Topic: Cloudhashing ASIC mining contracts, UK LTD company - Now Mining & Paying Bitcoin - page 5. (Read 197163 times)

No, I mean they might find 6 blocks on Monday, but their scripts aren't running.  On Tuesday they run the scripts, which synchronizes the site with the blockchain.  It looks to you like they didn't find any blocks on Monday, but really they just hadn't posted them to the site. 

I haven't really kept track in the last few days, but I think they're posting blocks faster now.  I'd still like to see payouts happen daily.

Well, I know it's a lottery aspect, but with (back then) 1500Ths online it's not a question IF they find blocks, the question is how many they find. So if they find blocks every single day, how can it be that I have two days now without any revenue at all?!
I don't expect an actual payment to my personal wallet every day, but with BTC collected every day I do expect to see my share of those, little as they may be, in my ledger/history. It's just impossible that there are none. On March 8 I didn't get a single share all day long, and that day CloudHashing collected 125 BTC. Again on March 10, not a single share for me, yet CloudHashing made a whopping 201 BTC. This is the link they sent me, you can see for yourself how many days they have without finding anything:
https://blockchain.info/charts/received-per-day?timespan=30days&address=1ALA5v7h49QT7WYLcRsxcXqXUqEqaWmkvw

Last times they didn't find a single block was on Feb 7, 9 and 11. I can't remember how many ths they had online then, but it was quite a bunch of ths nonetheless, so I'm surprised even that doesn't garantee a single find. But anyway, my contract started the 15th. They haven't had a single day without blocks since then, so how can I have two 0 revenue days then


Sorry, trying to understand this exactly. Leave blocks on the blockchain? I can imagine them waiting for a sh*tload of confirmations and stuff, is that what you mean?

They have separate scripts to:
1. Read the new blocks from the block chain and post them to the site
2. Break up the new blocks and post the payments to user accounts
3. Mark payouts to be sent to the users external addresses
4. Send payments

The scripts don't all run 24/7 or automatically.  That's the reason for the delays.  They may have had 0 block days in the past, but not anymore.  But even when no blocks have been posted, there may be blocks that have been found and are waiting to be posted.  They might be working on the scripts, and it's better to leave blocks sitting safely out on the blockchain than to risk erroneously crediting them and having to reverse the credits.

The part about it beeing a lottery is true but the number of blocks they find a single day should in most cases be pretty close to the expected value witch is about 7.1 blocks per day at 1500 TH so 6-8 blocks per day should happen pretty ofthen for them.

Chance of finding 0 block a single day at current network hashrate for them with 1500TH is about 0.000688 = 0,0677% so it should happen about 1 time in 1453 days, if it happens more ofthen than that you correct that is suspicious then and would indicate that something is not right.

From Facebook:
Today is March 22.  Still waiting for that RRP.

It's OK now!
Thank you!!

Still 0 GH...
My pool patience....

So Siavash Samei and Emmanuel Hunt aren't staying up to snuff, as it were?

Surprise, surprise, surprise!

My $.02.

But still 0 GH.
3 days...

Just received the message from the admin.

My cointerra miner have stoped for 2 days,and nobody take care of it.
Can you help me?
contact me :[email protected]

Update with actual earnings:
Month 01 : 1.4 BTC -> 1.58 BTC - (10%fee) 0.16 = 1.42
Month 02 : 0.7 BTC
Month 03 : 0.4 BTC
Month 04 : 0.2 BTC
Month 05 : 0.1 BTC
Month 06 : 0.05 BTC
Month 07 : 0.0125 BTC
Month 08 : 0.007 BTC
Month 09 : 0.004 BTC
Month 10 : 0.002 BTC
Month 11 : 0.001 BTC
Month 12 : 0.0005 BTC

Whow this morning i found another contract for the difference between 12,19$ and 9$ Gh/s rrp price you promised, thank you !

Ultimately, maybe.  1 petahash currently produces over 3500 coins per month, and they're running 1.5.

http://www.ihavebitcoins.com/featured/cloudhashing-claim-20million-month/

Buy bitcoins with that money... I was tempted 1 year ago and it wasn't a good investment (if a had bought bitcoins with that money I would won $1200 more thant the CH investment)

Thats made me laugh. 6btc for 370Gh/s? Bitmain selling 200Gh/s below 1 BTC so we talking about 1.2Th for 6 BTC.

