Bitcoin Forum

Hello Everyone,

I have heard that CEX is a best platform for cloud mining. Have I heard it right?

I want to earn steady income of $300-$400 per month. How many GHS should I purchase? Currently which cryptocurrency is best from mining point of view. Please share your ideas and experiences.

Thank You

If you can combine trading with mining rewards like on CEX with their GHS, then that can be profitable. I did an exercise and noted the outcomes in this thread https://bitcointalk.org/index.php?topic=805526.0

They way I currently view it is the mining rewards are a small part of the overall reward, the buying and selling of GHS providing the main potential profit.  It works for me, might not be for everyone. The days of just buying a cloud contract and sitting back watching the BTC roll in to ROI are gone (if they ever were there in the first place).

You won't get any profit from buying hash in cex.io. Because their hash is overpriced and bitcoin difficulty is increasing too fast...

CEX is not a good option if you want to mine, there are better contracts, but if you like trading it may be worth it. ;)

You might have heard it right, but whoever said it was very wrong.  There are a ton of threads comparing and contrasting cloud mining services.  CEX consistently comes out as the most expensive, least value for your investment.

You need to realize that to earn a steady income mining means constantly reinvesting in new hardware (or purchasing more GH/s in cloud mining) to maintain your income level.  The two biggest factors involved are changing difficulty in mining the coins and value of BTC to fiat.  If you look at historical charts, you can see that the difficulty has been growing at a very fast rate, yet the price of BTC has not moved very much at all.

So, looking at numbers, as of right now BTC is just about $375.  This falls into your income range.  To mine 1BTC a month means you need to have 2.32TH/s of hashing power.  Again, this is based on numbers right now, and absolutely will change.  In fact, in about 6.5 days from now, the difficulty will change.  During this time, the value of BTC may also change.

I definitely suggest you take a look at some of the cloud mining posts and do some more research into whether or not mining is going to be a worthwhile investment for you.

Hardware is a better option depending on your electricity price and if you have no vat.

If you have to do could I would look into hashnest.  But i far prefer having equipment myself.

Gawminer also offers cloud hashing (see link in sig) and they may be worth looking at too, in order to make an informed decision.

Good luck.

Another good option is LTCgear (See the review link in my signature) they offer qASIC shares and have a 1 year anniversary discount on at the moment which gets you 48% off the list price plus an extra 8% off if you pay with BTC, I just received my fourth payment from them and I have been really happy so far with the results. You can expect to ROI in about 5 - 6 weeks at the moment, but as with any mining purchase you should really do your homework before making a purchase decision as there will always be an element of risk.

CEX.IO GH is good if you are mining there and want to hedge your electricity between future hardware purchases (I like Bitmain). If not, you can find a cheaper price per GH somewhere else. Personally, I would never buy GH that I couldn't trade or from somewhere with low buy volume. I always like to be in a position to dump my cloud assets.  8)

I am with GAW too. They are currently the best in my opinion. Their platform is stable and I do not worry that they will disappear over night like some other less known companies did in the past.

IS there any ROi with cloud possible ?

So far I heard is LTCgear, but still beware...

LTCgear has the best ROI potential. A lot of people have reach ROI but who knows how legit they are. I bit the bullet and bought in last week. Received my first payment without a hitch. Other cloud mining companies have a much harder time to reach ROI this includes cex, pbmining, scrypt.cc, gawminers, etc. If I had to pick another company to put my money into (which I have) it would be either Gawminers or pbmining. Pbmining is probably just as risky as ltcgear (maybe slightly less due to more realistic payouts). gawminers hashlets have been good but the payouts are consistently decreasing making it a very bad time to invest now. A lot of people over there are praying the hype they have been saying will be followed through.

Nice explanation, this basically sum all up. I myself is still hesitating to buy LTCgear or not.

Cloud Bitcoin Mining or less that bitcoin mining online without having to twist the tool miners were indeed expensive, we can hire that many miners tools provided by various websites eg x.io C * or CEX, c * x.io is a provider of Cloud Bitcoin Mining the most popular and is very commonly used by bitcoiners.

Try cloud GH's that charge no more than a 30% maintenance fee (equivalent to 0.12 kWh) and hold on for 365 days and you will ROI. If you want a quick ROI then buy your own hardware.

Not really. You don't have to look far to find people who got ROI after 3 months of cloud mining. But it already happened, and may not happen again ;)

CEX is not the best, just the safest as they have been around really long...

Can you show some math behind this?  I cant think of any cloud services that ROI in 3 months is normal.

Right now, many people claim that LTCGear ROI in 2 months. But I won't want to risk my money..

I haven't invested so I can't show you the math, but I've seen posts or even whole threads of people who claimed to have reached ROI in the last 3 months.
If I'm not mistaken most of these people used sites where it was possible to trade contracts.

My ROI on cloud mining is 9 months. My ROI from self mining is 3 months.

If you take just the raw numbers the people claiming 2 or 3 months to ROI via the cloud are either baiting you or got lucky in some very unusual way.

Yup, its only good for trading. For mining, you may try LTCgear.

I just wish someone would provide math with it.  I dont see many cloud mining getting roi.   

Some companies like GAW sell upgradable contracts, so you can't really calculate ROI when you buy them. They also have a marketplace, where you can sell the shares after taking early profits.
Here's a couple of posts by people who profited from cloud mining

https://bitcointalk.org/index.php?topic=790207.msg9223967#msg9223967
https://bitcointalk.org/index.php?topic=752824.msg8853358#msg8853358
https://bitcointalk.org/index.php?topic=752824.msg9251529#msg9251529

OK nobody did, I will list few cloud mining services ordered by ROI. This list expects 2% difficulty growth and stable=current BTC/USD ratio. If BTC/USD ratio drops to $300, all services charging monthly maintenance fee will result in negative income.

