Cointerra.com is now offering cloud mining

[OROBTC]

...

I have never been part of a could mining service nor mined BTC.  But, I am interested in cointerra's new cloud mining contracts, see below:

http://mining.cointerra.com/shop/

For example, their 2 THs plan for 1 year would be $7999.00 (200 Ghs for $999 for 1 year).  I have not checked cex.io's latest pricing, but cointerra's might be lower.  Cointerra builds their own machines too.  For all you rich guys out there, they offer a 1 PHs plan (1,000,000 GHs)...

Has anyone here done this sort of thing?

What have been your experiences?

How do cointerra's plans look?  And vs. the competition?

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Many thanks for any insights!

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[PeterReid]

Doesnt sound very good to me.

[ChuckBuck]

Aren't they still dealing with backlash from their Terraminer IV's not producing advertised speeds, delays in refunds, and their Cointerra vaporware mining card?

[yochdog]

DOA.

112BIT.com already offers 1 TH/s for one year for 20% less

[solarion]

Aren't they still dealing with backlash from their Terraminer IV's not producing advertised speeds, delays in refunds, and their Cointerra vaporware mining card?

Yes they're total crap, but don't fret, someone will be with you presently(probably paid) to tell you that cointerra has the knees of bees.

[cxz]

Cointerra have money to launch this. But cant afford to repay the customers you promised to repay? where is my refund? Why have I been waiting so long? You sent me a message on here after months of ignoring my emails saying it would my request will be processed in 48 hours, when I asked what does that mean you continued to ignore me again.

[bitcoinsrus]

would a return be made if someone bought one of their contracts?

[cxz]

would a return be made if someone bought one of their contracts?

I wouldn't hold your breath.  This is not profitable.

[OROBTC]

...

OK!  Thanks guys!  I won't waste my money then.

 

[brontosaurus]

That's a wise move.

This 'product' is a great opportunity for people to lose their money. At $7999 for 2TH capacity, they will never recover the cost of their contract let alone make any profit - unless Bitcoin increases dramatically in value, and at the end of it they've got no hardware! They could actually buy two of Conterra's Miners (currently at $3499 each) and have 3.2TH, although it's doubtful that they would get any return on those either.

Am I missing something in the equation here? Or do Cointerra think that their potential customers can't do basic arithmetic?

[yochdog]

That's a wise move.

This 'product' is a great opportunity for people to lose their money. At $7999 for 2TH capacity, they will never recover the cost of their contract let alone make any profit - unless Bitcoin increases dramatically in value, and at the end of it they've got no hardware! They could actually buy two of Conterra's Miners (currently at $3499 each) and have 3.2TH, although it's doubtful that they would get any return on those either.

Am I missing something in the equation here? Or does Cointerra think know that their potential customers can't do basic arithmetic?

Fixed that for ya. 

[brontosaurus]

That's a wise move.

This 'product' is a great opportunity for people to lose their money. At $7999 for 2TH capacity, they will never recover the cost of their contract let alone make any profit - unless Bitcoin increases dramatically in value, and at the end of it they've got no hardware! They could actually buy two of Conterra's Miners (currently at $3499 each) and have 3.2TH, although it's doubtful that they would get any return on those either.

Am I missing something in the equation here? Or does Cointerra think know that their potential customers can't do basic arithmetic?

Fixed that for ya. 

Thanks. Good to know you've got my back (Jack??)

[lucazane]

Funded with the customers refund.

[smracer]

I ran the numbers on this last night.  You will never make the BTC back that you invested in the contract.  For the 10TH plan for $37,999 you will roughly make back $30,000 in BTC at today's price.  So you would spend 84 BTC and make back 67 BTC if you are lucky.

You are better off just buying BTC with your cash or simply holding your BTC if you are in BTC.

Not a good deal.

[blue87]

I confirm what I just wrote smracer

[Profetu]

They can't sell their mining gear due to being overpriced so they started mining for themselves.

And why not start a service selling GH to unsuspecting newbz?

It's not the fault of the seller...if he delivers that is.

[cxz]

Stay away from cointerra!  They are not to be trusted. This is also a deal that will leave you broke. Their cloud mining is not profitable.  ROI is just not achievable with what they are offering. Their dodgy miners that break down, lack of support and shady 30 day warranty should scare people away from their miners too. Unfortunately I bought from them in December and still not been refunded.  

[bangalore]

they are very costly compared to other contracts 

[EvilPanda]

If I were you I'd wait a bit until GAW's Project Prime launches. It's one of the biggest endeavours in the industry.

[jimmy2k]

I really don't know what I should say! Although my friend made a lot of profit with a mining contract some months ago the newer ones just doesn't seem to pay off for me... at least in the bitcoin world!
First companies like https://genesis-mining.com start offering scrypt mining contracts. It could be an opportunity like hashpower contracts  were a big success in the earlier days of sha mining.
They also seem to have a clever innovation to mine the most profitable altcoins to pay out in bitcoin. According to their FAQ this should be a much more profitable way than to mine bitcoin directly.

It could be interesting if you look at their prices, but its still a risk looking at the scrypt total  hashrate!