Bitcoin Forum

I am cloud Mining and doing some hardware Mining as well. I find that they both have their pros and cons. Hardware such as the Antminer 9 is noisy and there is the electricity cost but you keep all the earnings after the initial hardware payment and the ongoing electricity while with cloud Mining you don't have any of that but you still need to purchase Hash power and there is a transaction fee each time you get paid. So I guess depending on the circumstances someone could choose 1 over the other but I would like to see what the forum members prefer. Cloud Mining or Hardware Mining. Also, if you choose Hardware Mining do you prefer group or solo Mining? Thanks for the replies in advance.

I took the plunge and went with Cloud Mining knowing, and this is the key part that it will take some time to break even, at least with the GBP part of it. Of course it's a risk which I was willing to take on a small scale.

Anyone should use the mining calculators on coinwarz and cryptocompare to get an idea if a cloud mining contract will ever pay off.

If you have a good place for mining, a good cooling system, cheap electricity and time then hardware mining is better.

But if you don't have good place, time and if you don't have much information about hardwares, some softwares then I think cloud mining is better.

Thanks for the reply crisdean.

Thanks jmaresca, how long have you been using Hashflare for? I'm pretty new so haven't tried the withdraw functionality yet as I was to amass some worth first. Have you had any bad experiences with them? Have you been able to withdraw ok?

I used Genesis Mining for Monero. That sudden spike in Monero made my 60% of my cost in 2 months. Ridiculous. Unfortunately, the Monero bug has made my account not paid since August 8th!

There is always a risk with even the most established and legit-looking cloud mining schemes, so keep that in mind. I much prefer hardware mining as you actually control your miners and get resale value on top of that, but I would suggest not putting all of your eggs in the cloud mining basket.

Even a legitimate cloud mining company is normally going to be less profitable to use than running your own hardware - they are in the business to make a profit after all, and the "contracts" are always structured so that they WILL make a profit, and whatever might be left over is what YOU get.

 If you're in a very high electric rate area, that might be different since your costs might EXCEED the costs of the cloud mining contract.

Sure! How is Hashflare? How're the payouts? Are they frequent and OK?

Hey Mate,

I've had it for 6 days and have mined 0.00514388 worth of bitcoin, its a slow road to profit. But eventually it will pay off.

How are you doing with Genesis still working out?

Hi
I am Ram from New Delhi .
I am going to start hardware mining with 1.2 ghz i.e. with 10 rigs of 6 graphic cards each .
I wander if anybody from delhi can help me setting this plant .
I want to know approx how many eretheums i would be able to make in 24 hrs as i am willing to go till 100 rigs .
In 10 rigs i hope the cost will come around  25000 to 27000 usd or 17,50,000/- inr .
GRAPHIC CARDS I wish to use is GTX 1060 (120 MH/S)
Hope to get guidance .
Thank u
Ram     

Welcome to the forum and You can find the mining calculator available in the internet to check the profit level. Please use the below link to check with your specifications.
https://www.cryptocompare.com/mining/calculator/eth?HashingPower=20&HashingUnit=MH%2Fs&PowerConsumption=140&CostPerkWh=0.12
Above is the example for the eth calculation. please make change and check.

More to the point: You are mining altcoins -- NOT Bitcoin which is what this area is dedicated to. That means ASIC-based miners only. We left the GPU world behind years ago ;)

Post where altcoin subjects belong, in the Altcoin (mining) (https://bitcointalk.org/index.php?board=160.0) section.

don't use cloud mining. those are ponzi and scam. go buy your own mining machine and mine yourself.

Yes. This, or just buy the damn coins.

Please stop making generalised statements based on personal perception that might hinder people from making an objective decision. GM is not a ponzi or scam as discussed here and on Deutsche Welle TV.

I don't work for them in case I'll get to hear how I could say this. But for the future if you make such a claim please provide sound evidence of that.

Here's the video from Deutsche Welle: http://www.dw.com/en/top-stories/s-9097
The feature: https://youtu.be/SJgWqbZBn6I

I prefer cloud mining because I can do it wherever I am as long as I have a stable internet. It is also more efficient in terms of hand carrying gadgets because its only requirement is a stable internet connection and nothing more. Although I must say that both can be hacked, well, like all others. The only thing to think of in terms of security is the integrity of your password and the safety of your gadgets.

GM is still working out fine and thanks to the spike in BTC the ROI might just be 3 months for the very low plan.

Many people here still doesn't have their own mining rig so they are depending to cloud mining. Just choose those what are legit and paying because there are some new websites that recently established and offering the same service with other legit ones but for sure they have some other purpose and as long as they can't prove the authenticity of their mining farm, just be careful and stay away from it.