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Re: Bitcoin.com Mining Pool Official Discussion Thread

Wed May 24, 2017 1:51 am

I have been using hosted mining with ViaBTC for a few months now and have been very happy with the returns. Just bought some TH/s here so I can compare pool.bitcoin.com cloud mining returns with ViaBTC after a few days have gone by.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Wed May 24, 2017 2:21 am

I have been using hosted mining with ViaBTC for a few months now and have been very happy with the returns. Just bought some TH/s here so I can compare pool.bitcoin.com cloud mining returns with ViaBTC after a few days have gone by.
Sounds good, BitcoinNewsMagazine! We look forward to seeing your comparison with ViaBTC, and thanks for mining with us :) Please note that the first day's mining with the Bitcoin.com Pool is pro-rated, and as mentioned above our Pool pays out daily at 06:00 (UTC) for the previous day's hashrate.

Cheers!

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Wed May 24, 2017 7:21 am

I actually bought quite a few TH/s a few days ago. This seemed like a great offer. With the rising price of bitcoin I expect pretty big increases in difficulty sooner than later, so only time will tell.

Anyway, if you would accept credit cards (ideally not via simplexx as they only support visa) I would definitly invest $3 to $5k in addional hashing power.

As I am writing this I noticed you increased prices AND daily fees. I hope the fees for the contracts purchased a few days ago stay the same?!
Also, is there any chance you will reduce prices again? Because right now the contracts seem quite a lot less attractive to me.
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Wed May 24, 2017 7:25 am

Anyway, if you would accept credit cards (ideally not via simplexx as they only support visa) I would definitly invest $3 to $5k in addional hashing power.
We are planning to add credit card payments in the future.
As I am writing this I noticed you increased prices AND daily fees. I hope the fees for the contracts purchased a few days ago stay the same?!
Also, is there any chance you will reduce prices again? Because right now the contracts seem quite a lot less attractive to me.
Fees for purchased contracts remain the same. The increased price only applies to newly purchased contracts.

Pricing is at the discretion of our hashrate provider. They had to increase prices since they are very low on stock. We've been repeatedly selling out within hours of restocking.
Shaun Chong - Bitcoin.com Head of Mining Operations

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Wed May 24, 2017 7:44 am

We are planning to add credit card payments in the future.
That would be much appreciated!
Fees for purchased contracts remain the same. The increased price only applies to newly purchased contracts.

Pricing is at the discretion of our hashrate provider. They had to increase prices since they are very low on stock. We've been repeatedly selling out within hours of restocking.
Okay, glad to read that. Regarding fees it looks like I made a risky but good decision to invest more than 1/3 of my BTC holdings then. : )

If your provider can re-stock so quickly, does that mean they already have the hardware (R9s I guess?) ready but not installed? Yeah, with the high demand after BTC gained a ton of mainstream-media attention during the last 48h I guess we won't see cheaper prices anytime soon. But also increasing the daily fee seems odd/greedy to me.

Thanks for the quick response.
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu May 25, 2017 3:57 pm

Hello all!

I'm just getting started in bitcoin trading and mining and I'm happy to be a part of the community. I just have a couple questions:

1. How come the pool hashrate is dropping? From the pool stats the total pool hashrate was 150PH/s a week ago and now it is about 96 PH/s. Why would this happen and where did those ~54PH/s go?

2. What's the timeline on introducing credit card payments? If it's within a couple weeks I might just wait it out so I can put hashpower on my CC.

3. How much effect does an increase in difficulty have on earnings? A 5% increase wouldn't just decrease earnings by 5% would it? Math was never my strong suit.

Thanks!

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu May 25, 2017 4:01 pm

1. How come the pool hashrate is dropping? From the pool stats the total pool hashrate was 150PH/s a week ago and now it is about 96 PH/s. Why would this happen and where did those ~54PH/s go?
One of our partner's data center are replacing all their old servers with new ones. Their hashrate will be back in a few weeks.
2. What's the timeline on introducing credit card payments? If it's within a couple weeks I might just wait it out so I can put hashpower on my CC.
I currently don't have an ETA for credit card payments. I recommend wiring your money to a exchange like Bitstamp or Kraken to buy bitcoins.
3. How much effect does an increase in difficulty have on earnings? A 5% increase wouldn't just decrease earnings by 5% would it? Math was never my strong suit.
A 5% difficulty will decrease amount of bitcoins earned by 5%. However, difficulty increases usually happen because the bitcoin price goes up. The difficult increase is often balanced out by increase in bitcoin price.
Shaun Chong - Bitcoin.com Head of Mining Operations

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sat May 27, 2017 10:16 am

I may be overlooking something here, but can anyone explain to me how it is possible (with the unlikely exception of the BTC price rising 300%) to recover any more than ~60% of your upfront cost on the lifetime contract? It seems to me that with the constant difficulty increases that your profit will become essentially non-existent within 3-4 months.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sat May 27, 2017 10:27 am

I may be overlooking something here, but can anyone explain to me how it is possible (with the unlikely exception of the BTC price rising 300%) to recover any more than ~60% of your upfront cost on the lifetime contract? It seems to me that with the constant difficulty increases that your profit will become essentially non-existent within 3-4 months.
The increase in difficulty is partially offset by the increase in bitcoin price.

