Re: Recovery program beginning in January for PB Mining customers.
Charts ....
That is why all cloud miners as far as I can see over sell their available hash power ... There is no way they could mine enough to cover all their costs and make a profit from it unless they over sell ... Does that make them a ponzi scheme ? Well, yes and no ... As far as I can see they are all at it, what it relies on is the company maintaining it's reputation and attractiveness to customers so they continually support it.
Many of the cloudmining farms are located in China where electricity is cheap. Hashnest announced 18.11.2014 that the electricity price has been lowered to CNY 0.6/kWh which is ~0.005$/kWh.
I live in Finland and here a newer miner is still making some profit but not much and the electricity price is ~0.12/kWh (~0.146$/kWh)
I would say to RUN NOW while you can.
Good luck!
Just waiting for my GHS to sell then I'm out.
The cloudmining game's too full of ponzis and scams.
Might try bitcoin lending at BTCJam next, but then who's to say they're any better.
I don't recommend btcjam because of the amount of scammers there. Many of the applications are scammers who want to borrow but never pay back the borrowed BTC. I did try it for a couple of months and did end up losing over half of what I invested and finally sold all the loans I had invested in. Many of the scammers borrows some small amounts to build up reputation and then when reputation is at a good level they apply for a bigger loan and leave it unpaid.