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Author Topic: Mining Contract - Which to choose  (Read 713 times)
Strainer
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September 01, 2013, 09:36:50 PM
 #1

Hello dear community!

I have only recently discovered Bitcoin mining, and am very interested in the concept. I have also read about the problem achquiring equipment, and the propositions of skyrocketing difficulty.

For me, the only reasonable way to participate is a mining contract, and Bitconfrenzy seemed like a very reasonable priced offer.

My thought at the moment is, which mining contract seems to be the most reasonable. As I said, I also expect difficulty to rise quite a bit, which Bitocoinfrenzy tries to compensate with their reinvestment program. I am just not sure if it will be enough to compensate the rising difficulty. So the biggest question is, if it's smartest to just go for a 1 or 2 year contract, which is a lot cheaper, or risk an unlimited contract, that ofc has the risk of being way too slow in hashing power to generate any income at all after some time passes.

I am eager to hear some opinions on this matter, or if a mining contract under this conditions is a good idea at all, also experience with Bitcoinfrenzy would be highly appreciated.

Thank you
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marcovaldo
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September 01, 2013, 09:40:00 PM
 #2

Hello, and welcome.

I did not heard about it, but I don't understand why are they selling that instead of using it for themselves and keeping all the profits? Seems strange to me.



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September 01, 2013, 09:52:52 PM
 #3

I dont trust it, because of the fact that they could use that to mine and make money. They say that in the first year you will male $1200 worth of bitcoin, and charge less than that..

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September 01, 2013, 09:54:35 PM
 #4

I dont trust it, because of the fact that they could use that to mine and make money. They say that in the first year you will male $1200 worth of bitcoin, and charge less than that..


Yes, same for me.
I would like to have some feedbacks about that.



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September 01, 2013, 09:55:59 PM
 #5

You'll get a higher ROI just buying bitcoin lol.  Many contacts are scams.

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September 01, 2013, 10:05:35 PM
 #6

You might as well take up Mining yourself so you know that you are getting the BTC. Or, simply just buy Bitcoins.



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Strainer
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September 01, 2013, 10:21:11 PM
 #7

My problem with that is that hardware doesn't seem to be available anywhere, at least not for a reasonable price. Also, electricity isn't exactly cheap around here, which adds to the problem.
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September 01, 2013, 10:22:52 PM
 #8

My problem with that is that hardware doesn't seem to be available anywhere, at least not for a reasonable price. Also, electricity isn't exactly cheap around here, which adds to the problem.


Mining btc is not profitable for months. Nothing new here.



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Strainer
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September 02, 2013, 12:05:19 AM
 #9

So do you generally think this is a bad idea or even a scam?

What about other companies offering contracts, like Cloudhashing.com ?

My general thought is due to the fact that these companies obviously have large amounts of equipment on order, and probably finance large parts of it through these contracts, it is a win-win situation. Therefore, it doesn't generally have to be a scam, as both sides profit from these deals.
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September 02, 2013, 12:16:06 AM
 #10

You also have the option of buying share directly in mining companies. I have purchased shares in Addiction, LabRat and Active Mining via Bitfunder.
http://bitfunder.com
http://www.labratmining.com/

Advantages you there is normally no end of contract, you are a shareholder. You can sell your share at any time.
You can benefit for apprication of share value and receive a percentage of the total hashrate base on the number of share you hold.

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September 02, 2013, 12:19:33 AM
 #11

This is very interesting, I will definitely look into this. How is the price on these shares in general, what do you pay for 1 GHs?
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September 02, 2013, 12:30:33 AM
 #12

I took a look and found these issues that you need to be aware of:

1. "... start earning your own Bitcoins as soon as October." -- The difficulty will probably double before mining starts.
2. "We reinvest 25% of revenue to buy additional mining power." -- Since your hash rate is fixed, this doesn't help you. It is really just a hidden 25% fee on top of their 7.5% fee.
3. "Earn ~125 Bitcoins ..." -- this is a lie. The 50 GH/s contract will earn about 15.1 BTC (before fees), not 125. With fees, you won't break even.

Buy bitcoins with cash from somebody near you: LocalBitcoins
Join an anti-signature campaign: DannyHamilton's ignore list
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September 02, 2013, 02:32:57 AM
 #13

This is very interesting, I will definitely look into this. How is the price on these shares in general, what do you pay for 1 GHs?

You will have to do your own research. With LabRat is apprx 300MHs per bond. I bought into Addiction prior to IPO for 5BTC, which was about 500.00 usd at the time. That ended up being 1000 shares worth ฿10.64.
Addiction has ordered many of the KNC Jupiter miners. When they are up and running there should be a nice increase in share value, and dividend payout will start. My 1000 share should translate to approx 64Ghs.

You can do most of your research here. https://bitcointalk.org/index.php?board=78.0.
Then you can find the price per gig hash for any given security.


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September 02, 2013, 04:08:43 AM
 #14

many "mining contracts" are either ponzis if they pay out or scams if they steal your money and run. beware.
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September 02, 2013, 05:12:58 AM
 #15

There is lot of info on Addiction in this forum.  Proof is provided that miners were purchased from KNC This series of group buy was latter to become Addiction.

https://bitcointalk.org/index.php?topic=227400.0

When considering buying, you have to do your own due diligence, before investing in any mining co-op. That being said KNC could fail to deliver a product making my shares worthless. The same was said about Asic Miner and Avalon. If you are risk adverse you have no business mining or even buying BTC.

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September 02, 2013, 05:40:31 AM
 #16

There is lot of info on Addiction in this forum.  Proof is provided that miners were purchased from KNC This series of group buy was latter to become Addiction.

https://bitcointalk.org/index.php?topic=227400.0

When considering buying, you have to do your own due diligence, before investing in any mining co-op. That being said KNC could fail to deliver a product making my shares worthless. The same was said about Asic Miner and Avalon. If you are risk adverse you have no business mining or even buying BTC.

what is your opinion on Labcoin?
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September 02, 2013, 05:59:42 AM
 #17


what is your opinion on Labcoin?
[/quote]

I have heard good things about Labcoin, but since I dont have the funds to buy right now, I  have not done much research into them.  It seems to be a very appealing company. Its different from most of the offering, being the manufacturer of the chips and not just a mining co-op, like Addiction, LabRat. They could be some competion for Asic Miner, which currently has no real completion. I am no expert, but I have spent many hours reading in this forum and elsewhere.

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September 02, 2013, 07:15:28 AM
 #18

Quote
what is your opinion on Labcoin?

I have heard good things about Labcoin, but since I dont have the funds to buy right now, I  have not done much research into them.  It seems to be a very appealing company. Its different from most of the offering, being the manufacturer of the chips and not just a mining co-op, like Addiction, LabRat. They could be some competion for Asic Miner, which currently has no real completion. I am no expert, but I have spent many hours reading in this forum and elsewhere.

Interesting opinion. Personally i will be buying some labcoin shares once the price goes down (if ever) :-)
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