When the bitcoin price rises, mining becomes more profitable so more data centers turn on mining machines that were once unprofitable to run. This increases the difficulty.

Difficulty also increases due to advances in SHA256 ASIC technology which makes newer mining machines more efficient. This is become less of the case these days since SHA256 ASIC technology is evolving more slowly.

Assuming a 5% bitcoin difficulty increase and 1% increase in Bitcoin price every 2 weeks (that's 29% increase in bitcoin price in 1 year). A lifetime contract with us should remain profitable for about 1.5 years. It will be longer if the bitcoin price increases more than 29% per year.
Shaun Chong - Bitcoin.com Head of Mining Operations

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Mon May 29, 2017 1:04 am

After a weeks' experience with pool.bitcoin.com cloud mining my average net daily return was 0.00033 bitcoin per TH/s. ViaBTC returned 0.00041 BTC/TH/s for the same time period. That is a significant difference in favor of ViaBTC and is due to the higher daily fee pool.bitcoin.com charges, almost twice the daily fee of ViaBTC. ViaBTC is still the highest paying legitimate bitcoin cloud mining provider. As a result they are sold out. Hopefully pool.bitcoin.com can lower the daily fee to be more competitive.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Mon May 29, 2017 8:34 am

After a weeks' experience with pool.bitcoin.com cloud mining my average net daily return was 0.00033 bitcoin per TH/s. ViaBTC returned 0.00041 BTC/TH/s for the same time period. That is a significant difference in favor of ViaBTC and is due to the higher daily fee pool.bitcoin.com charges, almost twice the daily fee of ViaBTC. ViaBTC is still the highest paying legitimate bitcoin cloud mining provider. As a result they are sold out. Hopefully pool.bitcoin.com can lower the daily fee to be more competitive.
We also sold out almost instantly and had to raise our prices significantly just keep a little bit in stock.

Your data compared with VIABTC is very interesting.
Were both accounts on PPS or PPLNS?
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Mon May 29, 2017 3:19 pm

How likely is it to earn back your initial investment in terms of BTC? As a long term holder I'm interested in mining contracts as a way to increase my existing stash of BTC regardless of USD price fluctuations.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Mon May 29, 2017 5:25 pm

How likely is it to earn back your initial investment in terms of BTC? As a long term holder I'm interested in mining contracts as a way to increase my existing stash of BTC regardless of USD price fluctuations.
Let me share my n=1 experience so far.

I bought a month-long contract (31 days, I guess?) for a total of 0.04647645 BTC up front. This is more than I had to pay since the wallet app I used messed up the network fees, so I had to make two payments.

Before the difficulty increase I was earning an average of 0.00177 BTC per day after fees. After the difficulty increase I am earning 0.00167 BTC per day after fees, a 5.6% drop. There should be one more difficulty increase before my contract is up, and they happen about every two weeks; I'll estimate it's also a 5% drop to 0.001587 BTC per day.

0.00177 BTC x 8 days => 0.01416 BTC
0.00167 BTC x 14 days => 0.02338 BTC
0.001587 BTC x 9 days => 0.014283 BTC

This estimates a total return of 0.051823 BTC from an initial investment of 0.04647645 BTC. That's an 11.5% ROI in terms of BTC. Pretty good if my numbers hold up. Please double check my work. :)
Estimate the return on a pool.bitcoin.com contract: http://www.greywyvern.com/code/javascri ... itcoincalc

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Mon May 29, 2017 5:57 pm


This estimates a total return of 0.051823 BTC from an initial investment of 0.04647645 BTC. That's an 11.5% ROI in terms of BTC. Pretty good if my numbers hold up. Please double check my work. :)
That's a great ROI!

After doing a bit of quick math the 1 month contracts don't seem that profitable anymore because of the price and difficulty increases. At the current price of 115USD for 5 TH/s, a 1 month contract would cost 0.051224944 BTC with no fees at $2245 USD/BTC. From the purchase page, current daily revenues are estimated as 0.0023208 BTC and fees would be 0.000668151BTC/day assuming the same USD/BTC rate. This comes out to a daily profit of 0.00167928731 BTC.

