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Site is scam. Cloud mining is just a guise here, there is no real cloud mining
They don't actually claim to be doing real mining. --Jacob |
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So in short slowly slowly is the way to go, and get it out of your head that more hash = more BTC because it dosnt, blocks are found at time intervals and devs set this n the code for example: unsigned int nTargetSpacing = 10 * 60; // Some Shit Coin That coin is set to give out a block every 10 minutes regardless of what hash rate is on there. Hope that helps a little  It does help a little. I get that network wite there is only one block every 10 minutes. But, if I increase my personal hashrate shouldn't I (statistically speaking) get a higher portion of the network's earnings? Otherwise, why would anyone contribute more than a trivial amount of hash? So if spending more doesn't increase earnings then why would anyone mine? I mean getting 25% is great, but if you can only do that on $2 per day then its still only 50 cents. --Jacob |
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Thank you, I definitely take your point.
But is mining consistent enough where you know for sure that you will make (in your scenario) $37 per day, or is it $30 some days and $45 other days?
If so, might you be willing to lease it for $36.50 to guarantee predictability?
--Jacob
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It might just have been that the pool got lucky the first time you tried, and hit a couple of blocks the first time, and the second time (when you bought a lot more hashpower) they got unlucky and hit less blocks.
Mining is all about longterm averages, especially on older, well-established coins and pools.
Thank you for your answer. I was wondering if anyone would respond. --Jacob |
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It depends on what the payout style of pool you are mining at is.
If it is PPS, then it won't matter. If it is PPLNS then the longer duration will help spread it over a larger LNS.
If some other payment method then you will have to look into it.
Thank you. --Jacob |
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Leasing access to hashpower is cloud mining. Leasing access to a miner is rig renting.
They are both pretty bad and real owners pass the risk to you with a very low premium.
Mathematically, mining alone yields the same results as mining in a pool over a long period of time.
Pools are just people getting together and sharing the reward if they solve a block.
However, mining a pool reduces variance and since the network difficulty is always rising, it's not a good idea to go for the "long period of time".
Thank you. I guess what I am talking about is rig renting. I realize that it is a transfer of risk, but at the moment I am willing to assume the risk. Making even much less in an absolute sense is acceptable to convert a capital expense (buying a rig) into an operational expense (renting one). --Jacob |
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The pools profitability has nothing to do with its size, but more with what you get awarded from and what the fees are. Adding 50 TH/s to any pool should have no effect on its profitability. Keep in mind that on a small pool you might wait longer to get your payout. If you are looking at renting I suggest maybe looking here: https://www.miningrigrentals.com/Thank you. Is duration a factor? I mean will I get better returns doing 50 TH/s for a day or 600 TH/s for 2 hours (theoretically the same number of total hashes)? miningrigrentals.com is one of the sites that I have been looking at. --Jacob |
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You are most likely referring to cloud mining, they are all pretty much scams more or less.
You need cheap or free power to make a profit in Bitcoin mining these days.
My question isn't about cloud mining, it is about the effects of applying hashpower to pools. Why has my question been moved to speculation? I haven't asked any speculative questions. --Jacob |
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I encountered this site very early in my Bitcoin journey (which obviously wasn't long ago).
At that time I was looking to buy. I chose not to because I wasn't in a hurry and I am a cheapskate (Coinbase is 1/10 the price if you are willing to wait a week).
I later considered it again as a seller/lender. My biggest concern is that selling bitcoin violates Paypal's TOS.
If you take payments from buyers they consider it operating a money exchange, and that isn't permitted. Coinbase can do it because when you use coinbase you are not soliciting customers, you are selling to a business who is in that business. That is why Coinbase will pay out in Paypal, but doesn't accept Paypal for deposits.
I would use this site gladly if they made one of two changes:
1) switched to a seller friendly processor for outgoing payments; or
2) If they became an intermediary in the paypal transaction (i.e. the customer pays them and they pay you).
Jacob
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I a very newbie, but I am not certain if this is the best place for my question. If not, please let me know where it should be.
I am learning about bitcoin mining and am interested in doing so by leasing access to mining equipment over the internet (at least to start).
I have looked at a few sites that facilitate such leasing. One in particular requires orders to be for a minimum hashrate of 50 TH/s.
I have also been looking at pools. I just looked at a few and they have total hashrates (a few minutes ago) ranging from 6 to 370 TH/s. When I look at recent earnings stats (20 days or so) it seems that the smaller ones tend to be the most profitable.
I don't understand how a newbie like me, placing a minimum order for such a small amount of money, could be such a large percentage of a pool's volume?
Also, is there an inherent reason why smaller pools are profitable? if so, would I destroy the profitability of a small pool by adding 50 TH/s to it?
Thank You
Jacob
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I am new to crypotocurrency mining and I recently had an experience that I would like to ask about.
I short-term leased 100MH/s Scrypt hashing capacity and pointed it at a certain pool. I noticed the pool total was about 1.5GH/s at that time.
I watched it for 6-8 hours and I was making about a 30% profit over my costs. In that time I spent about 0.002BTC and had a balance on the pool of about 0.0025. So, convinced, I increased my hashrate to about 1GH/s and left it alone for several hours. After the increase I spent another 0.008BTC but my total earnings (for both timeframes) was only abut 0.0055BTC.
So after my increase I was a large portion of the pool's hashpower (about 40%). Does a pool reach a point of saturation where additional hashpower has no benefit?
I know that there can be diminishing returns on coin networks, but it would seem to me that I can't possibly have been a large portion of the worldwide Scrypt capacity, even though I was a large portion of the pool
Thanks,
Jacob
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