[ANN] Megamine.com - A new, 100% hydro powered, UK based bitcoin mining service

[joust]

Further to our recent mention in Coinbase.com's mining roundup article http://btcworldnews.com/mining-roundup-walmart-bfgminer-and-altcoins-in-the-cloud/ I thought it might help to give an announcement of our service on here and thereby create a thread where people can ask questions.

As people will see this account is new so if any of the moderators and/or VIP supporters of this site would like a free 10GH/s account to have a look around and see the on-boarding process, portal and to have a look at the unique features which gives some impressive earning rates, then please just contact me and I'll be delighted to set it up for you. We already have had a good take up by new customers (and some like Ivan on Twitter are saying nice things already (https://twitter.com/search?q=megaminebtc)) but are very happy to do our bit to let experienced people, and the key supporters of this site, have a good look round, and also give them a little thank you for the time and effort put into this site.

Anyone that visits our website will see that you can subscribe to our news & offers mailing list which gives an instant discounts of between 25 to 33% depending on contract. If you contact us via here we will be more than happy to give you an additional 5% on top of that discount which you can use, just let us know the contract group (mini/maxi/mega) that you'd like to order and we'll send you a unique discount code to add into the cart.

A very unique feature of our contracts is we guarantee 95% pool "luck". This means that based on the block by block calculated global hash rate, we always deliver 95% of your share of the mining of that block (regardless of what actually happened). Stats are given out in real-time on our portal on 5 block boundaries and you'll find some examples of that on our website. To give you an idea of the advantages to earning rates that this provides, a 10TH/s contract that was started on the 1st May would have already returned 17.734191BTC. We clearly can't really provide any guidance on future earning rates, but we are always happy for anyone to ask us "what would have xxGH/s earned over the last yy days" and we'll give you an answer.

We also have quite a few other unique things like CashNow™ that aim to give the customer full flexibility. All of our features are on our information pages at http://www.megamine.com/our_products.php

Thoughts, comments, questions or anything else are more than welcome, either on here, or by contacting us direct. We appreciate that a lot of people are somewhat sceptical about new services, so you'll see from our website that we are aiming to be fully transparent and up-front about our service, the people behind it, and the earning potential of the contracts. You'll find that myself and the other people at MegaMine have a long track record of creating innovative services in the IT/Telecoms/Hosting marketplace and we aim to bring that level of maturity to further the mass adoption of bitcoin. Our aim is to not only go after the large contracts, but to give anyone that wants to play the mining game an easy, simple way to do it with complete transparency.

For anyone that is already mining themselves you might like to check out our sister company Hydro66 at http://www.hydro66.com which hosts our miners in one of the most environmentally friendly locations available and has re-written the rule book about how you design data centres which has proven to be ideal for hosting bitcoin miners.

100% Hydro powered, 100% renewable, %100 transparent. That's us.

Here is our press release, and I look forward to answering any questions.

Justin

Justin Fielder
CEO & MD
Megamine

New 100% renewable electricity-powered hosted Bitcoin mining service launches

MegaMine, a London UK company, today announces a new, unique, environmentally friendly hosted Bitcoin mining service.

Minimising its impact on the environment by being 100% renewable hydroelectric-powered and located just outside the Arctic Circle for minimal cooling requirements, the service offers annual contract prices as low as 50 cents per giga hash per second (GH/ s); is the only hosted mining service that provides a unique early contract termination option; and guarantees a minimum of 95% “luck” from its private pool.

MegaMine offers a significant number of new features that will appeal to newcomers and seasoned miners alike:

• All of MegaMine’s miners are running in the Hydro66 facility in Boden, northern Sweden. Hydro66’s facility is 100% powered by fully renewable hydro-generated electricity and, due to its location just outside the Arctic Circle, there is no need to run any additional air conditioning for more than 360 days a year, thereby minimising the amount of energy used overall. This is not only good for the environment, it also lowers the overall costs of running the miners and hence enables us to offer extremely attractive pricing points.
• MegaMine runs its own optimised distributed pool and can therefore guarantee 95% pool “luck”. This means that Bitcoins are earned at a minimum of 95% of the theoretical earning rate that comes from how quickly blocks are solved across the entire Bitcoin network and therefore the percentage earnings that the contract has compared to the global hashing rate. This is applied in real-time on 5 block boundaries, meaning that miners can see their earnings with a maximum of one hour delay.
• A unique CashNowTM option on the Maxi Miner and Mega Miner contracts is available after the first month, which provides a guaranteed market-based price for the Bitcoins earned to date, along with a residual value for the remainder of the contract. The CashNowTM price is shown in real-time on the customer’s portal and, if accepted, payment will be sent within one working day. No fuss, no hassle and no variability in price for selling the earned Bitcoins translates into enormous flexibility for customers.
• All contracts are backed by actual physical mining equipment. There is no subcontracting or usage of other mining facilities, ensuring the best possible availability and uptime. All mining contracts come with an extensive Service Level Agreement (SLA), guaranteeing the availability and earnings of the mining equipment backing the contract.
• An online portal, which updates in real-time every 5 Bitcoin blocks that are solved, gives customers an unprecedented degree of granularity to check and manage their earnings. The customer portal is fully responsive and optimised to work perfectly on desktop computers, tablets or smart phones, meaning that contracts can be bought, cashed in or managed from anywhere in the world. Extensive earning statistics, with scalable graphs and earnings data, enable customers to look at earnings on 5 block boundaries.
• MegaMine is a UK-operated company, backed by Black Green Capital, a UK-based venture firm investing in high-tech startups, and fully complies with all UK financial and money-based regulations.
  
