just play this game
anyway, always "afford what u can lose"
Topic: PBmining - legit? - page 17. (Read 67909 times)
hmmmm, as long as they still paying
just play this game
anyway, always "afford what u can lose"
just play this game
anyway, always "afford what u can lose"
Whatever man. Antminers are 350 watts for like 180gh. And a SP30 is going to be 6th for 2600 watts. Sort of a huge difference there. The difficulty makes it so that the guy earning .0000001 every week can be pooled together with thousands of other old contracts and put on a single miner that is modern and earning more than they need.
I don't see how you don't understand this. I don't run my 333mhz block erupter right now, because it earns something like .00000001 coin a day or something terrible. I can earn more than what 500 of them make by using 1 antminer. They will do the same thing.
I don't see how you don't understand this. I don't run my 333mhz block erupter right now, because it earns something like .00000001 coin a day or something terrible. I can earn more than what 500 of them make by using 1 antminer. They will do the same thing.
You keep going to the 5 years calculation. Miners continue to get more efficient and faster.
Not really. Further increases will be minimal. My Bitfury rigs from Aug '13 run at .9 J/GH. Nearly a year later, new rigs are .7 J/GH.
At some point, you don't even mine for those people if it doesn't make fiscal sense to do so. You scrape up a dollar and pass out the change without even bothering to mine.
Bingo! That's where they are now. No need to mine, just send new customer coins to old customers. Ponzi!
True, but I think we've provided more than enough warning and reasons why in this forum post. Anyone who is still in it deserves what they get.
Honestly, I'm glad it's a Ponzi. Think about it. That is 800th that isn't adding to the difficulty.
but if you see from customer view, they won't glad since their "investment" will gone someday
Honestly, I'm glad it's a Ponzi. Think about it. That is 800th that isn't adding to the difficulty.
You keep going to the 5 years calculation. Miners continue to get more efficient and faster. If they started with Antminers running 350 watts at 200gh (Let's assume they overclock) and then they start getting Spondoolie hardware at 6th for 2600 watts. They can move a whole bunch of contracts to the 6th and shut down the Antminers and sell them off for profit.
It's not like they are going to run an Antminer for the next five years and pay more money in power than it earns in mining.
At some point, you don't even mine for those people if it doesn't make fiscal sense to do so. You scrape up a dollar and pass out the change without even bothering to mine.
It's not like they are going to run an Antminer for the next five years and pay more money in power than it earns in mining.
At some point, you don't even mine for those people if it doesn't make fiscal sense to do so. You scrape up a dollar and pass out the change without even bothering to mine.
I go to the 5 year calculation. Because they claim to sell 5 year contracts with no additional fees ?!
Lets say they bought Antminer S1's a few months ago check the price now against SP30's lol.
The whole idea of them upgrading the hardware periodically doesn't work as the value goes down so quickly which makes it impossible to sell old stuff to buy new ones.
Also imagine how swamped the second hand market would be.... 800TH/s
You keep going to the 5 years calculation. Miners continue to get more efficient and faster. If they started with Antminers running 350 watts at 200gh (Let's assume they overclock) and then they start getting Spondoolie hardware at 6th for 2600 watts. They can move a whole bunch of contracts to the 6th and shut down the Antminers and sell them off for profit.
It's not like they are going to run an Antminer for the next five years and pay more money in power than it earns in mining.
At some point, you don't even mine for those people if it doesn't make fiscal sense to do so. You scrape up a dollar and pass out the change without even bothering to mine.
It's not like they are going to run an Antminer for the next five years and pay more money in power than it earns in mining.
At some point, you don't even mine for those people if it doesn't make fiscal sense to do so. You scrape up a dollar and pass out the change without even bothering to mine.
Well, according to their website SaskPower which I guess is the power company in Saskatechewan is 11cents per kwh. Which I'm assuming that is in Canadian money, so it's probably close to 10 cents in USD. If they are far enough North they can also save a bundle on cooling costs.
Just a guess but are you quoting residential power cost? Industrial and commercial power is usually much, much cheaper.
If he was looking at the same sheet I was, that is for commercial.
Please understand this ($0.10Kwh cost) 1GH/s at 0.5w efficiency which doesn't exist (more like 1w per GH/s) is over $2 for 5 years in ELECTRICITY ALONE.
They are not mining it's mathematical fact not opinion.
Well, according to their website SaskPower which I guess is the power company in Saskatechewan is 11cents per kwh. Which I'm assuming that is in Canadian money, so it's probably close to 10 cents in USD. If they are far enough North they can also save a bundle on cooling costs.
Just a guess but are you quoting residential power cost? Industrial and commercial power is usually much, much cheaper.
If he was looking at the same sheet I was, that is for commercial.
