Topic: SinoHash second facility opens for preorder - page 9. (Read 13624 times)

Like i said before, ask the escrower how the terms work, explain how buy the equipment, ect. in this case you must be transparent to your escrow(only).
As far as i see, in this case you need at least take out your cost first for buying the equipment, to providing you have bought, you can talk more with your escrower.

Thanks. But I still fail to see how escrow can add value in this scenario.

Escrow works in out-of-exchange trading as it is easy to verify if one party has made the fiat transfer.

But in my situation, I ask people to put a deposit to reserve rack space - how can an escrow outside China know for sure that I kept my end of bargin?

Thanks. I am actually quite opportunistic for the following reasons:

1. I worked almost two years for HaoBTC, a mining firm, and my experience is that people do use "cloud mining" service, even it is a Chinese one.

2. With USD 0.045 per kWh, I have the cost advantage. This is achieved by "Chinese" efficiency and cost control.

3. I am not selling hashrate contracts, but offering a hosting service - the later differs from the former in it being real-time verifiable and ponzi-proof (not scam-proof admittedly ).

4. Big part of the value proposition of SinoHash Project is to give people outside China access to low-cost resources and bring good name to this space, so to some extent, I am indifferent to the outcome - if nobody use my service then I just go buy a few hundreds cheap secondhand A6s or S7s and use it for myself - Nothing to lose.

5. I have a stellar verifiable track record - worked as a blogger / writer means that you are highly visible trail of record on the Internet and if you ever did dodgy stuff, people say shit about you.

And I have a good reason to be opportunistic:

I have already received some enquiries and some people already decided to do "pilots" with me.

I have friends overseas that I never met in person who trusted me and wanted to "support my business" by hosting one or two miners.

Actually, someone on this forum sent me 5BTC yesterday to book space for 100 S9s.

Thanks for detailed information about the escrow on Bitcointalk.
Now, can you explain us how this escrow had to work with this project?

@OP
To be honest it is very difficult moment to run service like this. If everything is legit, I suggest you, to look for investors on your local market.
Bitcointalk was flooded by "cloud mining" scams, and now people do not even want to hear about similar investments.

But I like idea of surveillance webcam.

There are some list of trusted escrow:
https://bitcointalksearch.org/topic/bitcointalk-escrows-trade-safely-855778
Talk to member who you want to ask for being a your escrow, they have their own terms. or you can create a thread, using your own terms to attract.

We will install surveillance webcam to allow users to monitor the facility and their hardware. In terms of trusted forum member, who qualify? How does escrow work in a hosting relationship?

This is not about 3$. I'm talking about disproportional plan prices as well. And if you are talking about that I think that if you want to interest some users in your service it's bad idea for them to pay you. When you see guy on the street promoting crazy new candy, do you pay him to test it because he is standing there all day promoting and wasting time ?

Looks like you have some contribution to other site like coindesk, haobtc and even forbes https://cn.linkedin.com/in/eric-mu-b5194315


So, basically you just a hosting who will be a medium from users to mining hardware manufacture, which the mining activity is doing at your place?
How about the payout will be? what my view is user will be pay some electric bills, and pay for your manage service, isn't?
Then how you providing to users if you bought the hardware?

Like people said, prepare your umbrella before it rains, should be using escrow.

Scam alert!

This is really starting to look scammyy... pay for something I have not seen with my two eyes, with no trusted forum member to serve as escrow?

Veerryy Fisshyyy.

The following is a description of the model of a hosting service exemplified by SinoHash:

1. Users purchase hardware or entrust the operator to purchase hardware.
2. Hardware is shipped to the operator's facility and put online.
3. Users set up pool accounts and designate wallets to receive the payouts.
4. Operator points the miners to the users' designated pool accounts where users can observe the status of their miners in operation.
5. Users receive regular payouts.

The following is a description of the model of a cloud mining service:

1. Users purchase a contract that the operator claims is backed by mining hardware (but you never knows ).
2. Users receive regular payouts.

Note that with the second model, Users has no reliable way to verify if the payouts come from the hashing hardware that they supposedly paid for or simply from the investment of other users.
From the perspective of the Operator, after having received the Users' fund, few could prevent him from abuse his control of the Users' fund aside from his integrity (the habit to do things morally ) and long-term incentive (long term greedy ) - many couldn't resist the temptation and turned into classic Ponzis.

SinoHash is a hosting service, which is different from most cloud mining services you are implying.
A hosting service by definition can't run on fractional reserve - users select their own pools and can observe from their accounts the status of each unit of their mining hardware.
To run a Ponzi, you by necessity have to issue some abstracted instruments, like shares or hashrate to be able to hide your operational facts from outsiders.
Our model simply does allow us to do that.
The only risk that I can forsee is that the operator steals customers' hardware assets. But that would be without any ambiguity a culpable crime in any jurisdiction and would ruin one's business reputation for sure.
But I wellcome scepticism and intend to provide my passport and proof of residence to any signed up users.
Besides, I am fairly well known through years of writing (Google Eric Mu) and previous work at a reputable mining firm.
As mentioned, the SinoHash farm has a capacity of 700 miners, I would risk the wellbeing of my life for the potential illegal gain 1 mln USD, which is not enough for a moderate apartment in Beijing even if they are the most expensive S9s. Not any rational being would do that either.
If the past is any indication of future behaviour, then I can ensure you that I haven't scammed anyone during my entire professional life  - go search my Linkedin page. I am happy to provide the contacts of my previous employers and business partners who would more than willing to vouch for my integrity.