• Mining contracts start the moment that the contract is purchased, with identity checks being performed in the background, so there is no delay in customers’ earning potential due to the necessary “Know Your Customer” checks that need to be performed.
• All contracts are fully inclusive. There are no additional charges whatsoever: the price quoted is the price you pay for the chosen amount of hashing power for the chosen period.
  
• Contracts available at http://www.megamine.com range from 50 GH/s to 10 TH/s and all can be purchased instantly. Prices start at 75 cents per GH/s per month for our entry Mini Miner contract and go down to 50 cents per GH/s per month for our Mega Miner 10TH/s contract.

Justin Fielder, Managing Director of MegaMine, says about the new service:
“MegaMine has been designed to address some of the shortcomings of the current hosted mining marketplace. For too long, mining virtual currencies hasbeen complex, difficult and inflexible. We at MegaMine are committed to providing a different kind of service that is mined and hosted on our own equipment, is 100% secure and yet extremely flexible, and offers the best value on the market. But all that has to be backed up with a comprehensive SLA to give the customer security and guarantees, of which we offer the leading position in the marketplace.”

Full details of the packages and unique features can be found at http:// www.megamine.com

For more information, please contact:
‣ Paul Morrison – Business Development Director, MegaMine
 paul.morrison@megamine.com Tel: +44 (0)20 7079 9382
‣ Justin Fielder – Managing Director, MegaMine
 justin@megamine.com

Ends

Notes:

About MegaMine 

MegaMine is the trading name of MegaMining Ltd, a UK-based company with 100% renewable hydroelectric-powered mining operations that are located just outside the Arctic Circle in Boden, Sweden. In this region, “free air” cooling can be achieved for more than 360 days of the year to ensure that the environmental impact of mining virtual currencies is minimised.
MegaMine is a company dedicated to offering ground-breaking virtual currency mining services that break the mould by being safe, secure but flexible and based on solid guarantees of performance and earnings. We are the first mining company to remove the issues with pool “luck” and, for customers whose circumstances may change during the life of the contract, we offer a unique CashNowTM feature, which enables contracts to be cashed in early, based on the remaining value left in the contract.
MegaMine is backed by Black Green Capital, a UK-based venture firm investing in high- tech startups. Read more at www.blackgreencapital.com

[bizzyb]

Nice to see a UK based firm looking to take this on in a transparent and professional manner.

Have signed up to your news letter and will have a look at your "packages", if you excuse the expression 
Would you mind sending me a discount code please?
Many thanks

[ahmedjadoon]

This looks like neat and clean mining business.Even prices are much better as compared to others but still I don't think someone is going to make any profit by renting GHs.

[joust]

Discount code sent.

You may be interested in what 1TH/s would have earned if you had bought it from us using our discounted price one month ago.



This is straight out of our customer portal and is a live contract. People can make their own mind up on the earnings potential therefore. Clearly there has been two difficulty changes over that period, and there is one looming, but we are pretty confident that our guaranteed pool "luck" is giving a significant edge to our customer's earnings.

[joust]

New lower pricing

To pre-empt the looming difficulty change we have updated all of our pricing and included a few more contract choices due to customer demand.

• All of our contracts now have a 2 year and 3 year option, priced at +10% and +15% over the 1 year price.
• We have added an entry level 20GHs contract starting at just $60.
• We've simplified our pricing between mini, maxi and mega mining packages so the per month per GHs for a 12 month contract is 40, 35 and 30 cents respectively. This means a 10TH/s contract is just $36,000 for 12 months.
  

