Bitcoin Forum

Hey guys,

I'm trying to get into the mining game and I don't know what is better, should I buy mining hardware or should I look into cloud mining? Or, maybe both?

Also, where would I start with either one? Does anyone here know of any Legit cloud mining companies?

I have no idea what the cost of electricity is where I live, can someone tell me how I can find such information?

Thank you in advanced! ;D

Check your power bill to find out how much you pay per kWhour. The most efficient consumer miner you can buy at the moment is the Antminer S7 by Bitmain. Not really a home miner unless you have a dedicated 220v line you can use in an air conditioned room away from your living space (noisy.) You can buy hosted S7 hash directly from Bitmain Hashnest, I think your best choice if you want cloud mining. You can invest less than a hundred dollars and sell your hashing power at any time. You could also consider S5 hash. Avoid companies like Genesis Mining: their daily maintenance fees are double what Hashnest charges and you cannot sell your mining power once you buy. Hope this helps.

You also have the option of buying miners and shipping them to a hoster, like us.

Why not try the smallest cloudmining known on the net?
Test it for free and make little satoshi...
you analyse your real profit and then you risk or not with real investment.

You will need to know how much electricity is.   You really need a bill to know this without a bill normally it seems not all taxes are there on some electricity companies when advertising.  So a true bill is best.

You need to find a bill or possibly online even a lot of companies do.  Then see if you pay a VAT/import tax for your country.  Do some ROI math.  And you will find out which is best for you.  It's not one size fit's all on what is best.

Well depends how much you want to invest on start... If you have good electricity rate and place where you can run miners and you want to "play" with them go for home mining! But if you really start looking into cloud mining please take care! Use something trusted and proven like HashNest.com.

PS: Currently best deal on hashnest is S5 :-)

It all depends on you, as far as you can, try to avoid cloud mining websites as most turn out to take your money and runaway and so it would be wiser to buy a mining hardware instead but there are some criteria that needs checking before doing so, like if is going to be worth with the price of electricity in where your living / The budget you have for buying a good mining hardware / the space needed for the mining equipment on your house or garage

cloud mining it's like having a 0.1 electricity if you compare it to home mining, because of the added fees, so if your electricity is cheaper, there is no point in wasting profit with them

better to go with home mining, but you need a big investment for high profit

Right now, I would WAIT - and do the research.

 Should be some significant competition in hardware miners by the end of the year, should get some price drops going - optimally to the point that some "home" miners get down into a price range that RoI is achieveable on them with electric that costs more than 3c/KWH (and even the S7 is looking VERY IFFY right now for RoI at THAT very cheap electric rate).

OP, probably none of those two. Neither home nor cloudmining. But yes, you should do the research and realize this for yourself. Unfortunately mining game is over for all of the small people unless you have a lot of money to invest into asics and cheap electricity to power them.

Good luck and do your research. Don't get into something overwhelming that will just make you lose your money.

Very good advice I agree. I would also wait for the BTC price to get a bit higher.
But definitely wise to wait for the end of 2015

Would you guys suggest I just buy bitcoin and hold it for now?

Also, do any of you have large amounts of GH/s with hashnest? If so, how is that going?

I would highly suggest doing what you feel comfortable with.  Do some ROI math and look at difficulty and try to do a good  estimate on what it will bring you.

There are some with lots of GH's in cloud and some with none.  I personally love playing with gear so I have a lot of hardware and a little cloud.  But some hardware is not a option, so it all depends.  You should not base your investment off what others say on a board.  I like having my own ROI it makes me feel more secure.

It's a really individual thing as everyone's risk they take is different.  And amount they are able to use is different aswell never invest more then you can lose in any investment.

I would go for home mining if I had cheap electricity. Cloud mining is risky and expensive. Even though those providers may seem trusted, they could easily run away with the coins and hardware, just look at AMHash. For mining at home, you would require some space and non frequent checks on the machine and you can eliminate the maintenance fees.

I'll say no to cloud mining and yes to home mining but check the power rate first as this is a big factor that will dictate if you will earn money from home mining or not.

I have 9.99 btc in hash nest I purchased pacmic 3 contracts. This should pay back 10.4 btc in 90 days or so.

So far I have been paid 8.7 btc and it does look like this will be a winner.

Pacmic 3 sold out pacmic 4 is not as good a deal.

If I were the op I would buy some s4 shares they are better if btc goes up.
 10 ghs = 10 x 0.00045= 0.0045 btc  very cheap to start

even with cheap electricty i would avoid mining at this point, because the future is very uncertain about the value, and the halving is coming

i don't want to be screwed later when i'm supposed to be near my roi...

Mining days of the early adopters are gone. Mining today is a business, a big one. Home mining is finished unless one has free electricity.
Right now even 5 Th/s are nothing! I sold them before it was too late. I was not getting more than 350$ a month because of pool fees and electricity.

This is far from truth.  You really need to do some more ROI math.  Many were profitable home/hobby miners at 230 per coin.... and we have had a 70 dollar jump up per coin.  So that is really good.

What is your electricity rate?  Assuming 10 cents or so with new gear you should be doing pretty good.  Only way you were hurting is if electricity was to high or using to old of gear.