Topic: PBmining - legit? - page 13. (Read 67909 times)

Their business model is that they are counting on diff to rais enough to eat your investment before it can pay for iteself. They are probably not mining (i cant proove it) but only returning parts of BTC you initialy payed em. Basicly returning you your own BTC and keeping small part for themselves.
As diff rises you will get payed less and less untill you get payed 0 BTC a week (and so on for next 5 years). Only thing that can screw em it diff not raising for longer periods of time...when that happens, they will pull the plug and run with whatever they have in that moment (well..they "will be hacked"  like many before).

If true, it is just more proof they aren't really mining.  Difficultly when up a small amount.  Mining awards should be slightly lower. 

I've been using them since May and get payouts every Sunday too, without fail. I guess they're making their mining off NMC. I'm using Megamine too and like their service. Where I live, power is very expensive. I had a BFL SC 58 costing me over $200 a month until I pulled the plug a couple of months ago.

Cloud mining doesn't make sense for the majority, and probably not for me either... but fuck it. I like to be involved.

I been using them and I seem to make my money back and in profits already, but I started in march!: http://pbmining.com?ref=dannyboyjr

Interestingly, the payout for this week was slightly higher than last week's.  That is the first time that I have noticed this happen since I began following them, they always generally give out successively smaller payouts.

Doesn't mean they are actually mining.  That is what is meant by legit. 

Update: I did receive a payment for .01824328btc today. So with such a small increase in difficulty this term I should be looking at a similar figure next Sunday as well. I still am not convinced that I will ever get my initial investment back but reading some other peoples praise of them makes me hopeful.

PB Mining is legit for sure. I,ve been using them for months.  Paid every Sunday without fail

Well there would be a point at which the miner would use more electricity then it generates in bitcoin and a rational miner would take the S3 offline at this point. So it is not an apples to apples comparison to use a 5 year time-frame because the s3 will likely not be mining for 5 years.

PB mining essentially forces you to prepay for 5 years worth of electricity even if some of that electricity would not be economical to buy.

LOL at people assuming PB Mining magically doesnt use any power.. There is no way that they can sell contracts for 0.003 BTC without asking to pay for electricity. 100GH costs $200 and electricity will be consumed about $600 during those years. Where the $400 go?

People should start using common sense and realize they are in no way legit.. just a ponzi.

Bitmaintech.com says it won't ship to July 20th.   No point in buying now. 

I was debating on if I should buy an S3 on ebay for an inflated price. I have been kicking it around for a few days and Im almost there. Everytime I go to do it I hear my wifes voice bitching at me so I freeze.

That miner isn't shipping yet.   And even so you will a lot more on power for 5 years than the price of the miner.   It draws 366 watts!   Let's say you have very cheap power $.05/kilowatt.  That would be ((366 * 24) / 1000) * $.05 / day = $.44 / day.    Over 5 years that is $803 which is currently 1.27 BTC.

So even with very cheap power you are looking at .75+1.27 or 2.02 BTC.   2 BTC / 478 is .004184 BTC

So if PBMining were legit they would be either charging a fee for power or charging a LOT more per GH/s.

We also know they aren't charging a fee for maintenance because they have been basically returning the theoretical maximum BTC that can be mined.    So something isn't right and the math doesn't support them.

For the record you can by cloud mining cheaper than what PBMining charges, but there is a fee for power taken out on a daily basis.   An example it the PETA shares at HavelockInvestments.  Each share is 1 GH/s of mining and the current cost is about .0027 per share.   It is a free market price so it goes up and down all the time, well mostly down.   You get paid daily.   

 

https://bitmaintech.com/productDetail.htm?pid=00020140704023505485N5SxDMkW0693
Bitman AntMiner S3 costs .725 BTC that runs at 478 GHs, or ~ .15 per 100 GHs.

Granted you do not have to pay for electricity, however I don't think that the electric cost would add up to be 1/2 of the cost of the machine.