Well, according to their website SaskPower which I guess is the power company in Saskatechewan is 11cents per kwh. Which I'm assuming that is in Canadian money, so it's probably close to 10 cents in USD. If they are far enough North they can also save a bundle on cooling costs.
Just a guess but are you quoting residential power cost? Industrial and commercial power is usually much, much cheaper.
Anyone here knows where did pbmining get their hardware (if really exist )?
i saw one time, their GHS contracts just sold out, and they can make it ready for short time
and they sold more than 60-80 TH/s for that time
is it possible someone buy and install huge amount of hardware within short time?
)?i saw one time, their GHS contracts just sold out, and they can make it ready for short time
and they sold more than 60-80 TH/s for that time
is it possible someone buy and install huge amount of hardware within short time?
Hello,
here is an update on my experience. To refresh everybody's memory: I started (I think) around End of Feb/Beginning of March, investing 8.9 BTC at pbmining (yes, there is a ref code in that link).
I have to this day been paid 8.2 BTC and will very likely break even next week.
Now I do know this does not proof anything regarding whether this website is legit or not. The only thing that I can say is that I got my money back and I still mine at about 0,3 plus change BTC per week.. So for the coming months I will generate a not too bad share of coins week by week. And it's more than I expected it to be. This can change if diff levels increase at higher rates, of course, but at this time I am more than happy that I risked my fiat.
To be honest: If this is a Ponzi it is the first one I ever came across where I generate a gain. And I am not one of the first ones that used pbmining, I don't think that I am an early adopter of them.
The golden rule stays (as mentioned so many times by others): Don't invest if you can not afford to lose your investment. BTC is still a very very new market and it will take a few more years until it matures.
Happy mining,
iFlash
here is an update on my experience. To refresh everybody's memory: I started (I think) around End of Feb/Beginning of March, investing 8.9 BTC at pbmining (yes, there is a ref code in that link).
I have to this day been paid 8.2 BTC and will very likely break even next week.
Now I do know this does not proof anything regarding whether this website is legit or not. The only thing that I can say is that I got my money back and I still mine at about 0,3 plus change BTC per week.. So for the coming months I will generate a not too bad share of coins week by week. And it's more than I expected it to be. This can change if diff levels increase at higher rates, of course, but at this time I am more than happy that I risked my fiat.
To be honest: If this is a Ponzi it is the first one I ever came across where I generate a gain. And I am not one of the first ones that used pbmining, I don't think that I am an early adopter of them.
The golden rule stays (as mentioned so many times by others): Don't invest if you can not afford to lose your investment. BTC is still a very very new market and it will take a few more years until it matures.
Happy mining,
iFlash
That's good to know, so in total you break even in about 4 months. I jumped in rather late (about two weeks ago) but according to this calculator (http://pratscher.org/pbmining/) I could still break even in about 5 months (mid November). Of course predictions are predictions, nobody can guesstimate rising difficulty and/or future BTC price, so in the end yes I agree that this is quite a gamble, and yes we should all not invest money we could not afford to lose. It does however, give a good thrill and were it just a portion of your investment then it would be a pleasant surprise when they actually come through.
Godspeed all! :-)
Well you can predict the next difficulty increase will probably be a crushing 26%.
I skimmed the thread and looked at the website. I'm suspicious as their price is very low and there is no evidence that they are actually mining. Possibly a very professional ponzi.
Ponzis are realizing they need to be pretty smart to fool bitcoiners after the big Pirate fiasco. See Bitcoin Trader (sponsoring bitcoin conferences to build its reputation - and very nice website).
Ponzis are realizing they need to be pretty smart to fool bitcoiners after the big Pirate fiasco. See Bitcoin Trader (sponsoring bitcoin conferences to build its reputation - and very nice website).
Hello,
here is an update on my experience. To refresh everybody's memory: I started (I think) around End of Feb/Beginning of March, investing 8.9 BTC at pbmining (yes, there is a ref code in that link).
I have to this day been paid 8.2 BTC and will very likely break even next week.
Now I do know this does not proof anything regarding whether this website is legit or not. The only thing that I can say is that I got my money back and I still mine at about 0,3 plus change BTC per week.. So for the coming months I will generate a not too bad share of coins week by week. And it's more than I expected it to be. This can change if diff levels increase at higher rates, of course, but at this time I am more than happy that I risked my fiat.
To be honest: If this is a Ponzi it is the first one I ever came across where I generate a gain. And I am not one of the first ones that used pbmining, I don't think that I am an early adopter of them.
The golden rule stays (as mentioned so many times by others): Don't invest if you can not afford to lose your investment. BTC is still a very very new market and it will take a few more years until it matures.
Happy mining,
iFlash
here is an update on my experience. To refresh everybody's memory: I started (I think) around End of Feb/Beginning of March, investing 8.9 BTC at pbmining (yes, there is a ref code in that link).
