UK Mining Colocation | Bitcointalksearch.org

sundriver

newbie

Activity: 32

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Quote from: imathias on September 18, 2017, 06:49:04 PM

Hi there,

Did you find any facility in UK for hosting miners?

Thanks

I might set one up outside Birmingham or perhaps even northern wales. Some people have ordered mining hardware, and are not sure where to put it.

What have you got that you want hosted?

imathias

newbie

Activity: 2

Merit: 0

Hi there,

Did you find any facility in UK for hosting miners?

Thanks

SavellM

sr. member

Activity: 305

Merit: 250

Yup I now have 4x S5's humming away.
Hopefully they dont have issues as their power costs are great.

But the ROI is REALLY slow Sad

I'm going to continue building up HashNest slowly.

Tupsu

legendary

Activity: 1218

Merit: 1003

Quote from: SavellM on May 29, 2015, 07:41:18 AM

........
If I used HashNest or otherwise I was looking to fully use their services.
I read somewhere that if they defaulted and lets say I have 1155gh in Antminer S5 they would ship that device to me.
Will they still do this if lets say they become unprofitable in the future and want to pull the plug on them?

Miner Sales & Hashrate Hosting Contracts

Miner Sales

1. The price of miner sales is fixed at US Dollor. The CoinDesk BPI price is used to determine a real-time bitcoin price.

2. Customers may choose to make payment in US Dollor or Bitcoin when the payment mode of US Dollor is online.

3. In the event that the CoinDesk BPI malfunctions, Hashnest reserves the right to use a different bitcoin reference price.

4. Hashnest reserves the right to manually adjust the USD exchange rate when there is an abnormal fluctuation in the Bitcoin market.

5. Upon completion of the order form and payment, the order may not be cancelled.

Miner Deployment & Conversion to Hashrate

1. When purchasing a miner on Hashnest, the amount of hashrate credited to the user will be identical to the rated hashrate listed for a particular machine on the official website of Miner Supplier.

2. Miners will be shipped, deployed within 72 hours of placing an order and completing payment, and then hashrate credited to the user’s account at the moment of 72 hours.

Mining Revenue Distribution

1. Mining revenues generated from Hashnest mining contracts will be paid out using the PPLSN (Pay Per Last N Shares) method.

2. All miners on Hashnest are pointed to AntPool by default.

3. In the event that AntPool experiences prolonged technical difficulties, Hashnest reserves the right to move hashrate to another mining pool. In the event of a mining pool shift, revenues will be distributed according to the PPS (Pay Per Share) method.

4. In the event of a mining pool shift, Hashnest will also compensate for lost revenues according to the PPS method.

PPLNS Revenue Distribution Explanation

1. Upon AntPool finding a block and after six network confirmations, the block information and revenue will be transmitted to the Hashnest platform.

2. Upon receiving this information and the newly found bitcoins, Hashnest will then divide revenue among all users according to the proportion of the amount of hashrate they control proportional to the entire pool.

PPS Revenue Distribution Explanation

1. PPS uses the following formula to calculate theoretical mining revenues per GH/s.

1 * 10^9*86400*Current Block Reward/Current Difficulty/2^32.

During revenue distribution, users will receive income based on the amount of hashrate held in their accounts.

2. PPS payments will be made once daily between 12:00 and 13:00 Beijing Time.

Collection of electricity and maintenance fees

1. Hashnest uses a fixed electricity price and maintenance fee of 0.0976 USD per kWh. Electricity usage is calculated based on the figures given for each machine on Bitmain’s official website.

2. Electricity fees are calculated as follows: kWh per GH/s * 24 (hours) * 0.0976 USD.

3. Electricity fees are deducted once daily at the same time as revenue payouts. Fees are calculated using the current bitcoin exchange rate (by default, the CoinDesk BPI) at time of payment. Fees are deducted from the user’s balance on Hashnest.

4. In the event that a user does not have enough balance in their account to pay for the electricity fee, their account will begin accumulating a negative balance; however, the user will also retain ownership of their GH/s.

5. Hashnest reserves the right to make adjustments to the electricity and maintenance fees based on operational factors. Except in dire cases, Hashnest will announce any changes to these fees at least one week in advance of them taking effect.

Downtime

1. Hashnest ensures a 99.9% uptime.

Miner Redemption

1. If due to falling bitcoin exchange rate or increase in mining difficulty, the electricity fee is greater than 90% of mining revenues, mining contracts on Hashnest will enter a “redemption waiting period”.

2. As we do our best to keep mining contracts profitable, during this waiting period, revenues will be paid out according to the PPS method.

3. If owing to a rising exchange rate, the ratio of electricity fees to PPS payout is lower than 90% for a period of ten continuous days, then mining contracts will revert back to the PPLNS method.

4. During this waiting period, if electricity fees are greater than revenues for a sustained period of ten continuous days, Hashnest reserves the right to retire the machines. When machines are retired, a user’s contract will then enter into the “hardware redemption period”.

5. Prior to a machine entering into this hardware redemption period, Hashnest will not accept any requests for hardware redemption.