Well the morning I was able to buy 200 GH/s for 0.58 BTC, then I sold it all a few hours later for .62 BTC.  That was PETA on HavelockInvestments.com.   If you are playing with small amounts and willing to wait a bit you can make BTC there.   PBMining isn't the only game in town and at least there you know what is real and what isn't.    

I started there with .4 BTC, built it up to about .6 BTC then I added 1.85 BTC more and did some bigger trades.   (Total deposit in was 2.25 BTC)   I have taken 1.0 BTC out and my balance there is still 2.14 BTC.   That is just over four weeks to make 0.89 BTC.   I've been sticking to mining stocks that pay dividends, there are only a few.  

Okay, it might be just luck, I've lost big before on stocks and it could happen again.   However, the point is PBMining isn't the only game in town and you don't really know what you are getting with them.   In all fairness I watched Havelock for about 7 months before I tried them and I think they used to be a lot bigger.   There are other places too, like CyptoStocks, but I'm still just learning. 

My thinking was with the .3btc i spent on this contract... What could I have bought really to get into mining with such little funds. I mean, for me to buy a miner doing 100gh/s would cost me more then .3btc. I will still only get 100gh/s so all I am losing is the paper weight after it costs more to run then it can get mine in coin, which I imagine wont be long. Like I said it is more of an experiment for me. I will not be reinvesting along the run I am just curious if it will eventually give any roi at all.

This is the problem with buying such a long term investment in cloud mining or any type of mining for that matter. As it is now the difficulty is doubling roughly every two months, in other words your expected revenue is going to half every two months (assuming that your provider does not charge any kind of ongoing maintenance fee, if it does then your drop will be more every two months). The later part of your contract will see very few results.

While not totally failing yet, it certainly has backfired for Canadian PB Miner customers who are presently not technically allowed to buy contracts until this company makes it clear that any grey area it is operating in is in accordance with Canadian law.

That is in fact why I don't believe PBMining is legit.  They payout too well for the difficulty.  It isn't a large amount more, but each time I checked they were paying slightly more than they should in theory.   That could be luck or it could be they way they wrote code simulating payouts.  

For what it is worth, over the last month I've been trading B.Mine at HavelockInvestments.   I know that isn't real, it is a virtual mining.   However I've still been able to turn 2.25 BTC into 3.11 BTC in less than 4 weeks.   The most virtual mining I've held is 970 GH/s.  (Daily dividend was 0.029 BTC for 970 GH/s)   But I've been trading out when there is a good profit and buying back in when the price is lower.   Right now the price is a little high and I'm out.

Anyway the point is why buy contracts when you can't easy trade them and you don't know when the contracts will fail?  

(Note: The Havelock site does go down a lot so trading on it is a bit of a pain.) 

Based on my experience, the payout from PBmining compares very favorably to the amount that I've mined so far using my own equipment at home.  I began mining in early March of this year with a couple 22 GH technobit miners.  Gradually worked my way up to 6 of those (120+GH).  Now have a total of over 300 GH with an S1 miner.  To give you an idea of the effect of the change in difficulty, my 24 hour earnings on the BTC Guild dashboard just reached over 0.01 BTC for the first time since mid-May, back when I had significantly less hash power.   In April I started buying contracts at PBmining with some of the bitcoin I was earning from mining, and stopped at 150 GH.

Total payout from home mining through BTC Guild so far (early March to present):  0.74 BTC

Total payout from PB MIning so far (early April to present):   0.487 BTC

I think that almost all of us who got involved with mining bitcoin did not see the results we had initially been hoping for.  On the other hand, a part of the lesson is that mining bitcoins represents only a very small part of the opportunities that cryptocurrency will open up for those who have gotten involved.   Beyond simply hoping to reach ROI, you can appreciate the benefit of getting at least some baseline income of bitcoin which you can then use.  Just enough to start making some small purchases.  Thereby you begin participating in this new economy, and start thinking in new ways.