Scrypt Mining

Mining Sweden – Bringing transparency to Cloud Mining

New cloud mining sites are appearing regularly. Many are looking like obvious scams. Hashocean recently launched using staff photo’s copied from another company. Multimine.net launched and seemingly disappeared within a couple of weeks.

Combine these with recent high profile failed or ponzi collapses such as Hashie, PB Mining, AM Hash, Rockminer and the future and/or reputation of cloud mining is at the lowest ebb ever. Out of all the cloud mining companies we’ve tried, only Hashnest and SCloud have stood the test of time. Even Hashnest shut down the miners for several days when BTC was hovering around the $200 mark.

Our usual advice is to make sure you undertake due diligence before investing any money in these companies. Look for contact details, transparency of ownership (very difficult to find in the crypto world), details of hardware (certified photo’s videos etc).

Once you decide to try a new cloud mining company out, invest in a starter pack up to $50 (or a free test account) and so limit your exposure as much as possible. Once payouts start make sure you check the forums and news sections to keep track of any changes in difficulty, BTC price etc.

We’ve heard good news (and also sceptical comments) about a new mining platform Mining Sweden, whcih is attempting to bring transparency and legitimacy to Cloud Mining.

The platform was launched via crypto forums hashtalk, bitcointalk and litecointalk and others. Whilst there are still questions about hardware and farm size we decided to try out Mining Sweden on a small scale and up to now payouts have been as regular as clockwork.

Mining Sweden is concentrating on SHA256 mining and pays out weekly. We’ve had 2 payments (both exactly on time) and the site is moving to daily payments at some point. The ROI from buying their VIP Shares is longer at 300+ days but they do offer a 25% share in company profits after 1 year when you buy these limited edition VIP shares.

Again – please do your own research and don’t invest money you can’t afford to lose. We’ll keep this post updated with our own progress using these sites.

LTC Gear – Signs Of Life?

ltcgear pending
Specialist fpga cloud mining company LTCGear have had a turbulent few months.

Many users felt that LTCGear was ‘different’ to other cloud mining companies in that the site’s owner (Chris S) had successfully developed his own specialised chips to efficiently mine Litecoin.
If fact, using the litecoin talk forum (and latterly his own website) as a conduit he partially succeeded in developing retail versions of his boards.

When cloud mining came to the fore in mid-2014 he began to sell shares in in own farm in the form of qAsics (each qAsic being the equivalent of 100 kh). Some unfulfilled hardware orders were converted to these qAsics which paid out in the form of weekly payments. Rewards were outstanding with ROI claims of 6-8 weeks.

Understandably many new users were attracted through affiliate schemes and special offers. During Summer and Autumn of 2014 the products were frequently out of stock. This gave the site more plausibility and dispelled a lot of murmurings about the site underpinning a ponzi scheme.

Around the time of Black Friday/Cyber Monday 2014 there was a huge sale of discounted qAsic packs. It is now claimed by the site’s owners that a hack occurred whereby the proceeds of these sales were diverted to rogue BTC addresses leading to the loss of a considerable amount of BTC and also a large amount of fake shares. Most of these fake shares ‘could’ then have been sold on to other users using the open trading system that has since been terminated.

The last reported payments to users was on December 19th. Since then there has been minimal contact from Chris and the ponzi claims have once again been rife. (As a caveat – many respected users of the Litecoin forum have steadfastly stuck by Chris and the site in the midst of the storm that has been created). The ruours were not helped by cryptic messages posted on the site. ETA’s were posted regularly and deadlines came and went. The site went down, came back with black screen and new ETA. New servers were deployed. Mysterious maintenance tasks were reported. The database that has been ‘completely scrambled’ was undergoing manual repair.

All the non-communication was fuelling the negative sentiment across the forums. Just last week on 13th Feb, Chris appeared online to host a Q&A session with his concerned customers. He reiterated the severity of the hack and claimed all was nearly resolved and that users would see their balances within 7 days.

The saga appears to be reaching a conclusion with even hardened supporters accepting that this could be the deadline that needs to be met. We shall see. Check back next week for an update.

PoolAxe could be the answer to your mining software woes!

Configuring your mining array can be fiddly and frustrating. I’ve personally used cgminer, bfg miner and UI’s such as macminer and Asteroid with varying degrees of success.

Fall over pools sometimes don’t kick in or overclocking can be difficult to set up. To solve these endless configuration headaches Cryptaxe have come up with an all-in-one miner monitoring, configuration and control suite.

The exciting part is that the software is available (in beta form) for LINUX, OSX and WINDOWS.

