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worldtraveller321
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November 30, 2017, 03:16:00 AM
 #1

What are names of some big mine companies? I know of Hive.
more less like to look into ones that are on the stock market as well

what are the big ones to look at who are into mining?

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November 30, 2017, 10:35:53 PM
 #2

What are names of some big mine companies? I know of Hive.
more less like to look into ones that are on the stock market as well

what are the big ones to look at who are into mining?
Do you look for cloudminers? I only know three, that are/were legit. Genesis, eobot and hasflare. I wouldn't recommend hashflare anymore. They cut lifetime contracts and set withdraw to high minimum.
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December 01, 2017, 07:29:21 AM
 #3

thanks so much for the 3 , I am going to look into the cloud mining aspect more. maybe this could be another way to make investments in world of crypto? maybe a long term?

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December 01, 2017, 08:21:33 AM
 #4

thanks so much for the 3 , I am going to look into the cloud mining aspect more. maybe this could be another way to make investments in world of crypto? maybe a long term?
Mining contracts might not last for lifetime like cloud mining sites claims and many of the cloud mining platform have already updated their contract period to 1 year instead of lifetime, you might not get even your initial investment back.

I will suggest you to start mining by purchasing real mining hardware rather than investing thousands of dollar in those cloud mining contracts.
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December 01, 2017, 08:44:38 AM
 #5

thanks so much for the 3 , I am going to look into the cloud mining aspect more. maybe this could be another way to make investments in world of crypto? maybe a long term?

maybe once a long time ago but nowadays they are almost all scams or they are legit which turn into scams because they can not earn enough profit themselves.

in the old days there were real companies with real hashing power which you could see and verify easily and trust them with the money. although there were scams then too. but these days with high difficulty and all the expenses they prefer running a Ponzi scheme rather than a legit mining operation. and the legit ones will eventually turn into a Ponzi scheme when they start selling more hashing power than they really own. and each of them will fall eventually because you can not keep a scam up for long.

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December 01, 2017, 09:51:31 AM
 #6

interesting. so what your saying. to make and see profit from an investment. in cloud mining, I would have to do a contract over a few years? for a return?

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December 01, 2017, 05:10:38 PM
 #7



thanks so much for the 3 , I am going to look into the cloud mining aspect more. maybe this could be another way to make investments in world of crypto? maybe a long term?



Not really best investment opportunity. As we have seen the hash flare gone wild with their contracts terms, turning the lifetime contract to short 12 month contract is getting worried thing now. They have high fees of withdrawal with high limits of withdrawal too. This means you are not able to achieve that ROI also for which you had the investment earlier. Anyway, you can still look into the Genesis mining but the question rises, what will happen if this company also turn down their contract terms when we are in the middle of contracts terms. That could be fearing dream and one should always triple check all the aspects of this.


P.S. Dont do cloud mining. You can check for hardware mining by yourself if you have good investment. 


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December 03, 2017, 12:06:18 AM
 #8

interesting. so what your saying. to make and see profit from an investment. in cloud mining,

Is Bitcoin Cloud Mining Actually Profitable?


Many people wished they had not missed the Bitcoin mining bus before the great Bitcoin boom started back in 2013. Back then you could mine Bitcoins pretty easily at home and make a very nice profit on the exchange rate.

However since then, the mining difficulty has increased immensely and today it is almost impossible to mine Bitcoin profitably at home with your own hardware. The only exception is if you have very low electricity costs and manage to mine efficiently for at least 6 months without any major changes in this competitive landscape.

And that’s one of the reasons cloud mining was born

A seemingly sophisticated way to allow people to jump on the Bitcoin mining bus without the need of costly expenses. With cloud mining you can rent mining equipment from a company that will give you back the profits from your rented mining rigs.

You do not need to deal with the electricity costs, cooling down the miners or storing them, all you need to do is send out a periodical payment and you are all set. Of course this cloud mining idea quickly took off as people are always looking for new ways to make money online, however how legit and profitable are these cloud mining contracts? That’s exactly what I’m about to unveil in the following post.

