Jbod.cloud - chia cloud mining ($19.99 per TiB)

HI! I owner of https://posat.io/ and it’s my new project:

jbod.cloud - cloud mining service (specialisation: chia, chia forks, chives)

Maintenance Fee: $0.01 per TiB/day
Current capacity price: $19.99 per 1 TiB (real TiB, not TB)
Lease term: 6 years

Affiliate program: 5%

Registration: https://jbod.cloud/

1 Like

My napkin math suggests this would be a good deal, which is intriguing. Are you not better off just farming your capacity for yourself?

The sign-up process requires that you agree to the ‘Terms of Service’, clicking the link doesn’t open anything - are you able to please link us to the terms?

This will give me a way to earn more for every dollar spent.
ToS: Chia cloud mining

PS: $19.99 is a promo price

I have many questions because cloud mining doesn’t have a very good track record of customer satisfaction and your website is low on information.

How large of a farm do you run and what is the uptime?

Are you the custodian of the plot keys or are we able to harvest the plots with our own keys?

Is there any longer term possible than 6 years or are we purchasing the capacity for 6 years only?

What is the “Service Termination” purpose and why is it so low?

Do you take the fee from the balance? What happens if the earnings are negative (maintenance exceeds earnings) and balance reaches sub-zero amount ?

How large of a farm do you run and what is the uptime?

I have over 3PiB. Uptime is 99.5%.

Are you the custodian of the plot keys or are we able to harvest the plots with our own keys?

The user does not have permission to access keys. Keys are mine.

Is there any longer term possible than 6 years or are we purchasing the capacity for 6 years only?

6 years is the disk life, which I can guarantee (drives come with a five-year warranty, and I add one additional year). If the disk is still up and running after this period, it will continue to work and bring revenue, but without any guarantees. If the disk is down, then its volume will be subtracted from the oldest contracts in equal shares. It is not included in the ToS as I can give no guarantees for disks operated for more than six years.

What is the “Service Termination” purpose and why is it so low?

If I decide to terminate the service, then each customer will receive adequate compensation. If I decide tomorrow (or within the next year) to terminate the service, each customer will receive $20 per TiB – I consider this to be a great offer.

Do you take the fee from the balance? What happens if the earnings are negative (maintenance exceeds earnings) and balance reaches sub-zero amount ?

The customer’s balance cannot be negative. All amounts are already indicated on the site with a deduction of the maintenance fee. If the maintenance fee is higher than the profit, then the customer will get zero. If the maintenance fee exceeds the profit over a protracted period, there will be a vote to terminate the service at the instance of customers. In case of a positive decision, all equipment will be sold out and each customer will receive a corresponding share.

Do you have proofs?

It would be great if you could include that the contract purchase is for the lifetime of the disk and not for 6 years, even if you cannot provide a guarantee of uptime. The MTBF for HDDs is a lot more than 6 years.

But if you decide to terminate it in the fifth year, I get $1/TiB which is basically zero. And if you decide to terminate after 6 years, I get $0/TiB.

How long is that protracted period? Who gets to vote?

Can you consider allowing wiring of external funds (in Chia or other cryptos) to pay for the maintenance fee?

Do you have proofs?

Nope.

The MTBF for HDDs is a lot more than 6 years.

You are right, I will probably need to change the ToS.

How long is that protracted period? Who gets to vote?

I guess it depends on the market situation (sharp fall, stagnation). Customers.

#WeeklyStatistic (8th nov, 2021 - 14th nov, 2021)
XCH per TiB: 0.002520838293
USD per TiB: 0.439784004459
ROI:         2.20%

18TB HDDs are sold for 300 Euro in Europe. Can’t imagine this is worth it.

1 Like

External drive with 2 year warranty?

You claim to be farming your private keys. Why would I trust someone to farm plots whose very existence is in question? Your one page website is lacking in any detail. 19.99/mth? Year? 6 years? What is the "Service Statistic? Where is my “balance” kept and how can I know what you are actually doing and what my balance should be?

If you have the cash and know how to setup your operation then surely you could put up a proper website.

The question of whether Chia farming will become profitable is still to be seen but one sure way to lose money in the short term is to rent your storage instead of buying it.

In the longer run, a sure way to lose your plots is to put them into someone else’s care in the cloud. Even if you can get them back when you want them or when the service disappears it would be slow, painful, and require you to buy the drives you should have bought in the first place.

Serious discussion of whether farming rented cloud plots ended months ago when Chia dropped under $1000. Even before that most, including myself, worked the economics, security, response times, transfer difficulty, and HDD cost per plot with the vast majority calculating that renting plots was just plain stupid.

With XCH at $140 generous calculations might give you a ROI sometime over 5 years from now. If you spend money to rent your plots then any chance of ROI is destroyed unless XCH goes ballistic.

Just in case I have not been clear, I recommend that peeps plot to drives that they buy, operate and maintain and that they also avoid web offers with no terms of service, corporate address, etc. The shoddy one page website is also a huge red flag for an operation that would take considerable resources to set up.

That’s a dealbreaker for me. There are many people who pop up here with “big farms”. The other day, someone wanted to host plots for me on google drive… We are very suspicious if you can’t provide any proof of some kind, especially given how easy it is to prove with crypto signing.

I think you have a good idea - profitable for customer and business owner alike, but your current setup itself lacks a lot of what is needed to make me switch to it from farming my own infrastructure to it. If I can’t make sure there are legal consequences to you screwing me, it’s too big a risk to give you money for a drive when I could buy it myself.

2 Likes
#WeeklyStatistic (15th nov, 2021 - 21th nov, 2021)
XCH per TiB: 0.002420149603
USD per TiB: 0.348968070629
ROI:         1.74%
#WeeklyStatistic (22th nov, 2021 - 28th nov, 2021)
XCH per TiB: 0.003427983107
USD per TiB: 0.470973954418
ROI:         2.36%

I cut the bla bla and give you a “Yes” and “No” statement.


Yes: if I can go “solo” or join “pool” as I wish on the space I lease.
No: if I have to stay with wherever the plots “you” pointed at.

1 Like

2.36% weekly return so ~30 weeks to breakeven at a compounding rate : if it seems too good to be true, it probably is :slight_smile:

1 Like