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Author Topic: Paying someone else to mine me bitcoin worth it?  (Read 575 times)
thedudikoff (OP)
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November 25, 2013, 06:18:28 PM
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I responded to an ad where a guy has a mining service. He said 5GHS for $100 for one month. Im a complete noob, I would be doing it more for fun than to make money. Do I just need to give him my wallet address, and how would I make sure hes actually mining on it?

thanks
Magazine
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November 25, 2013, 06:19:41 PM
 #2

No, most mining contracts only benefit the miner.
thedudikoff (OP)
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November 25, 2013, 06:24:45 PM
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I want to own at least 1 bitcoin, but the price is pretty high right now. do you think i should buy now or wait
PenAndPaper
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November 25, 2013, 06:29:00 PM
 #4

Well with those 5Gh/s even if the ad is not a scam you 'll get back less than 0.1 BTC.
So yeah you better buy. In the question if you should wait for a dip in price to buy i don't think that anyone can answer.
Jacce
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November 25, 2013, 06:34:22 PM
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No one knows if the price is going to dip or not, but what we can know is that you'll only lose by renting that hardware.
pokerFace2
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November 25, 2013, 06:36:35 PM
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I responded to an ad where a guy has a mining service. He said 5GHS for $100 for one month. Im a complete noob, I would be doing it more for fun than to make money. Do I just need to give him my wallet address, and how would I make sure hes actually mining on it?

thanks


No, do not trust random stranger on internet. And you wont mine 0.125 BTC in one month with 5GHS because difficulty is increasing
Magazine
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November 25, 2013, 06:37:51 PM
 #7

If you want to buy GH then use Cex.io you can trade GH and sell it easy and it mines for you.
lordfirefox
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November 25, 2013, 06:38:22 PM
 #8

If you're going to buy mining shares you'd be better off with CEX.io really. However you'd need to buy at least 8 BTC worth of hashing power to get anything. 0.02598462 BTC right now will buy you a little over 300MH/s so it's pretty spendy.

If you want to have some bitcoin, just buy some and sit on it, and only trade what you feel safe trading with.
thedudikoff (OP)
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November 25, 2013, 06:41:00 PM
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interesting... what if we all just agree that bitcoins are worth $1.00 today?
PenAndPaper
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November 25, 2013, 06:43:03 PM
 #10

interesting... what if we all just agree that bitcoins are worth $1.00 today?

That's not how a free market works  Embarrassed
bourne704
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November 25, 2013, 06:43:58 PM
 #11

A lot of the mining contracts that I've seen very much benefit the person selling the contract, not the person buying it.

I'd stay away and just use something like Coinbase / CampBX to buy some BTC.
thedudikoff (OP)
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November 25, 2013, 06:47:32 PM
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interesting... what if we all just agree that bitcoins are worth $1.00 today?

That's not how a free market works  Embarrassed

heh... cant blame a guy for trying... ah, ill see myself out
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