You can also monitor your configuration and miners with the accompanying Android app.
Join in with the beta at www.cryptaxe.com

x11 Coin Cloud Mining at Crypto Coins Trade

Trade all your coins
One cloud mining operation sneeking under the radar is Crypto Coins Trade.

We are well down the road with the larger cloud mining services such as CEX.io, scrypt.cc and zencloud. With a turbulent market it is important to buy and sell at the right time and x11 coins could be something to explore as an alternative to SHA256 and Scrypt.

The site enables you to try before you buy with 5khs of free mining power for 10 days and allows mining of SHA256, Scrypt and interestingly X11 coins. You can buy mining power with paypal and (like other sites) trade your mining power with other users once purchased.

The site looks to be well run and we’ll report back on ROI in a future update. Find out more here.

Is the Hashlet The New Route To Mining ROI?

Gaw Miners recently introduced the scrypt mining hashlet, temporarily causing their shopify ecommerce engine to crash – such was the demand.

So what are hashlets? Billed as the worlds first digital cloud miners, it is reasonably safe to assume these are a matrix of vaultbreaker style mix & match modules. Instead of worrying about expensive hardware and electricity consumption, you simply buy hash power (a virtual machine if you will).

The big difference between the hashlet and the hashing power available on other cloud mining sites, is the claim by Gaw that each hashlet gets more efficient as more of the modules are added to the grid. This, they claim will actually reduce maintenance costs over time!

Judging by the clamour for Hashlets it seems like the public agree. Find out more at Gaw Miners.

Scrypt Mining In The Cloud – Best Bang For Buck at Gaw Miners!

With the launch of myriad asic scrypt miners the days of mining at home seem to be disappearing in favour of cloud mining. Gaw Miners offer a variety of hardware hosted through the zen cloud mining site.

There are many factors to consider and with such a wide array of hardware on offer it can be difficult to make the right choice. Gaw currently offer 1 month of free hosting with their current range but what miner is the most profitable once the daily maintenance charges kick in?

We looked at the full range and took into account the upfront cost and 3 months maintenance charge to find the best deal per Mh for each machine. As hardware is often obsolete within 4-6 months this guide effectively lets you know how much the costs will be for 4 months (including the 1 month free)

Asic Scrypt Cloud Mining Hardware - Best Deals At Gaw
Miner Hash Rate (Mh) Cost $ per Mh Maint/Day Maint/Mh (90 Days) Total $ per Mh Link
War Machine 54 $1049.99 $19.44 $4.41 $7.35 $26.79 More Info
The Boulder 43 $939.95 $21.86 $2.40 $5.02 $26.88 More Info
Silverfish 2 28 $839.95 $30 $1.18 $3.79 $33.79 More Info
The Falcon 27 $734.95 $27.22 $2.20 $7.33 $34.55 More Info
The Ratchet 19 $599.95 $31.58 $1.10 $5.21 $36.79 More Info
G Black 25 $839.95 $33.60 $1.22 $4.39 $37.99 More Info
The Cliff Jumper 9.5 $309.95 $32.63 $0.61 $5.78 $38.51 More Info
Black Widow 13 $419.95 $32.30 $0.98 $6.78 $39.09 More Info
The Fury 1.3 $44.95 $34.58 $0.11 $7.62 $42.19 More Info
Gridseed Blade 5.2 $209.95 $40.38 $0.34 $5.88 $46.26 More Info
The Bee 3.6 $154.95 $43.04 $0.24 $6.00 $49.04 More Info
A2 80 $4199.95 $52.50 $1.54 $1.73 $54.23 More Info
Silverfish 5 70 $3834.95 $54.79 $2.69 $3.46 $58.24 More Info
A2 Mini 28 $2519.95 $90 $0.49 $1.58 $91.57 More Info
Gridseed 5 Chip 0.3 $29.95 $99.83 $0.11 $33 $132.83 More Info

Key:
Column 4 $/Mh = Cost per Mh based on purchase cost only
Column 5 Maint/Day = Maintenance Charge for full Machine per day
Column 6 Maint/Mh (90 Days) = Maintenance charge per Mh for 90 days (120 days if you include first month free)
Column 7 Total $ per Mh = The total cost per Mh over 90 days including purchase cost and maintenance (120 days if you include the first month free)

Conclusion:

Best High End Stealth Machine:

The War Machine 54Mh $1049.95 – Cost Per Mh over 4 Months = $26.79

Gaw Miners War machine

Best Mid Range Buy:

Silverfish 2 28Mh $839.95 – Cost Per Mh over 4 Months = $33.79

Gaw Miners Silverfish

Best Budget Buy

The Fury 1.3Mh $44.95 – Cost Per Mh over 4 Months = $42.19

Gaw Miners Fury

We have a limited number of promotional codes for Gaw Miners.

