Anyone used Buy A Hash?

[Foysal]

Hello All,

Just wanted to know if anyone has heard of\used Buy A Hash website?

www.buyahash.co.uk

also, anyone know of any other UK sites to buy mining equipment off of?

~Foyz

[torusJKL]

I haven't bought from them.
I would only pay with PayPal. This way you could open a claim should the seller not be serious.

Pay attention that in the FAQ it says that they deliver within 30 days if not defined otherwise.
Make sure they will deliver immediately.

Also I would check the bitcoin calculators like mining.thegenesisblock.com/ the prices are not cheap and you might not get enough ROI.

[efc17]

Hi

Thanks for the info, hadn't heard of it before.  Seems a little pricey for my liking.  But i'll certainly keep an eye out to see if the prices drop as I'm in the UK.

TBH all my mining profit is going straight back into cloud mining at CEX.  It is instant and I'll sell it back instantly for BTC if it doesn't work out.

I anyone else is interested:  https://cex.io/r/0/efc17/0/

[Foysal]

Thanks for the info, hadn't heard of it before.  Seems a little pricey for my liking.  But i'll certainly keep an eye out to see if the prices drop as I'm in the UK.
TBH all my mining profit is going straight back into cloud mining at CEX.  It is instant and I'll sell it back instantly for BTC if it doesn't work out.

Oh? You write that BuyAHash is pricey and promote cex.io, but cex.io is even more overpriced.

BuyAHash: ASICMiner Blade Erupter System – 107+ GH/s ==> £3,699.99
cex.io: 107 GH/s @ 0.072 BTC per GH/s ==> £4,237

cex.io is a money loser at the current price. Don't be suckered by people posting referral links. If you want to make a profit from mining, do not pay more than 0.03 BTC per GH/s for mining equipment, or contracts, or cex.io.

Referral link??

It was actually a genuine request to see if anyone had used them, since anyone can create a site online and claim anything... Also not many mining vendors in the UK.

OK, mister-0.03-BTC-per-Gh, tell me where to get equipment I can buy for that rate, preferably to be purchased for GBP or USD.

~Foyz

[niktitan132]

Pyramining is cheapest to buy big amount of hashing power.
Its only costs 0.02 BTC per GHS

[Jedi_Mike]

I would say buy into a "shared" mining rig, I think your more likely to stand getting a good return (although its a longer term investment, ie over 1 year of constant mining power).

I'm going to be selling shares in my cointerra, Bought and paid for January & February delivery.

I find this a much more favorable solution, and I think you'll get an excellent return if your on early.

Haven't used "Buy A Hash", but have used cex.io, and found you'll barely make a return if your very lucky, but long term mining will almost certainly end in a loss.

Try solo mining with your own gear in a "pool", or buy shares into a "shared" mining rig.

[Foysal]

Personally, I think mining is fun. I'm really in to it now, but I don't want to pay an arm and a leg for the equipment, especially out of my hard earned cash which I am actually working for...

The point here, if you really want to make money with bitcoins, is to be able to fund the equipment with the least amount of blood and sweat poured in to doing so.

After all, when you're mining, it's essentially for free (minus the electricity and hardware costs) the machines do all the work for you. If you can get a good enough rig, you're laughing...

~Foyz

[sharted]

Thanks for the info, hadn't heard of it before.  Seems a little pricey for my liking.  But i'll certainly keep an eye out to see if the prices drop as I'm in the UK.
TBH all my mining profit is going straight back into cloud mining at CEX.  It is instant and I'll sell it back instantly for BTC if it doesn't work out.

Oh? You write that BuyAHash is pricey and promote cex.io, but cex.io is even more overpriced.

BuyAHash: ASICMiner Blade Erupter System – 107+ GH/s ==> £3,699.99
cex.io: 107 GH/s @ 0.072 BTC per GH/s ==> £4,237

cex.io is a money loser at the current price. Don't be suckered by people posting referral links. If you want to make a profit from mining, do not pay more than 0.03 BTC per GH/s for mining equipment, or contracts, or cex.io.

