For many in the bitcoin mining industry many of the key players have said for the past several months that PB Mining was a Ponzi scheme and was not actually mining.
With promises of 5 year mining contracts, failures to give evidence of the mining farm, and the company which failed to reply to many basic emails has announced that it will be closing up.
The operator posted on bitcointalk stating:
This is an attempt to reach out and give customers what is left, even if it means liquidating personal assets to help. I will start the process now of looking at customers on a case-by-case basis and doing what I can to help. Any refunds in December will be aimed at those who have suffered “extreme” losses due to reduced payout. I will begin to look at the remaining majority of accounts in January.
Questions may go unanswered for awhile, but that is because there is a lot of work to do. Please be patient. Unfortunately it will be impossible to make everyone happy but a very honest attempt will be made.
For those who are wondering, the owner is not laughing all the way to Mexico. Losses have been substantial due to complete invasion of privacy and some very harsh blackmail that followed thereafter, involving thoughts of suicide over some matters, but there will be a strong attempt to make things right even if it is unsuccessful.
PB Mining has been advertised very heavily across the bitcoin ecosystem and has shown many signs of crumbling as of late with payouts being greatly reduced and emails being left unanswered.
It now appears that after several months, the operation is officially closing the doors. At the time of publishing the site is still allowing new users to register and buy contracts even though the official post on bitcointalk indicates things are winding down.