Mining in the cloud vs simply buying bitcoin

[Oilacris]

Let me assume that the market is in a very good condition and there is every chance that I'm going to make huge profit within a year or just few months just like in the past few years when there was bull then, then I'm opting for buying Bitcoin direct and storing in it in my wallet. That would be more quick to earn my profit than making use of cloud mining. I haven't made use of cloud mining before but based on what people have told me, it takes long to make any profit from cloud mining and the profit is not much.

This thread is about cloud mining vs mining on your own so keep the concept of buying bitcoins away.

Cloud mining are scams so don't get cheated so if you has the ability to build your own mining rig which might be expensive but worth to do.

Expensive but not an assurance or worthy thing as you speak because there are lots of considerations before you

would decide to continue with mining on your own yet you would might end up on not to be profitable and just make you regret in the end.

For the question about choices then I would simply buying bitcoin and hold.Its stress free but if you do like to explore then have the passion
to mine then you can choose whatever you want as long you do know the risk behind.

[BitBustah]

Its almost always better to just buy bitcoin outright instead of investing in anything mining related.  An exception could be made if you get some big tax incentives for having a clean energy source like solar or wind.

[semobo]

Let me assume that the market is in a very good condition and there is every chance that I'm going to make huge profit within a year or just few months just like in the past few years when there was bull then, then I'm opting for buying Bitcoin direct and storing in it in my wallet. That would be more quick to earn my profit than making use of cloud mining. I haven't made use of cloud mining before but based on what people have told me, it takes long to make any profit from cloud mining and the profit is not much.

This thread is about cloud mining vs mining on your own so keep the concept of buying bitcoins away.

Cloud mining are scams so don't get cheated so if you has the ability to build your own mining rig which might be expensive but worth to do.

Expensive but not an assurance or worthy thing as you speak because there are lots of considerations before you

would decide to continue with mining on your own yet you would might end up on not to be profitable and just make you regret in the end.

For the question about choices then I would simply buying bitcoin and hold.Its stress free but if you do like to explore then have the passion
to mine then you can choose whatever you want as long you do know the risk behind.

We can consider mining as long term passive income which continue to do mine as long as we wish but when holding anything might happes and at the end the profits will be based on mining difficulty and how losg the mined coins can be hold.

[shoreno]

Let me assume that the market is in a very good condition and there is every chance that I'm going to make huge profit within a year or just few months just like in the past few years when there was bull then, then I'm opting for buying Bitcoin direct and storing in it in my wallet. That would be more quick to earn my profit than making use of cloud mining. I haven't made use of cloud mining before but based on what people have told me, it takes long to make any profit from cloud mining and the profit is not much.

This thread is about cloud mining vs mining on your own so keep the concept of buying bitcoins away.

Cloud mining are scams so don't get cheated so if you has the ability to build your own mining rig which might be expensive but worth to do.

Expensive but not an assurance or worthy thing as you speak because there are lots of considerations before you

would decide to continue with mining on your own yet you would might end up on not to be profitable and just make you regret in the end.

For the question about choices then I would simply buying bitcoin and hold.Its stress free but if you do like to explore then have the passion
to mine then you can choose whatever you want as long you do know the risk behind.

We can consider mining as long term passive income which continue to do mine as long as we wish but when holding anything might happes and at the end the profits will be based on mining difficulty and how losg the mined coins can be hold.

what about buying/investing bitcoin ? this act can also be done on different terms ( short , mid , or long term ) same as on mining as you can also decide  on how long you will mine a coin .

 there are legit cloud mining out there but its still better to mine on your own for more secure profits but if i were to decide i think i will still go on buying bitcoin and will use them for investment because i dont have access to large capital in order for me to get started on a mining business .

[semobo]

what about buying/investing bitcoin ? this act can also be done on different terms ( short , mid , or long term ) same as on mining as you can also decide  on how long you will mine a coin .

 there are legit cloud mining out there but its still better to mine on your own for more secure profits but if i were to decide i think i will still go on buying bitcoin and will use them for investment because i dont have access to large capital in order for me to get started on a mining business .

As I said its not about buying and selling the bitcoin only with cloud mining or mine by yourself.

Cloud mining are like pyramid so possibly we are not going to anything in return when we deeply analysis.

[Barbut]

what about buying/investing bitcoin ? this act can also be done on different terms ( short , mid , or long term ) same as on mining as you can also decide  on how long you will mine a coin .

there are legit cloud mining out there but its still better to mine on your own for more secure profits but if i were to decide i think i will still go on buying bitcoin and will use them for investment because i dont have access to large capital in order for me to get started on a mining business .

As I said its not about buying and selling the bitcoin only with cloud mining or mine by yourself.

