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Can someone explain why a miner would sell these bitcoin contracts rather than just keep all the mined coin? It seems if I spend tons of cash setting up mining rigs, that I would keep all the mined bit coin? Or are they selling the capacity for more than it costs them?
There is no charity in this forum. It's profit and more profit..more than 10% for this operator at least.
I didn't suggest there was any charity. But, I'm curious of the business model. Especially since there is no on going cost to maintain these contracts for the "investor". Yet for the miner there is. Sure, they deduct that from your payout. Also, if the miner is bullish on the price of Bitcoin, he might make more holding the mined coins.
I assume mining is still profitable at this point, or people wouldn't be doing it?
The power costs are already built into the price. We do not deduct anything from the payouts. We simply buy hardware for X and sell it for X + costs + profit margin. We are aware of the costs and price the hash power accordingly. If we only mined for ourselves, we would have never expanded this far in such a short amount of time.
Thanks for the information. I will consider your service... it does look interesting.
