Hashnest 's newest PACMiC Cloud Mining Contract

[nicklello]

I'm unclear on this PACMIC (v2) service...

It *looks* really good, and I'm keen to invest --

BUT, I'm not clear on the 'pay back' scheme... does this mean I only pay a deposit per TH rather than the full 1 BTC ?

You pay 1 btc for 1 TH. To explain it very simple how it works is when you get your principle (1btc) back the contract ends and the miner is no longer yours. To make you a profit some of the coin they pay you does not count toward this principle so you end up with an ROI. the only way to actually lose money is if the S5 becomes unprofitable while you have the contract. As difficulty goes up it will take longer to pay you back but there is no timer on the contract. Essentially the estimated APY was around 22% I believe but with v2 its more around 14-16%.

Ah! Ok, I get it.... effectively I buy the miner at a reduced cost and HashNest buy it back from me with the interest being the (time * 4.5 Satoshi * amount owed) payment.

What are people's experiences of the 'v1' of this scheme ?

It worked out really well.  I have a couple of them that are about 86% paid back and some down to about 55% paid back.  They have brought in some income for a fairly safe investment.  Have been pretty happy so far.

I'm convinced... trying to raise funds via BTCJam to buy in.

[DebitMe]

I'm unclear on this PACMIC (v2) service...

It *looks* really good, and I'm keen to invest --

BUT, I'm not clear on the 'pay back' scheme... does this mean I only pay a deposit per TH rather than the full 1 BTC ?

You pay 1 btc for 1 TH. To explain it very simple how it works is when you get your principle (1btc) back the contract ends and the miner is no longer yours. To make you a profit some of the coin they pay you does not count toward this principle so you end up with an ROI. the only way to actually lose money is if the S5 becomes unprofitable while you have the contract. As difficulty goes up it will take longer to pay you back but there is no timer on the contract. Essentially the estimated APY was around 22% I believe but with v2 its more around 14-16%.

Ah! Ok, I get it.... effectively I buy the miner at a reduced cost and HashNest buy it back from me with the interest being the (time * 4.5 Satoshi * amount owed) payment.

What are people's experiences of the 'v1' of this scheme ?

It worked out really well.  I have a couple of them that are about 86% paid back and some down to about 55% paid back.  They have brought in some income for a fairly safe investment.  Have been pretty happy so far.

I'm convinced... trying to raise funds via BTCJam to buy in.

That I would not do, in fact, your BTCJam loan will probably have higher interest than what you would earn by buying a PACMiC.  I highly discourage you from taking a loan to invest, that is a sure fire way to get in real big trouble real fast.

[finbad]

not sure how the interest rate you are going to pay on the BTCjam loan will be less that the return on PACMICv2, and even it is the net positive it will me miniscule,  but okay.........

[nicklello]

I'm convinced... trying to raise funds via BTCJam to buy in.

That I would not do, in fact, your BTCJam loan will probably have higher interest than what you would earn by buying a PACMiC.  I highly discourage you from taking a loan to invest, that is a sure fire way to get in real big trouble real fast.

You are quite right... I should have paid more attention to calculating things properly.

I still believe PACMiC looks like a good investment; just got to pull my coins together....

[byt411]

Can someone explain what is going on? I have autobuy on, but it only seems like it has autobought 3GHS over the past 3 days.
If my calculations are correct, shouldn't I be getting around 0.01 BTC per day with a 1THs contract? I had the impression that it said that there were no maintenance or hosting fees.

[DebitMe]

Can someone explain what is going on? I have autobuy on, but it only seems like it has autobought 3GHS over the past 3 days.
If my calculations are correct, shouldn't I be getting around 0.01 BTC per day with a 1THs contract? I had the impression that it said that there were no maintenance or hosting fees.

Do you mean 30 GH/S? I have had mine running for 3 days as well and am currently at 1.03458546 TH/S, which would be 34 GH/s added to my contract.

As for what is going on?  No idea.  I asked the other day a few posts up why blocks aren't being credited after 6 blocks, and it seems like they are just updating the V2 PACMiC's once a day.  IDK why, and the terms and FAQ don't explain anything as to why it is being done differently.

[byt411]

Can someone explain what is going on? I have autobuy on, but it only seems like it has autobought 3GHS over the past 3 days.
If my calculations are correct, shouldn't I be getting around 0.01 BTC per day with a 1THs contract? I had the impression that it said that there were no maintenance or hosting fees.

Do you mean 30 GH/S? I have had mine running for 3 days as well and am currently at 1.03458546 TH/S, which would be 34 GH/s added to my contract.