I haven't used buyahash.co.uk but I have used the .com one and it's legit, although his stock has diminished somewhat. As for this comment about cex.io, first of all you don't buy ANYTHING at cex, no equipment or contracts, all you do is deposit bitcoins and mine with them until you're ready to cash out. You get the same price when you sell as when you paid so the only difference is that you have acquired MORE bitcoins while your coins were there, unlike any wallet. That's how I use cex and I'm happy to send coins there and acquire more for doing absolutely nothing! People got scammed for depositing coins into an interest accruing website, when they could have got a similar return using cex, so whatever, people who don't do this must be complete idiots imo.

[Foysal]

I haven't used buyahash.co.uk but I have used the .com one and it's legit, although his stock has diminished somewhat. As for this comment about cex.io, first of all you don't buy ANYTHING at cex, no equipment or contracts, all you do is deposit bitcoins and mine with them until you're ready to cash out. You get the same price when you sell as when you paid so the only difference is that you have acquired MORE bitcoins while your coins were there, unlike any wallet. That's how I use cex and I'm happy to send coins there and acquire more for doing absolutely nothing! People got scammed for depositing coins into an interest accruing website, when they could have got a similar return using cex, so whatever, people who don't do this must be complete idiots imo.

I wasn't considering cex.io at all, probably because I wasn't too sure what cex.io was about, but I see now, you have cleared it up for me.. So how many bitcoins need to be deposited to make a decent return as it stands at the moment?

[sharted]

...
cex.io is a money loser at the current price. Don't be suckered by people posting referral links. If you want to make a profit from mining, do not pay more than 0.03 BTC per GH/s for mining equipment, or contracts, or cex.io.

... As for this comment about cex.io, first of all you don't buy ANYTHING at cex, no equipment or contracts, all you do is deposit bitcoins and mine with them until you're ready to cash out. You get the same price when you sell as when you paid  ...

That is false.

At cex.io, you buy shares of mining revenue in units of GH/s and you pay the current price. When you sell those shares, you receive the current price, which is not going to be the same price you paid for them.

Two months ago, you might have paid 0.2000 BTC per share. A month ago, you might have paid 0.0850 BTC . Four days ago, you might have paid 0.0750 BTC. If you sell right now, you will not receive any of those prices. You will receive 0.0728 BTC.

The price fluctuates on cex.io, yes. The price of bitcoin itself fluctuates even more wildly. The price on cex.io was also pretty stable at 0.08 for over a month. That's also ignoring the bitcoins you mine while you have that gh/s.

[sharted]

I have 1.13 gh on there just now. Unlike most other people I have bills to pay so I can't hold my mined bitcoins for months or years. So yes I bought at 0.06 and I have lost about 0.018 bitcoins (assuming I sold now). I shall ignore the fact that I bought 10 block erupters for £10 and sold them for £35 each, the profits of which I bought 2 x 7950 and now mine altcoins. To say I have lost money is beyond spurious. Some you win, some you lose, but that's cryptos for you.

Edit: even if the price goes down that means people can buy gh for less and their average investment cost goes down. Just as people who buy bitcoins regularly do. Show me one person who hasn't lost at some point with cryptos.

[Foysal]

I have 1.13 gh on there just now. Unlike most other people I have bills to pay so I can't hold my mined bitcoins for months or years. So yes I bought at 0.06 and I have lost about 0.018 bitcoins (assuming I sold now). I shall ignore the fact that I bought 10 block erupters for £10 and sold them for £35 each, the profits of which I bought 2 x 7950 and now mine altcoins. To say I have lost money is beyond spurious. Some you win, some you lose, but that's cryptos for you.

Edit: even if the price goes down that means people can buy gh for less and their average investment cost goes down. Just as people who buy bitcoins regularly do. Show me one person who hasn't lost at some point with cryptos.

I have been using cex.io now after your recommendation, and have found that it is a much better option, the price per Gig is somewhat stable and quite low at the moment, so it's a good investment! Plus I like that you can sell your Gig holdings and not really lose much since you will have most likely mined the amount you initially invested.

Also, since they are finding far more blocks than most, over all other options at the minute, I think it's the best place to be.

On another note... This isn't your only source of income... is it..?? mining crypto??

~Foyz

[Hashcesar84]

Did u see difficulty? if you try to calculate your profit you'll see you never gain everything from this. prices are prohibitive!

[Foysal]

Did u see difficulty? if you try to calculate your profit you'll see you never gain everything from this. prices are prohibitive!