6. During the hardware redemption period, users are given a period of fifteen days during which requests for hardware redemption must be made.

7. Customers holding enough GH/s to constitute an entire machine of the associated type (e.g., 1155 GH/s of Antminer S5) are eligible to convert that amount of GH/s into the used unit of the associated type. If a user does not have enough GH/s of the associated kind to exchange for actual hardware, then this user is not eligible for hardware redemption.

1. Users may not exchange GH/s of one type of miner for hardware redemption of another kind of miner.

2. Users residing in China will be required to pay a handling fee and the cost of domestic shipping. Users residing outside of China will be required to pay a handling fee, the cost of domestic shipping to a port, and the international shipping fee.

3. Handling fees are set at US$50, and domestic Chinese shipping (including to the export) and international shipping fees will be collected according to the actual charge.

Contract End

1. Hashnest cloud hashing contracts are terminated upon miner redemption or after the redemption period ends, whichever comes first. Hashnest does not accept responsibility for hardware warranties, hardware support, shipping risks, etc.

2. Because redeemed hardware is, by nature, secondhand, Hashnest cannot guarantee the quality or remaining life of a machine. Older units may not hash as efficiently as they once did. Hashnest cannot guarantee that every redeemed machine will operate as though it were new.

3. If mining farms may no longer continue operating due to change in legal status, war, earthquake, fire, electricity failure, or other acts of God, Hashnest does not assume responsibility for compensation.

Bicknellski

hero member

Activity: 924

Merit: 1000

Quote from: notlist3d on May 29, 2015, 08:43:30 AM

Quote from: SavellM on May 29, 2015, 08:38:56 AM

Yeah but looking for a UK hosting is difficult as they charge A LOT for elec...

This is what I'm trying to get around.

I'm hoping Dogie anwsers. I did not think miners you would be able to reclaim. If as a individual for personal mining you can get that vat back that's big.

But either look at hosting center (IE you buy a miner and send it to their location). Advantage you can buy pretty much any miner and host it there.

Or you can look at hosting where it's all set up. Basically you pay and they switch it to your pool choices. And you own the miner. Mr. Lee's hosting is a example - https://bitcointalksearch.org/topic/lee-group1980-the-sales-of-first-batch-hosted-antminer-s7psu-included-934581

VAT? Dogie?

Not a good person to ask. Ask Pekatete if you want the low down on VAT and the UK. Pek is properly acquainted with the proper application and reporting of VAT as a professional with credentials. Dogie has no professional credentials with regards to VAT application and reporting and would not be the right personal at all to ask.

dogie

legendary

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dogiecoin.com

Quote from: notlist3d on May 29, 2015, 10:59:44 PM

Quote from: dogie on May 29, 2015, 02:56:18 PM

Quote from: notlist3d on May 29, 2015, 07:56:14 AM

Would you not have to have a business set up with proper paper work? I would think most fall under personal use, that they don't have a mining business to reclaim it with.

Also I would think that brings in taxes, and other things. Forgive me I'm a vat idiot. But is it true if for personal use you would not be able to reclaim it?

A business is not the same as a company, but yes you'll have to register for self assessment at the least. If you were mining for personal use then you would not be able to reclaim the VAT on that activity, no.

Very interesting, I am not use to VAT so appears I could be off. With this "business" does it open you up to taxes or other fees?

As a company, yes. As an individual, yes (just different ones). Even if you were mining for 'personal use' its a taxable income, albeit probably one below thresholds that would have you actually pay tax.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: dogie on May 29, 2015, 02:56:18 PM

Quote from: notlist3d on May 29, 2015, 07:56:14 AM

Would you not have to have a business set up with proper paper work? I would think most fall under personal use, that they don't have a mining business to reclaim it with.

Also I would think that brings in taxes, and other things. Forgive me I'm a vat idiot. But is it true if for personal use you would not be able to reclaim it?

A business is not the same as a company, but yes you'll have to register for self assessment at the least. If you were mining for personal use then you would not be able to reclaim the VAT on that activity, no.

Very interesting, I am not use to VAT so appears I could be off. With this "business" does it open you up to taxes or other fees?

dogie

legendary

Activity: 1666

Merit: 1185

dogiecoin.com

Quote from: notlist3d on May 29, 2015, 07:56:14 AM

Would you not have to have a business set up with proper paper work? I would think most fall under personal use, that they don't have a mining business to reclaim it with.

Also I would think that brings in taxes, and other things. Forgive me I'm a vat idiot. But is it true if for personal use you would not be able to reclaim it?

A business is not the same as a company, but yes you'll have to register for self assessment at the least. If you were mining for personal use then you would not be able to reclaim the VAT on that activity, no.

SavellM

sr. member

Activity: 305

Merit: 250

Thanks for your help so far

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: SavellM on May 29, 2015, 08:38:56 AM

Yeah but looking for a UK hosting is difficult as they charge A LOT for elec...

This is what I'm trying to get around.

I'm hoping Dogie anwsers. I did not think miners you would be able to reclaim. If as a individual for personal mining you can get that vat back that's big.