A few examples of our new pricing are:

20GHs	3 months	$74.00
100GHs	12 months	$480.00
500GHs	6 months	$1614.00
1THs	12 months	$4200.00
10THs	24 months	$39000.00

You can see the full range directly at http://store.megamine.com or visit our Facebook page where you can also order at http://www.facebook.com/MegaMining.

Remember that our contracts are 100% all inclusive (so no maintenance or any other charges, the price you pay is the price you see), and that our pool guarantees 95% luck all of the time for every single block (see above for an example). All our contracts earn at exactly the same rate, so in the example above a 100GH/s contract would have earned exactly 1/10th of the earnings of the 1TH/s contract.

The previous discount vouchers for signing up have now all expired, but there is still the offer of 5% additional discount to any readers, just email us from our contact page quoting this site and we'll send you a unique discount voucher. You can also still sign up to our news and offers list and we'll keep you informed of news, price changes and any other special offers.

Questions / comments / feedback most welcome as always.

Happy mining!

J

[bizzyb]

5% coupon received and applied to new order, many thanks.
Totally painless so far.
Look forward to receiving log in information.
Thank you!

[joust]

5% coupon received and applied to new order, many thanks.
Totally painless so far.
Look forward to receiving log in information.
Thank you!

You already have it, and your account is chugging along already earning from the minute you clicked pay. All feedback is good, but nice to see that we've made it painless so far.

Thanks for your business.

J

[joust]

A few people have asked us to see the kit that our contracts run on.

Always happy to oblige. "Miners as far as the eye can see"

[bizzyb]

I hope KNC bought you lunch for that deal! 

[joust]

New pricing announced ahead of the difficulty change again.

Headline price of $2.40 per GHs for a 1 year contract.

100GHs : 12 months = $320
1THs : 6 months = $2153
10THs : 36 months = $27600

Happy hashing!

http://www.megamine.com
http://store.megamine.com


J

[emu512]

Very nice mining farm.Cooling system looks very nice.

[h0lybyte]

Any more pictures?

Its Crypto porn at its finest hehe. You guys should have a gallery / imgur album that shows all the sexy machines.

[chipmadness]

Any more pictures?

Its Crypto porn at its finest hehe. You guys should have a gallery / imgur album that shows all the sexy machines.

I love me some good crypto porn! Post some more pictures! Let me see these sexy rigs you got 

Also lets see some pictures of how its 100% hydro generated

[cryptocait]

this is very interesting. i cant wait to see what it will be like in the future.

[joust]

Your wish is my command.

Front view of the miners


Our local hydro electric power station


You can find more details at http://www.megamine.com/our_products.php

J

[squidbilly]

Is this photo of the power plant really local ? Your website seems to indicate that it is in Boden.

[squidbilly]

For those interested, I looked up some details about this company.


Name & Registered Office:
MEGAMINING LIMITED
8 PERCY STREET
LONDON
UNITED KINGDOM
W1T 1DJ
Company No. 08849351

Status: Active
Date of Incorporation: 17/01/2014

Country of Origin: United Kingdom
Company Type: Private Limited Company
Nature of Business (SIC):
None Supplied
Accounting Reference Date: 31/01
Last Accounts Made Up To:  (NO ACCOUNTS FILED)
Next Accounts Due: 17/10/2015
Last Return Made Up To:
Next Return Due: 14/02/2015
Mortgage: Number of charges: ( 0 outstanding / 0 satisfied / 0 part satisfied )
Previous Names:
Date of change   Previous Name
27/03/2014   BLACK GREEN MINING LIMITED
UK Establishment Details
There are no UK Establishments associated with this company.
Oversea Company Info
There are no Oversea Details associated with this company.

[squidbilly]

It seems that the hosting facility (hydro66.com) is also run by megamine.com.

The Hydro66.com web site has a business address of:

For all general, press or other enquires contact info@hydro66.com
8 Percy Street, London, W1T 1DJ

And for more information:

For all sales enquires contact Paul Morrison
paul.morrison@hydro66.com

And Paul Morrison is listed on the megaminer web site as well.

http://megamine.com/aboutus.php

[joust]

Is this photo of the power plant really local ? Your website seems to indicate that it is in Boden.

Yep, it's just down from our data centre. You can see it on Google Maps street view here https://www.google.co.uk/maps/@65.807813,21.670853,3a,75y,143.01h,80.65t/data=!3m4!1e1!3m2!1sUUak4jmARJ7fwooaKIwvlg!2e0

J

[joust]

It seems that the hosting facility (hydro66.com) is also run by megamine.com.
The Hydro66.com web site has a business address of:
For all general, press or other enquires contact info@hydro66.com
8 Percy Street, London, W1T 1DJ
And for more information:
For all sales enquires contact Paul Morrison
paul.morrison@hydro66.com
And Paul Morrison is listed on the megaminer web site as well.
http://megamine.com/aboutus.php

Not quite.

