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Author Topic: I am new to mining and I just started with cloud hashing , any good idea ?  (Read 1636 times)
lynngame
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April 06, 2014, 09:04:47 AM
 #1

I have just been shown by a friend about bitcoin and he showed me how to do it

on the website cex.io. As far as I can say I am hooked. I am wondering as I

want my earnings to grow I will need to re-invest as the pool hashrate

increases and the bitcoin difficulty goes up. What is a good amount to keep

using to buy GHS I currently have 50GHS now I was thinking of withdrawing 10%

to keep in a cold storage wallet and put 90% back into more GHS every 24 hours.

Will this always keep me ahead and grow my earnings if it does not can you

explain?
thanks alot
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Rannasha
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April 06, 2014, 09:10:16 AM
 #2

All these fancy cloud mining services tend to have one thing in common: They have a very high probability of costing you more than they'll return in mining profits.
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April 06, 2014, 09:21:21 AM
 #3

You should have done some calculations before you jumped in because you won't even make your principle back on Cex.io unless you get some good trades done as the cost of GHs over there higher than the reward you'll get from mining. Your GHs will steadily mine less (as difficulty spikes) so you may need to sell when their high and buy back in later at a lower price (hopefully). I'm doubtful you'll actually make a profit off this, because you'll continually earn less and GHs value with drop (lose-lose situation). If you make a profit, my advice would be to run off like a bandit and be happy you managed to eek out a profit.
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April 06, 2014, 11:44:38 AM
 #4

you may do better with scrypt.cc    my referral link is in the signature below.

it is not that cex.io is a terrible investment but it has a lot of down factors.

 you can only own GHS for cloud mining and it mines only BTC.

BTC is the most established coin and it has a very steady difficulty growth.  This means every 12 days coins are harder to mine.

So if you fold back 100 % of your earnings they need to make your GHS grow faster then the difficulty rating.

Sounds like a plan the problem is this does not happen. So your GHS fails to keep up with the difficulty increase and you kind of lost a little money/BTC/value

every 10 days or so.  This forces you to watch and trade if there is a price bump in your favor.

  
I recently spent .5 btc at scrypt.cc  I purchased khs which mines in any and all scrypt coins while it is no guarantee to be better then cex.io it does earn at a

higher percent of your principle then cex.io does > this is due to hopping from coin to coin vs standing still like cex.io

 I have a few bucks in cex.io and I now have 330KHS in scrypt.cc my  referral link is in my signature. If you want to drop a few bucks into it  you can use my link. I get  a bonus.

 or use the direct link is www.scrypt.cc


Most of my money is done mining in my house I have 1.4th for btc and 6200khs for scrypt.

A combo of usb sticks and antminer s-1's for btc with all gridseeds for ltc  .

I point most of my gridseeds at cex.io as they allow you to mine ltc with your own machines.

 my total ghs at cex.io is 1.7ghs    vs your 50 ghs. 

I mine alt coins with https://simplemining.net...
I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
jamesc760
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April 06, 2014, 02:54:06 PM
 #5

Here's my experience with cex:

I bought 10 GHs in December 2013, only 4 months ago, for 0.75 BTC. Great deal, huh? Only to see the GHS price go steadily down over the next few months. Now, it's only 0.01 BTC for 1 GHs. I have LOST about 0.65 BTC from my principle. The daily payouts from my 10 GHs has been pittance, and getting worse as time goes by.

The only upside to cex is if you have your own mining rig and can point them to ghash.io, their private pool, with 0 % pool fee and merged mining for NMC, IXC and DVC. It's the only reason why I still keep my account at cex.
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April 06, 2014, 03:19:15 PM
 #6

For BTC, pbmining is the cheapest which is 0.0064 per GH/s

http://pbmining.com

I also recommend scrypt.cc due to slower increase of difficulty and able to resell hash speed.

http://scrypt.cc

howzar
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April 06, 2014, 07:37:24 PM
 #7

Ill give you cashback on your mining if you use cex.io:
https://bitcointalk.org/index.php?topic=557265.0
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April 06, 2014, 10:49:07 PM
 #8

Stay away from ALL cloud mining, especially cex - it's a con.

-- Smiley  Thank you for smoking  Smiley --  If you paid VAT to dogie for items you should read this thread:  https://bitcointalk.org/index.php?topic=1018906.0
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April 06, 2014, 11:51:28 PM
 #9

I agree with jleefy. 

Scrypt.cc is the best option right now. 

link below. 
Rannasha
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April 07, 2014, 06:35:58 AM
 #10

Stay away from ALL cloud mining, especially cex - it's a con.

Why would it be a con? It works and pays as advertised. Sure, people lose money there, but it's not because of them conning their users. It's simply people being too dumb to do basic math.
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April 07, 2014, 09:49:03 AM
 #11

Stay away from ALL cloud mining, especially cex - it's a con.


