How to set up cloudmining

[MasterOwel]

I may be interested in setting up a cloud mining business, with minimal fees and the most possible ROI, plus the ability to be completely open to anyone interested.

I have the following questions, so that I may solve any current issues and make a better business.

What are the problems with most cloud mining services?
How would you go about solving this?
What is the most profitable miner for GH/s?
Anything else?

If this thread becomes used enough then I might make it the official thread, but as of now it is just an idea brewing in my head. I am really interested in this. Why? Because I will use the money to buy extra miners, and I will use all GH/s that people haven't bought for myself. I might make it a total 5-10 year service, not allowing people to purchase contracts that exceed that amount of time, then at the end of everyone's contracts I will have a nice mining farm that I will use for myself. (See? I am being completely open about my plans, and I plan to be that way throughout this whole process.)

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[Dmined]

Cloudmining in a lot of companies people worry is a ponzi... for example PBMining which keeps a lot behind closed doors.

[MasterOwel]

Cloudmining in a lot of companies people worry is a ponzi... for example PBMining which keeps a lot behind closed doors.

And that's what I'm aiming not to do. I plan to share plenty of information and images about the goings on

[Parsons]

You'll have to have a lot of capital to invest. No point asking for money for miners, you get the miners and then ask for money :

[AC_Trader]

I dont really see the point in cloud mining as a business, if your going to buy the gear you may as well mine yourself.

[MasterOwel]

I dont really see the point in cloud mining as a business, if your going to buy the gear you may as well mine yourself.

After initial investment, I'm using the small percentages taken out plus any other income or donations to purchase more. Which means in the end I will have more miners than I would have been able to afford myself.

[mblados]

I had the same idea but found out it is a lot of work and money investment. 

[Tekknomon]

I had a similar idea but to answer some of your questions what I found to be the problem with cloudmining services is the btc to performance price and the lack of control of where the mining power that supposed to be your's is directed.

The most efficient miner for the money depends on a lot of factors. Its' not just speed alone that will determine the right miner for you. You have to consider electrical- what you have in place, what you're willing to have installed, what you can install and be compliant with your local housing codes in case you ever want to get insurance, or go rogue.
The cooling capacity of the space you're considering using, is there air conditioning; can one be installed, or you willing to have that done; etc. and the last one that got me was how are you going to live with the miners- will they be in a space you use for living; can you stand their noise; what about their heat output; do you have small animals or kids that will have to be protected from the miners (since they do run hot and many are not that wonderfully well wired)?

Hope this helps

[joesmoe2012]

Be very careful with cloud hashing, most of them are scams.

[MasterOwel]

Be very careful with cloud hashing, most of them are scams.

This is what I am talking about. I'm wanting to make one that is obviously not a scam.

[beaknuke]

you need a lot of mega solar panels or good electric pricing