...

[ejinte]

Mining is only profitable for hardware sellers - always.

That's not true. I got ROI and a 30% from my mining contract from e-pickaxe.

[1714807859]

1714807859

[1714807859]

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[ejinte]

Mining is only profitable for hardware sellers - always.

That's not true. I got ROI and a 30% from my mining contract from e-pickaxe.

I find that very hard to believe. Right now, they are charging about 8.3 BTC for 1 TH/s, and 1 TH/s is likely to mine less than 6 BTC. I assume your deal was equally as bad.

Can you show us your numbers (in BTC)?

In November and December I bought 266GH for $8000. That was 10.12BTC at the time. Right now I've got 11.5BTC payed out from them. And they still pay me. 30% was a bit more than the reality I'm about 15% profit. Sorry about that mistake.

Right now they would maybe not go break even and there is better deals available. PBmining was they cheapest/GH when I last checked.

[Yakamoto]

Mining is only profitable for hardware sellers - always.

That's not true. I got ROI and a 30% from my mining contract from e-pickaxe.

I find that very hard to believe. Right now, they are charging about 8.3 BTC for 1 TH/s, and 1 TH/s is likely to mine less than 6 BTC. I assume your deal was equally as bad.

Can you show us your numbers (in BTC)?

In November and December I bought 266GH for $8000. That was 10.12BTC at the time. Right now I've got 11.5BTC payed out from them. And they still pay me. 30% was a bit more than the reality I'm about 15% profit. Sorry about that mistake.

Right now they would maybe not go break even and there is better deals available. PBmining was they cheapest/GH when I last checked.

PBMining is the cheapest, but there are certain people who aren't trusting it yet.

I don't like how PBMining locks you in to a 4-5 year contract, even at the low GH/s price. I prefer to keep trading and the like as much as possible.

Plus PBMining hasn't shown any pictures of their mining locations to my knowledge, so that's another downer.

[ejinte]

At November 21 I bought 166.5GH for 7.18029726 or $5000
At December 2 I bough another 99.9Gh for 2.92682927 or $3000

The price at that point was $1000 for 30GH however I emailed them and got an extra 3,3GH for each $1000 since I bought more than $3000.

Totally paid 10.08BTC and so far total return is 11.54BTC
That's 15% profit.
Last payout was 0.28BTC and that was for three weeks so yeah will probably end up at 20-30% profit in the end I guess.

[InwardContour]

Mining is only profitable for hardware sellers - always.

That's not true. I got ROI and a 30% from my mining contract from e-pickaxe.

I find that very hard to believe. Right now, they are charging about 8.3 BTC for 1 TH/s, and 1 TH/s is likely to mine less than 6 BTC. I assume your deal was equally as bad.

Can you show us your numbers (in BTC)?

In November and December I bought 266GH for $8000. That was 10.12BTC at the time. Right now I've got 11.5BTC payed out from them. And they still pay me. 30% was a bit more than the reality I'm about 15% profit. Sorry about that mistake.

Right now they would maybe not go break even and there is better deals available. PBmining was they cheapest/GH when I last checked.

PBMining is the cheapest, but there are certain people who aren't trusting it yet.

I don't like how PBMining locks you in to a 4-5 year contract, even at the low GH/s price. I prefer to keep trading and the like as much as possible.

Plus PBMining hasn't shown any pictures of their mining locations to my knowledge, so that's another downer.

PBmining is likely some kind of ponzi sceme. I would not at all recommend "investing" with them

[odolvlobo]

At November 21 I bought 166.5GH for 7.18029726 or $5000
At December 2 I bough another 99.9Gh for 2.92682927 or $3000

The price at that point was $1000 for 30GH however I emailed them and got an extra 3,3GH for each $1000 since I bought more than $3000.

Totally paid 10.08BTC and so far total return is 11.54BTC
That's 15% profit.
Last payout was 0.28BTC and that was for three weeks so yeah will probably end up at 20-30% profit in the end I guess.