Hydro66 and Megamine are both invested in by Black Green Capital (www.blackgreencapital.com) and are separate companies.

Hydro66 Svenska AB is a separate Swedish business to Megamine Ltd (the UK business) and provides data centre facilities in Boden, Sweden. It has a multi-megawatt facility already and the second, 20MW+ facility is underway with the land bought and clearance just starting.

Megamine is a bitcoin mining business that uses Hydro66.com's facilities to host it's miners due to the cost and efficiency advantages that Hydro66 offers compared to hosting in places like the UK.

Hydro66 has other customers than Megamine, and Megamine hosts in other locations than just Hydro66.

Paul, along with myself, work in various roles for all three companies, bringing our experience in these related industries to the individual companies. You can find out lots about myself and the other founders of Hydro66, Megamine and Black Green Capital by either visiting the websites where our biographies are, or just using Google as we are well known in the global Telecoms/Internet industries.

J

[dekodoge]

What a tangled web you weave.

So you star in it
Write the theme tune
Sing the theme tune.

[claudius]

Would you mind sending me a discount code please?
Thank you

[ttandi01]

Would you mine sending me the discount code as well please?  Thank you.

[reyhan12]

Would really love a discount code as well.

Thanks!

[bizzyb]

Just wanted to feedback my experience with MegaMine.com so far.
I have ordered 3 contracts over the past 2 months

20GH
100GH (They gave me 110GH as goodwill)
500GH

All went smoothly, and I have just recently had my account approved for BTC withdrawal, which has also gone smoothly.

So, as far as I am concerned, very happy with the service, pricing, and most importantly their legitimacy.

[joust]

Thanks for posting your good experience here bizzyb.

J

[bizzyb]

Thanks for posting your good experience here bizzyb.

J

No problem, just a reflection of my experience, and with so many scammers out there I think it's worthwhile people knowing.

[aliciascott]

I am very interested in Mega Mine, I would like to try Free 10 Ghs account, and also would like a coupon code for an extra 5% Maxi Level.
My name is Alicia Scott. My email is aliciascott544@yahoo.com. Thank you.

[joust]

Latest picture of our new delivery that turned up this morning.



When it's all racked and stacked I'll get the guys to take a follow up picture.

This is just the first in a series of deliveries and hopefully gives you a sense with the previous images of the large scale of our operation.

J
www.megamine.com

[CliveK]

Thank you MegaMine for donating me some GH for my thesis for University. The dashboard will come in very handy when pulling stats, and allow me to compare the various options for mining.

Much appreciated guys and thank you again Justin.  I don't see any other MD related to Bitcoin as involved as you are on public forums.



Donations towards my thesis welcome:  1ADEzUG7HVQkq3mu5g85KkupAAbzRTppyd

[joust]

Clive,

It's a pleasure to support people doing research into this wonderful world, and glad you liked the dashboard. It doesn't 'cost' us anything and we look forward to seeing the results of your hard work.

Justin

[mrexodus]

Hi Justin,

May I have a discount coupon also? email is christopher.devera@gmail.com

thanks
chris

[jklopiloppi]

I will be looking forward to investing with Megamine very soon!

[joust]

We added a new announcement on here to our pricing reductions, pre-order contracts that start in the future, and a new 15% discount if you pay in BTC.

https://bitcointalk.org/index.php?topic=802285.0

[bizzyb]

Just feeding back my experience wrt "cash now value".
Clicked the "cash now" button, accepted the valuation, got an e-mail confirming, I requested a BTC payout, all done and dusted in about 30 mins, and the cashed on contract removed from my account.

Maybe a few things need "tweaking" but overall a totally painless and professional experience with MegaMine.com....and also made even better that it is a British company

[dantium]

This looks interesting.

Justin, if you're still offering discount codes could I get one please?

[joust]

This looks interesting.
Justin, if you're still offering discount codes could I get one please?

Sure, just email orders@megamine.com mentioning this thread and we'll get one over to you.

Justin

[maronk]

dear Joust,


I just found this thread and look at the conversation above, it seems very interesting. I am also trying to buy about 2 mh to play in the genesis of mining recently. and I am also keen to make use of your services. would you offer me a discount code to get one please?


elfrans_her@ovi.com

[dodziu]

Latest picture of our new delivery that turned up this morning.



When it's all racked and stacked I'll get the guys to take a follow up picture.

This is just the first in a series of deliveries and hopefully gives you a sense with the previous images of the large scale of our operation.

