Bitcoin Forum

Is any of these trustworthy? https://en.bitcoin.it/wiki/Category:Mining_contractors
Or do you have a whole different one to recommend?

I bought a 1 GH indefinite contract through cloudhashing, has not started mining yet. All communication through cloudhashing is that they are starting in August - September, possibly sooner. I would consider purchasing more contracts once the companies prove they are actually mining and paying out.

Please don't buy mining contracts without doing research on the economics of mining.

Here is a quick review of some of them. I assume these are legitimate, but I really have no idea. The returns do not include any fees. Most sellers of mining contracts quote numbers that assume that the difficulty will not rise. The fact is that the difficulty is rising dramatically.


Cloudhashing won't start mining until September. In the meantime, the difficulty is likely to double. A 2 GH/s contract costs about 1.5 BTC, and is likely to earn 1.6 to 3.0 BTC.
Bitcoin Frenzy also won't start mining until September. Their 1 GH/s contract costs about 0.5 BTC and is likely to earn 0.8 to 1.5 BTC.
MinerLease sells a 1 GH/s contract for about 1.3 BTC and it is likely to earn somewhere between 1.6 and 3.0 BTC.

The earnings listed here are more likely to be at the low end than the high end, and it is entirely possible that the contracts will lose money. It all depends on the difficulty.


An alternative to these mining contracts are the so-called "perpetual mining bonds" (they are not bonds), which are the same thing but they are traded on exchanges. At least with these, you are not locked in for a long time.

For a very comprehensive (and complex) discussion on determining the value of a mining contract, read this thread: https://bitcointalk.org/index.php?topic=228327.0

Thanks... I was looking into this as well.  With the exponential rate of computation power being thrown at bitcoin it makes me wonder how feasible it'll be for the little guys.  Will this turn into a 1% game?

I would imagine that this exponential rate of computation leading to increased difficulty will coincide with the upcoming deliveries of ASIC miners to more people. Between BFL, KncMiner and Avalon there's likely to be a 100k new miners out there (when delivery launches en masse or however it goes) which might hurt profitability yet will broaden the mining base and make it more healthy. Course, that's just my noob opinion based upon a limited amount of research.

Hi
I bought a contract from BitcoinFrenzy over 2 months ago.

Still have not recieved any coins....

The first Message i got, i got after a month maby... There it said the mining prosess will start within 14 days.
Witch it did not...

Then i got a mail saying i will be compensated for my trouble... Nothing happened.


And i have NEVER been asked for a bitcoin adress.

Then i got a mail!  The bitcoins have been transfered....

But not to my account.
I asked wich account they have been transfered to.
I have never even heard of it, and have no records of it on my mail, or computer.

So i decided to try E-pick Axe!

My contract started mining the same day i bought, and the first payment was after 3 days!!!

So i recomend you, stay away from BitcoinFrenzy!

We are a little late in providing service but , we are paying our users until now


When you place the order you should enter the bitcoin wallet id in the order page , without that you cannot complete checkout

How come you purchased a contract without providing the bitcoin wallet id ,

We have send email mentioning our wallet id .

Please email bitcoinfrenzy support mentioning order id and username to change the wallet id