Oh, sorry. I see now that you bought from e-pickaxe. The thread is about cex.io, so I thought that is where you bought your GH/s. That's why I was skeptical.

[ShakyhandsBTCer]

Mining is only profitable for hardware sellers - always.

This is true for most "gold rushes"

[percocet]

Like most large companies, they simply take all the profits and leave their customers with bupkus. It is almost as though their attitude is that you should just send them your money and they give you back absolutely nothing in return.

[ejinte]

Like most large companies, they simply take all the profits and leave their customers with bupkus. It is almost as though their attitude is that you should just send them your money and they give you back absolutely nothing in return.

Then don't buy if you think it's a bad deal 

[odolvlobo]

Like most large companies, they simply take all the profits and leave their customers with bupkus. It is almost as though their attitude is that you should just send them your money and they give you back absolutely nothing in return.

Keep in mind that cex.io is an exchange. You are not buying shares from cex.io, you are buying them from other customers. cex.io shares are money-losers simply because people are willing to buy them at a loss. The price remains high because cex.io is dominated by mathematically-challenged customers.

[Undone]

Anyway, I don't know how to make the point any clearer: If 1 GH/s can mine X BTC, then it doesn't make sense for cex.io to sell it for less than X, and it doesn't make sense for a customer to buy it for more than X.

^^This, and end thread.

The biggest part of the problem is shown in this very thread; people are not doing the research to even see the forecast for how much this 1 GH/s will mine. That's ultimately what it boils down to.

I'm not understanding how people continue to flock to cloud mining, or BTC mining at all.

[Harley997]

Like most large companies, they simply take all the profits and leave their customers with bupkus. It is almost as though their attitude is that you should just send them your money and they give you back absolutely nothing in return.

Keep in mind that cex.io is an exchange. You are not buying shares from cex.io, you are buying them from other customers. cex.io shares are money-losers simply because people are willing to buy them at a loss. The price remains high because cex.io is dominated by mathematically-challenged customers.

cex is the original owner of all of the GH/s on their site.

[ejinte]

Like most large companies, they simply take all the profits and leave their customers with bupkus. It is almost as though their attitude is that you should just send them your money and they give you back absolutely nothing in return.

Keep in mind that cex.io is an exchange. You are not buying shares from cex.io, you are buying them from other customers. cex.io shares are money-losers simply because people are willing to buy them at a loss. The price remains high because cex.io is dominated by mathematically-challenged customers.

cex is the original owner of all of the GH/s on their site.

I some guys been doing pretty good buying low selling high there

[Cluster2k]

A few minutes with a calculator will show anyone why Cex.io can never be profitable when used just for mining.  The price of a gigahash falls faster than the bitcoins that gigahash can generate during the same time, even if you end up selling the investment plus keeping the generated bitcoins.  And then there are the fees.

The only people who make money on cex.io are the ones who got in very early and the traders riding the price downwards while extracting value from price swings.  Everyone else loses.

[ALToids]

The game of hot potato.  He who holds it at the end will get burned bad.

[odolvlobo]

The only people who make money on cex.io are the ones who got in very early and the traders riding the price downwards while extracting value from price swings.  Everyone else loses.

Actually, the ones that got in very early lost the most because cex.io shares are less over-priced now than they used to be. The only people that make money on cex.io shares are cex.io and some of the traders. Most of the traders and all of the miners lose.

[Yakamoto]

The only people who make money on cex.io are the ones who got in very early and the traders riding the price downwards while extracting value from price swings.  Everyone else loses.

Actually, the ones that got in very early lost the most because cex.io shares are less over-priced now than they used to be. The only people that make money on cex.io shares are cex.io and some of the traders. Most of the traders and all of the miners lose.

Does this mean I'm one of the 10% who win? Cool!

But the quoted is correct, as those who bought early have a LOT of BTC they still have to pay off before they can see a value return, while the current price is almost 1/2 of some of the original prices.

But yes, it is possible to win. However, the entire things is a negative sum game.

