Bitcoin Forum

Anyone have any experience with this? Is it even worth it?

Legally speaking, how would the contract work?

yes.  its a fun project when you are not looking to get rich by puting down your mortgage  ...
probably not.
you lease/rent ghs for a certain amount of btc and let them mine. two of them are in my sig (referal link)

Yes cloud mining is very cool.

Profits are not huge (depends on invested sum) but you do not need to worry about your hardware.
You just pay and watch :)

Cheers!

cex.io is good, but there prices are too expensive, its only good for trading ;)

its not worth it! and too much risk.
good luck,
JT

Unless the price of BTC goes up significantly after you purchase a contract, you are gonna end up losing money. Reaching ROI with cloud hashing is very unlikely unless the price goes up.

Yeah their prices aren't great... the ghashes price is also going down so int he end you are going to get less out than you put in.

Last night I put about .35 BTC in just to see how blah it is, this is while I slept last night:


Block #292047, Reward: 0.00007085, Fee: 0.00000332
Block #292046, Reward: 0.00007093, Fee: 0.00003404
Block #292030, Reward: 0.00007318, Fee: 0.00001803
Block #292018, Reward: 0.00007215, Fee: 0.00002595
Block #292004, Reward: 0.00007213, Fee: 0.00000042
Block #292003, Reward: 0.00007480, Fee: 0.00000269
Block #292001, Reward: 0.00007211, Fee: 0.00001223
Block #291998, Reward: 0.00007463, Fee: 0.00000269
Block #291997, Reward: 0.00007197, Fee: 0.00000146
Block #291996, Reward: 0.00007193, Fee: 0.00000083
Block #291995, Reward: 0.00007211, Fee: 0.00000064
Block #291994, Reward: 0.00007196, Fee: 0.00004875
Block #291972, Reward: 0.00007204, Fee: 0.00000104
Block #291970, Reward: 0.00007330, Fee: 0.00000042
Block #291969, Reward: 0.00007331, Fee: 0.00000042
Block #291967, Reward: 0.00007185, Fee: 0.00000044
Block #291966, Reward: 0.00007450, Fee: 0.00000251
Block #291963, Reward: 0.00007213, Fee: 0.00000042
Block #291962, Reward: 0.00007227, Fee: 0.00000228
Block #291959, Reward: 0.00006049, Fee: 0.00001763

I also learned, you are not allowed to withdraw what you put in for the first 48 hours. I'm taking my bitcoin out as soon as they'll let me by selling the gashes.

imo no not at this time.

"Cloud" hashing or hash rental is pretty new in the market.  The only real reputable business doing it professionally is Cex.io (Ghash) and their price per GH/s is ~$6.6.  Which is insanely high.

Go calculate returns on any miner cals based on that cost per GH/s.

Right now people are saying $3-4 per GH/s is about the limit to make money with direct hardware mining.  With cloud hashing you don't have to worry about electricity, storage, cooling but is that worth paying 100% more for... no your ROI will be non-existent.

Other companies selling for less like pbmining.com are new and in many cases so far not transparent enough.  They seem to be paying out now but could be a ponzi where they pay you back slowly what you put in hopping to get a bigger pool of btc then close/disappear.   Even at hardware mining costs, the returns imo are not worth the investment or risk/gamble that these companies are legit... Maybe once a number of services proves themselves or provide more transparency (like farm data, company data).

Mining profits are pretty slim right now, the miner manufacturer's hold most the cards so they are already milking 80%+ of the revenue out of every device sold.  When happens when you put more men in the chain, each person gets their cut and as always its more then you think it should be:).     

Had a few more blocks just complete... still not worth it, because the initial investment will be worth less every day or two.

Block #292060, Reward: 0.00017074, Fee: 0.00000579
Block #292058, Reward: 0.00014457, Fee: 0.00000401
Block #292057, Reward: 0.00008905, Fee: 0.00004074

Can anyone actually show me how is it possible to reach ROI with cloud hashing of any kind. Please show me an example, BTC spend on leasing - expected mined BTC = profit. Is this possible and how? Factor in expected BTC difficulty increase pls.