J
www.megamine.com

any chance to see those promised photos

thanks

[spiccioli]

was going ot get interview with owner of this for http://fuk.io but after i sent questions he didnt reply anymore.

trade with caution.

Hi, did you have a look here?

https://twitter.com/MegaMineBitcoin/media

spiccioli

[joust]

was going ot get interview with owner of this for http://fuk.io but after i sent questions he didnt reply anymore.
trade with caution.

I sent you an email after you remind me that due to my holiday I wasn't going to be able to do it until I returned this week. Did your spam filter eat it? Unfortunately the demands of running the business overtook me being able to spend quality time giving you some comprehensive answers.

I've sent you a reply to all your questions now I'm back, so hopefully you'll be happy. If you haven't got it then perhaps check your spam, and I'll also DM you on here the answers.

J

[Puppet]

Id like to include megamine in my cloudmining overview (which really is a ponzi assessment) here:

https://bitcointalk.org/index.php?topic=860400.0

A few questions in that regard:
You claim to be "%100 [sic] transparent", have you disclosed your mining address, block signature and made public your pool statistics?
Do you disclose how much hashrate you have sold vs deployed ?
Can customers mine on a different pool than your private pool?
Is there a way to transfer (sell) contracts?

thx.

[kingscrown]

was going ot get interview with owner of this for http://fuk.io but after i sent questions he didnt reply anymore.

trade with caution.

Hi, did you have a look here?

https://twitter.com/MegaMineBitcoin/media

spiccioli

all good deleted previous post. got a bit on infos now - no more trade with caution from me!
just waiting for some pics to put it live

[david123]

Can someone explain to me why their 5TH and 10TH contracts have the same price (for 6 months. For 36 months
there is a slight difference)? Makes no sense..

[julian071]

All contracts running longer then 12 months are 'sold out'. Is this permanent?

[joust]

Just to let you know that we are adding some additional capacity as we know that some products are sold out (on the prime principle that we only sell contracts that we have kit actually mining to underpin the contract).

We'll be updating our store with a whole host of additional products once this little lot is installed and bedded in.

[joust]

Our new shiny Spondoolies are now running and available for purchase @ http://store.megamine.com

[Puppet]

Why are you showing wrapped carboard boxes and then just 1 deployed unit? Im fairly sure you have a lot more than that, but why not post the pics that prove it? Even if for no other reason than that we all love minerporn.

[dr1980m]

Why are you showing wrapped carboard boxes and then just 1 deployed unit? Im fairly sure you have a lot more than that, but why not post the pics that prove it? Even if for no other reason than that we all love minerporn.

i agree you
if they share us that photos we will make invest safety here..
it will be better for everybody...

[joust]

Alas the guys forgot to take a nice shot of it all done (it was probably the -28C temp outside making them funny) but here is one of our guys 'mid build'

[joust]

Why are you showing wrapped carboard boxes and then just 1 deployed unit? Im fairly sure you have a lot more than that, but why not post the pics that prove it? Even if for no other reason than that we all love minerporn.

No secret, just I thought that was a nice shot. See above for the less 'pretty' one.

[safetybitcoin]

If large companies are saying that when mining this not paying expenses and are closing their doors for a while as. And even these comic garage fund mining companies say they can mine and still pass on profits. Are all ponzis and what is worse at least have a satisfactory return could be worth apena, so that after 6 months and able you are able to take what invested and that if it lasts 6 months.

[EvBitcoinFan]

If large companies are saying that when mining this not paying expenses and are closing their doors for a while as. And even these comic garage fund mining companies say they can mine and still pass on profits. Are all ponzis and what is worse at least have a satisfactory return could be worth apena, so that after 6 months and able you are able to take what invested and that if it lasts 6 months.

So Megamine is just simply fraud? Not worth giving them any money? A question I'd like to hear some thoughts on.

[Tigggger]

If large companies are saying that when mining this not paying expenses and are closing their doors for a while as. And even these comic garage fund mining companies say they can mine and still pass on profits. Are all ponzis and what is worse at least have a satisfactory return could be worth apena, so that after 6 months and able you are able to take what invested and that if it lasts 6 months.

So Megamine is just simply fraud? Not worth giving them any money? A question I'd like to hear some thoughts on.

It's not a fraud, the companies closing their doors are using older ineffecient equipment (or are ponzi schemes).

As of a few days ago, I actually went into +ROI territory and it was a good investment.  Having said that I did plenty of research and went over the numbers a lot before deciding to buy, the same conditions may not apply today that's a decision only you can make.

[david123]

I had a positive experience with megamine, too. The investment was a good
one But I'm always wondering why this thread is so silent, it would be much
more reassuring if user questions would be answered here etc.