Ironically, the fees are less than a minor nuisance. I've traded fine with the fees, and the price swings you need are very minor, about 3000 satoshi to pay off the fees. Very. very small. And the market fluctuates wildly, on a good day, and so you can get 10,000 or more satoshi from a single gigahash. Get it on an even better but still quite common day, and you're just made 100,000 satoshi.

But it could be true that everyone but some traders lose. But why is that? Is everyone not very good at trading...? (And don't give me the "fees" bullcrap. If you think you changed from Forex to Bitcoin to avoid broker commissions, you're very, very wrong.)

[validium]

Mining is only profitable for hardware sellers - always.

That's not true. I got ROI and a 30% from my mining contract from e-pickaxe.

I find that very hard to believe. Right now, they are charging about 8.3 BTC for 1 TH/s, and 1 TH/s is likely to mine less than 6 BTC. I assume your deal was equally as bad.

Can you show us your numbers (in BTC)?

In November and December I bought 266GH for $8000. That was 10.12BTC at the time. Right now I've got 11.5BTC payed out from them. And they still pay me. 30% was a bit more than the reality I'm about 15% profit. Sorry about that mistake.

Right now they would maybe not go break even and there is better deals available. PBmining was they cheapest/GH when I last checked.

PBMining is the cheapest, but there are certain people who aren't trusting it yet.

I don't like how PBMining locks you in to a 4-5 year contract, even at the low GH/s price. I prefer to keep trading and the like as much as possible.

Plus PBMining hasn't shown any pictures of their mining locations to my knowledge, so that's another downer.

PBmining is likely some kind of ponzi sceme. I would not at all recommend "investing" with them

I don't think pbmining is a ponzi do you have anything to support your claim, cex.io probably best fits that title the only people making money are its owners.

[DannyElfman]

Mining is only profitable for hardware sellers - always.

That's not true. I got ROI and a 30% from my mining contract from e-pickaxe.

I find that very hard to believe. Right now, they are charging about 8.3 BTC for 1 TH/s, and 1 TH/s is likely to mine less than 6 BTC. I assume your deal was equally as bad.

Can you show us your numbers (in BTC)?

In November and December I bought 266GH for $8000. That was 10.12BTC at the time. Right now I've got 11.5BTC payed out from them. And they still pay me. 30% was a bit more than the reality I'm about 15% profit. Sorry about that mistake.

Right now they would maybe not go break even and there is better deals available. PBmining was they cheapest/GH when I last checked.

PBMining is the cheapest, but there are certain people who aren't trusting it yet.

I don't like how PBMining locks you in to a 4-5 year contract, even at the low GH/s price. I prefer to keep trading and the like as much as possible.

Plus PBMining hasn't shown any pictures of their mining locations to my knowledge, so that's another downer.

PBmining is likely some kind of ponzi sceme. I would not at all recommend "investing" with them

I don't think pbmining is a ponzi do you have anything to support your claim, cex.io probably best fits that title the only people making money are its owners.

Simply because the only people who are making money are it's owners does not make something a ponzi scheme. The issue with cex (and all cloud mining services) is that their hashes are overpriced as well as the fact that you cannot easily predict the difficulty of the network in the future

[SecureErase]

A few minutes with a calculator will show anyone why Cex.io can never be profitable when used just for mining.  The price of a gigahash falls faster than the bitcoins that gigahash can generate during the same time, even if you end up selling the investment plus keeping the generated bitcoins.  And then there are the fees.

The only people who make money on cex.io are the ones who got in very early and the traders riding the price downwards while extracting value from price swings.  Everyone else loses.

Wrong i'm afraid, take a look at GHS price charts, been upwards since begin of May, interestingly it seems to have disconnected from it's inverse relationship to difficulty.. Take a look at the Futures contracts CEX.IO made available (FHA & FHM) again profitable opportunities.
If you ONLY buy cloud hashing sit back and expect a profit, then the only outcome you'll get is disapointment.
Trading GHS and mining combined can be profitable if you educate yourself and treat your trading as a business in terms of your approach.