WELCOMETOGAW – $10 off orders over $150

GAW25 – $25 off orders over $200

GAW3FOR3000 – 3% off orders over $3000

GAW4FOR4000 – 4% off orders over $4000

GAW5FOR5000 – 5% off orders over $5000

*Note – Prices correct as of 5th August 2014 and may be subject to change. Errors and omissions excepted.
 
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Review: Gaw Miners Fury (Zeus) Asic Scrypt Miner

gaw-zeus
We’ve had 3 of these entry level asic scrypt devices running for the last few weeks without any problems whatsoever.

At $60-$90 each they are certainly affordable little workhorses when you compare them to expensive high-end graphics cards. We ordered direct from Gaw, so be aware that you’ll need to pay a customs import tax levy in the UK.

The unit comes neatly packaged with USB lead and power cable (UK adaptor needed). You can be up and running in a few minutes with custom software builds for Windows, Linux and Mac available from the Gaw website. We used the excellent BFG Miner from Nate Woolls blog – instructions here.

We’ve been advised that the units can draw 48 watts. Although a little high this still compares favourably to running a PC tower and power hungry graphics card. Each unit will hash at 1-1.3 MH/s and you can also buy with hosted cloud mining at Zen Miners.

With a vast array of high powered Asic Scrypt miners hitting the market the units may have a limited life span but if you want to dabble without risking too much money, then these are the perfect fit.

Gaw Miners Website

Major Miners Altcoin Mining Pools

beatlecoin

For the first in our series of Mining Pool reviews we’re looking at a newcomer to the scene. Major Miners offer (from what i can gather) – 5 alt coin mining pools:

http://hkc.majorminers.com/ HongKongCoin (SHA256)

http://pcn.majorminers.com/ ProCoin (Scrypt)

http://bea.majorminers.com/ Beatlecoin (Scrypt)

http://lyc.majorminers.com/ Lycancoin (Scrypt)

http://vmp.majorminers.com/ Vampirecoin (Scrypt)

The homepage at Majorminers.com is a simple wordpress blog and the first thing i noticed was an absence of links to the mining pools. You can find them by rummaging around but a simple menu or category list would certainly help.

The pools cater to some of the lesser known ‘fun and profitable’ altcoins. All the pools look fairly stable although could do with a few more miners, so point your equipment at some of the pools listed above and give them a try.

They have a 1-2% fee and offer 10% block finder rewards on some coins. Data centres are located in Europe, Asia and East + West Coast USA.

About the currencies:
Beatlecoin – (BEA)The main appeal seems to be the limited number available. Only 1 million coins will be issued. More info at the Beatlecoin website.

HongKongCoin – Following the success of Auroracoin (the cryptocurrency of Iceland) HongKongCoin (HKC) is a SHA256 algo coin designed for quick business transactions in Hong Kong. There is also a specially designed App on the website to facilitate trading use.

ProCoin – (PCN) – Is limited to 1 Billion coins and claims to be a business friendly coin. 2% of the coins are being given away in a pre-mine during March/April 2014. More details here.

And whether you choose to call them fun, ridiculous or bizarre we have Lycancoin & Vampirecoin. Lycancoin is a cryptocurrency for lycanthropy & werewolf enthusiasts. It was designed as part of a 3 coin set which includes Vampirecoin and Zombiecoin. The danger of the ‘wacky’ crypto’s is that they really need a reason to exist. We’ve seen with Flappycoin how quickly alt crypto’s can start to devalue and struggle.

For the remainder of 2014 I think we’ll see a thinning out of the multitude of cryptocurrencies with only the strongest business models surviving. There’s always a chance, however, that something will survive against the odds. Dogecoin is living proof of that!

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CEX.IO introduces Multipool

One BTC coins

One BTC coins (Photo credit: zcopley)

Cloud BTC and conventional Scrypt (ghash.io) mining site CEX.IO have introduced multipool mining alongside their existing offering of Litecoin, Auroracoin, Feathercoin and Dogecoin.

Unlike other multipools the ghash.io system allows users to convert their block rewards profits to BTC on the fly, thus avoiding the need to exchange on cryptocurrency exchange sites.

Currently in beta, the pool has had some teething troubles with zero payouts on certain coins although the community forum explains that the beta stage will not be 100% trouble free and they are asking for bug reports.

We tried the system and liked the automatic conversion to btc. Multipools have been criticised as damaging the real world possibilities of certain coins and creating havoc with valuations but while they exist it makes sense for miners to make the most from their equipment.

Find out more at CEX.IO or read the support article.

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