Bitcoin Forum

Hello,
Want to know if it is profitavble to purchase some Gh from a site and mine with this site or it is better to buy hardware and mine at home? I am talking for BTC and other crypto.
Thanks a lot!

Try and test, you will never know the answer, unless you try and test and calculate the profit.

I always have the best answers when I try, go on and give it a try.

I would give it a try, but the information provided on the net is so  different and many positive and negative feedbacks from different sites.
BR

Information is useful for reference only.

Best method is to test with small amount and do estimate using your own data.

I am using cex.io mining, I've recently sold some shares because of the great price increase, but I was making a steady $10 a day from that cloud mining, was fun.  But I wouldn't suggest investing too much in that, a couple hundred GHS max.

You should try cex.io (http://cex.io/r/1/byt411/0/) and PBMining (http://pbmining.com?ref=byt411). They are both really good cloud mining services.

How reliable has PBMining been for you? The PBMining bitcointalk user doesn't have any trust entries. Personally, I've used cex.io (but have been a bit wary recently of their power edging closer to 50%). Small bumps in the road awaiting them to credit the deposit I send, but everything worked smoothly after that bit of trouble.

I am also looking into GAWMiners (see signature) to buy scrypt miners as I haven't seen too many well-vouched scrypt rent-a-miner services that owned miners instead of acting as directories of miners.

How much you invested when you was making around 10$ per day? Was it 10 $ per 24 hours or 12 hours?
What exactly you did?
BR
Gondel

Well, I'd assume $10/24 hours. On cex.io, one deposits bitcoins and uses them to purchase GHSs, which represent a GH/s of bitcoin mining power each. Once you purchase it, it mines for you and gives you the profits, which you can use to buy more GHSs. When you feel like you've had enough mining for any reason(the price per GHs rose and you want to take advantage, or you want to spend some coins, or you are fearful of imminent bitcoin-fiat price drops, etc) then you resell your GHs on the market at the current market price less any fees. You can then transfer your balance to a standard wallet for spending or sending on to an exchange to sell for fiat.

For that reason, I told you to test it yourself.

I was experiencing lately something in my real life, I thought I will get it to run flawlessly, but I was an idiot.

I tried again and I'm nearly mastering it, you must test and be willing to experience it.

He doesn't have any trust entries, but I've already broken even, and I got paid every time on time.
GAWMiners is good, I bought some physical hardware from them.

Thanks, I'll have to look into that. The cloudmining services are fairly convenient compared to miners at home and ghash.io has been inching closer and closer to the magic mark...

I used to mine altcoins via my graphic cards but I realised it isn't profitable. I invested in PBmining but I'm still not sure about their operation. They have not shown any proof regarding owning the ASIC's.

Its generally not profitable now.
Sites like cex will lure you with what looks like good value but in reality, 1 GH/s realy does not get you that much now days.
If you have a decent GPU its worth mining alt coins but it is most certainly not worth mining BTC directly due to the huge difficulty and the fact that ASIC's are massively powerful compared to a GPU

Always wondered if it was Satoshi's goal, for individuals to be pushed out of mining. These days, home miners, can basically only mine Alt coins, to get a small income.

The Big guys are getting bigger by the day. It's a pitty.  :'(

I guess cloud mining, and the data centers, will be the only people, who would be mining in the future.

I think the future is for gpu miners to mine coins that is asic proof, like x11/x13, they are profitable, and as those coins will gain value by time, that will be more profitable within time.

Have purchased/sold ~35GH worth of cloud mining on ghash.io over the past several months and aside from the occassional pool-related issue(s) never had any problems.  

*Did I earn any real profit?  Nope, matter of fact I ended up losing money but it was a valuable learning experience :)

Cloud mining will almost never earn you a profit.

Cex has put a stop to this, but you used to be able to buy GH/s then place an order to sell right away, and you would earn whatever it mined until it sold (they now charge a trading fee)

Haha, looks like that I'm the exception, since I bought some FHM, and if I sell them now, I actually do profit.

You can still trade GH/s for a profit, it is just that the market needs to move in your favor a little bit before doing so

No, you cannot, since the price on cex doesn't change much, and there are now trading fees.

So basically what you are saying is that cloud mining is not profitable at all  ???
Should i invest a little just to try how it works or is a waste of time? Investing in a graphic card is not a little investment ( like 1000$ for new card)..i am thinking of something else cheaper of course

Cards certainly don't cost $1000, for example, a decent R9 270 is less than $150.
You could buy some cheap ASICs, such as The Fury from GAWMiners (http://r.sloyalty.com/r/tylyZfa0Ghz5).
Or you could try PBMining (http://pbmining.com?ref=byt411), you eventually will profit :D

It would need to change by .4% in your favor in order to profit off of price alone. You would also keep any mining rewards that the GH/s earned while you held the GHs

Actually, if you try and profit with like 5 GH/s, you would have earned next to nothing from mining, and even if you profit from trading it's a few satoshis.
Unless you have like 10BTC to try and earn more through trading, don't even try.

You may find this coindesk article helps http://www.coindesk.com/information/cloud-mining-bitcoin-guide/

In addition to work out what you will really earn from mining without using a mining calculator (most of which are based on solo mining and complete nonsense in regards what you will get) use the following formula.

Rough expected reward (per day) = (your hash rate / network hash rate)*(144*25)*(1-%pool fee)

Ex: you have 500TH/s. Network has 20000TH/s. 5% pool fee.
(500/20000)*(144*25)*(1-.05)
(.025)*(3600)*(.95)

Expected return: 85.5BTC/day

Adjust for coin of your choice. You'd get a better immediate estimate by working with difficulty instead of network hashrate, but - eh. 

This answer was provided by someone far cleverer than me via https://bitcointalk.org/index.php?topic=447051.0

I have used this formula on different alt coins that I have mined and it is pretty darn accurate.  Not 100% but gives a good estimate far more accurate than mining calculators that I used in the past.


Even thought I mine I also use faucets such as http://freebitco.in/?r=527569 and http://freedoge.co.in/?r=8875  I use these to get more satoshi to invest into coins; then make profits by speculating on coins that I think will go up in value.

Hope that helps and happy mining.