[EvBitcoinFan]

I had a positive experience with megamine, too. The investment was a good
one But I'm always wondering why this thread is so silent, it would be much
more reassuring if user questions would be answered here etc.

There's something about them that really just makes me suspicious about their whole operation….

Something is off.

[david123]

There's something about them that really just makes me suspicious about their whole operation….

Something is off.

And do you care to tell us what exactly you mean?
Not that I'm a big fan of Puppets list, but concerning megamine there
are really not too many hard facts which point to non-legitimacy.

[Surger]

thanks for photo..
it's good for your company..
if u are reel miner, you can share photo like you..

[Mike18feb]

...But I'm always wondering why this thread is so silent...

I blame the need to have my dentist sign a copy of my ID and power bill before I get any payout. I can't imagine any international law demanding such amazingly ridiculous measures for something as silly as Bitcoin mining, so I'll pass.

[david123]

...But I'm always wondering why this thread is so silent...

I blame the need to have my dentist sign a copy of my ID and power bill before I get any payout. I can't imagine any international law demanding such amazingly ridiculous measures for something as silly as Bitcoin mining, so I'll pass.

You are right, I had a hard time finding someone to sign this stuff. In UK it might be
standard practice, but in Germany your dentist will be very suspicious if you ask him
to sign your power bill..

[tmfp]

...But I'm always wondering why this thread is so silent...

I blame the need to have my dentist sign a copy of my ID and power bill before I get any payout. I can't imagine any international law demanding such amazingly ridiculous measures for something as silly as Bitcoin mining, so I'll pass.

You are right, I had a hard time finding someone to sign this stuff. In UK it might be
standard practice, but in Germany your dentist will be very suspicious if you ask him
to sign your power bill..

It's an quaint olde English thing, an informal way to get a reference on you without paying notaries.
You used to be able to get your passport application verified by the local librarian or "professional person".
In an environment like cloud mining with scammers making full use of anonimity, it seems a bit strange to be asked for this, but I suppose it would come in handy for them as due dilligence if any money laundering was suspected.
The UK authorities are using terrorism legislation to poke their noses into all sorts of financial transactions. (Apart from the billion dollar ones that matter).

I have been thinking about cloud mining investment for a while now, but have been put off by BTC price weakness. If I did change my mind, these guys seem as good as any to me.
The quiet thread is basically no news is good news, no special offers every five minutes or broken english bullshit.
Not pushing the Brit angle as too much of a positive; new, basically valueless companies and serviced offices at a fancy address don't mean much.
 

[joust]

I guess we don't appeal to the 'masses' that are on here, but that's never been our intention to be a mass scale offering, hence our entry point.

On the ID verification the requirements are real. We are a UK registered company and hence have to fulfill all the relevant regulations here.
https://www.gov.uk/money-laundering-regulations-introduction

We are indeed registered with HMRC and hence have to undertake 'Know Your Customer' checks. There are various levels of checks that depend on who you are and the value of your order, and there is a FAQ here http://www.megamine.com/idrequirements.php

Dentists are indeed people that can verify your documents, but so is anyone defined as a suitable person. This can be as simple as someone that is a member of a professional body (such as the Chartered Institute of Plumbing and Heating Engineers), or someone that holds a further education degree. The examples given in the ID requirements are just that, examples. In the 500+ documents we have certified so far we have yet to find any customer that has significant issues with it, after all it's very straight forward.

If you are interested in everything we comply with, here is a nice 65 page document that shows what we do
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/387032/mlr_msb.pdf

Personally I feel very passionate about applying these. For Bitcoin to grow and be treated as a serious means of money transfer it must fit in with the existing legislation. If that means some people don't buy our customers then whilst that might affect us short term, it does mean that we all together are making Bitcoin businesses more accepted by the legislative structures that will ultimately determine the long term success.

Justin
CEO
www.megamine.com

[joust]

It's an quaint olde English thing, an informal way to get a reference on you without paying notaries.
You used to be able to get your passport application verified by the local librarian or "professional person".
In an environment like cloud mining with scammers making full use of anonimity, it seems a bit strange to be asked for this, but I suppose it would come in handy for them as due dilligence if any money laundering was suspected.
The UK authorities are using terrorism legislation to poke their noses into all sorts of financial transactions. (Apart from the billion dollar ones that matter).
I have been thinking about cloud mining investment for a while now, but have been put off by BTC price weakness. If I did change my mind, these guys seem as good as any to me.
The quiet thread is basically no news is good news, no special offers every five minutes or broken english bullshit.
Not pushing the Brit angle as too much of a positive; new, basically valueless companies and serviced offices at a fancy address don't mean much.

