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Author Topic: HASHNEST Discussion and Support Thread  (Read 623810 times)
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September 02, 2014, 01:53:33 PM
 #1

ANN: BITMAIN announces Cloud Hash Platform-HASHNEST.COM


Published on September 1st, 2014,



BITMAIN is announcing the acquisition of Hashnest.com – a cloud hash platform which was originally named Snowball Exchange (Snowball.io). Hashnest.com will operate independently to build a reliable, economical and decentralized platform that serves the worldwide mining enthusiasts and hosting operators. What’s more, this is also a step to enhance the fundamental safety of Bitcoin.


The biggest advantages of Hashnest.com are the stable earnings, low maintenance cost and the safety & integrity of capital. Hashnest.com is the largest cloud mining platform for Bitcoin in China, which was officially launched on June 1st, 2014, and the users incredibly climbed to 1,000 in less than 90 days without any marketing expenses. So far, the total hash rate infused into the platform has been over 4PH/s that is accounted for about 2% of the total network hash rate. The core team members have the rich experiences in WEB development. They are not only focusing on customers’ needs and customer experiences, but also vigorously protecting customers’ assets which is spoken highly by the evaluation test conducted by the third party white-hat network evaluators such as one of the famous providers Wooyun (wooyun.org).

The hash rate distribution of HASTNEST is based on the actual hash rate and real output. Every day, the cloud mining hashing power owners will receive the mining revenue based on the real output of their own hash rate. Users can monitor the hash rate in the mining pool from HASHNEST platform in real-time.


Cloud Hashing is the Prospective Trend for Bitcoin Mining


With the rapid growth of Bitcoin industry, the hash rate of Bitcoin keeps increasing. The cost of mining rigs is gradually getting lower as the constant R&D efforts. Let’s consider a middle-class mining fans as an example. Funding the capital and making a decision to take risks to join mining industry are the easy part. It’s more difficult for him to spend a lot of time/patience on deploying/maintaining the mining rigs and meeting the electricity needs and managing the heat. In the future, most of the mining rigs will be deployed in specialized hosting farms, enterprising and professional teams will help to search the low cost energy and maintenance for the rigs. The miners will access their miners and hashing power remotely, just like the popular VPS business model in the Internet.

However, we still need to keep decentralization in this centralization trend. It is sure harmful and dangerous to the Bitcoin industry and the eco-system if the majority of hashing power are controlled by a handful of people.

We are investing significant resources into the development of p2pool mining protocol. At present, the hash rate of HASHNEST is mined from ANTPOOL, zero (0) fees, which will soon be contributed into p2pool. The development of contributed into p2pool is almost completed, and in the final testing and deploying. The code of ANTPOOL will be open sourced, and we are confident that you will be impressed by the outstanding contribution that BITMAIN put into p2pool protocol. We have a focused team who are developing the p2pool mining protocol, and the goal is to have 80% of the total network hash rate join p2pool within next 12 months. At that time, the whole Bitcoin community will never be anxious about the potential risks of the decentralization risk associated with the pool mining model now.


The Round 1 Hash Rate Subscription starting 2nd September, 2014


UMISOO, the first Operator on HASHNEST will provide 4PH/s hashing power, and plan to start the Round 1 subscription at Beijing Time 22:00pm, 2nd September, 2014 (UCT+8:00 Time Zone). Official subscribed flat price is 0.00135 BTC/Gh/s. The Round 1 hash rate is generated by AntMiner S2 with the maintenance fee of $0.0032424/GH/s/Day.



HASHNEST official website is hashnest.com and the BITMAIN official website is bitmaintech.com

Cloud Mining? Just Go to Hashnest.com          Best Liquidity   Lowest Price   100% Real Mining Back Up
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September 02, 2014, 01:53:55 PM
 #2

Reserved

Cloud Mining? Just Go to Hashnest.com          Best Liquidity   Lowest Price   100% Real Mining Back Up
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September 02, 2014, 01:54:11 PM
 #3

FAQ

For business plan/proposal, please send email to info@hashnest.com.
All other customer service such as payment confirmation or trade lock status.., would be answered by submitting a ticket in our official website - https://www.hashnest.com/services


