Bitcoin Forum

Ok, since I need a good substantial post ill start with this one.

What is cloud hashing? I am guessing its like renting someones equipment to mine for you, but then whats the point? Can you honestly make enough from renting the hashing to justify the initial purchase?

If you find enough , lets call them customers , yes!
It depends how much you charge for GH , and how many "customers" with no clue about bitcoins and mining but dreaming of a house in Bali you can get on board.

Ofc you can make enough if you charge big your customers. Just see all those cloud hashing services where noone makes profit and still people are paying to rent gh/s.

I guess there are different views I have started a blog on it. http://cloudcrypto.blogspot.de/

Check my signature there is a list of cloud hashing sites one gives away free 5khash so you can try it out and see if you like it or not. The idea behind getting cloud hashing is to avoid hardware breakdowns power outages internet disconnects etc. There are different reasons people do it. One big one is trade. I can always trade away my cloud power without losing value of hardware. Again you can check my signature there are many sites doing this. I trust cex the most but they are very exp maintenance wise. Plus you also can move upwards just by trading. If you want to give it a try look for the free site I mentioned which gives the 5khash you can test it out and see if you like it.

any smart person is going to charge you more than they can make, which means you pay more, than you can make.

it is like a drug dealer selling for less than they buy for. not good business lol

Exactly.
If the hashrate owner can expect to get 1 btc from the hashrate, why would he sell it for a lower price than that? :D

Cloud hashing is great, until the site owner just decides to disappear theres that chance which can happen.

And they just walk away with all that bitcoin etc..

Selling hashrate in cloudhashing service is actually one of the very few ways that a big mining farm can be profitable :D

Of course, since the profit margin in cryptocurrency mining is so small, they'll be the only one to profit and the customer will be lucky to get 50% of his "investment" back, consider how quickly the network difficulty is increasing.

speaking of cloud hasing where do you recommend.

please dont say bfl`s cloud contracts..

Cloud mining actually encourages centralization.  If gives the cloud mining company are larger presence and the "gift" of your purchase allows them to either build or buy their own private farm which they make a profit off of and then "offer" to you 3 months after they made their share.  Rinse & repeat.

I am wanting to try mining alt coins where can I rent hash power from ?

Alot of places check my signatures.
Crypto Trade (offers purchase of scrypt sha256 and x11, you can pay via paypal, when done you can trade your purchase) and to get you started you get 5khash free.
Cex offer sha256(its not renting but buying and you can sell once you are done with it)
Scrypt offer scrypt only (purchase and can be traded like both above sites)
http://808mining.com/Blank.php (offers rentals of sha256 you can pay via paypal though very exp in my opnion)

Do let me know if you have anymore questions.

i'll tell you what cloud hashing is -- a waste of a newbie's money. if you want to invest in bitcoin, investing in mining and especially contracts is much riskier and more speculative, IMO.

well investing in hardware is useless as the hw becomes old it has no value.

From what I heard of, scrypt.cc is the oldest scrypt cloud mining site. :)

Those who invest in this don't seem to be aware of difficulty adjustment.

If someone is still thinking about this, please use this calculator before: https://bitcoinwisdom.com/bitcoin/calculator (https://bitcoinwisdom.com/bitcoin/calculator)

If you put in BTC and have it sit there and mine, you lose. No question, you lost and it's gone.

If you day trade, however, it is far more effective than putting it in and letting it mine.

Cloud mining, if you just mine, is not profitable. But if you trade it can be, assuming you know how to read the market. I all too often see people who drop out of forex and come to Bitcoin complaining "Cloud mining isn't profitable!" when it can be profitable if you know how it works.

I wish people didn't think that Bitcoin is super easier than forex, and it just follows the same traditional rules. Kinda too bad.

You should add that trading is risky and not suitable for everyone and your capital may be at risk.

True, I should have said this. But I can't be responsible for what everyone else does. And I technically did include your point, as I had said:


Sorry if I didn't specify it to your liking, but I did get the point across.

As well as;


So if that doesn't convey the same idea, I don't know what will other than quoting you.

Sorry Yak I was telling others who think that hardware is better then cloud. The only way to benefit from cloud is to trade. You need not trade too much but only a bit to get you on the right foot. At scrypt cc I bought at 58 earned some sold at 44 bought back at 33 then sold again at 48 and now bought at around 25 avg so I consider myself a bit lucky. While I did not invest much I am in positive. And happy with what I have right now. Will wait for it to go back up to 30+ before I sell again. But I think we should all consider the new site the crypto cointrade in my signature they are very open accept paypal so you can trace them to their bank account and I asked a few support questions that were answered quickly.

Oooh, np. I see what you where referring to.

Your post is very true, as I have heard stories from other people before. And I'm interested in your comment about the coin trade exchange, I'll check it out using your signature, cause I'm nice like that.

That does sound like a professional service, so you've got me enticed.

like I said it doesnt cost and is worth try. I asked them pics and the admin gave entire detail that they are in canada and have a very small farm so I said I would still like pics and he said that he and his partner have real jobs and work part time on the website so he will send me the pictures soon if that makes me feel comfortable. Also I asked him to use another method other then paypal as paypal doesnt support many countries. I gave him the option of 2checkout and 2 mins later he gave me his personal email address and said he will look into 2checkout also and get back to me. That is true support. I guess I am just really impressed by their reply and their willingness to help the userbase. They even want to implement scrypt-n but only after x11 is completed.

IMO cloud mining is not so profitable anymore also hardware mining because of the dramatic increase of difficulties  :-X
the only thing that you will get your money back is purchase hold it for a while and then trade it but even its method is a little bit complicated now as more of the cloud mining site are competing for a low price per GH so better to hodl the coin

Is it worth it if you mine a ton of a new altcoin and sell on a bubble for more BTC?
im sorry that I have to resort to these practices to get BTC but the rest are too slow  :'(

Sure, it can be.  It's a gamble... maybe you get in early enough and can mine a bunch at a low difficulty.  Maybe the coin gets put on an exchange and people inflate the value because it is new.  Maybe you trade your coins for BTC while the getting is good.  Or maybe you mine a ton of a completely worthless crap coin and have a wallet filled with something that you can look at and say, "At least I have a few million of these."

I already know the feel of having a coupel million shitty coins, not very good :(
Imagine if you had cloud hashing power for DRK instamine, thats the shit
but its too much luck

LOL... want to buy some FSC?  I've got plenty.  DRK is X11, so CPU/GPU mined... go and sign up for a ton of cloud servers at AWS, Digital Ocean, etc and install the software on them all... might cost you a bit, though ;)

all cloud hashing services is a disaster waiting to happen, the operator can close at anytime after they see a big deposit and close shop.

Maybe I am asking in wrong thread but I am not after mining LTC or BTC but other alt coins that use other algorithms
like X11 X15 Nist5

https://www.altcoincalendar.info/calendar

Well I have mentioned many times if you want x11 check my signature crypto trade offers x11. But they mine on their own pool. I believe scrypt is 90% gpu or as they say it is but their is no proof from them. They never tell what coins they are mining either.

You may try NiceHash (bitcointalk announcement thread: https://bitcointalk.org/index.php?topic=562238.0).
You can buy and sell hashrate for X11, X13, X15, Nist5, etc.