1. The included PSU cannot be used in countries with a mains power voltage lower than 205V. The PSU will not start below this voltage.
Pretty much has no market in North America then.

Hi all - Due to the falling bitcoin price this week, ANTS2 and UMISOO contracts currently have higher maintenance fees than they do revenues.

From April 14th, 2015 (Beijing time, GMT+8), Hashnest will calculate once daily ANTS2 and UMISOO expected revenues on a PPS basis. This calculation will be performed between 12:00 and 13:00 Beijing time each day. If this calculation returns a negative result, the losses will not be deducted from your remaining balance.

If negative income conditions persist for ten days in a row, ANTS2 and UMISOO contracts will be terminated.
Currently, theoretical PPS return per terahash should be 0.01017BTC, and the daily electricity cost per terahash of ANTS2 and UMISOO is $2.304 USD. As long as BTC price is lower than $226.54 (2.304/0.01017), the electricity fee will exceed the mining rewards.
The bitcoin price used will be the CoinDesk BPI USD price.

Janet - Thanks for the reply but my question had to do with why the 10 days did not reset today. According to the official message sent out - Coindesk price will be used and calculation will be done every day between 12-1 Beijing time. Today between 12-1 Beijing time Umisoo and S2 were profitable. (slightly)

It looks like the calculations and payments were processed several hours later once the price had dropped. Yes I understand that currently it is not profitable. I believe that we are not going to stay at these price levels forever so every day is important.

Please clarify.

why the 10 days did not reset today

Umisoo was slightly profitable for most of the day yesterday. The coindesk price was above the threshold until after 1:30 Bejing time and is currently below.

Based on how Bitmain stated the redemption period works. There should have been small PPS payouts and it should have switched to PPLNS for the day. Assuming the price stays below it would have switched back in 24hrs and the 10 days redemption period wold start again.

Can someone from Bitmain clarify?

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.

For some reason I thought Bitmain was "sold out" until the next batch in June or so. Do they actually have S5's that they can ship tomorrow?

I am happy to hear about compensation also but more details about how it is going to be handled would be nice.

Can't say I am thrilled with the wording "have mining contracts who incurred any loses" Isn't it safe to say we all incurred loses?

A

Withdrawal "Audited" Aspects:
To ensure the security of your accounts assets, we will have manual reviews for each single withdrawal of more than 10BTC as well as the case that there are more than three times of withdrawals from the same account per day, bringing the total to 10 BTC or more.
Also, the withdrawal requests will stay in "audited" status during the maintenance of wallet service, and we will process all these right after the maintenance.

I got a question regarding this... If you request the hardware at the end of the contract do you have to pay fair market value on the hardware? or is it just shipped because you essentially already paid for the miner?

Don't worry about that, long enough to be more legit than basically any other company out there shipping miners... If you would trust any company in btc business - Bitmain is one of the few that deserves it.

We than need a "Lock Address" option. Always a way to have it our way.

Are you considering to lower the minimum investment in the future?

Ya I can't login either

I buy 1 TH/s for 1 bitcoin.  The first block is solved and I am awarded 50,000 satoshi's, of which 10,000 is profit.  I am paid and my contract is decreased by the 40,000 that goes towards principal, leaving my unpaid balance at .99960000, but I now have 50,000 satoshi's in my wallet.  I now buy another contract for 50,000 satoshi's, which is supposed to pay me back 50,000 satoshi's plus profit.  Adding that into my other contract, I now have a contract hashing at 1.00050000, but they only owe me 1.00010000.

Hey man, I will try to explain this to help you out, but I think the way it is working right now is correct.  Forgive me if this gets really confusing.

Ok, first you buy 1 TH/s for 1 bitcoin and are supposed to get paid back 1 bitcoin.  Cool, the contract takes 120 days, you get your 1 btc back, plus some profit, lets say that ends up being .1 btc to make it easy.  So now you have 1.1 bitcoins and can buy another contract for 1 TH/s for 1 btc.  No problem, nice and easy to follow, now lets add in the rebuy option.

I buy 1 TH/s for 1 bitcoin and am supposed to get paid back 1 bitcoin.  After 120 days of reinvesting my profit, my contract now hashes at 1.5 TH/s and I am owed 1.1 btc (it would obviously be more due to compounding interest and all, but for the sake of explanation lets assume).  If each block found were to add the total amount and the principal together, I would now be owed 2.1 btc, which obviously isn't right.  Another way to think about it is...
I buy 1 TH/s for 1 bitcoin.  The first block is solved and I am awarded 50,000 satoshi's, of which 10,000 is profit.  I am paid and my contract is decreased by the 40,000 that goes towards principal, leaving my unpaid balance at .99960000, but I now have 50,000 satoshi's in my wallet.  I now buy another contract for 50,000 satoshi's, which is supposed to pay me back 50,000 satoshi's plus profit.  Adding that into my other contract, I now have a contract hashing at 1.00050000, but they only owe me 1.00010000.

I hope that helps, please let me know if there are any questions.

Something I am not able to find, how many watts are said to be used for each PACMiC in determining how long it stays on for?

Contract Suspension

If after 120 days, a PACMiC has still not recovered the initial capital for its user, and is not mining enough revenue to pay for its own electricity cost (fixed at 0.098 USD per kWh, calculated using an ideal AntMiner S5 hashing at 100% uptime per PPS payout), whether because of difficulty increase or BTC price decrease, the PACMiC will continue paying out for ten days as though it were running, even if the machine is turned off. If these conditions persist for ten continuous days, the contract will be considered temporarily suspended. During the suspension period, mining revenues and profit payments will also be temporarily stopped. If after the suspension period, difficulty has dropped or bitcoin price has risen, making mining possible again, the contract will be reinstated and pick up where it left off.