1. How can i buy hashrate?

Step 1: Visit hashnest.com
Step 2: Sign up an account
Step 3: Set your own Two Factor Authentication
Step 4: Deposit Bitcoins
Step 5: Purchase hash rate at 22:00pm on September 2nd (UCT +8:00 time zone) as the clock counts down in the official website hashnest.com

2. Can we sell GHS?
Secondary Market GHS buying and selling will be open once Round 1 subscription is completed.

3. How to process the hardware when the maintenance fee equals to the mining earnings?
Will power off S2 when the maintenance fee equals to the mining earnings, and then reserve these hardware for 10 days. If the maintenance fee is back to lower than mining earnings during this reservation period of 10 days, we will power on hardware again. Otherwise, Umisoo market based on S2 will be closed permanently after the reservation period of 10 days.  

4. If user can redeem hardware?
Sure, user is able to request to redeem hardware with its own handling fee and shipping cost.
Please be informed:
User has to redeem hardware within 15 days after Umisoo market based on S2 closed permanently, if you want to redeem hardware. Hardware will be discarded after this period of 15 days and the hashing contract will be terminated automatically.
While user is able to request to redeem hardware at any time before market closed.

5. If user can request to redeem hardware, no matter how many hashrates it buys ?  
Redeem is not acceptable if your hashrates are less than one Th/s. Only the integer multiple of 1 Th/s are allowed to redeem the full units of hardware. If you have hashrate 1Th/s, then you can request to redeem one S2 including case, PSU, control board. If you have hashrate 1.2Th/s, you also can request to redeem one S2, but can not redeem hardware for the 0.2Th/s.

6. Why there is a "audited" requested?
To ensure the security of your accounts assets, we will have manual reviews for each single withdrawal of more than 10BTC as well as the case that there are more than three times of withdrawals from the same account per day, bringing the total to 10 BTC or more.
Also, the withdrawal requests will stay in "audited" status during the maintenance of wallet service, and we will process all these right after the maintenance.
In addition, customer service team manually process the requests holding at"audited" status at least three times every day.
 
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September 02, 2014, 02:08:34 PM
 #4

Are the fees static, or will they adjust during the term of the contract?  For example, currently they are listed as $0.0032422/GHS/Day.  Is that price locked in?  

I understand from your posting in the announcement thread that the contract length is for as long as the earned BTC is greater than the maintenance fee.  How is this calculated - is it real time based upon some exchange, or averaged out?  What happens if today the fees end up being greater than what is mined, but tomorrow the price of BTC increases to make it that the earnings are now greater than the fees again?

There is currently a limit of 1TH/s per person.  There is also the ability to enter some kind of code to unlock more.  How does one get this code?

What's to stop a person from creating multiple identities and purchasing more than 1TH/s of hashing?

Will this new service be added to the p2pool network, or is it going to be mining on some proprietary pool (like AntPool)?

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
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September 02, 2014, 02:15:22 PM
 #5

watching, although still doesn't seem profitable.  Perhaps Bitmain can post their thoughts on how this will be profitable for buyers?  Would instill more confidence amongst members.


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September 02, 2014, 02:16:43 PM
 #6

Why are the prices, maint fee included, so high?

M

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September 02, 2014, 02:18:12 PM
 #7

Wait so its live now?  What happened to the 12 hours or so left until it went live?


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September 02, 2014, 02:19:50 PM
 #8

Are the fees static, or will they adjust during the term of the contract?  For example, currently they are listed as $0.0032422/GHS/Day.  Is that price locked in?  

I understand from your posting in the announcement thread that the contract length is for as long as the earned BTC is greater than the maintenance fee.  How is this calculated - is it real time based upon some exchange, or averaged out?  What happens if today the fees end up being greater than what is mined, but tomorrow the price of BTC increases to make it that the earnings are now greater than the fees again?

There is currently a limit of 1TH/s per person.  There is also the ability to enter some kind of code to unlock more.  How does one get this code?

What's to stop a person from creating multiple identities and purchasing more than 1TH/s of hashing?

