cloud mining - thoughts?

[customxyz]

I'm relatively new to the mining scene but I feel as if I am catching on pretty quickly.  I am curious what some people think about cloud mining right now.  Any opinions on where to best look to try this out?  Anyone have any success related to it?  Fill me in!  Thanks!

[tyler27]

Search for "Digitalocean" here on bitcointalk. Many people have posted very easy guides on how and where to cloudmine.

It can still be profitable for newer cpu mined coins...

[DrG]

CEX.IO is generally regarded as the cloud mining site for BTC.  Pretty stable and reliable for its users.  Very nice graphs and layout.  Some criticism over security.

It is not economically feasible based on just buying and sitting on the hashing power (since the cost is currently about 150% overvalued).  If you want the lowest risk buy your own eq or buy some hosted mining eq from another user who wants to get out (basically cloud mining without the ease of selling on CEX).

if you want to flip ownership of hashing power left and right some people have made a profit there (although the odds are against you).

Good luck.

[InitialDigital]

DrG, this is great info to know.

You broke down a part of hashing inside of the cloud that I did not fully understand!

Great drop!

[Kasandra]

It's hard to make any profit with cloud mining.

[Nicolas_dfz]

I just invested some bitcoins into CEX.io, we'll see how it goes

[Asato]

 

[hypes]

Any cloud providers have radeon gpu instances? 

[ShayneSpuer]

sounds good

[tugvarish]

I just invested some bitcoins into CEX.io, we'll see how it goes

Where you going to post the results of that investment?

[infinitybo]

CEX looks great, a pionner in the Bitcoin cloud mining so give it a try.

[Sharrow]

DigitalOcean was mentioned above and might be worth trying if you're new to the mining game and don't have the money to invest in Bitcoins for cex.io, or for mining hardware such as ASICs, multiple GPUs etc.

DigitalOcean plans are cheap and you can get free $10 vouchers when buying $5 plans (search Google for latest codes). There are two downsides though:

1) If you don't already know Linux, you will need to get familiar with it VERY quickly to get it to work. There are some good tutorials about Dogecoins (but will help with other currency set-ups too) at http://dogecoin.ga/.

2) The hash rates can be incredibly low so you will need to spend credit quickly to see any worthwhile mining results. I set up dual core server for Dogecoins (for fun) and could only get 6 Khash average. Even with the most expensive plan, you would be lucky to get over 35k.

You might be better off trying to invest in some altcoins for now unless you're willing to spend big bucks on hardware or cex.io, (who I'm deeply suspicious of).