Well, in the case of CEX, you buy it once and keep it till the company shuts down.
so in that time, you dont have to worry about:
- Failing hardware
- Power costs
- Networking issues
- Girlfriend/wife whining about the noise

So say for example you buy 200ghash and let it mine for lets say, 5 years, there could be some return in it.
and when the fees get higher then the incoming BTC, you sell off the Ghash, hoping that the price hasnt lowered so much.

thats what i do btw, i mine scrypt, convert some into BTC and buy ghash.

I will admit, I made almost 3$ today in just bitcoin from only 71.38883089 GHS on CEX... still going to pull my coin out tomorrow though.

Cexio isn't that great anyways. Everyday that I check the prices keep falling and falling.

5 years??? Whatever contract you buy, it will be worthless in a year due to BTC difficulty increase. Unless BTC price goes up, it is highly unlikely one can make profit using cloud mining.

There is pbmining, they are offering 0.0075 BTC/Gh for 5 year contract. Price is very attractive but on this forum few people believe it's a ponzi scheme, so do your research before investing.

P.S. : I am existing member of pbmining from last 4 weeks and getting payout on time, here is my referral link, if you would like to buy some and don't mind using my referral:

http://pbmining.com?ref=gabitcoin (http://pbmining.com?ref=gabitcoin)

It's a dream about much much money  :D

This is what I get from CEX.IO
2014-03-26 23:17:30 Block #292674, Reward: 0.00327679, Fee: 0.00001780
2014-03-26 23:17:01 Block #292673, Reward: 0.00328041, Fee: 0.00019720
2014-03-26 23:03:11 Block #292671, Reward: 0.00337574, Fee: 0.00007219
2014-03-26 22:58:50 Block #292670, Reward: 0.00336892, Fee: 0.00041582
2014-03-26 22:30:54 Block #292668, Reward: 0.00335180, Fee: 0.00032705
2014-03-26 22:08:20 Block #292666, Reward: 0.00338017, Fee: 0.00019998
2014-03-26 21:55:25 Block #292665, Reward: 0.00330084, Fee: 0.00032508
2014-03-26 21:34:00 Block #292662, Reward: 0.00349170, Fee: 0.00079437
2014-03-26 20:40:17 Block #292660, Reward: 0.00337421, Fee: 0.00023713
2014-03-26 20:24:30 Block #292659, Reward: 0.00336948, Fee: 0.00029269
2014-03-26 20:04:54 Block #292657, Reward: 0.00338155, Fee: 0.00043480
2014-03-26 19:35:57 Block #292651, Reward: 0.00337312, Fee: 0.00014559
2014-03-26 19:26:13 Block #292649, Reward: 0.00325054, Fee: 0.00100965
2014-03-26 18:19:28 Block #292644, Reward: 0.00328633, Fee: 0.00081213
2014-03-26 17:25:19 Block #292640, Reward: 0.00376940, Fee: 0.00009015
2014-03-26 17:18:17 Block #292639, Reward: 0.00376914, Fee: 0.00001840
2014-03-26 17:17:13 Block #292638, Reward: 0.00390155, Fee: 0.00067576
2014-03-26 16:32:58 Block #292633, Reward: 0.00384348, Fee: 0.00066189
2014-03-26 15:48:17 Block #292626, Reward: 0.00338131, Fee: 0.00065464
2014-03-26 15:04:53 Block #292620, Reward: 0.00328264, Fee: 0.00050783
2014-03-26 14:31:08 Block #292617, Reward: 0.00329869, Fee: 0.00029899
2014-03-26 14:10:09 Block #292615, Reward: 0.00341042, Fee: 0.00102220
2014-03-26 13:02:07 Block #292608, Reward: 0.00330984, Fee: 0.00019974
2014-03-26 12:49:30 Block #292606, Reward: 0.00330982, Fee: 0.00118990
2014-03-26 11:29:43 Block #292593, Reward: 0.00332033, Fee: 0.00009992

I earn about 0.1 bitcoin everyday. I reinvest back to GHS, so I gain about 10 GH everyday.
It is true that CEX.IO is about three time more expensive than your own hardware. But it's more convenient and flexible. I've been using CEX.IO for about three months now. According to my calculation, I will get ROI in July. It's safe to say that you will get ROI in 7-9 months.
It is true that the price of GH is dropping everyday. In Jan 17, 2014, GHS/BTC was 0.04571. Now it's 0.01044; four times cheaper. So if you are looking for day trading, you will lose money unless you are talented on trading. If you are focused on mining, instead (like me), you will eventually get ROI with assumption that CEX.IO will still be alive and kicking.