I'm not sure what calculations you're doing, but at the moment, the amount I have invested in buying gigs at cexio is still holding, and the current value of Bitcoins is quite high, so all my daily earnings from mining on cexio is pure profit. By the time the price per gig drops, I'll have already recouped the initial investment cost many times over.

The difficulty doesn't bother me, that is only of real concern to those that have invested in GPUs and sub Ghs ASIC hardware. The difficulty is rising so fast, that creating a rig from scratch is of no long term value now.

I can see that cexio is a massive threat to anyone mining with their own equipment be it solo or pool unless you have a gargantuan rig!!

~Foyz

[Foysal]

Did u see difficulty? if you try to calculate your profit you'll see you never gain everything from this. prices are prohibitive!

I'm not sure what calculations you're doing, but at the moment, the amount I have invested in buying gigs at cexio is still holding, and the current value of Bitcoins is quite high, so all my daily earnings from mining on cexio is pure profit. By the time the price per gig drops, I'll have already recouped the initial investment cost many times over.
The difficulty doesn't bother me, that is only of real concern to those that have invested in GPUs and sub Ghs ASIC hardware. The difficulty is rising so fast, that creating a rig from scratch is of no long term value now.
I can see that cexio is a massive threat to anyone mining with their own equipment be it solo or pool unless you have a gargantuan rig!!

Foyz,

The issue is that you will make more dollars just buying/holding BTC than you will will from buying shares of cex.io. In BTC terms, you will never recoup the cost of the cex.io shares from mining. The price of cex.io shares have dropped 85% in the last three months. Do you think you will mine that much in the next 3 months? I don't think you have done any research. Please just take a look at the cex.io mining calculator!

I have seen the gig price drop, it was the first thing I looked at when I went to the site. I am fortunate enough not to have bought at the high price it was at previously.

I have dealt in stocks and shares and still do, so I know exactly what kind of research needs to be done in order to maximise profit, needless to say, I have been keeping an eye on Cryptocoins for quite sometime and explored all my options as a relative newcomer to Bitcoins in particular.

There is no guarantee that you will make any more than has already been made by holding on to Bitcoins, personally, I think it's highly unlikely that the price is going to go much beyond the $1000 point, it's unsustainable at those prices. I purchased around the 0.03 mark about 2 weeks ago, since then I have seen the gig price go up to around the 0.045 mark then down to the 0.035 mark, and now back up to 0.0449 mark, it will go down again and I have since been selling and re-buying my gigs as well as mining a set amount, and for triple profit, I am also buying and selling on the exchange on a daily basis. However, the price seems to be quite stable there for the moment at cexio, I am expecting the price to go up quickly when they start to upgrade to the next gen miners due to be released imminently.

If the difficulty doesn't bother you, then you shouldn't be mining. The major factors in mining profitability are difficulty and the cost per GH/s. You can't ignore them. The difficulty is rising quickly and 1 GH/s will never mine more than 0.02 BTC, yet it costs 0.44 BTC. If you think the price is low now, just wait a week. People are going to lose a ton of money.

Question, where are you mining 0.02 BTC with 1 Gig?? Are you sure you didn't mean 0.0002 BTC?

You have misunderstood my point. On cexio, it's currently 0.044 BTC per gig and in order to make a reasonable return quickly, you need to buy big, you won't get anywhere with 1 gig. Buying big means you get more bitcoins far quicker, the difference here is that instead of buying your own equipment, you can sell your gigs to get back some of what you have invested, even if the price drops.

Also, the major factors you refer to do not apply to profitability, they only apply to the process of mining. The difficulty has gone up, but so has the hashing power, I have seen a notable increase in the number of blocks solved on cexio compared to everyone else over this past week despite the rapid difficulty rise, so no, as I said, the difficulty rating does not bother me, it should however bother all of those that have small rigs.

~Foyz

P.S What do you think is going to happen once the difficulty starts to get too high on Bitcoins?? Even with the massive hashing power racked up, by then there will be too few coins to look for, and those that have joined over the past 4 months or so will just leave and most likely move to altcoins and you will see the value of Bitcoins plummet... Unless Bitcoins become the way of the world, though I doubt that will happen by the time mining Bitcoins hits its upper limit.