LTCGear.com - ROI 6-7 weeks. Price of contract app. $5/MHs, maintenance fee 0 USD first year. This service is not mining BTC, but alternative cryptos. Recent growth is highly suspicious, no pictures of farm have been provided, no evidence of hashrate growth in LTC...
PBMining.com - ROI 4 months. Contract price BTC1.6/THs, 5 year contract, zero maintenance fee. Also this service hasn't provided any evidence it is really operating hashing farm as far as I know

Next are cloud mining services charging monthly maintenance fee, its' high is extremely important for ROI.
Cex.IO, Petamine.co and Hashnest.com all currently charge maintenance fee about $100/Ths/month, however at
- CEX.IO 1THs costs BTC2.6, ROI will never happen,
- Petamine.co 1THs currently costs BTC0.6, ROI 5months,
- Hashnest.com 1THs currently costs BTC1.125, ROI at least 1 year

Gawminers genesis hashlet costs about BTC2 per THs and they charge $60/Ths/month which leads to ROI in 1 year.

However 1 year in BTC world is like 20 years in human life, it is almost impossible to predict anything. I wouldn't use mining for any financial planning, it's too volatile business.

All these calculations can be quickly verified for example here
https://bitcoinwisdom.com/bitcoin/calculator

So far I got 150% ROI with LTCGear - I got even ROI at 5th week and enjoying positive ROI Every Friday last 2 weeks.  I don't know how he doing it but always getting paid in BTC, LTC, and FTC.  ;D

+1 I can confirm that the payouts are great  :)

New cloud mining offer:
https://bitcointalk.org/index.php?topic=833704.0

Twice cheaper than cex, twice lower maintenance fee. And reputable owner ASICMiner/RockMiner.

I have looked at LTC gear's website and it looks very sketch to me. I am curious to know if the inputs from their payouts can actually be traced to any coinbase transactions of recently found blocks of anything they claim to mine

agree, there is always a risk but lucky for those already ROI.

+1 I also vouch for LTCgear I have received my ROI and although the FTC  mining/payout option is not available right now because of the Algo changing it has not affected my earnings, I have selected to be paid in BTC each week and always look forward to Friday :-)

I don't think that this is profitable, My friend has invested around $5k into extensive mining because he gets free electricity and he says that BTc difficulty is very high and CEX is overpriced, so no profit sadly. :(

I invested 2.86btc in a miner in July and have already made 2.6 back. Only a few more weeks til I turn a profit. I have free electricity too.

if you have knowledge of hardware and can manage then you should prefer hardware mining rather then cloud mining
its very hard to get ROI with cloud mining
owned hardware mining is better

When you are measuring the profitability of a miner (or a cloud miner) you should always measure it in terms of bitcoin, not in terms of fiat. If the price of bitcoin changes from when you purchased the miner then that is not something that was caused by the miner. If you have ROI in terms of bitcoin but the price of bitcoin went down then you would have been worse off had you not purchased the miner as you would have less bitcoin

What he said. I'm ROIing in Bitcoin, not USD. Price of Bitcoin will change, the important part is that I have more of it than when I started. Price will fix itself in due time.

There are some people who are in a situation that it does not make sense for people to own miners and have them in their house. Not everyone has a stable internet connection, or a stable source of electricity or a cost efficient way to keep their home cool in a cost efficient way after the miner increases the temperature in your home.

The cloud mining buyer´s market. Looks like prices will
continue plummeting into 2015.


http://www.bitcoinbrothers.de/home

The prices are declining because the difficulty is rising (and the result of the difficulty rising is that profitability is decreasing). You need to remember that the cost to produce miners is very little and that the manufactures of miners have a huge operating profit margins (most of their costs are from R&D)

Which means gigantic overcapacity in mining which in turn reflects in declining price of the produce (BTC).

Mr. Market is always right. The only question is which price level is the appropriate one for wiping out enough of this overcapacity to reach equilibrium. It could be 250-300 (where it´s obviously heading) for a few months or lower. Time will tell.

I tried it - wasted a lot of money and nerves. Never did work out for me. That's all. Be careful.

I wouldn't trust the news. This operation may be a scam, like that other German company Mining Asic Technologies. Speaking of Germany aren't Genesis Mining from there? There's going to be a cloud mining war :D

This is not necessarily true. All it means is that the difficulty is rising as it has been since bitcoin mining has started. A cloud mining service is not going to be able to sell any cloud mining capacity if their prices do not allow users to ROI with some level of realistic level of difficulty increases

It will all be corrected in the coming months. Perhaps 250 isn´t enough, it may take 200. The trick will be to not have lots of money stuck in coming bankruptcies.

$250 and below wouldn't just wipe out the miners, but a lot of regular users along with them. Don't forget that bitcoin has never gone below the previous ATH after reaching a new one, which may sound like an artificial boundary, but in fact is a stable sign of progress, and most of us are here because of this progress.

If you want a steady income of $300-$400 per month, you will need to go and get a job.  Mining Bitcoin is a business, not a Goose that lays Golden Eggs.  It is wishful thinking to expect a scenario where you make a steady income without working.  Perhaps you should look at creating services around Bitcoin instead.  Cloudmining becomes unprofitable over time, early adopters may recover their contract costs but this will not be the case for most, consider that "if it was profitable to mine Bitcoin long term, they wouldn't be offering you the opportunity"

Yeah, I read that a lot months ago so I bought with excellent results

which have gotten even better.