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Author Topic: Thoughts on mining contracts?  (Read 1198 times)
wamatt
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June 28, 2011, 03:04:05 PM
 #1

Hello ppl

Is it a good way to go?

More specifically, what are your thoughts on Vladimir and his mining contracts? Anyone know if he's reputable? Has he ever defaulted etc.

I would like to invest quite a bit in Bitcoin for longterm.

TIA Cheesy
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bitebitebite
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June 28, 2011, 03:33:17 PM
 #2

 Always seems to be (from the ones I have checked, which were not this week btw) - you pay more than you will ever get out (understandable as they are businesses) assuming BTC price ~ stays put. If you believe price will rise, better to invest the money in BTC imo
fascistmuffin
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June 28, 2011, 03:42:56 PM
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Mining contracts just don't seem rational for the person buying the hashing power. If you want to invest in bitcoin, why not buy them directly instead of get into a multiple month contract that cost more than you'll mine (especially with difficulty rises)? Why not invest in the hardware, so if you want to pull out, you at least have that to sell?
themike5000
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June 28, 2011, 03:43:57 PM
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I haven't been around for too long, but I haven't seen anyone complain about him.  I haven't talked to anyone using his service, but I expect people would start talking if he were scamming.  At the rate he is expanding, it seems he must have some good business.  In my opinion, you pay a premium not to have to deal with (1) buying equipment, (2) setting up equipment, (3) convincing your wife that you need half of the living room, (4) and you don't have to deal with the risk of owning hardware and selling it or upgrading it one day.  The premium must make sense for some people.

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Stephen Gornick
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June 28, 2011, 06:02:46 PM
 #5

Incidentally:
  - http://en.bitcoin.it/wiki/Category:Mining_contractors

bcpokey
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June 28, 2011, 06:11:50 PM
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Mining contracts only make sense if the person selling the contract is more or less taking the person buying the contract to the cleaners.

For example, say you want to rent 1GHash/sec. Vladimirs prices make sense for Vladimir, you lock yourself in for a multi-month contract at a price that allows vladimir to buy 1GHash/sec of generating equipment, he sells you that 1Ghash for a few months, you get the BTC and he gets shiny new hashing power for free (less power costs) once your contract is up guaranteed (for him).

The only sense for the buyer is if they are in a place where electricity is crazy expensive, computer hardware is crazy expensive, etc. etc. is very expensive, and they expect the price of bitcoin to stay relatively flat, or to decrease, at a rate that is still a profit over what they paid for the contract. A sort of minimal gain but without any hassle on their end. The lazy mans way to get into bitcoin.
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June 29, 2011, 11:30:28 AM
 #7

no contract I ever saw was a good investment for the buyer.

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June 30, 2011, 03:32:38 AM
 #8

I think I'm still right in saying I offer the lowest priced contracts.

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