Topic: Cloudhashing ASIC mining contracts, UK LTD company - Now Mining & Paying Bitcoin - page 9. (Read 197163 times)

Our newest newsletter below.

Cloud Hashers,

 Happy New Year! We hope 2014 will be a breakthrough year for Bitcoin! We have some updates on everything going on here at CloudHashing.com and we wanted you to be the first to know.

 CloudHashing.com's hashing power to increase

 Over the next month or so we will be bringing more than 2 Petahashes online. This marks a huge increase in hashing power. We've partnered with industry leading ASIC manufacturers to create the absolute best hashing environment for our customers. For our earliest customers, we thank you so much for your early adoption of cloud mining with us. Your commitment with us made it possible for us to plan this rollout of new hashing power because it had to be carefully planned months in advance. The result is that CloudHashing.com's pool will be one of the only ones in the Bitcoin mining space to dramatically increase over the next month. This should translate into more blocks per day, and ongoing benefits to each of our customers. We are very excited about this rollout, and we hope you are too. Continue looking on the top of our website and watch as the hashing power increases as we bring the new ASICs online.

 Slight Delay in RRP this month

 We had hoped to have the RRP activated by the 19th of January however delays in manufacturing have pushed the date back a few weeks. You can still earn RRP hashing power at the low rate of $15/gigahash until activation. We hope to activate before the end of January and will keep you posted once we have a solid date.

 CloudHashing.com has hired more customer support

 We have recently hired even more customer support team members, and we know you're seeing a huge difference in our response times. Our goal is to offer you as prompt customer service as we possibly can, and we have come a long way in a very short period of time. We sincerely appreciate all of our early customers who were patient with our customer support as we ramped it up. We want to be known as a great customer support company, and we are now answering your emails within hours, not days or weeks. We will continue to improve our customer service until it's the best in the industry.

 CloudHashing.com partners with children's charity

 Because of our loyal customers like you, we have been able to partner with a wonderful children's charity Songs of Love that helps children and teens who are sick. It's an amazing charity, and we want to thank you for giving us the ability to do this. Without you, we would not be able to support such a wonderful cause. Read more about it here: http://www.prweb.com/releases/Bitcoin/Charity/prweb11470892.htm

 CloudHashing.com in 2014

 We have so many exciting things lined up for 2014. If you haven't already done so, please join the CloudHashing.com community on Facebook and Twitter. We discuss CloudHashing.com and also the Bitcoin space in general. It's a wonderful way to connect with other Cloud Hashers.

 Sincerely,
 The Cloud Hashing team

havent received payment for 2 days now.

Nice! That's a lot of hashing power.
Do you plan on decreasing the prices also?

Also, as a bitcoin miner you should know, to calculate your profit you should count inputs and returns only in bitcoins - how much bitcoins did you put in to buy hashrate, how much bitcoins you got with mining. Because that last sentence always apply: why not buy btc instead.

I thought I would share my experience so far regarding Cloud-hashing, positive or negative as it may be, and only the facts I have on my own contracts.

I like to start constructively. Despite service delays and disruptions along the way, Cloud-hashing have ultimately delivered the features to customers they have promised. So some credit is due there. Now on returns...

I bought 2 year September contracts. According to their on-site advertising at the time of purchase, the minimum expectation for BTC mined per year was equivalent to around 1.3 BTC per GH/s purchased. In the first 3 months I have so far mined around 6% of that annual projection, which with the BTC mining rate declining it should have been over 25%, so it is well behind the advertised BTC projections, even recognising these can only ever be estimates in a rapidly changing environment. I have been re-investing some of the earnings in the RRP (experimenting between 0 and 30%), which has so far given me an extra 20% GH/s on my initial amount. So that at least works, and seems to partially compensate for the exponentially increasing difficulty. Given all of this, I've calculated that over the last 2 months the rate of BTC being mined per day on my accumulated GH/s has fallen by around 40%, probably a better result than without the RRP, but overall still a much lower BTC yield than advertised.

The company presents their results in fiat dollars however. Given the 8-fold rise in BTC value since September, I therefore have received all capital back and then some measured in fiat dollars, consistent with their claim. That could actually be a relevant way to look at things if one is funding the contracts from fiat (as I did), which is how they quote the contract purchase prices. However, Cloud-hashing has no influence over the BTC price change, and ongoing 8-fold increases are certainly not a reasonable norm on which to form future expectations. The fiat dollar return can theoretically only be considered indicative then if one expects ongoing quarterly 8-fold increases in price, or if a legitimate claim can be made that if price had remained more stable, many more BTC would have been mined in line with the initial projections. I am not sure if there is such a valid inverse relationship here, and whether it could be significant enough to support such ongoing fiat return expectations. Perhaps somebody with greater understanding of the technicals of mining can comment on this. If not, fiat return results experienced to date seem unreasonable to expect for the future.

Possibly there is more context that others could provide here about the economics of mining BTC today. I note for example that even on CEX, estimated BTC yields are currently well below the cost per GH/s. So not sure how mining BTC makes sense right now at all in the absence of large price increases (and then if that's what you are relying on, why not buy BTC now instead?).

Regards all.

I am not defending cloudhashing, but have had issues in the past with technology upgrades.

Is there any chance he had problems and instead of telling us what happened in detail, he is working around the clock trying to resolve the issues?

I guess I am an optimist by nature and really hope this works for us.

Yes, we should be getting a piece of each block that they mine.  I've seen it vary from 3 or 4 blocks per day, to none for a day or two.  They claim to be adding 2 petahashes in a month or so, so the time between blocks should be reduced considerably.

is this it?  https://pool.cloudhashing.com/blocks

i got no payment in the 18th and only one in the 19th.