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Author Topic: Future Of mining in the Cloud  (Read 2335 times)
Coin.Karma
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October 10, 2013, 02:33:34 PM
 #1

Welcome to the future of mining. I am expecting this to be the best method going forward for purchasing hashing power. Its cheaper than most in terms of Gh/s provided to BTC cost.

https://cex.io/

Have fun Mining

cheers
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Coin.Karma
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October 10, 2013, 03:39:51 PM
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bump
odolvlobo
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October 10, 2013, 03:46:31 PM
 #3

Look at cex.io right now. You can buy 1 GH/s for 0.2125 BTC, but 1 GH/s will never mine more than 0.1850 BTC (assuming an average difficulty increase of 20%).

Even assuming that cex.io is legitimate, why would anyone pay 0.2125 BTC to mine 0.1850 BTC?

I don't think this business model will ever work simply because there is no reason for cex.io to mine bitcoins for someone else when they could make more money by mining for themselves.

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pedrog
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October 10, 2013, 09:06:28 PM
 #4

Look at cex.io right now. You can buy 1 GH/s for 0.2125 BTC, but 1 GH/s will never mine more than 0.1850 BTC (assuming an average difficulty increase of 20%).

Even assuming that cex.io is legitimate, why would anyone pay 0.2125 BTC to mine 0.1850 BTC?

I don't think this business model will ever work simply because there is no reason for cex.io to mine bitcoins for someone else when they could make more money by mining for themselves.

I've also done some math when first saw this site, it doesn't seem to be a good deal...


Anyone can elaborate why we should invest there?

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October 10, 2013, 09:45:40 PM
 #5

I think the concept here is:

1. buy GHS
2. mine using GHS
3. sell GHS for slightly less than what you bought it for - as long as what you mined in the mean time covers the difference - profit.
odolvlobo
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October 11, 2013, 12:40:04 AM
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I think the concept here is:

1. buy GHS
2. mine using GHS
3. sell GHS for slightly less than what you bought it for - as long as what you mined in the mean time covers the difference - profit.

#3 is where the concept fails. It can only succeed if the cost of the GH/s is lower than the amount that it mines.

However, why would the operator sell you the mined bitcoins for less than their value? There might be a legitimate reason, such as it could be a kind of loan -- you pay 0.15 BTC for 1 GH/s upfront and you get 0.185 BTC back over time. There are more efficient ways of borrowing money, though.

Anyway, that doesn't matter right now because if you are paying 0.21 BTC for a GH/s, you are paying more for the GH/s than it will ever mine. This is a very common newbie mistake. Most are too excited and in too much of a hurry to take the time to look at the numbers.

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odolvlobo
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October 11, 2013, 12:48:11 AM
 #7

Look at cex.io right now. You can buy 1 GH/s for 0.2125 BTC, but 1 GH/s will never mine more than 0.1850 BTC (assuming an average difficulty increase of 20%).

Even assuming that cex.io is legitimate, why would anyone pay 0.2125 BTC to mine 0.1850 BTC?

I don't think this business model will ever work simply because there is no reason for cex.io to mine bitcoins for someone else when they could make more money by mining for themselves.
I've also done some math when first saw this site, it doesn't seem to be a good deal...

There is a quick way to estimate what a hash rate is worth:

Use this formula: VALUE = H * 7040691 / D / R, where

H = your hash rate in GH/s
D = current difficulty
R = average increase in difficulty each period for the next several months

For the last 8 months, R has been about 0.30 (30%), but that can't continue much longer. I predict R to be about 0.20 (20%) over the next several months. That's how I get a value of 0.185 BTC per GH/s. Others believe it will be much higher and miners seem to think it will be a little lower.

This calculation also doesn't include fees and expenses.

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October 11, 2013, 09:04:39 PM
 #8

Look at cex.io right now. You can buy 1 GH/s for 0.2125 BTC, but 1 GH/s will never mine more than 0.1850 BTC (assuming an average difficulty increase of 20%).

Even assuming that cex.io is legitimate, why would anyone pay 0.2125 BTC to mine 0.1850 BTC?

I don't think this business model will ever work simply because there is no reason for cex.io to mine bitcoins for someone else when they could make more money by mining for themselves.
I've also done some math when first saw this site, it doesn't seem to be a good deal...