Cloud mining are like pyramid so possibly we are not going to anything in return when we deeply analysis.

Nobody sane would invest in cloud mining service, nobody with at least some brain in the head. Who invests in cloud mining service deserves to be scammed, when there are so many warnings around. Why not buying bitcoins, keeping them in the hard wallet and just wait for the price to grow, with occasionally adding up more coins is the safest thing, everything else that gives you promises to grow your bitcoins is 99% a scam.

[entebah]

Yes right, whatever persuasion and seduction from the Cloud mining site, then you do not trust it, please if you want your money to be lost easily, because the experience I have personally invested in there and suffered losses due to the webiste suddenly disappeared, and that made me not trust Cloud mining again.

[Wallflower28]

Actually, both of them are beneficial. Cloud mining is profitable since every mine of bitcoin increasing when it is growing up. If you are a miner, you will just look for rigs and mine till you want. Buying bitcoin is so good also. I guess those who buy it are too lucky when it is low value. As of now, bitcoin is almost 12k dollars.

[boyptc]

Actually, both of them are beneficial. Cloud mining is profitable since every mine of bitcoin increasing when it is growing up.

Cloud mining IMHO is no longer beneficial/profitable. And it's likely that everyone will tell the same.

Buying bitcoin is so good also. I guess those who buy it are too lucky when it is low value. As of now, bitcoin is almost 12k dollars.

It reached $13k awhile ago and then goes back to $12k. Buying low, sell high, profitable isn't it?

[rose9696]

 Yes, but sometimes you can combine both to get the highest profit. The purchase of bitcoin is easy and it is easy to exploit Bitcoin on cloud computing. You just need to collect an old phone number and start giving it to you, you still go to work and use the salary to buy BTC.
after 3-4 years, you can withdraw Bitcoin and sell it. I think that time, the price of BTC has increased to $ 40k.

[plescruslo]

Bitcoin is not easy to mine, if you said altcoins, that would have been better cause most of them are very easy to mine and mining them are even more profitable than when you're buying. Since you said Bitcoin, I would say it is best for anyone to just buy and speculate, instead of mining. Unless you know that you can afford the cost for mining then you can go ahead for it and buy the equipment's that you will be needing for it, the hot hardware of course, then start mining. That's the last thing I ever plan to do. My friend used to mine Bitcoin but he couldn't bear the cost of it, so he had to quit from mining and sell the hardwares and focused on buying Bitcoin. The case might not be the same for everyone.

[Irvinn]

They always said that if the miner had cheap energy sources, then Bitcoin mining was really cheap.  But if we consider that the cost of Bitcoin is only $ 5,000, then today Bitcoin mining is more than profitable.

[Ranly123]

I think cloud mining in general is not profitable.

Here are my calculations for Mining Cloud vs Buying Bitcoin.

All following calculations are done on annual basis.

All following calculations are done WITHOUT halvings and adjustments counted until you read later down.

Hash rate (total hash power of the world) close to 49 Mil. Th/S as of today May 17, 2019.

Every hour gives the world 6 blocks, multiply that by x 24h x 365 days= 52,560 blocks produced in the world in 1 year.

Currently there are 12.5 bitcoin mined per each block x 52,560 blocks= 657,000 bitcoin can be mined per year in the world if no adjustments and halvings happened.

49 mil. Th : 657,000= about 75 TH/s to mine 1 bitcoin as it stands now, before counting adjustments and halvings.

Let’s assume I bought 1 bitcoin today and paid about $7,200 (as of May 17, 2019) in a hope to sell it in 1 year at a higher price.

Now let’s see what would happen if instead of buying 1 bitcoin I invested the same amount of money in cloud mining.

Typical contract from a firm like Genesis Mining offers 1TH at a rate of about $60 all-inclusive per year (May 17, 2019), and that's including maintenance and other fees.

For $7,200 I can buy about  120TH for 1 year term of cloud mining.

120Th : 75Th per 1 bitcoin= that should give us 1.6 bitcoin over 1 year period of contract for the price of $7,200.
 
1.6 bitcoin is obviously more then 1 bitcoin which I can buy today, so cloud mining is better, right?

I think NOT, because remember we have not counted difficulty adjustments and halvings yet.

Now let’s do that, let's include them in the picture.

The next halving is in about 1 year,  so we don’t have to take it into our example as the contract will be over by the time of halving, so for now we just have to worry about difficulty adjustments.

But from historic data I never seen those adjustments less then 100% year over year and usually it’s even more.

So, in our example instead of 1.6 bitcoin, I am lucky if I get 0.8 bitcoin by the end of cloud mining contract.

Therefore, in my humble opinion, it’s safer to buy bitcoin rather then mine one in the cloud.

