PB Mining is an ASIC Bitcoin cloud mining service with headquarters in Saskatoon, Canada and with the majority of our operations in Iceland.
We are already mining, and customers can start mining with us at as little as 15 GH/s. There is no downtime, and our five-year contracts offer some of the best rates of return in the industry (as detailed here in a Cointelegraph review).
After getting our start selling mining hardware on eBay, since January 2014 we have been able to expand our mining operations at an incredible rate. We are currently working our way up the chain to become part of the manufacturing process rather than just distribution from our current suppliers. That’s why 80% of our profits go directly toward our expansion efforts.
And make no mistake, our team is composed of fighters. We have been hacked, and we have been pushed around, but our customers have never once had to stop mining. This grit gives us confidence we can achieve our goals of becoming a primary player in the industry within two years.
Our customers’ contracts are 100% insured. That means they will keep earning money over the entire duration of their five-year contract. Even if our hardware malfunctions, we have the resources to make all of our weekly payouts.
This is why we named our company PB, which stands for “piggyback”: We take care of everything on the mining side, so customers can just hop on. All costs are included in a customer’s initial purchase price, and there will never be any recurring fees. We cover the electricity costs and all pool fees.
We are active on the Bitcointalk.org forums, and we constantly ask for customer feedback to determine how to grow. That’s the benefit of being a small and ambitious company.
At the moment, we are looking at the possibility of allowing our customers to trade their contracts on an open exchange.
PB Mining is always looking for talent. Anyone who feels they could contribute to our team and wants to help us strengthen our position in this rewarding industry is encouraged to send a resume via the email address above.
PB Mining is owned by Jeremy Biggs. Cointelegraph reached out to him personally for some insights into PB Mining’s operations.
Cointelegraph: Can you tell me how it was doing business on eBay initially, then about moving away from that platform? Was it eBay's changing its terms of service that forced your hand?
Jeremy Biggs: eBay removed PB Mining listings one day because they suddenly stopped allowing Bitcoin Mining Contracts to be sold. This was due to a lack of satisfactory buyer protection. I believe since then they have allowed these types of listings to be sold again under certain conditions.
CT: What is PB Mining's bigger priority at the moment, servicing existing customers or growing? And how do you think that might change in the next months or over the next year?
JB: Servicing existing customers is our priority. More specifically though, we would like to focus on the bigger customers. The reason you see our minimum purchase quantity climb up faster than the difficulty adjustments is because the smaller contracts are becoming too much work to manage. This is unfortunate, as we want to please everybody. Of course, anyone who has purchased smaller contracts in the past will continue receiving our dedicated customer support for their full 5-year term.
CT: You've also said you're looking for talent. Any roles specifically that you need to fill?
JB: There is such a wide range of talents that would be beneficial to us. Basically, anyone experienced in Bitcoin mining, hardware maintenance, web development or customer service should let us know if they can bring anything to the table. We are aggressively growing and always looking for more talent.
CT: Can you give us any information about the secret sauce that allows PB Mining to keep its prices so competitive, especially for an operation that you've admitted is relatively small?
JB: We have a business model that is doing very well, and this is where the information we provide becomes very limited. We have no intention to share vital information if this could result in even a minute disruption to our current success.
CT: Finally, a hard one. This is something Gavin Andresen asked on the Bitcointalk.org forums recently, and your response would be valuable:
“How do you know that when you send money to a cloud mining place they are actually dedicating hardware to hashing for you? What stops them from practicing ‘fractional reserve mining’ — reselling the same hardware to eleven different people, and using the money coming in to pay Fantabulous Weekly Returns With Profitability Guaranteed?”
JB: Gavin Andresen made some good points; however, those points extend to every corner of the world of Bitcoin — a world where consumer protection is very hard to come by. We will continue to allow time itself to run its course of proving our trustworthiness in this market.