Hi there,

The 10 USD 24-hour trial was meant for new users who are interested enough to learn about the process but don't trust enough to purchase the entire miner. It would involve some hassle on our side which justifies the 3 usd markup - apparently not to you, sorry.

USD 40 monthly hosting cost is for users who have made a considerable commitment by purchasing a miner and shipped to our facility. It is meant to be a price that is globally competitive and based on my research, it is.

SinoHash is as legitimate as any hosting service is. We are trusted enough that we have signed up users even before we are fully operational. I suggest you do some research to become more familiar with us.

True it is hard to gain trust as a new brand. I take your words as encouragement.

Let's think of this as legit business (not scam) and take this into consideration. You sell 24 hour plan for 10$ and s9 earns about 7$ per day (without electricity costs) so what's up with that ? if i want to test your Mining facility i have to pay you 3$ And for month it's 40$ ? Some major alerts here. 

Update 1: SinoHash's one-megawatt facility has been completed and will be fully operational tomorrow (2016-12-2).  

Update 2: The headline has been modified from the original "Near-complete China-based Mining Facility Opens Up Pre-orders" to reflect on the progress of the project

PREMIUM TURNKEY HOSTING FROM CHINA

★★★ 0.045/kWh (LOWEST IN THE WORLD!) ★★★

These prices include the costs of electricity, ventilation, cooling, networking and:

24/7/365 security staff
Pool configuration
Dedicated webcam

★★★ Capacity: 1 MW; 25% Full ★★★

Background:

SinoHash is a new bitcoin mining hosting service operating from China. Its one megawatt facility which has been under construction for a month is now near completion and expected to be operational by the end of next week tommorrow (2016-12-2).
This facility, located in Sichuan province of China, is capable of hosting 700 to 800 units of bitcoin miners depending on specific models.
Once completed, the SinoHash facility will be offering hosting service to the global mining community for a competitive price of USD 0.045 or RMB0.30 per kWh. So far, this low price is second to none in mining hosting world.
Given the amount of interest this service has already received and limited capacity, we decide to open up preorders to allow early users to reserve space when there still is.

Method:
Interested parties please send a deposit of 0.05 BTC per unit to the following address:
17sJZCctrh8wiVy18CYRu8o6jKjBiXb28F.
This deposit is non-refundable but will be deducted from your mining cost once the service starts.
Anyone who has completed the transaction please post your transition ID on this thread or PM OP as a way of notification.
We encourage each user to reserve no more than 20 units of space as it is in our interest to have as many customers as we can.
Once the 700 units limit is met, OP will update this post and return the fund of the unsuccessful applicants back to their wallet addresses.  
For a detailed agreement please refer to this page.
Had you have further enquiries, please refer to the company website or contact OP, founder and owner of SinoHash at [email protected].

Terms:

SinoHash Miner Hosting Agreement

SinoHash undertakes to be production-ready by the time the miners arrive. In case the hardware arrive whilst SinoHash fails to deliver the Service, SinoHash undertakes to compensate the Customer the amount of bitcoins or other crypto coins mined per day minus the hosting cost that both sides agreed to or its fiat value of the specific day. In case the delay exceeds 10 days, the Customer has at is sole discretion to demand all its hardware to be returned with all associated shipping cost borne by SinoHash.

SinoHash undertakes to pick up the hardware at the delivery point and deploy them within three business days after their arrival.

SinoHash undertakes to ensure safety of the Customer’s hardware from risks including fire, and theft.

Customer undertakes to ensure that the hardware is in good condition and functional when they reach SinoHash. SinoHash will use best effort to meet all requirements necessary for sustained optimal performance but have no liabilities if the hardware fail to operate due to manufacturing, design defects or shipping accidents; however, it undertake return the hardware to the manufacturer had their warranty still been valid and use best effort to repair the hardware either by themselves or using third party services.

SinoHash undertakes to ensure stable power supply and Internet connection during the service term except in extreme cases when its partner hydropower station fails to supply power or unpreventable Internet outage, then it undertakes to make best effort to find a alternative hosting place as a temporary solution and at a cost no higher than the SinoHash Hosting Rate.

The Customer has in its discretion the option to relocate Hardware but undertake to notify SinoHash with three months of notice. In case the Customer fails to give three months’ notice, he is liable for a penalty charge equivalent of three months of hosting cost to SinoHash for immediate release of the Hardware.

SinoHash will charge a fixed Hosting Rate of RMB 0.3 or USD 0.045 per kWh. This includes the electricity and all costs associated with the service. SinoHash undertake not to change the rate during the service term.