Cloudhashing was , is and will be scam for people who have no idea whats going on in real world of bitcoin.

Simple math guys, simple math.

First, I will have to alter the numbers I posted in my previous message, but not by much. Current earnings is 1.38 and still a few days to go the 15th, then it's one month exactly. Maybe 1.5?!

Eventually the difficulty growth might decline, but that decline is still growth, and the first 6 months that's not likely to happen. Cloud Hashing has effectively taken my 5.2 BTC and will turn them into 2.6. And in the mean time they go on about how affordable their services are and how concerned they are for the MtGox victims as they care about the Bitcoin community. I'm also the Bitcoin community, yet they simply take my coins and cannot even get themselves to provide me with a decent answer to my concerns about the horrible return on investment. My fault, I should have done the math before I fell for their sales talks/lies.

I've complained a few times and each time I get nothing but the standard answer like I posted above, claiming that it's all one big lottery and that it's normal to not find a single block an entire day with 1500THs, so sometimes no payment at all. Doesn't seem like they really care. If they would, they'ld realize that more and more people are going to feel cheated and word is going to get out. Once their reputation is to hell, there's no turning back and people will run. At least they won't cheat that many people out of their coins then.

Their claims:

Our Vision
Making bitcoin mining easy and accessible to all.
- Emmanuel Abiodun, CEO

maybe true, but

Cloud Hashing makes the process of earning Bitcoins simple, scalable and cost effective for you.

is most certainly not true. Cost effective for whom?! Definitely not for the customer, as the customer loses half his investment.

And the revenue reinvestment progam,

A profit-growth model that continually extends our customers' earning period of Bitcoins to receive larger payouts over time.

is most certainly not true as you would need to double your total hashrate every month just to stay current on the difficulty growth. So, to receive larger payouts you would need to more then double your hashrate. Anything below doubling means your payouts will go down month after month.

The only chance that can save your ass is the difficulty level don't trend up so fast.
Or you're just buying hashing machines for CH.  A year later, CH has machines and your money, yay.
That's a slight difference between CEX.io and Cloudhashing.
CEX.io's situation is you can sell your ghs to others, so you still have a chance to make profit. However the last rat would suffer.
Cloudhashing's situation is that "You are the first and the last rat."

No problem. I bought a Platinum contract in January, costs: 5.2 BTC for 420Ghs, available on Feb 15.

Now do the math:
Month 01 : 1.4 BTC (at most! With a few days to go it's 1.25 actually)
Issue, is of course rising difficulty. In general that difficulty halves revenue every month. Apply that to the remainder on the year contract:
Month 02 : 0.7 BTC
Month 03 : 0.4 BTC
Month 04 : 0.2 BTC
Month 05 : 0.1 BTC
Month 06 : 0.05 BTC
Month 07 : 0.0125 BTC
Month 08 : 0.007 BTC
Month 09 : 0.004 BTC
Month 10 : 0.002 BTC
Month 11 : 0.001 BTC
Month 12 : 0.0005 BTC

Total over 12 months : 2.877 BTC
Cloudhashing charges a whopping 10% fee, makes the total 2.58 BTC.

Lets see, I invested 5.2 BTC, I will make only half that.
Actual revenue: -2.6 BTC !!!!

Cloudhashing has also invented the RRP. That way you can spent your earnings on overexpensive GHs (that they'll charge you 10% for) so in the end you 'll end up even less...

I expect the results to be even worse. So far I've had two days without any payment at all. According to Cloudhashing support that is because there are days when they don't find blocks. 1500THs online and no blocks? Sure...


So... if anyone wants to be talked out of it, do your own math before buying. New Gold contract is 370Ghs for $3999. That's over 6 BTC at the moment! Even more then I paid for 420Ghs! At best bet you'll end up with less then half what you invested. If you need help on the math: one of the very best revenue calculators can be found here: http://www.evolyn.net/bitcoin/mining_calc.php