Will this new service be added to the p2pool network, or is it going to be mining on some proprietary pool (like AntPool)?
Fee is static. Cost for insurance of machine and electricity, it's about half of CEX.IO

As mentioned in the Chinese version of UMISOO offering, miners will be leave in the mine turn off for up to 10 days if fees > expected profit.

Limit is removed

Asked the same question, thus removed.

They claim to be developing on a miner thing...yy that will direct hashrate to P2Pool. For now, Antpool

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September 02, 2014, 02:21:16 PM
 #9

Why are the prices, maint fee included, so high?

M
So they can make a profit...

Think of the structure like this: they are asking you to purchase an S2 for 1.35BTC and then charging you $98 a month to host it.  Run that through any calculator out there and you'll find the difficulty increases need to be lower than 5% for you to even break even.

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
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September 02, 2014, 02:22:43 PM
 #10

Wait so its live now?  What happened to the 12 hours or so left until it went live?
Failure to convert the countdown on their webpage to your local timezone.  They launched at 22:00UTC+8 (which was an hour and 22 minutes ago).

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
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September 02, 2014, 02:27:01 PM
 #11

Are the fees static, or will they adjust during the term of the contract?  For example, currently they are listed as $0.0032422/GHS/Day.  Is that price locked in?  

I understand from your posting in the announcement thread that the contract length is for as long as the earned BTC is greater than the maintenance fee.  How is this calculated - is it real time based upon some exchange, or averaged out?  What happens if today the fees end up being greater than what is mined, but tomorrow the price of BTC increases to make it that the earnings are now greater than the fees again?

There is currently a limit of 1TH/s per person.  There is also the ability to enter some kind of code to unlock more.  How does one get this code?

What's to stop a person from creating multiple identities and purchasing more than 1TH/s of hashing?

Will this new service be added to the p2pool network, or is it going to be mining on some proprietary pool (like AntPool)?
Fee is static. Cost for insurance of machine and electricity, it's about half of CEX.IO

As mentioned in the Chinese version of UMISOO offering, miners will be leave in the mine turn off for up to 10 days if fees > expected profit.

Limit is removed

Asked the same question, thus removed.

They claim to be developing on a miner thing...yy that will direct hashrate to P2Pool. For now, Antpool
Thanks for your answers.  Are you a representative of Hashnest or Bitmain?  I'm sorry if you've answered this previously in another posting, but I am trying to gauge the validity of your answers (either it's speculation by a well-informed customer, or it's fact by an employee).

I'll certainly agree that the price per GH/s is much lower than other competing cloud mining operations; however, the maintenance fees are just about on par with them (including cex.io).

EDIT: my mistake on the maintenance fee comparison to ghash.io.  They charge $0.18 per GH/s per month, which would translate to $180 a month for 1TH/s, compared to approximately $98 a month with hashnest.

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
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September 02, 2014, 02:34:36 PM
 #12

Watching for the Bitmain version of p2pool....

Any idea when the source will be released and how they addressed variance for smaller miners?

At 1 TH/s limit per contract p2pool variance, considering an additional 4 PH/s total bringing the pool to 7 PH/s+, will be completely unacceptable for most miners....

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September 02, 2014, 02:38:43 PM
 #13

well informed customer, I am a Chinese (reads Chinese) and is happy with Snowball.IO's service since like their first launch week.

With my young face, I am long away to be a representative.

Maintenance fee is 50% of CEX.IO

As of now, CEX charges 0.18 per month
Hashnest(UMISOO) charges 0.0032422 per day, eqiv 0.097 per month per GH.

The reason for me to be a more or less fanboy of them is becoz of their first service on mining rigs that you can import and export in exchange of GH shares or an actual miner shipped to you, respectively. Additionally, they plan on move on to P2Pool, which with BITMAIN's tech background, possible. (Not like PETA on Havelock...... thats another story)

Right now, I DOES NOT own any shares of UMISOO. The offering of it is dangerous as it couldn't be liquidated (at market like other mining rigs) until all sold. I would not consider until they have release the market out for liquidation.

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September 02, 2014, 02:39:09 PM
 #14

Why are the prices, maint fee included, so high?

M
So they can make a profit...