I have to this day been paid 8.2 BTC and will very likely break even next week.
Now I do know this does not proof anything regarding whether this website is legit or not. The only thing that I can say is that I got my money back and I still mine at about 0,3 plus change BTC per week.. So for the coming months I will generate a not too bad share of coins week by week. And it's more than I expected it to be. This can change if diff levels increase at higher rates, of course, but at this time I am more than happy that I risked my fiat.
To be honest: If this is a Ponzi it is the first one I ever came across where I generate a gain. And I am not one of the first ones that used pbmining, I don't think that I am an early adopter of them.
The golden rule stays (as mentioned so many times by others): Don't invest if you can not afford to lose your investment. BTC is still a very very new market and it will take a few more years until it matures.
Happy mining,
iFlash
That's good to know, so in total you break even in about 4 months. I jumped in rather late (about two weeks ago) but according to this calculator (http://pratscher.org/pbmining/) I could still break even in about 5 months (mid November). Of course predictions are predictions, nobody can guesstimate rising difficulty and/or future BTC price, so in the end yes I agree that this is quite a gamble, and yes we should all not invest money we could not afford to lose. It does however, give a good thrill and were it just a portion of your investment then it would be a pleasant surprise when they actually come through.
Godspeed all! :-)
Well, according to their website SaskPower which I guess is the power company in Saskatechewan is 11cents per kwh. Which I'm assuming that is in Canadian money, so it's probably close to 10 cents in USD. If they are far enough North they can also save a bundle on cooling costs.
Yeah, but that isn't happening is it? They'll buy a bunch of machines that run at 5th right now. Then when new machines come out that run at 500th at .01gh per watt, they'll switch to those. And the power cost will drop.
PBMining might be getting some deal on hardware, merge mining and pool mining to get extra money, and reselling used hardware for cash. It's likely not all factored into the retail cost of a miner that everyone else pays.
I still think it's a Ponzi, because the margins are way too narrow (Also I think they are in Canada, not the U.S.) Saskatchewan or something.
But they ask what they are in Canada . PBMining might be getting some deal on hardware, merge mining and pool mining to get extra money, and reselling used hardware for cash. It's likely not all factored into the retail cost of a miner that everyone else pays.
I still think it's a Ponzi, because the margins are way too narrow (Also I think they are in Canada, not the U.S.) Saskatchewan or something.
Yeah, but that isn't happening is it? They'll buy a bunch of machines that run at 5th right now. Then when new machines come out that run at 500th at .01gh per watt, they'll switch to those. And the power cost will drop.
PBMining might be getting some deal on hardware, merge mining and pool mining to get extra money, and reselling used hardware for cash. It's likely not all factored into the retail cost of a miner that everyone else pays.
I still think it's a Ponzi, because the margins are way too narrow (Also I think they are in Canada, not the U.S.) Saskatchewan or something.
PBMining might be getting some deal on hardware, merge mining and pool mining to get extra money, and reselling used hardware for cash. It's likely not all factored into the retail cost of a miner that everyone else pays.
I still think it's a Ponzi, because the margins are way too narrow (Also I think they are in Canada, not the U.S.) Saskatchewan or something.
That is why I said I was slightly confused by this, mainly because of your broken grammar and no sentence structure. I am not going to delete my comment, I am not afraid to be wrong if I am
Okay, so you are saying 1 TH/s costs $4,380 for 5 years??? Then yes, it would be absolutely impossible to make money for them, and they would lose money.
I probably shouldn't have went off on a tangent but I really thought you meant they were paying $4,380 for 5 years with all their gear.
My apologies.
Okay, so you are saying 1 TH/s costs $4,380 for 5 years??? Then yes, it would be absolutely impossible to make money for them, and they would lose money.
I probably shouldn't have went off on a tangent but I really thought you meant they were paying $4,380 for 5 years with all their gear.
My apologies.
Yes $4380 in electricity alone. To run 1TH/s for 5 years, in one of the cheapest areas in the world.
That is why I said I was slightly confused by this, mainly because of your broken grammar and no sentence structure. I am not going to delete my comment, I am not afraid to be wrong if I am
Okay, so you are saying 1 TH/s costs $4,380 for 5 years??? Then yes, it would be absolutely impossible to make money for them, and they would lose money.
I probably shouldn't have went off on a tangent but I really thought you meant they were paying $4,380 for 5 years with all their gear.
My apologies.
Okay, so you are saying 1 TH/s costs $4,380 for 5 years??? Then yes, it would be absolutely impossible to make money for them, and they would lose money.
I probably shouldn't have went off on a tangent but I really thought you meant they were paying $4,380 for 5 years with all their gear.
My apologies.
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