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Author Topic: Would it be better if I buy a asic scrypt miner or cloud mining?  (Read 879 times)
machoo123 (OP)
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July 14, 2014, 03:50:33 AM
 #1

I'm thinking of getting a zeus blizzard miner and pointing it to nice harsh with a Raspberry pi but I'm sure if it will be better to go for cloud mining as I don't think of able to on the rig for the entire time so what the views of you guys?
FlyForFun
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July 14, 2014, 02:25:38 PM
 #2

If you can't run your asic for 24/7 then you might as well go for cloud mining but both aren't profitable so good luck..

Bitsaurus
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July 14, 2014, 03:00:23 PM
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Don't do cloud mining.  Honestly it doesn't help the network in any way (doesn't decentralize mining), it doesn't make you a profit, it doesn't really teach you much about mining or hardware.  All it is good for is graphs and eye candy interfaces.  If you cloud mine you just end up making the cloud mining company richer.

Either buy mining equipment and hope for a profit (most likely it will a loss) or buy your coins directly and help support crypto by supporting crypto businesses or making your own.

I mined back in 2011 onwards, I don't understand what the fascination is with mining now - the money is gone.
lynn_402
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July 14, 2014, 03:04:43 PM
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Don't do cloud mining.  Honestly it doesn't help the network in any way (doesn't decentralize mining), it doesn't make you a profit, it doesn't really teach you much about mining or hardware.  All it is good for is graphs and eye candy interfaces.  If you cloud mine you just end up making the cloud mining company richer.

Either buy mining equipment and hope for a profit (most likely it will a loss) or buy your coins directly and help support crypto by supporting crypto businesses or making your own.

I mined back in 2011 onwards, I don't understand what the fascination is with mining now - the money is gone.

This.

Mining should not be considered as an investment, since even if the coin's value increases, the reward will always be less than if you directly bought the coin. That's because the mining companies can get their equipment and electricity at a fraction of the price you would pay, thus all the profits will go to them and none are left for the small miners.

Mining is still important, though, if there's a PoW coin you want to support; but cloud mining is not a good way to do that since you have to trust an anonymous third party with your equipment.
Bitsaurus
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July 15, 2014, 03:35:18 AM
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Cloud mining actually encourages centralization.  If gives the cloud mining company are larger presence and the "gift" of your purchase allows them to either build or buy their own private farm which they make a profit off of and then "offer" to you 3 months after they made their share.  Rinse & repeat.
balanghai
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July 15, 2014, 03:38:22 AM
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Cloud mining actually encourages centralization.  If gives the cloud mining company are larger presence and the "gift" of your purchase allows them to either build or buy their own private farm which they make a profit off of and then "offer" to you 3 months after they made their share.  Rinse & repeat.

This one nailed it. Cheesy
lynn_402
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July 15, 2014, 03:45:30 PM
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You can see how unprofitable cloud mining is by using a mining calculator like this one, which takes into consideration the difficulty adjustment:
https://bitcoinwisdom.com/bitcoin/calculator
jonnybravo0311
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July 15, 2014, 05:34:57 PM
 #8

Cloud hashing outfits exist to make profits for themselves, otherwise they would go out of business very quickly.  Assuming it's a legit business with actual hardware, and not a ponzi scheme, they need to recoup their capital investment, pay for power, pay for cooling, pay for infrastructure, pay for employees, etc.  If some hardware mines 1BTC a day, do you honestly think they're going to sell you a contract for less than 1BTC?  In other words, why would they sell you a dollar for 75 cents?

Jonny's Pool - Mine with us and help us grow!  Support a pool that supports Bitcoin, not a hardware manufacturer's pockets!  No SPV cheats.  No empty blocks.
machoo123 (OP)
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July 16, 2014, 08:34:44 AM
 #9

so the best solution for me is to buy and hold and sell when it going up ?
lynn_402
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July 16, 2014, 01:42:56 PM
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so the best solution for me is to buy and hold and sell when it going up ?

That would make the most financial sense. And buy back when it's going down, and never panic Wink

If you want to mine, it should be done because you care about a coin's security, as it is not a reasonable investment.
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