Bitcoin Forum

Hi all,
I just purchased my first 3 ASIC Block Erupters (the black boxes) and have a curiosity question about cloud-hasing. I'm getting a constant 96GHs with my 3 BlockErupters. I paid $1,830 for all three devices. Thus, my $USD/GHs is $19.

Currently on cex.io, 1GHs is 0.044012BTC. So my 96GHs translates to 4.225152BTC which, converted just now on preev.com, is $3,374.

So, doesn't that make it still cheaper/more economical to own your own hardware vs investing in a GHs commodity?

In the end, why would I spend $3,374 on cex.io to purchase 96GHs when I can spend a little over half of that and run my own hardware?

Cheers!

You're not missing anything. I believe that cex.io is able to continue existing solely because greed makes people retarded.

I disagree. It's not greed that makes people retarded. It's just that there are loads of greedy retarded people around. I consider myself greedy... but not retarded.. So i stay away from cex.io

And here I was starting to doubt my intelligence...  ;)

Does anyone know if there is there a way for me to "sell" my GHs as a commodity on CEX.IO and turn a faster profit than pool mining?

Fair enough.

If people are allowed to sell their own hashrate, all miners should do so lol.

Take a look at how much 1 GH/s can give you, and compare it with the crazy GH/s price. :D
Profit Calculator: https://cex.io/calc

Also the value of a GH/s should only depreciate each day as more hashpower adds to the network, making the GH/s continually less productive. If the cost was similar to buying hardware, I'd be quite interested. But people massively overpaying have pushed the price beyond common sense.

Of course not. The entire business model of CEX.IO is so that BitFury (the ASIC manufacturer behind it all) can sell their hash-power for far above it's actual value. The whole trading between users stuff that comes after is just to keep people interested. If CEX would allow regular users to sell their own mining power (or at least short the GHs units in any way), the price would go down considerably.

Exactly.
But still, I am really confused why people buy the hashrate at such a high price...

Because greed makes people (some people, anyway) retarded.

It is OK to purchase GH/s from CEX.io !!!
Why ?
For training  :)
You will learn how real mining for Satoshi is without spending thousands of dollars and waiting on pre-orders.
You can have your GH/s instant and you can sell them back too. You can exchange your BTC and NMC right there.
You can exercise simple but essential operations like withdraw / add funds / TFA security etc.
In the end you will find the answer if mining / trading are really for you.

It is OK to purchase lottery tickets!!!
Why ?
For training  :)
You will learn how statistical probability works without spending nights actually reading up on math.
You can have your ticket instant and you can sell them to your friends at premium if they have repeating digits.
You can exercise simple but essential operations like paying cashier/scratching card/driving to store/physical security(of ticket) etc.
In the end you will find the answer if continuing to play lottery is really for you.

It's a simple math formula. Hashing / per dollar. The dollar part doesn't only include hardware costs. It includes electrical bills, mechanical problems, and your time. cex.io is not profitable. But you could look at some of the group buys on here. Those are.

Not true, the statistical probability that you will make a return on a lottery ticket is above 0! Lottery Tickets FTW! :P

Literally lol :D