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bmoscato (OP)
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August 10, 2014, 03:52:50 PM
Last edit: August 10, 2014, 04:03:10 PM by bmoscato |
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I’m somewhat new to the cryptocoin market; I’ve only been mining and learning for a little under a month. I’ve purchased hardware for both SHA and Scrypt, but I mostly mine BTC on GHASH.IO basically because of the frequency of their block discoveries.
My question is about the GHS service that CEX provides. It appears that you can purchase 1 gh/s for approximately $2.00 USD, but you are charged a $0.18 fee per month per gh/s. Both the purchase price and the fee seem high to me.
If I want to purchase a th/s, my upfront cost will be approximately $2,000.00 with an additional $180.00 a month in fees. Right now I have a Bitmain S2 and I’m only paying approximately $50.00 in power and the unit was $1,799.00. My current earning at this difficulty are approximately $13.00 a day, meaning that it takes about 4 days to pay for my electric. If I were to purchase GHS, it would take me 14 days per month to pay my fees before I make money.
Are people purchasing GHS because they don’t know any better, or because it’s convenient? I’m wondering if I’m just missing something?
Bryan
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Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
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DrHaribo
Legendary
 Offline
Activity: 2730
Merit: 1034
Needs more jiggawatts
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August 10, 2014, 04:58:01 PM |
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Yeah, newbies buy at these prices. Some newbies even buy hardware at 10 USD per GH/s. I'm pretty sure they didn't look at the numbers, like you are doing now.
Even 2 USD per GH/s is a horrible price. Then add on the maintenance fees.
Buy your own hardware at under 1 USD per GH/s and host it yourself if you can. That will make a huge difference with profitability. This also helps to keep mining decentralized, which is a very good thing.
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fire000
Member
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Activity: 98
Merit: 10
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August 10, 2014, 05:00:00 PM |
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tip buddy bitmain and s3 ants ya can get a th or pretty close to it for less that a grand going that way so for ya 2 grand ya can get about 2 th via the s3 ant option and have change for ya 1st couple power bills
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bmoscato (OP)
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August 10, 2014, 05:08:01 PM |
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Thanks, I bought the S2 before the S3 was available; the S3 does have a great price. I also have a couple of S1's working that I picked up second hand for under 170 each. I plan on picking up a couple of S3's, I just need to make some money first to reinvest it, rather than paying out of pocket.
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cyberpinoy
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December 12, 2014, 10:01:28 PM |
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Becasue GHASH has some kind of partnership with places like Bitcointalk., this thread was moved to speculation, there is nothing speculative about the fact Ghash.io is a bunch of lieing, unethivcal therves. You buy 100 GHS of cloud mining and they steal your bitcoins and you end up with a negative BTC balance. THIS IS NOT SPECULATION heres your proof. Put this thread where it belongs and that is not in speculation I am providing proof of GHASH.io Bullshit. You can't speculate something when you hard facts and proof.
2014-12-13 05:20:47 -0.00011816 BTC -0.00007367 MAINTENANCE - Shares 240640 , Cost: -0.00011816
2014-12-13 05:20:47 0.00004888 BTC 0.00004449 MINING - Block #334038, Reward: 0.00004888
2014-12-13 02:36:42 -0.00006185 BTC -0.00000439 MAINTENANCE - Shares 125952 , Cost: -0.00006185
2014-12-13 02:36:42 0.00004143 BTC 0.00005746 MINING - Block #334031, Reward: 0.00004143
2014-12-13 00:21:36 -0.00004684 BTC -0.00003482 MAINTENANCE - Shares 96768 , Cost: -0.00004684
2014-12-13 00:21:36 0.00003900 BTC 0.00001202 MINING - Block #334016, Reward: 0.00003900
2014-12-12 22:36:36 -0.00001686 BTC -0.00003163 MAINTENANCE - Shares 34816 , Cost: -0.00001686
2014-12-12 22:36:36 0.00001385 BTC -0.00001477 MINING - Block #334008, Reward: 0.00001385
2014-12-12 22:06:25 -0.00002900 BTC -0.00002862 MAINTENANCE - Shares 59904 , Cost: -0.00002900
2014-12-12 22:06:25 0.00000000 BTC 0.00000038 MINING - Block #334005, Reward: 0.00000000
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randy8777
Legendary
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Activity: 896
Merit: 1000
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December 12, 2014, 11:05:08 PM |
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on the moment my ghs investment is not looking great with these fees, but i bought it just to test how cloudmining works. no intention to see decent returns.
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picolo
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December 12, 2014, 11:05:27 PM |
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I’m somewhat new to the cryptocoin market; I’ve only been mining and learning for a little under a month. I’ve purchased hardware for both SHA and Scrypt, but I mostly mine BTC on GHASH.IO basically because of the frequency of their block discoveries.
My question is about the GHS service that CEX provides. It appears that you can purchase 1 gh/s for approximately $2.00 USD, but you are charged a $0.18 fee per month per gh/s. Both the purchase price and the fee seem high to me.
If I want to purchase a th/s, my upfront cost will be approximately $2,000.00 with an additional $180.00 a month in fees. Right now I have a Bitmain S2 and I’m only paying approximately $50.00 in power and the unit was $1,799.00. My current earning at this difficulty are approximately $13.00 a day, meaning that it takes about 4 days to pay for my electric. If I were to purchase GHS, it would take me 14 days per month to pay my fees before I make money.
Are people purchasing GHS because they don’t know any better, or because it’s convenient? I’m wondering if I’m just missing something?
Bryan
People are buying to mine a little bit then sell at the same price or higher so making a nice profit. New cloudmining companies offer GHS at a very good price with low maintenance costs. |
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