Hopefully the above helps on why we do this. It might be 'quaint' but is legislation that is enacted at the EU level, so any EU company has to comply with the EU Directive, which was implemented by specific legislation in each EU member state (as EU directives are).


Here is a nice little table that shows how the EU direct was implemented in each EU country.

http://www.anti-moneylaundering.org/EU_Chart.aspx

It would of course be nice if we didn't have to do this, but there are sound solid reasons why, particularly given the levels of monetary value that some of our customer's have placed with us.

Thanks for the kind comments about your perception of us, and if you ever do intend to purchase a contract we'll be delighted to have you as a customer. The 'weakness' of BTC:USD is something we can all speculate about, but we believe in the underlying fundamentals of bitcoin and mining in particular.

Justin
CEO
www.megamine.com
Latest blog post : http://www.megamine.com/cloudhashingdoomed.php

[david123]

In the 500+ documents we have certified so far we have yet to find any customer that has significant issues with it, after all it's very straight forward.

Well, for me it was not straight forward by any means, I would indeed say that I had 'significant
issues' when trying to get these documents. So probably you should reconsider this reasoning
that if you received 500+ documents, then 500+ costomers must have had a straight forward
experience obtaining them
Anyway there's no need in arguing, as you seem to be obliged to do it that way, so you can't
chance the procedure..

[maulix]

I have a question.
I've read on "https://www.camscryptoblog.com/megamine-cloud-mining-review/"
That for verification this is requiered:

The one thing I really don’t like about MegaMine is the verification process. Since MegaMine is a registered UK company, they’re required by law to have identification of their customers before any withdrawls can be made. I don’t know of any other cloud mining operation that requires identification before funds can be withdrawn. I personally didn’t go through the verification process, but I’ve heard that to do so, a letter is sent to your address with a code inside. To verify your address, you then type the code in on MegaMine  and your address is then verified. This process can obviously take up to a week or even more, depending on where the customer lives, and how long it takes for the letter to arrive. Although verification is a real pain for most people to do when purchasing cloud mining contracts, it’s good to know that MegaMine is mindful of local laws, and is abiding by local laws too.

Is this the only verification needed or is the already mentioned verification needed (something with getting a letter signed by your dentist or something ) ?

Also I'm new to cloudmining and I'd like to ask experienced users which contract/Package they would recommend, the "Fully Inclusive", the "Hosted Contracts" or the "Pre Order"? Also I'd like to know how long ROI time would usally take?

Thanks for your answer in advance, I'd really appreciate it if you could help me

[julian071]

I have a question.
I've read on "https://www.camscryptoblog.com/megamine-cloud-mining-review/"
That for verification this is requiered:

The one thing I really don’t like about MegaMine is the verification process. Since MegaMine is a registered UK company, they’re required by law to have identification of their customers before any withdrawls can be made. I don’t know of any other cloud mining operation that requires identification before funds can be withdrawn. I personally didn’t go through the verification process, but I’ve heard that to do so, a letter is sent to your address with a code inside. To verify your address, you then type the code in on MegaMine  and your address is then verified. This process can obviously take up to a week or even more, depending on where the customer lives, and how long it takes for the letter to arrive. Although verification is a real pain for most people to do when purchasing cloud mining contracts, it’s good to know that MegaMine is mindful of local laws, and is abiding by local laws too.

Is this the only verification needed or is the already mentioned verification needed (something with getting a letter signed by your dentist or something ) ?

Also I'm new to cloudmining and I'd like to ask experienced users which contract/Package they would recommend, the "Fully Inclusive", the "Hosted Contracts" or the "Pre Order"? Also I'd like to know how long ROI time would usally take?

Thanks for your answer in advance, I'd really appreciate it if you could help me

Your adress is verified by the letter with a code that you receive. In order to make withdrawals you will also have to send in a couple of documents. It'll probably take a trip to city hall, but this procedure is required by UK law.

What is best for you depends on how you want to spread your risks. There is a long blog post about this by the Megamine CEO, but as their website unreachable at the moment I can not give you a link.

I personally have two fully inclusive contracts. I like how the BTC-price does not influence my yield. With current relatively low BTC-prices, my yield with a competitor is taking a serious hit because of higher maintenance fees (in BTC). The only thing I have to worry about is the difficuly. It's not cheap tho. Still Megamine is the best of several investments I've made.

[AliassailA]

Hey! I have been with megamine for 6 months and had great service, love the API and fast payments. They are def a legit company and am glad I got in on their insanely low priced pre-orders. I am just wondering as to why the main site has been down? Megamine has had no apparent down time at all since I have had an account with them. That's the only reason I'm asking/worried as to why is the main site down now?