Assuming a 31 day month and a 5% drop in profits every 14 days gives us:

14 days x 0.00167928731 = 0.02351002234 BTC
14 days x 0.00159532294 = 0.02233452116 BTC
3 days x 0.001515556793 = 0.00454667038 BTC

Total = 0.05039121388 BTC which doesn't even cover the initial 0.051224944 BTC investment. Correct me if I'm wrong but at this point it looks like just holding bitcoin would be preferable to buying a 1 month contract.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Mon May 29, 2017 6:31 pm

It really depends on the fees. They're taken in $USD, so if the value of BTC goes up, you actually pay a smaller fee in terms of BTC.

As a "true believer" in BTC and a hodler, I'm with you in that I don't really care much about the BTC => USD price. I only care whether paying into a plan will get me more BTC out of it than I paid in. I would pay in 1.00 BTC, and if I got out 1.05 BTC on the other end, I would be happy, regardless of whether the USD price fell by 20% during that time. I just want more BTC to hodl. It would be nice for each plan to show some estimates of this.
Estimate the return on a pool.bitcoin.com contract: http://www.greywyvern.com/code/javascri ... itcoincalc

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Tue May 30, 2017 6:19 am

After a weeks' experience with pool.bitcoin.com cloud mining my average net daily return was 0.00033 bitcoin per TH/s. ViaBTC returned 0.00041 BTC/TH/s for the same time period. That is a significant difference in favor of ViaBTC and is due to the higher daily fee pool.bitcoin.com charges, almost twice the daily fee of ViaBTC. ViaBTC is still the highest paying legitimate bitcoin cloud mining provider. As a result they are sold out. Hopefully pool.bitcoin.com can lower the daily fee to be more competitive.
We also sold out almost instantly and had to raise our prices significantly just keep a little bit in stock.

Your data compared with VIABTC is very interesting.
Were both accounts on PPS or PPLNS?
That is quite a significant difference. Would really be interesting to know if this is mainly due to luck or because of such a difference in daily fees.
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Tue May 30, 2017 3:58 pm

Assuming a 31 day month and a 5% drop in profits every 14 days gives us:

14 days x 0.00167928731 = 0.02351002234 BTC
14 days x 0.00159532294 = 0.02233452116 BTC
3 days x 0.001515556793 = 0.00454667038 BTC

Total = 0.05039121388 BTC which doesn't even cover the initial 0.051224944 BTC investment. Correct me if I'm wrong but at this point it looks like just holding bitcoin would be preferable to buying a 1 month contract.

If the price goes up, the fiat value of the coins you get back will be worth more than what you put in.
If the price goes down, the difficulty is less likely to go up, so maybe you will get even more more Bitcoin than you put it.
Cloud mining seems like a more conservative bet than holding Bitcoin directly, but still likely to be profitable regardless of which way the price goes.
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sat Jun 03, 2017 12:52 am

This might seem like a very dumb question... do I get my initial contract payment back if I cancel my contract? I chose a lifetime contract. Sorry I could not find any info about it on the forum yet. Thanks for your constant attention to everything Rogerver

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sat Jun 03, 2017 5:48 am

This might seem like a very dumb question... do I get my initial contract payment back if I cancel my contract? I chose a lifetime contract. Sorry I could not find any info about it on the forum yet. Thanks for your constant attention to everything Rogerver
We do not provide refunds after you purchase a contract.
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sat Jun 03, 2017 11:59 pm

That is rather a shock.. obviously, I did not fully appreciate or check what I was getting into. So I have paid out $1000 and I receive back $4/day. Maybe I will not be the only person who assumes wrongly about how the cloud mining contracts work.

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Jun 04, 2017 4:22 am

Hello, can I get an invitation please?

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Jun 04, 2017 4:26 am

Hello, can I get an invitation please?
Registrations are open to the public. Please register on: http://pool.bitcoin.com/
Shaun Chong - Bitcoin.com Head of Mining Operations

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Jun 04, 2017 11:47 am

it's a huge thing, can I get an invite?

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Jun 04, 2017 11:55 am

Is there any criteria or option to participate in the pool mining?