Would you disagree? And if I am wrong where the flaw in the logic and/or calculation?

Mining needs an extra power source and you need to invest in it so I also think it would no be that profitable at all. Meanwhile, buying Bitcoin does not need any extra source and just buying and holding alone makes profit for a long term.

[imstillthebest]

- snip -

Mining needs an extra power source and you need to invest in it so I also think it would no be that profitable at all. Meanwhile, buying Bitcoin does not need any extra source and just buying and holding alone makes profit for a long term.

mining needs extra power but buying also need extra power because you are using a gadget when you monitor the price and do other crypto related transactions  . if mining needs investment , buying bitcoin is also an investment  .

They always said that if the miner had cheap energy sources, then Bitcoin mining was really cheap.  But if we consider that the cost of Bitcoin is only $ 5,000, then today Bitcoin mining is more than profitable.

thats true . mining is better if you have a cheaper electrill bill because you can run it passively  but the truth is that not all countries have a cheap electric cost  . so the best option would option would still be buying bitcoins  .

[BigBos]

They always said that if the miner had cheap energy sources, then Bitcoin mining was really cheap.  But if we consider that the cost of Bitcoin is only $ 5,000, then today Bitcoin mining is more than profitable.

I think nowadays, people will give priority to buying it directly in the market rather than looking for assets through cloud mining. well, we know the risk. other than that, the price of bitcoin is also rising, so I think it's natural to buy it directly.

[Lanatsa]

They always said that if the miner had cheap energy sources, then Bitcoin mining was really cheap.  But if we consider that the cost of Bitcoin is only $ 5,000, then today Bitcoin mining is more than profitable.

I think nowadays, people will give priority to buying it directly in the market rather than looking for assets through cloud mining. well, we know the risk. other than that, the price of bitcoin is also rising, so I think it's natural to buy it directly.

Its always been suggested and if you are somewhat wiser than others on considering for long term potential views then Bitcoin would really fit out
into the criteria.Hence,it did prove out for how many years until this time on how it moves and it do give out profits for its supporter or users when holding
up for long term.Price % overtime is much more better than any traditional investments that we had known but somehow it do equates or corresponds on the risk involved.

I once tried cloud mining, and this is not a very pleasant experience for me - it would be better if I just bought bitcoin. If you want to do mining, collect a normal farm. Only those who have invested in cloud mining speak of the profitability of cloud mining. )

Even mining with your own personal miners doesn't give out assurance of profitability.How much more on cloud mining minding that those do had deductions in regards with fees etc?

[pixie85]

Actually, both of them are beneficial. Cloud mining is profitable since every mine of bitcoin increasing when it is growing up. If you are a miner, you will just look for rigs and mine till you want. Buying bitcoin is so good also. I guess those who buy it are too lucky when it is low value. As of now, bitcoin is almost 12k dollars.

What are you talking about? Cloud mining is only profitable if you "work" for them by getting referrals participating in all their games polls and giveaways.

If it were profitable so many cloud mining companies would not go bust. Now there's almost none left. Buying bitcoin is more profitable than mining yourself or in the cloud and is also much less risky.

[BennyK]

Mining in the cloud is very difficult because to get a single Bitcoin from cloud mining means lots of hard work and time required. Buying Bitcoin is the fastest, easiest and smartest way to own Bitcoin only if one has the funds to purchase. In this way, one can purchase 1BTC within the next few minutes which the cloud mining cannot give within the same time frame.

[shoreno]

In 2017, I tried cloud mining with its big promises of profit, but I didn’t get anything, the company "hashflare" did I requested not only a large commission for the withdrawal of my $ 4, but also my identity card, which I refused to provide in view of the meager amount.

back on the days  , mining or simply cloud mining is still hot and profitable and mining companies like hashflare are known to be paying but idk if what is thier real status now  . you should recieve your payment back then , if your account is clean and do abide thier rules  . your withdrawal 4usd is only small and they should have process it without any reason  . thats only the disadvantage of cloud mining because you are entrusting your fund to someone else and they have the right to do anything about it , if you dont want a boss like that better if you only mine bitcoin yourself  .

[hahay]

Mining in the cloud is very difficult because to get a single Bitcoin from cloud mining means lots of hard work and time required. Buying Bitcoin is the fastest, easiest and smartest way to own Bitcoin only if one has the funds to purchase. In this way, one can purchase 1BTC within the next few minutes which the cloud mining cannot give within the same time frame.

Not so, in cloud mining we only need to buy ghs or invest your money and of course you won't need much time to do it, because mining will continue without you having to observe it all the time. Cloud mining isn't really profitable even though there are still really profitable ones but it's hard to find, so with so many risks it would be better to just buy bitcoin and hold it for a long time.