[AliassailA]

Hey! I have been with megamine for 6 months and had great service, love the API and fast payments. They are def a legit company and am glad I got in on their insanely low priced pre-orders. I am just wondering as to why the main site has been down? Megamine has had no apparent down time at all since I have had an account with them. That's the only reason I'm asking/worried as to why is the main site down now?

And they are back up!!! Kudos megamine! Much faster access and api, they must have upgraded their servers.

[julian071]

No they have a problem with their hoster, they sent an email about it.

Good for you that you got a pre-order contract AliassailA, those are indeed a nice deal, especially since difficulty has not changed much over the last months!

I have two three year contract, I also consider myself very lucky =) Those have been unavailable for quite some time now.

[AliassailA]

That would explain it, I have a very aggressive junk mail folder! It was the first time I put my faith in a cloud mining company(I have had terrible luck with asics, 5 figures wasted on undelivered equipment over my lifetime!). It is quite tough to asses the possibility of scams and mal business practice. Its really a breath of fresh air to trust a company these days! Now I only wish I bought more cloud time and forgot about the at home mining   I can only hope megamine decides to expand and offer some big deals again :p

[joust]

I'm afraid we still have issues with the site coming and going but have a schedule for a rebuild tomorrow from the hosting company so we will see what happens then. It's not related to an upgrade but glad you've seen the time our developers have put in on making things faster.

Very frustrating for us all but these things do occasionally happen.

Justin
CEO
www.megamine.com

[AliassailA]

No worries! I totally understand I have my own servers..... Its a love hate relationship...

[david123]

Any news on this? I can't access megamine.com for several days now..

[julian071]

Have not been able to connect for days too. Strangely enough, when I enter http://megamine.com or http://www.megamine.com I cannot connect. I cleared my browsers settings and still it will not connect. I used another browser and still cannot connect. However, when I google megamine, I get this result:

http://www.megamine.com/?gclid=Cj0KEQjwi-moBRDL4Omf9d_LndMBEiQAQtFf82jkn4mocOrFtUQyUK-3nJmbpZ6qctmB6ayVVT63hlgaAoKc8P8HAQ

Somehow that works. If anyone can explain why I'd much appreciate it.

Edit: the www.-address works for me now, maybe it's intermittently available and unavailable?

[david123]

Edit: the www.-address works for me now, maybe it's intermittently available and unavailable?

Thanks for that, I can confirm that with "www" it works for me, too

[AliassailA]

This may be a monumental week for me and maybe even all of bitcoin! My Megamine.com cloud mining is going to be in the positives soon and I have only had it since FEB 1ST 2015!! Mind you it was a pre-order I am still pleased with their honest and trustworthy way of business. Not to mention with their cash now service I could decide to quit and break even at any time. But I would never think of it!

I will post screen shots in 20 days when it goes into the positive margins!!

3 months for ROI on a cloud mining contract(pre-order). Total~15000$ spent and I am making about 5000usd+/month at the current difficulty.

Best investment I have EVER made!

Thank you Megamine

[AliassailA]

As for the server issues:

Could be ddos protection. Did someone refresh his page one too many times or access the site like 20 times a day? It works on all my other IP's but this one I have to click on the link listed by one of the CEO's. I would still like a solid explanation for this.

[cryptojumper]

The site doesn't load for me. Out again? This is less talked about cloudmining site, hope it gets back up and join the competition.

[cryptojumper]

Oh, well, nobody gives a shit and the site is still not loading. Everything is clear this with one...

[julian071]

The site is reachable again.

For me the longer link I posted earlier worked when the regular address did not.

Edit: congrats AliassailA!!!

[lucullus]

Already dead? Looked like a trustworthy and possibly profitable investment 

[julian071]

Best way to log in is via the direct link: https://portal.megamine.com/login.php

[AliassailA]

Best way to log in is via the direct link: https://portal.megamine.com/login.php

Tried it works every time! Thanks!

[dodziu]

Temoprary problems Megamine?
No complete payouts for 1st and nothing for 2nd

[joust]

Temoprary problems Megamine?
No complete payouts for 1st and nothing for 2nd

Sorry you've lost me as I'm not quite sure what you mean.

We've no problems and payouts are running fine. If you are a customer then please email support@megamine.com or use the help function in your portal and our support team will see if your account has something wrong with it.

Justin
CEO
www.megamine.com

[julian071]

Hm Joust' account was sold to someone else. Who then quickly ruined the trust-status of said account. Not a very wise move to sell the account imho.