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Sun Jun 04, 2017 1:53 pm

it's a huge thing, can I get an invite?
The bitcoin.com mining pool has been quite lucky in finding blocks since it started and our plans are so popular they sell out within days of being restocked.
You do not need an invite anymore, just go to https://pool.bitcoin.com and select the plan you wish to purchase. If the plan is currently out of stock then click the "Join Waiting List" button and you will be notified when we have more contracts available.
Is there any criteria or option to participate in the pool mining?
Just go to the mining pool site: https://pool.bitcoin.com and pick the plan that best suits you, as soon as we have more stock you can purchase a plan and start mining bitcoins!
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Tue Jun 06, 2017 6:33 pm

My return is still trending towards 0.0517 BTC on an initial investment of 0.0465 BTC which is pretty amazing. Still interested in hearing what kind of returns people are getting if they joined later. If ROI holds, I will invest more when more hashrate becomes available.

I noticed that the "global hashrate right at this moment on the pool.bitcoin.com front page is >5%. I remember it used to be around 2%. Is this just a temporary blip? Or is the mining farm growing that fast?
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Wed Jun 07, 2017 1:15 am

I noticed that the "global hashrate right at this moment on the pool.bitcoin.com front page is >5%. I remember it used to be around 2%. Is this just a temporary blip? Or is the mining farm growing that fast?
It must have been a temporary error, the front page shows 85.477 Ph/s (1.634%) at time of writing this reply.
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Re: Bitcoin.com Mining Pool Official Discussion Thread

Wed Jun 07, 2017 6:54 am

We have just added a small amount of 1 Month (now sold out), 3 Month, 6 Month and Lifetime contracts to whet your appetites for our full restock closer to the end of the month, and we expect these to sell out incredibly quickly; get 'em while they're hot! :D

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Wed Jun 07, 2017 10:53 pm

So I've been going over the plans and pricing and wondering if they have been changed since they were first offered. I now tend to agree with @thesteve in that the current plans are very risky. FYI when I use the word "profitable" in this post, it means in terms of BTC, not USD.

I built a tool to help me estimate returns taking into account a rising BTC price and regular difficulty increases. Using a historical average difficulty increase of 5.24% per two weeks, it turns out (if I got my numbers right) that the plans are VERY sensitive to the rate BTC is increasing (due to the fee priced in USD). For example, the Lifetime Plans are only "profitable" (they return more BTC than you pay in) as long as the price of BTC is rising (on average) 0.231% per day. Seeing that BTC has been rising in terms of USD at 0.67% per day YTD means these plans are as of now theoretically profitable, but that rate simply cannot be sustained. It would result in a USD price per BTC of $366,880 in just two years; I haven't heard anyone give estimates anywhere near that amount.

To break even (in terms of BTC) on the lifetime plan, a daily BTC rate of increase of 0.231% would still yield a price per BTC after 2 years of $15,100. Somewhat more believable, but still requires faith that nothing terrible will happen between now and then. The six month plan is somewhat better considering it is cheaper up front, so it requires a slightly lower rate of BTC increase to break even: 0.195% per day.

However the 3 month plan is unprofitable on its face. It requires an astonishing 2.62% rise in the price of BTC per *day* to give back as much BTC as originally paid in. The 1 month plan is now even worse in that it requires the price of BTC to rise 6% per day to be profitable. You can easily see how bad these deals are by taking the USD estimate of "Current Daily Returns", subtracting the daily fee and then multiplying the result by the number of days in the term. Neither the 1 month or 3 month plans now give back a USD amount more than the USD amount in "Initial Cost". They absolutely REQUIRE favourable difficulty increases, or an astronomical rate of BTC price increase. I can't believe the numbers were like this when I originally bought in. I would imagine you have been tweaking them, surely.

It seems to me that I got lucky buying in so early, as well as with BTC's unusual price rise during my one month term. If you suspect BTC will rise at more sensible rates in the future, it doesn't seem like the cloud mining plans are profitable. I don't want to pay BTC into a plan, and then end up with less BTC at the end. I'm *loaning* the BTC to you and I rather expect some guaranteed interest, wouldn't you? Right now it seems more like a lottery. I suppose mining IS more like a lottery than a loan. At this point though, I'm not sure I will buy another plan until I hear more stories of actual returns from other users.

I hope my numbers are wrong.
Estimate the return on a pool.bitcoin.com contract: http://www.greywyvern.com/code/javascri ... itcoincalc

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Re: Bitcoin.com Mining Pool Official Discussion Thread

Thu Jun 08, 2017 1:36 am

Your numbers aren't wrong. Mining is more likely to be profitable in terms of dollars rather than bitcoin.

We've been adjusting the pricing according to supply and demand. Demand has been astronomical while our supplies are very limited. We went out of stock within a few hours after our latest restock.

We plan to have a very big restock around the end of this month.
Shaun Chong - Bitcoin.com Head of Mining Operations

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