Why would it be a con? It works and pays as advertised. Sure, people lose money there, but it's not because of them conning their users. It's simply people being too dumb to do basic math.

So you mean you can make profit from CEX cloud mining? I'd like to know how.

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April 07, 2014, 01:53:41 PM
 #12

Stay away from ALL cloud mining, especially cex - it's a con.


Why would it be a con? It works and pays as advertised. Sure, people lose money there, but it's not because of them conning their users. It's simply people being too dumb to do basic math.

So you mean you can make profit from CEX cloud mining? I'd like to know how.

By using the website how its advertised. Day trade!

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April 07, 2014, 01:58:41 PM
 #13

Well, the value of hash decrease continuously over time unlike stock or forex. I would day trade something else if i were good at day trading for better chance of winning.

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April 07, 2014, 02:36:45 PM
 #14

Stay away from ALL cloud mining, especially cex - it's a con.


Why would it be a con? It works and pays as advertised. Sure, people lose money there, but it's not because of them conning their users. It's simply people being too dumb to do basic math.

So you mean you can make profit from CEX cloud mining? I'd like to know how.

Not consistently, no. Some people may get lucky and daytrade/gamble for a small profit, but in the long run everybody loses.

Still doesn't make it a con, just a bad investment.

By using the website how its advertised. Day trade!

Daytrading an asset that decreases in value faster than it pays out dividends is just silly. It has negative expectation value and in that sense it is just like gambling. Sure, you may hit a lucky streak, but keep playing long enough and the house always wins.
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April 07, 2014, 02:41:11 PM
 #15

Welcome to the mining party...  Regardless of what people may tell you, in my opinion, cex.io is a losing game for bitcoin mining. Most people try to profit there by buying and selling hashing rates (gh/s) as opposed to mining. Right now, bitcoin mining is underwater because the price of BTC is so low, that the increasing difficulty will outpace your earnings which is why most people will tell you to buy BTC right now and hold. Mining for profit is basically betting against the market right now, in the hopes BTC will rise.

If you do want to mine, my recommendation would be as follows:

Purchase ASIC miners with fiat (not with BTC) and try not to spend more than $5 Gh
Hold 10% of your mined BTC in a cold wallet
Exchange the rest of your BTC into fiat through the coinbase exchange.
Reinvest 30% of your fiat profit (not revenue) back into asic-based mining to work against the difficult rise.
Hold the 70% of your profit long term, do no reinvest it.
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April 08, 2014, 03:17:42 AM
 #16

Math. It's not just for pissing off high school freshmen. Cloud mining is pretty much a guaranteed loss. Using the calculator on cex.io:

50 Ghs = .56 BTC

BTC is increasing in difficulty approximately 40% per month. Including their maintenance and pool fees you will earn .31 BTC before you actually start losing money (your monthly profit goes negative).

.31 BTC - .56 BTC = -.25 BTC

So you'd need to be able to sell your hashing power back for at least .25 BTC just to be able to break even. In 7 months you'll be lucky to find any takers at that price, especially with the new ASICS coming out.

LTC- LKdDXfJbCqMHpqTZwhaMKRE51eA7PPsCYy
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April 08, 2014, 03:19:26 AM
 #17

I have just been shown by a friend about bitcoin and he showed me how to do it

on the website cex.io. As far as I can say I am hooked. I am wondering as I

want my earnings to grow I will need to re-invest as the pool hashrate

increases and the bitcoin difficulty goes up. What is a good amount to keep

using to buy GHS I currently have 50GHS now I was thinking of withdrawing 10%

to keep in a cold storage wallet and put 90% back into more GHS every 24 hours.

Will this always keep me ahead and grow my earnings if it does not can you

explain?
thanks alot

You made that up and you're trolling, right?

My $.02.

Wink

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April 10, 2014, 04:50:49 AM
 #18

The key with cloud mining is profitability.

Take a look at the link in my signature to see where to buy the cheapest GHS for cloud mining online Wink

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April 10, 2014, 12:24:24 PM
 #19

By using the website how its advertised. Day trade!

Daytrading an asset that decreases in value faster than it pays out dividends is just silly. It has negative expectation value and in that sense it is just like gambling. Sure, you may hit a lucky streak, but keep playing long enough and the house always wins.

Sounds like you don't know how to day trade. Personally, I have lost and gained a bit. My best example would be turning 0.02btc into 0.20btc day trading at cex. So please do tell me how its a gambling again. I'm listening Roll Eyes

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April 11, 2014, 11:41:47 PM
 #20

Better invest in a real and profitable project like the development team of this coin (BTL) proposed:

https://bitcointalk.org/index.php?topic=510353.0

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