99% of cloud mining companies are complete a Ponzi scheme

How do I know this? Well, I run a website dedicated to helping people get started with Bitcoin and every day I get another complaint about another cloud mining company that does not pay and the website seems to have gone away. Even Gavin Andresen, the previous chief scientist of the Bitcoin Foundation who has now been widely discredited because of his involvement with the charlatan Craig Wright, once said:

“I suspect many of them will turn out to be Ponzi schemes.”

Also just looking at our cloud mining reviews page you can see the amount of fraud and companies that fail to payout.

When consider a cloud mining company make sure to due your due diligence on every company you think of investing in. One the tools created for this task is the Bitcoin scam test. If it does not pass the test - do not invest.

But even if you do find a legit cloud mining company is it really worth your money? Let’s put one of the most profitable cloud mining companies to the test - Hashflare

Doing the math

If you go to the company’s pricing page and purchase 10Th/s of Bitcoin mining power (SHA-256) it will cost you $1,200 or the equivalent in Bitcoins around October 17, 2016. If I use a Bitcoin mining calculator and try to predict my profits with 10Th/s of mining power assuming I have no other expenses I get the following results:



So after one month I make around 0.34172190 Bitcoins (~$217), meaning after 1 year I will make around 4.1 Bitcoins. Seems pretty profitable, this means that I’ll break even after about six months and from there on it’s pure profit.

But here’s the kicker, something called MEF - Maintenance and Electricity Fees. For Hashflare they are as followed: The MEF is linear and equals 0.0045 USD per every 10 GH/s of SHA-256 and 0.01 USD per every 1 MH/s of Scrypt. Ethereum contracts are not subject to any fees.

So let’s go back to our investment and calculate in the fees. 0.0045USD per 10GH/s per 24 hours = $4.5/day (since I’m using 10Th/s).
So in one month this adds up to $135. So now we’re making only $82/m and are breaking even in about 15 months. If everything stayed constant in the Bitcoin universe I’d only get my money back after a year and 3 months. After that I’d be doing $82/m in revenue which is 6.8% monthly interest. However, if you take a look at Bitcoin’s historical price figures you see that nothing ever stays constant for such a long time. Exchange rates will fluctuate and mining difficulty will probably increase.

Assuming the BTC exchange rate rises you’ll be making more money and so will the mining company. However, if that’s the case then perhaps you would have been better off just holding on to those $1200 in Bitcoin to begin with.

And if Bitcoin’s price drops? Well it’s going to take you a lot more time to break even. However since the cloud mining company already cashed out on you as a customer when you signed up they don’t really care. Also, if BTC’s price falls so low that it’s no longer profitable to mine you won’t be getting anything which can make your break even time become infinate.

However, the examples given above are actually the best case scenario where the company you invest in actually has mining equipment. Most of the cloud mining site today are unfortunately Ponzi schemes masquerading as legit investments. Usually they’ll just take money from newcomers and pay it out to senior members and themselves until this whole scheme finally falls apart and the site goes down.

Bottom line - Cloud mining companies are usually always like a casino - the house always wins. If you do start making profits with them it is after a very long and risky period in which Bitcoin’s price probably went up and you could have made more money by just HODLing.

Be careful with your bitcoins!

Written by Ofir Beigel on October 17, 2016.


I would have to do a contract over a few years? for a return?

per year and you would probably not make a profit, you would be wasting time and money... is better to buy bitcoin and hold for some time and then sell and buy again when the price of bitcoin drops.

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December 03, 2017, 03:27:18 AM
 #9

Antpool, F2pool can be counted among the popular pools. Depending on the hash, Bitcoin minng has become profitable, I could mining if my asic miners were not sold well.



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December 03, 2017, 05:59:32 AM
 #10

There are several versions of stories from mining contract's holders, some people could get profits and some claimed they were not paid in full or reduced payout over time.
I don't recommend to invest in any cloud mining, even though there are some famous sites such as hashflare or genesis mining, but do your own research before deciding to put your money on the line as the time to reach ROI may take 6 months or even more than a year, which it's more profitable if you just buy bitcoin, ethereum or dash and hold it for 1 year.
You can read some post about genesis mining here: https://bitcointalk.org/index.php?topic=768281.720 and consider this one https://bitcointalk.org/index.php?topic=2200613.0
Another thing about mining; you may consider ordering an ASIC on https://www.bitmain.com/ do a real mining instead of cloud mining as you have more control over your investment.
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