Many people complains about difficulty raising. But that's really wrong way of thinking. Difficulty is adjusted so that new bitcoins will be released in controlled manner (25 bitcoins every ten minutes). Forget about difficulty level, but pay more attention to total GH power of the network. Right now, total GH of the network is around 35,342,719.36 GH. How big is your GH compare to that? That's the question you should really ask.
It is true that total GH of the network grows rapidly. The real question is can you grow (and catch up) your GH at same pace (or faster preferably) as total GH grows.

Even better!
You can buy more hashing power, mine more bitcoins!

Here is some historical(?) price of GH with CEX.IO that I compiled.
---------------------  ----------- -----------
     Date                  GHS/BTC  USD/GHS
---------------------  ----------- -----------
2014-01-17 19:20    0.04571
2014-01-18 17:50    0.04610  $39.70
2014-01-20 00:59    0.04619  $29.51
2014-01-21 00:02    0.04622  $39.52
2014-01-21 20:51    0.04396  $41.43
2014-01-23 02:05    0.04388  $29.11
2014-01-23 22:37    0.04375  $41.31
2014-01-25 21:30    0.04340  $17.46
2014-01-26 18:38    0.04000  $37.10
2014-01-28 22:06    0.03847  $30.28
2014-01-29 23:48    0.03545  $26.34
2014-01-30 23:48    0.03388  $27.10
2014-02-01 00:09    0.03485  $28.04
2014-02-01 19:56    0.03504  $34.78
2014-02-03 01:05    0.03401  $22.63
2014-02-03 20:16    0.03342  $33.79
2014-02-04 21:04    0.02944  $22.93
2014-02-05 21:54    0.02592  $19.96
2014-02-06 22:30    0.02899  $21.72
2014-02-07 23:00    0.02957  $20.71
2014-02-08 21:56    0.02843  $21.24
2014-02-09 21:35    0.02376  $17.45
2014-02-10 21:38    0.02389  $16.35
2014-02-11 21:38    0.02354  $16.14
2014-02-12 21:46    0.02358  $15.54
2014-02-13 21:46    0.02470  $15.62
2014-02-14 22:13    0.02478  $15.85
2014-02-15 22:02    0.02431  $16.11
2014-02-17 01:51    0.02322  $12.81
2014-02-18 00:03    0.02359  $16.06
2014-02-19 01:25    0.02440  $14.48
2014-02-20 01:19    0.02468  $14.44
2014-02-21 02:00    0.02544  $14.24
2014-02-22 02:01    0.02523  $15.04
2014-02-23 01:33    0.02402  $15.05
2014-02-23 23:19    0.02447  $14.67
2014-02-25 04:42    0.02377  $10.56
2014-02-26 01:50    0.02410  $16.13
2014-02-27 01:31    0.02399  $14.25
2014-02-28 01:36    0.02357  $13.35
2014-03-01 01:45    0.02353  $13.36
2014-03-02 01:17    0.02354  $13.76
2014-03-03 00:45    0.02272  $13.81
2014-03-04 01:32    0.01988  $13.33
2014-03-05 01:32    0.02020  $13.32
2014-03-06 01:20    0.02054  $13.89
2014-03-07 01:25    0.02044  $13.22
2014-03-08 01:39    0.02010  $12.52
2014-03-09 01:56    0.01998  $12.34
2014-03-10 00:13    0.01947  $13.55
2014-03-10 22:27    0.01720  $11.70
2014-03-12 02:15    0.01602    $8.87
2014-03-13 02:50    0.01564    $9.88
2014-03-14 02:46    0.01140    $7.30
2014-03-15 02:56    0.01248    $7.87
2014-03-16 04:04    0.01266    $7.68
2014-03-20 02:56    0.01244    $7.36
2014-03-21 02:46    0.01178    $7.15
2014-03-22 02:17    0.01179    $6.84
2014-03-23 02:26    0.01186    $6.71
2014-03-24 00:28    0.01129    $6.84
2014-03-25 00:33    0.01105    $6.41
2014-03-26 02:18    0.01082    $5.80
2014-03-27 02:12    0.01044    $5.87