't have any problem with them virtual mining as long as they didn't claim it was all from real mining.   I think they do have some real mining, just not enough to cover all the contracts they have sold.

so this is grey zone
they claimed have  Total Hash Rate: 1191 Th/s  in their website
it's mean they claimed have 1181 TH/s from real mining right?