As for what is going on?  No idea.  I asked the other day a few posts up why blocks aren't being credited after 6 blocks, and it seems like they are just updating the V2 PACMiC's once a day.  IDK why, and the terms and FAQ don't explain anything as to why it is being done differently.

God, when I'm not in school, my brain just fails horribly and I can't do any maths.
Yes, that makes sense now. So I assume if we turn it off we would get like 0.01 BTC per day?

[wlefever]

Okay, purchased some PACMiC v2 contracts.  I have enabled Auto-Rebuy for the time being and will monitor when to switch to off.

[DebitMe]

Okay, purchased some PACMiC v2 contracts.  I have enabled Auto-Rebuy for the time being and will monitor when to switch to off.

Yea I turned my autorebuy back on last night.  Really wish someone would comment from Bitmain and allow V1 contracts to become V2 contracts with autorebuy enabled.  Also wish they would update us on if they will increase the amount of hash we get for 1 btc.

[Glucose]

Great service. I bought a Pacmic v2 contract a few days ago. Looks really promising :-)

[jorjito25]

I also very positive to these contracts of several reasons. We know they are backed by a real mining company. We do a little profit, while nothing extraordinary that would indicate that the company is desperate, they only want to lend money from us to expand. After the contract ended (when we have got our money back + a decent interest) they will of course sell these as regular S5, making more money, expanding even more and have funding to put out their S6s.

[btcgiel]

i made a profit on the pacmic v1 from 0.00313968 with an investment of 1 BTC. I don't understand it because my hashrate (TH) is  1.08345714 and my total payout after 100 days is 1.00313968 BTC

[ajw7989]

i made a profit on the pacmic v1 from 0.00313968 with an investment of 1 BTC. I don't understand it because my hashrate (TH) is  1.08345714 and my total payout after 100 days is 1.00313968 BTC

That is extremely low. The withdrawal fee is a little less than 1/3 of that.

[wlefever]

i made a profit on the pacmic v1 from 0.00313968 with an investment of 1 BTC. I don't understand it because my hashrate (TH) is  1.08345714 and my total payout after 100 days is 1.00313968 BTC

That is extremely low. The withdrawal fee is a little less than 1/3 of that.

Yeah, something isn't right with that.

[yeponlyone]

I'm convinced... trying to raise funds via BTCJam to buy in.

That I would not do, in fact, your BTCJam loan will probably have higher interest than what you would earn by buying a PACMiC.  I highly discourage you from taking a loan to invest, that is a sure fire way to get in real big trouble real fast.

You are quite right... I should have paid more attention to calculating things properly.

I still believe PACMiC looks like a good investment; just got to pull my coins together....

Yep, I looked into it, comparing rates on BTCJam with the earnings of PACMIC, and you would end up losing if loaning there.

An opportunity to possibly make it work, would be with a fiat bank with great interest on their loans, like with a house backing it. That could be a viable option if you want to change your portfolio, from house investment to BTC though.

[wlefever]

PACMiC v3 now available

[DebitMe]

PACMiC v3 now available

Shoot, was just about to start working, now I have a whole new ToS to read and math to do. lol

[DebitMe]

Based on a quick spreadsheet, it looks like the V3 PACMiC will return less profit per contract, but because they are cheaper, will take shorter to pay off, which has an effect of providing a higher APR.

Should be around an 8.5% APR, will have to double check my spreadsheets though to make sure that is about right.

(This assumes no difficulty changes, will have to add that into my spreadsheet to see the effects of what a few percent increases will do.  Should make profits a little higher, but I doubt by much.)

[wlefever]

Based on a quick spreadsheet, it looks like the V3 PACMiC will return less profit per contract, but because they are cheaper, will take shorter to pay off, which has an effect of providing a higher APR.

Should be around an 8.5% APR, will have to double check my spreadsheets though to make sure that is about right.

(This assumes no difficulty changes, will have to add that into my spreadsheet to see the effects of what a few percent increases will do.  Should make profits a little higher, but I doubt by much.)

It also seems with the lower price if you run it on autobuy it should compound much faster. Therefore increasing your payback principal, but also delaying your full payback.  That seems fairly attractive to me, but I haven't done any calcs on it.

I'm still satisfied with my v2 contracts that are running atm.  With price fluctuations, and increasing hashrate it has been a pretty safe & steady albeit small % return when compared with mining. 

[mchu168]

Should be around an 8.5% APR, will have to double check my spreadsheets though to make sure that is about right.

Hashnest website says annualized ROI is 25.2288%, so either they are guilty of false advertising or your calcs are way off.