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

[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!!!