But either look at hosting center (IE you buy a miner and send it to their location). Advantage you can buy pretty much any miner and host it there.

Or you can look at hosting where it's all set up. Basically you pay and they switch it to your pool choices. And you own the miner. Mr. Lee's hosting is a example - https://bitcointalksearch.org/topic/lee-group1980-the-sales-of-first-batch-hosted-antminer-s7psu-included-934581

SavellM

sr. member

Activity: 305

Merit: 250

Yeah but looking for a UK hosting is difficult as they charge A LOT for elec...

This is what I'm trying to get around.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: dogie on May 29, 2015, 07:50:28 AM

Quote from: notlist3d on May 29, 2015, 07:30:25 AM

I think the hard part will be vat/import tax. I believe UK has this in tight ROI margins this does also make a difference.

Also what is your electricity price? I think UK is high on it a lot to.

VAT is irrelevent for a business as its reclaimed. Elec prices are high compared to average US but there are some cheaper spots even in residential. I pay ~13c.

Would you not have to have a business set up with proper paper work? I would think most fall under personal use, that they don't have a mining business to reclaim it with.

Also I would think that brings in taxes, and other things. Forgive me I'm a vat idiot. But is it true if for personal use you would not be able to reclaim it?

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: SavellM on May 29, 2015, 07:41:18 AM

Thanks for the reply.

But no I am not looking at reselling.
I was looking at doing to for me, myself and I.

You are right, UK has very high elec price, which is the only reason I was debating of using HashNest or MiningSweden.

If I used HashNest or otherwise I was looking to fully use their services.
I read somewhere that if they defaulted and lets say I have 1155gh in Antminer S5 they would ship that device to me.
Will they still do this if lets say they become unprofitable in the future and want to pull the plug on them?

No they will not ship you the miner with cloud mining. With cloud mining your buying so many GHs out of a miner and it could be split amount many people. If they become unprofitable most likely the site will close it down.

I suggest if your wanting the miner to be yours look into hosting centers. With these you pay them to host your gear, and pay for electricity. Once your done you can have them ship it to you, or you could even sell it and ship it from there.

I have a feeling the hosting center/datacenter is way you should go hearing your wants.

dogie

legendary

Activity: 1666

Merit: 1185

dogiecoin.com

Quote from: notlist3d on May 29, 2015, 07:30:25 AM

I think the hard part will be vat/import tax. I believe UK has this in tight ROI margins this does also make a difference.

Also what is your electricity price? I think UK is high on it a lot to.

VAT is irrelevent for a business as its reclaimed. Elec prices are high compared to average US but there are some cheaper spots even in residential. I pay ~13c.

SavellM

sr. member

Activity: 305

Merit: 250

Thanks for the reply.

But no I am not looking at reselling.
I was looking at doing to for me, myself and I.

You are right, UK has very high elec price, which is the only reason I was debating of using HashNest or MiningSweden.

If I used HashNest or otherwise I was looking to fully use their services.
I read somewhere that if they defaulted and lets say I have 1155gh in Antminer S5 they would ship that device to me.
Will they still do this if lets say they become unprofitable in the future and want to pull the plug on them?

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: SavellM on May 29, 2015, 07:21:56 AM

Hey Guys

Im thinking of purchasing my own miners but looking for some good UK Colocation where I can host them for myself personally?

The other option is using something like MiningSweden or HashNest, but I would really like to keep the miners in my own position so I know whats happening at all times and can deal with it myself.
Although the above 2 their power options are very good.

If anyone knows of any good Colocation in the UK please let me know.

Also can someone let me know how HashNest works properly as I dont fully get it?
Can I purchase the miners and they host them, and take their maintenance fees?
But I cant really configure them to my liking, as in which pool or anything else?

I think the hard part will be vat/import tax. I believe UK has this in tight ROI margins this does also make a difference.

Also what is your electricity price? I think UK is high on it a lot to.

Also can someone let me know how HashNest works properly as I dont fully get it?If you are asking if you can sell power like hashnest the anwser is no. Unless you had some software made to do the backend.
Can I purchase the miners and they host them, and take their maintenance fees? Hosting is not easy large scale. You have a lot of upfront costs, I would not be thinking your going to make a ton through fees.
But I cant really configure them to my liking, as in which pool or anything else?It depens if i understand your wanting to do like cloud mining. If you give user's option to pick then yes. But even if you pick pool the money goes to the person hosting there. And most allow you to pick pool if your hosting equipment.

SavellM

sr. member

Activity: 305

Merit: 250

Hey Guys

Im thinking of purchasing my own miners but looking for some good UK Colocation where I can host them for myself personally?

The other option is using something like MiningSweden or HashNest, but I would really like to keep the miners in my own position so I know whats happening at all times and can deal with it myself.
Although the above 2 their power options are very good.

If anyone knows of any good Colocation in the UK please let me know.

Also can someone let me know how HashNest works properly as I dont fully get it?
Can I purchase the miners and they host them, and take their maintenance fees?
But I cant really configure them to my liking, as in which pool or anything else?

Topic: UK Mining Colocation (Read 972 times)