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Author Topic: Cloud Hashing, 20 GH/s for under $1000 or NOT  (Read 1526 times)
turbobitcoin
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November 02, 2013, 02:45:08 AM
#1

Let's take a look at Cloud Hashing.
According to their terms of service, your payout is reduced by 40%, because of:
"(a) We collect 10% of the Product as a management fee for operation of the Pool and associated
activities;
(b) We collect 30% of the Product (the “Reinvestment Product”) which is then reinvested into
additional or replacement Bitcoin Mining Hardware at our sole discretion and in accordance with
Clause 2.4."
Therefore, the loss of profit calculated using https://bitclockers.com/calc is actually higher in reality.

Let's say we buy their best contract of Platinum for $949.95 for two years + the processing fee $28.37.
No! Wait now, "when they use '$', they meant British pounds' It get better... right?
Yeah, I get to use google calculator and find out how much I am actually paying.
Link: http://lmgtfy.com/?q=978.32+british+pounds+to+USD
That is fucken great...... "Join For Under $1000"
Well, I guess if you think $1558.17 is under $1000, it's okay.
But to me that is false advertising. The "$" not a typo, it's in their shopping cart and used in 4 of their listed plans.... but magically, it shows 978.32 British pounds when you get to the payment processor. It is merely a tactic to trick buyers.

So when I calculated this, I had to put a value for the cost of watts, I put .3510 and watts use to 0. (They don't charge kWh.) Anything multiplied by 0 doesn't matter, so the price for kWh does not matter.
I inputted all the details according to their Platinum plan.

And guess what? You better hope your immortal and that they extend your plan beyond 2 years. The reason is at minimum, it will take1130 years 40 weeks 1 days 18 hours 40 mins 39 seconds to break even.
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franky1
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November 02, 2013, 03:28:40 AM
#2

mining these days if at all profitable is more aimed at those mindsets that still want 1-5% interest a year (like a bank account use to give a decade ago)

not sure which cloud hosting the OP refers to, but thats expensive. i see cex.io is doing 1Ghash for 0.1btc (20Ghash= 2btc(~$400))

infact even getting the avalon mini rigs 60Ghash your looking at better return on your money compared to cloudhashing with cex.io

40Ghash in cloud =4BTC
60Ghash Avalon =4BTC

even if you live in a high electricity cost area, housing your avalon is cheaper then the 'maintenance', 'administration' and 'processing' fee's that cloud hashing sites have in their small print.
put it simply, instead of cloud hosting and then during winter having to heat your home and then waste more BTC income just to pay your utility bill.. the heat production from the avalon units can keep a room nice and snug for less electric use then running your 1KW electric heater, so its like running an electric heater that pays for itself.

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ralree
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November 02, 2013, 05:21:32 AM
#3

Yeah I wouldn't buy it.  20GH/s isn't making all that much these days, and it will just get worse in the coming months:

http://mining.thegenesisblock.com/a/e05fa192f7

That's a pretty optimistic estimate, and it still doesn't pay for itself in a year.  If you absolutely want to have 20GH/s or so, just buy a BFL little single on ebay or something for like $600.

1MANaTeEZoH4YkgMYz61E5y4s9BYhAuUjG
Xian01
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November 03, 2013, 04:40:42 AM
#4

Ripoff. Can't recommend it.

Using cex.io as a metric1, presently overpriced at ~0.11 BTC/GHS, or 2.2 BTC for 20GH/s @ ~ $430 USD

1 This is not an endorsement
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