Newb trying to jump into bitcoin mining

[ignas]

Hello guys, I've just created this account to be able to contact bobsag3 because I would like to buy his hosting services. By doing that I will get some more money and will be able to buy my own miner and start mining BTC independently. 

[1714718671]

1714718671

[1714718671]

1714718671

[tiaguitah]

www.virtualminingcorp.com

[Birdy]

Most Mining equipment offers or contracts will most likely be less profitable (or more loss) than buying Bitcoins directly, hope you know that.
The mining reward becomes lower for a fixed computing power the higher the difficulty is, to get an idea:
http://bitcoindifficulty.com/

[ignas]

www.virtualminingcorp.com

But this is for buying, not renting machines, isn't it?

[tiaguitah]

www.virtualminingcorp.com

But this is for buying, not renting machines, isn't it?

renting will make you loose money trust me. how do you think these companies  profit?

[ignas]

Most Mining equipment offers or contracts will most likely be less profitable than buying Bitcoins directly, hope you know that.
The mining reward becomes lower the higher the difficulty is, to get an idea:
http://bitcoindifficulty.com/

I do understand that, but renting mining machines requires less money than buying them. That's why my plan is to rent at first but after some time buy my own.

renting will make you loose money trust me. how do you think these companies  profit?

I realize that it will get me less than mining myself but renting 1Th/s for $170/month is still better than buying 10Gh/s for $240.

[Birdy]

snip

Let me clarify what I mean:
You buy 1 Btc today -> in one month you have 1 Btc
you rent 1 Btc worth of mining power for 1 month -> you will have less than 1 Btc in one month (most likely)

At least if the difficulty continues to do what it does best, rising a lot that is.
Why do you think those company lend out / sell their hashing power instead of mining themselves?

[ignas]

Let me clarify what I mean:
You buy 1 Btc today -> in one month you have 1 Btc
you rent 1 Btc worth of mining power for 1 month -> you will have less than 1 Btc in one month (most likely)

At least if the difficulty continues to do what it does best, rising a lot that is.
Why do you think those company lend out / sell their hashing power instead of mining themselves?

So you're suggesting me to buy bitcoins instead  of renting or buying hardware, right?

[uk1]

hold
or buy ghs at cex.io

[Birdy]

So you're suggesting me to buy bitcoins instead  of renting or buying hardware, right?

I think that it is most likely the better decision.
(usual disclaimer: Take it as my opinion and not as an investment advice, look up my arguments yourself and form your own opinion, you should never trust just a stranger's claim on the internet)

[Omikifuse]

Hello guys, I've just created this account to be able to contact bobsag3 because I would like to buy his hosting services. By doing that I will get some more money and will be able to buy my own miner and start mining BTC independently. 

Since your new, I will let you know 1 big tips.. learn more about difficulty before you buy any miners...

[ignas]

So you're suggesting me to buy bitcoins instead  of renting or buying hardware, right?

I think that it is most likely the better decision.
(usual disclaimer: Take it as my opinion and not as an investment advice, look up my arguments yourself and form your own opinion, you should never trust just a stranger's claim on the internet)

Well I understand what you're trying to say, but also, as the difficulty rises, so does the price for a bitcoin. If you buy a BTC now, after a month it will be worth much more. When you mine you get less than a BTC , but the price of the amount you get is somewhat worth the same as a whole BTC is worth now.

[Birdy]

Well I understand what you're trying to say, but also, as the difficulty rises, so does the price for a bitcoin. If you buy a BTC now, after a month it will be worth much more. When you mine you get less than a BTC , but the price of the amount you get is somewhat worth the same as a whole BTC is worth now.

But you made a bad deal then. You could have a full Bitcoin and end up with less.
E.g. You have bought 1 Bitcoin for $400. Bitcoin rises to $600 and you only got 0.8 Bitcoins with mining.
Yes, you earned $80. But you've also lost $120 to the mining company.