[mty123]

i wann  to buy some

[eastdoorsr]

the last for go out newbie

[Foysal]

I am expecting the price to go up quickly when they start to upgrade to the next gen miners due to be released imminently.

Unless they plan to convert shares from 1 GH/s to 2 GH/s or 5 GH/s or something like that, you won't benefit from the upgrade.

Why wouldn't I benefit?

Question, where are you mining 0.02 BTC with 1 Gig?? Are you sure you didn't mean 0.0002 BTC?

I estimate that the difficulty will rise an average of 60% per month for 6 months, after which the difficulty will rise around 15% per month. According to this, the total amount of BTC that 1 GH/s will mine in a year is 0.018 BTC. Realistically, the difficulty is likely to rise much faster, and the total mining revenue is likely to be less than 0.015 BTC. BTW, a price of 0.044 BTC per GH/s implies a increase of 20% per month, and the average over the last year has been about 75% per month.

Ahh, that was based on a yearly estimate, I would have been very impressed if you found somewhere that was doing 0.02 a day! Anyway, I don't expect mining to last more than 2 years (is there anywhere we can do a year by year comparison of blocks found versus difficulty level?) the number of pools are rising rapidly, and once the popular pools cap themselves because of the 51% attack, more pools will pop up, the amount of hashpower is rising far too quickly, I've seen apps that are estimating the next difficulty level only to be beaten by twice if not more of a hike.

The small increase on cexio was a big decider for me, why would you pay 55% more for equipment that depreciates in value far faster than you will make from it?

You have misunderstood my point. On cexio, it's currently 0.044 BTC per gig and in order to make a reasonable return quickly, you need to buy big, you won't get anywhere with 1 gig. Buying big means you get more bitcoins far quicker, the difference here is that instead of buying your own equipment, you can sell your gigs to get back some of what you have invested, even if the price drops.

Also, the major factors you refer to do not apply to profitability, they only apply to the process of mining. The difficulty has gone up, but so has the hashing power, I have seen a notable increase in the number of blocks solved on cexio compared to everyone else over this past week despite the rapid difficulty rise, so no, as I said, the difficulty rating does not bother me, it should however bother all of those that have small rigs.

A share represents an income that is proportional to the difficulty. It does not represent a portion of cex.io's capacity. Even if cex.io doubles its capacity, a share will still earn the same amount. Regardless of how many shares you own, 1 or 1000, when the difficulty doubles (as it does every two months or so), your income will be cut in half.

You are correct about the ability to sell your shares back. That is a major convenience; however, the value of a share drops faster than the amount that it mines. So the longer you hold a share, the more you will lose. That is why some people write that cex.io shares are for trading and not for mining. But if you know anything about investing, you know that is a fallacy.

Like I have said before, there are a lot more factors to consider, such as external influences beyond the mining community that affects prices and value of the Bitcoins.

IMO it is better to both trade and mine, as you can offset one from the other.

P.S What do you think is going to happen once the difficulty starts to get too high on Bitcoins?? Even with the massive hashing power racked up, by then there will be too few coins to look for, and those that have joined over the past 4 months or so will just leave and most likely move to altcoins and you will see the value of Bitcoins plummet... Unless Bitcoins become the way of the world, though I doubt that will happen by the time mining Bitcoins hits its upper limit.

As the difficulty rises, equipment will become obsolete and be replaced by faster and more efficient equipment. That is what has happened since 11/2012 (and look at what has happened to the price). The price of a bitcoin does not depend on the cost of mining. In fact, the opposite is true -- the cost of mining is limited by the value of the bitcoins mined.

I have only been mining for a very short period of time and my understanding of Bitcoins is very limited, but from what I understand so far, if the equipment is getting more powerful, blocks are being found more and more quickly, so mining will end very soon, in a year or two at the most.

The price of Bitcoin is two fold, what it means in value to someone trading goods with it and secondly, what someone is willing to pay for it. That is what has driven the surge of people to mine, nothing else.

[Foysal]

...
I have only been mining for a very short period of time and my understanding of Bitcoins is very limited, but from what I understand so far, if the equipment is getting more powerful, blocks are being found more and more quickly, so mining will end very soon, in a year or two at the most.

