Would you recommend Cloud Hashing?

[Galahad]

Could anyone give me a review of cloudhashing.com please?

https://www.cloudhashing.com/contracts/gold-contract

I've been buying coins but this is a much cheaper way of getting them for someone like me who isn't going to mining myself.

EDITED
Found this: https://bitcointalk.org/index.php?topic=232739.0

[frankenmint]

I wouldnt.  If you groupbuy you could likely see something similar sooner.  honestly by now you could get block erupters and setup the same amt of hashpower for their contracts.

[Galahad]

I wouldnt.  If you groupbuy you could likely see something similar sooner.  honestly by now you could get block erupters and setup the same amt of hashpower for their contracts.

But I'm not going to be doing my own mining so this has got to be more cost-effective then buying coins right? This contract has an estimated payout of 10-20 BTC but I could only get 5 BTC for the same price. I'm not really interested in comparing it with self-mining, just with other options open to the average guy in the street.

[rat]

the more i look into CH, the more it looks like a scam.

the payouts are inconsistent. and when you get them they look quite Ponzi-ish.

the guy that owns it only has one machine - if it goes - there goes your contract.


BFL is going to start their own cloud hashing soon. at least they own, and make, the hardware they will be hashing on.

not that i'm endorsing them.

[lajz99]

the more i look into CH, the more it looks like a scam.

the payouts are inconsistent. and when you get them they look quite Ponzi-ish.

the guy that owns it only has one machine - if it goes - there goes your contract.


BFL is going to start their own cloud hashing soon. at least they own, and make, the hardware they will be hashing on.

not that i'm endorsing them.

Which single machine can mine at 2,445.50 GH/s?

[lassdas]

This contract has an estimated payout of 10-20 BTC but I could only get 5 BTC for the same price.

In what universe does it have an estimated payout of 10-20 BTC? 

I guess you didn't read the fineprint

*Using estimates of:
Bitcoin network hashrate = 450 TH/s in September 2013,
Bitcoin network hashrate = 2,000 to 3,000 TH/s in September 2014

Current network hashrate = ~1200TH/s

the estimated payout of 8GH/s is probably more around 1.5-2 BTC, not 10-20,
now those 5 BTC you get for the same price don't sound that bad, huh? 

[MerchantMiner]

This contract has an estimated payout of 10-20 BTC but I could only get 5 BTC for the same price.

In what universe does it have an estimated payout of 10-20 BTC? 

I guess you didn't read the fineprint

*Using estimates of:
Bitcoin network hashrate = 450 TH/s in September 2013,
Bitcoin network hashrate = 2,000 to 3,000 TH/s in September 2014

Current network hashrate = ~1200TH/s

the estimated payout of 8GH/s is probably more around 1.5-2 BTC, not 10-20,
now those 5 BTC you get for the same price don't sound that bad, huh? 

im new to the game and already i can see alot of people scamming , and companies ripping people off with made up tech and pre orders, i looked into cloud hashing and decided to stay well clear of it , as im not in control of any of that service. becuase the hash rate is going though the roof and new tech is heading out to the market place the bitcoin mining community is going to see some changes , i got an email about slush 2.0 whatever that will be!! im playing this by ear at the moment , this forum is invaluable for new people and i hope people take the time to read as many posts as possible to save time money and hardship.

[integrity42]

ABSOLUTELY STAY AWAY FROM THEM!!

They are a virtual mining company, they have done the math so that they can sell you 'hashpower' that will earn less bitcoins then you pay them.

You will 100% lose money there.

[Wipeout2097]

The safest is still buying video cards like the 7950, mine alt coins and trade for BTC. ASICs "in hand" are a ripoff, pre-orders are vapor, and either way there are useless for anything else. When this stops being profitable you can still sell the videocards to PC gamers.

[gordoh]

I wouldnt.  If you groupbuy you could likely see something similar sooner.  honestly by now you could get block erupters and setup the same amt of hashpower for their contracts.

But I'm not going to be doing my own mining so this has got to be more cost-effective then buying coins right? This contract has an estimated payout of 10-20 BTC but I could only get 5 BTC for the same price. I'm not really interested in comparing it with self-mining, just with other options open to the average guy in the street.

If you go for a Group buy operation like UltiBit, you wont have to actually do your own mining. The company hosts the miner for you and pays out every month according to the amount of shares you buy. Cloud hashing sells contracts, that expire after a certain amount of time, but buying shares in a group buy operation is much better because they cannot expire. They will keep mining until it is no longer profitable.

Personally, I dont think CH is going to be profitable, maybe do some research before you put money into mining contracts or GB's.

[fattypig]

No, the price the GH/S is too high compare to its competitor.

[uartasic]

answer is subjective to a large degree.

if you bought BTC in the last few months and used it on a place like cex.io then likely not.

if you bought BTC years back then likely it will be profitable/feasible.

for me i paid a few dollars for each BTC and as such my GHs rates cost is very low compared to the return.

however recently your rates would be in the hundreds of dollars and as such, not a good return, also considering the fees taken during some payouts.

like i said subjective, to each their own. maybe do the math on the payouts per hour vs fees on such payouts then look at difficulty which i understand has just changed so that may be a game changer also.

you sometimes dont know until your give it a try yourself. only you can decide in the end.

i wouldnt do it now unless i got my BTC for real cheap, which i did.

[zumzero]

the more i look into CH, the more it looks like a scam.

the payouts are inconsistent. and when you get them they look quite Ponzi-ish.

the guy that owns it only has one machine - if it goes - there goes your contract.


BFL is going to start their own cloud hashing soon. at least they own, and make, the hardware they will be hashing on.

not that i'm endorsing them.

Which single machine can mine at 2,445.50 GH/s?

http://www.easic.com/vmc-uses-easic-to-achieve-24-756-ths-bitcoin-miner/

[kickbit]

Would you recommend Cloud Hashing?

Absolutely no.
It's not profitable at all. (Check here - http://mining-profit.com/ )
And you can't do anything with GHashes you bought.

Profit of 50Gh/s is about 1 BTC. 50Gh/s contract - $3,999.
1 BTC = 3999USD. Great deal!