There is a quick way to estimate what a hash rate is worth:

Use this formula: VALUE = H * 7040691 / D / R, where

H = your hash rate in GH/s
D = current difficulty
R = average increase in difficulty each period for the next several months

For the last 8 months, R has been about 0.30 (30%), but that can't continue much longer. I predict R to be about 0.20 (20%) over the next several months. That's how I get a value of 0.185 BTC per GH/s. Others believe it will be much higher and miners seem to think it will be a little lower.

This calculation also doesn't include fees and expenses.

Cool, thanks for the explanation and calculation. I may have missed this, but where does 7040691 come from?
odolvlobo
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October 11, 2013, 09:24:36 PM
 #9

Cool, thanks for the explanation and calculation. I may have missed this, but where does 7040691 come from?

1000000000 x 10 x 60 x 65535 / 248 x 2016 x 25 = 7040691

Here are where those numbers come from:

1000000000 x 10 x 60 is the expected number of hashes per block (per GH/s)
65535 / 248 x D is the probability of finding a block
2016 is the number of blocks per period
25 is the block reward



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ishkur
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October 11, 2013, 09:25:19 PM
 #10

Looks like pricing for a GH dropped to .18ish now

Still to high
glendall
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October 11, 2013, 11:47:50 PM
 #11

CLoud mining...cloud mining... wasn't Lando Calrissian into that?
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October 12, 2013, 12:39:40 AM
 #12

CLoud mining...cloud mining... wasn't Lando Calrissian into that?

Hahahaha - it wasn't even worth explaining to my wife why I laughed at that
dresdenreader
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October 16, 2013, 02:37:24 AM
 #13

Price dropped like crazy today. 1 GH for about .14 BTC.

BTC - 16CCpAqNiuqVNkihfEY3UjDsR5UAFYbiMX
DARK LORD CTHULHU BE PRAISED - OFF - QgdYCLwJAE8CA287xUVi5Zkv6NN9PDaA78
https://bitcointalk.org/index.php?topic=294383.0
balanghai
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October 16, 2013, 02:56:32 AM
 #14

What's happening why the chip price isn't moving? Still stuck at BTC1.67.
Coiner.de
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October 16, 2013, 05:22:19 AM
 #15

Nobody is selling chips.
stefffe
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October 16, 2013, 05:52:52 AM
 #16

I bought ghs worth 4 btc 5 days ago, they have mined almost 0.4 btc now so works nice indeed

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odolvlobo
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October 16, 2013, 06:13:49 AM
 #17

I bought ghs worth 4 btc 5 days ago, they have mined almost 0.4 btc now so works nice indeed
So, you have 10% of your investment so back far. Do you really think you will get back the full 4 btw?

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October 16, 2013, 07:52:22 AM
 #18

He will, he doesnt pay elecricity and hosting fee.

Maybe it will take 3 months or 24 months but he will...

Unless cex.io goes bankrupt Wink
stefffe
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October 16, 2013, 08:11:31 AM
 #19

Like he says, I WILL make roi..it is just a matter of time. But I am pretty sure the share price will be much lower by then.. how ever, I have gotten my 4 btc back and might sell shares for half or someth.

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VeeMiner
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October 16, 2013, 09:06:57 AM
 #20

I think the concept here is:

1. buy GHS
2. mine using GHS
3. sell GHS for slightly less than what you bought it for - as long as what you mined in the mean time covers the difference - profit.

#3 is where the concept fails. It can only succeed if the cost of the GH/s is lower than the amount that it mines.

However, why would the operator sell you the mined bitcoins for less than their value? There might be a legitimate reason, such as it could be a kind of loan -- you pay 0.15 BTC for 1 GH/s upfront and you get 0.185 BTC back over time. There are more efficient ways of borrowing money, though.

Anyway, that doesn't matter right now because if you are paying 0.21 BTC for a GH/s, you are paying more for the GH/s than it will ever mine. This is a very common newbie mistake. Most are too excited and in too much of a hurry to take the time to look at the numbers.

I agree, obviously you're buying something which price can only go down. And nowadays it's 30 percent in around 12 days so not a good deal
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