It looks like you don't understand a few things about mining. Please let me clarify.

1. Bitcoin compensates for the amount of mining being done in order to maintain block production at a constant rate. If the total network hash rate increases by a factor of 100, then the difficulty will also increase by a factor of 100. As a result, bitcoins are mined at a constant interval of 10 minutes (average) regardless of how many people are mining. Miners will still be getting a block reward 100 years from now (as long as Bitcoin is still around).

2. 1 GH/s at cex.io or any other mining service mines the same amount of BTC regardless of the size of the service. So, cex.io can increase their capacity by a factor of 100, and your 1 GH/s (or whatever you have) will still mine the same amount. Actually, it will mine less because when cex.io increases their capacity, the difficulty will increase and the amount mined per GH/s will decrease.

3. cex.io shares depreciate just like mining equipment. As the difficulty increases, the amount of BTC that 1 GH/s will mine decreases, so its value will drop. Unfortunately, there are a lot of people that don't understand this. They seem to think that GH/s can increase in value somehow. They are going to lose a lot of money.

Thanks for clarifying, that has answered a few questions I had regarding the workings of mining. I have estimated that only 144 odd blocks can be found a day which equates to about 3600 BTC - being that the difficulty level is directly linked to the overall hash power, that is the amount that will always be mined and as such will mean that mining will only last for about 7 years. Now cexio mines anywhere between 50 and 70 blocks a day, which means the share of bitcoins obtained through cexio on a daily basis is higher than being with any other pool. Makes sense to stick with cexio.

The shares may depreciate but you are forgetting that that again only applies to mining. In commodity trading however, though the initial price is determined by the value of a bitcoin on the exchange, the value of 1 gig is determined by the amount of day to day trades being placed, which is a completely different situation.

Like you say, people will lose a lot of money IF they just mine. but a smart trader will bow out once they see a major decline.

[Foysal]

Thanks for clarifying, that has answered a few questions I had regarding the workings of mining. I have estimated that only 144 odd blocks can be found a day which equates to about 3600 BTC - being that the difficulty level is directly linked to the overall hash power, that is the amount that will always be mined and as such will mean that mining will only last for about 7 years. Now cexio mines anywhere between 50 and 70 blocks a day, which means the share of bitcoins obtained through cexio on a daily basis is higher than being with any other pool. Makes sense to stick with cexio.

The shares may depreciate but you are forgetting that that again only applies to mining. In commodity trading however, though the initial price is determined by the value of a bitcoin on the exchange, the value of 1 gig is determined by the amount of day to day trades being placed, which is a completely different situation.

Like you say, people will lose a lot of money IF they just mine. but a smart trader will bow out once they see a major decline.

GH/s is perishable. As time goes on (and the difficulty rises) the value of 1 GH/s approaches 0.

Imagine that instead of trading GH/s, you are trading fresh fruit. People might trade bananas for $0.50 now, but those same bananas aren't going to trade at $0.50 in a month because they are going to be rotten. You (and many others) seem to believe that the fruit will trade at a price independent of its value, and that seems crazy to me. 1 GH/s mines 0.000281 BTC/day now, but it is going to mine only half of that in a month, so it should trade for half the price in a month.

The price of GH/s has been dropping rapidly. Four months ago the price was 6 times what it is now. Of course, some traders may come out ahead, but most people will lose a lot of money simply because they are paying more for 1 GH/s than it will ever mine (more than 2 times).

This explains how the block reward works: https://en.bitcoin.it/wiki/Controlled_supply. The block reward will continue until 2140 and mining will still continue after it is gone.

First of all, nice analogy, but completely wrong context. If there is gold in the ground, the value of the spade\pick\etc will always remain, it may fluctuate, but it will always have a value, gold does not rot, and contrary to popular belief, the amount of gold in the ground is not finite, it is always being created, albeit far *far* more slowly than it is being mined, but nevertheless, it is still being produced..

Again, as far as I understand it, currently we are hitting the upper limit of the amount of bitcoins that can be mined in a day due to the shear amount of hashing power assigned to the task worldwide. You can't seriously tell me, that the creators, or even those that know everything there is to know about the algorithms surrounding the process etc foresaw 11 million bitcoins being mined in the space of 4 years?!

~Foyz