Think of the structure like this: they are asking you to purchase an S2 for 1.35BTC and then charging you $98 a month to host it.  Run that through any calculator out there and you'll find the difficulty increases need to be lower than 5% for you to even break even.
Great calculation! Thanks!


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September 02, 2014, 02:41:10 PM
 #15

Watching for the Bitmain version of p2pool....

Any idea when the source will be released and how they addressed variance for smaller miners?

At 1 TH/s limit per contract p2pool variance, considering an additional 4 PH/s total bringing the pool to 7 PH/s+, will be completely unacceptable for most miners....
The 1TH/s limit was removed.  You can purchase as much as you want.

Maintenance fee is 50% of CEX.IO

As of now, CEX charges 0.18 per month
Hashnest(UMISOO) charges 0.0032422 per day, eqiv 0.097 per month per GH.
You're right, and I had edited my post while you were replying Smiley

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September 02, 2014, 02:52:39 PM
 #16

con't

As a customer, or a Bitcoiner or.. actually whatever else human with some common sense. I am quite dissatisfied with the launch of Hashnest.

1: From the early days of Snowball.IO, owner was intended to target US customers (since you guys buy shares at crazy price on CEX, GHASH is dominating the network). Now with the abundance of customer support BITMAIN, the support given towards customer (in Bitcointalk, compared to those on QQ) is pathetically low. Like an online ROM.

2: Clumsy arrangements, moving posts/threads.

3: UMISOO suppose to be a launch party for pretty much everyone. Yet they turned it into a "see who doesn't know how to use calc" gathering. Optimal way would be something like incremental pricing (some low volume of cheap share at like 0.0008), reward programmes (free electricity for X days), buy and refer some one to buy programme.... yadayada to promote the launch of the new business, plus create a experiment on price discover towards the market.

4: Opening market after all share sold is simply mean.

PS: I wonder when will the online support be actually responding.

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September 02, 2014, 03:13:30 PM
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So to  recap:

HASHNEST is offering the best conditions on the cloud / DC mining market right now, outperforming all the other large names like CEX / GAW / GHASH, and it nevertheless is impossible to reach a positive ROI?

Has ANYONE at HASHNEST done any serious calculations, or do they just target stupid BTC newbies not capable of doing some basic math? Huh

However you turn it, it still looks like 1 + 1 = 0  Sad

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September 02, 2014, 03:19:31 PM
 #18

So to  recap:

HASHNEST is offering the best conditions on the cloud / DC mining market right now, outperforming all the other large names like CEX / GAW / GHASH, and it nevertheless is impossible to reach a positive ROI?

Has ANYONE at HASHNEST done any serious calculations, or do they just target stupid BTC newbies not capable of doing some basic math? Huh

However you turn it, it still looks like 1 + 1 = 0  Sad
Pretty much exactly what every cloud mining provider does.  They exist to make themselves profit.  They've done plenty of calculations, believe me.  They arrived at their price point to minimize risk to themselves as much as possible.  Like I wrote previously, that 1TH/s contract needs difficulty jumps of less than 5% to turn a profit for the customer.

So, is it impossible for a consumer to profit?  No.  It's just exceptionally unlikely.

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September 02, 2014, 03:24:50 PM
 #19

So to  recap:

HASHNEST is offering the best conditions on the cloud / DC mining market right now, outperforming all the other large names like CEX / GAW / GHASH, and it nevertheless is impossible to reach a positive ROI?

Has ANYONE at HASHNEST done any serious calculations, or do they just target stupid BTC newbies not capable of doing some basic math? Huh

However you turn it, it still looks like 1 + 1 = 0  Sad
Pretty much exactly what every cloud mining provider does.  They exist to make themselves profit.  They've done plenty of calculations, believe me.  They arrived at their price point to minimize risk to themselves as much as possible.  Like I wrote previously, that 1TH/s contract needs difficulty jumps of less than 5% to turn a profit for the customer.

So, is it impossible for a consumer to profit?  No.  It's just exceptionally unlikely.
If there is a market to sell shares to the next idiot, yes
Else, no.

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September 02, 2014, 03:25:16 PM
 #20

More than 200TH/s has been subscribed for only one hour  Grin Grin Grin Grin Grin Grin Grin Grin Grin

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