Bitcoin Forum

Hi all

Pretty much a newb here, mined a few years ago on my pc but gave up after a few days.  >:(

I'm looking at coinfirma.com here, apparently they claim to be the cheapest or something, can anyone tell me in laymans terms what 10GH/s on a 1 year contract is likely to make me, or lose I assume. At €100 I'm thinking of giving it a shot so I can get my head around the whole thing.

When I type 10GH/s into a bitcoin calculator it gives me this
#############
   Coins   Dollars
per Day   0.00118325 BTC   $0.68
per Week   0.00828274 BTC   $4.76
per Month   0.03597076 BTC   $20.68
this diff (est)   0.00433858 BTC   $2.49
   
Next Difficulty [estimated]
   Coins   Dollars
per Day   0.00105437 BTC   $0.61
per Week   0.00738061 BTC   $4.24
per Month   0.03205295 BTC   $18.43
############

According to that I'll get my ROI in about 7 months & the rest is gravy? Is that true or am I missing something obvious here, I mean, what's the catch??? Why aren't they using those machines to mine themselves, I'm confused.

Can anyone shed any light on my thinking?

Thanks

I opened a topic about this subject: https://bitcointalk.org/index.php?topic=522617.0

Hardware industry is a part of the bitcoin ecosystem does not mater if it is/was your CPU/GPU/ASIC the problem on your equation is that you pay your electricity in fiat.

Cheers arivar, I'd actually read that earlier but it was a bit confusing for me.

knightcoin, I get that, I wouldn't think about mining myself, I know it's pretty much a waste of energy, the €100 for a year of 10GH's with no additional costs has me wondering though, is it actually profitable or just a learning experience.

My bad, Sorry... Actually my post should go to https://bitcointalk.org/index.php?topic=451325.0 ... too many tabs oopend on my browser .. you all right ... as a miner you should always think rationally ;)

Clound hashing is rarely profitable and ROI is usually quite long. Earning anything serious with this fast difficulty increase is quite hard unless you have your own ASIC.

If you consider investing your money, try Bitcoin arbitrage instead, you can find more details in my signature.

If you have your own ASIC *company*, maybe.

They won't sell them unless it's more profitable for them to do that instead of mining with them

Cheers for the replies everyone, so it's a bit of a gamble I suppose.
I'm waiting on my bitcoin wallet to sync, when it does I'm thinking of trying a few GH/s on pbmining, seems half the price of coinfirma.

I'm thinking of throwing about €20 at it, is there any other sites offering better without being an obvious scam?!? I'm not interested in investments or arbitrage or whatever the hell it's called, I just want to understand the whole mining process better & this thread is helping.  :)

Also, I'm looking at pbmining & they offer a contract for 5 years, if I get my ROI & a bit exta within a year can I just take that or am I locked into something for 5 years???

Read the posts on pbmining on this forum before deciding something...

Thanks, I read that pbmining thread, it's actually where I noticed it was half the price of coinfirma, I might throw €5 at it & see what happens, ponzi or not, I'll find out cheap enough  :D

Currently it should be worth ~0.008BTC

I all depends on the diff but atm it "should" be 0.0065

Cheers lads, so if I buy a 5 year contract 1GH/s for .008 I'm guaranteed to lose money, ye?!? That's what it sounds like to me with the diminishing returns, ie difficulty.

Getting a 5-year contract is over-kill. Assuming the difficulty continues to rise rapidly, 99% of your mining revenue will be made in the first 6 months.

My model shows a total revenue of 0.0087 BTC per GH/s. Paying 0.008 BTC per GH/s will make a profit of about 9% over the next 6 months. However, the risk is high. I wouldn't pay that much.

I'll not pay more than 0.006 ... 0.007 may be stretching it
Remember if the mythical BFLs and other preorders actually do deliver this summer, the difficulty will ramp up rather quickly

Is there anywhere selling it for .006?

Do you think it will worth it ?

I think so, unless of course they run off with your coins after a few months, I don't see anyone selling it that low though. I paid .0078 for 1GH/s, looking to buy more so I'm open to suggestions for other places.

Check my sig if you want cheap gh for .0075btc/gh. Its the cheapest RELIABLE place I have found currently. If you are looking to temp buy and sell the gh look at cex (careful though very overpriced) or bit-mining.co (demontn) exchange where it is more reasonable.

aj, it was pbmining I used, I just noticed it's down to 75 now, it was 78 yesterday when I bought.  How much do you get if I click your referral link?
hmm, seeing as I have a pbmining account, can I create my own referral link & use that to buy more?!?  :D I intend to buy more anyway when my wallet syncs & i'll stick with pbmining unless something looks better & not an obvious scam.

To answer your original question further.  You can buy 200Gh/s for about $600 if you get a BitMain S1.  I wouldn't spend much more than $3/Ghash.  If you're new though, I'd consider just buying some Antminers from the group buys section, or sign up on cex.io.  Either one will end up costing you about $10/Ghash.


If you don't have any BTC yet and need to, you can buy it on CoinBase:

Cex.io:

Not very much right now . . . the futures on CEX are as low as .0041 now.  KHS is a better bet.  By far the best in returns right now is Scrypt.cc for doing scrypt mining.

Click the link below!  Low fees, auto-switching to most profitable coin, pay outs every 10 minutes.  I'm getting about .5% a day right now.