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Author Topic: Cloud Mining - Please help a newbie  (Read 81752 times)
BTCXE
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December 31, 2014, 01:52:44 PM
 #141

1) how does it increase centralization ? Last time i checked (will vary on exact service model provided, but still) cloudmining doesnt attribute new mining, rather transfer ownership of existing hashrates. Depending on exact terms of service, theoretically users can aid DEcentralization by selecting alternative pools

Centralization of the hardware , just like storing all your coins at mtgox , leads to security concerns... owners stealing hardware, theives targeting mining centers , fires, network outages, ect...


2) yes. and no. far too many, far too volatile factors will shape the final return. Whilst obviously everyone wants to make money, the ROI is near impossible to accurately predict. I'd say cloudmining shouldnt be seen as a sure-fire way to make  money,rather it should be seen as a way to try out mining without taking on the risk of spending > $2k on mining hardware then have to have all the associated headaches (cooling, storage, noise, maintenance delays etc). You can switch on / switch off your cloudmining at any point, and see daily BTC returns (even if miserly) and at worst, youre risking 10-15 bucks to learn first hand. On the other hand if you make a paltry 5mBtc per day for a year and Bitcoin raises by 30-40% you could see a significant ROI.

While a calculator cannot determine the expected future difficulty it gives a rough idea if you map out a range of possibilities and buying BTC directly is far less risky despite what you say.



1) assume company MINERS'R'US are contributing 500TH/s to the whole network. MINERS'R'US sells bob 50TH/s MINERSRUS new output MINERSRUS - 450THs, Bob - 50THs. No effect on total output. The risk of hardware failure is always there, although if you're mining remotely, the DC operator takes the responsibility for support, maintenance and upkeep.

2)i wasnt just referring to difficulty, but also to elec price, behavior of other miners and the behaviour of the FX market. I agree, mining is risky regardless of how you do it, I was just saying that it is far less risky if you're risking 15 bucks vs 2-3k, and you dont need to be a hardware specialist either.

Im not disagreeing that cloudmining is a risky venture, just simply that there is and should be a market for peeps who want a low-cost entry to mining

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January 02, 2015, 05:24:18 PM
 #142

With Paycoin switching to PoS, the bitcoin difficulty is finally expected to go back up in the next change. Smiley

https://bitcoinwisdom.com/bitcoin/difficulty
Bitcoin Difficulty: 39,457,671,307
Estimated Next Difficulty: 39,987,748,022 (+1.34%)
Adjust time: After 591 Blocks, About 3.9 days

Ultimately we got around 3% hike...

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January 03, 2015, 08:23:25 AM
 #143

Stay away from the cloud  mining. It is better to buy ASIC.

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January 03, 2015, 10:09:14 AM
 #144

My suggestion is never use cloud mining. Difficulty increases and you never get profit as promised. Cloud mining is profit for sellers, not for users (most of the time)
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January 03, 2015, 11:04:02 AM
 #145

Read https://bitcointalk.org/index.php?topic=878387.0 before you buy a cloud mining contract.
Check https://bitcoinwisdom.com/bitcoin/calculator before you buy a physical miner or a cloud mining contract.

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January 03, 2015, 11:06:09 AM
 #146

Read https://bitcointalk.org/index.php?topic=878387.0 before you buy a cloud mining contract.
Check https://bitcoinwisdom.com/bitcoin/calculator before you buy a physical miner or a cloud mining contract.

The site above is the best comparison I've ever seen about cloudmining companys. It perfectly demonstrates that almost every service is just a Ponzi!
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January 03, 2015, 11:10:40 AM
 #147

Read https://bitcointalk.org/index.php?topic=878387.0 before you buy a cloud mining contract.
Check https://bitcoinwisdom.com/bitcoin/calculator before you buy a physical miner or a cloud mining contract.

The site above is the best comparison I've ever seen about cloudmining companys. It perfectly demonstrates that almost every service is just a Ponzi!

Exactly. Many of those cloud mining companies just set up a fancy site, and claims to have lots of hashrate without any proof.
Unfortunately many bitcoin users didn't do much research before sending their bitcoin to those companies.

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January 03, 2015, 12:45:51 PM
 #148

Difficulty increases and you never get profit as promised.
Difficulty increases, sites disappear. Bad job.

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January 03, 2015, 04:28:18 PM
 #149

The network hashrate is rising quickly, and bitcoinwisdom is predicting a 13% increase in 9 days.
If we are going to have an average 10+ % increase every 12 days, you should really just forget about mining.

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January 03, 2015, 04:30:38 PM
 #150

cloud mining is like a ponzy .... a kinde of scam  so take care
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January 07, 2015, 09:57:18 PM
 #151

Stay away from the cloud  mining. It is better to buy ASIC.

To burn it like this ?


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January 08, 2015, 09:26:46 AM
 #152

^^^This is the downside of hardware mining. There is no guarantee of electronic goods.

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January 08, 2015, 02:53:15 PM
 #153

I always wanted to mine but never had enough resource. Over month, I have gathered around 0.11BTC from faucets and twitter giveaways, with which I want to buy hash power. The cheapest one I see around is offered by www.cloudmining.website, which is 0.001 BTC/GHs. But, before I invest, I'd like to know what people want to say about their experience about this service. As it seems, at current difficulty, I should reach ROI at 4 month. Please advise...

I've tried almost all cloud services and the best imo is hashprofit (I actually made a profit) and the worst may be cex.io (fees are too damn high). Just, the only "down" side of hashprofit is that you can't sell your khs and withdraw for 3 months (You can actually but there will be a fee of 20%).


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January 08, 2015, 05:40:37 PM
 #154

I always wanted to mine but never had enough resource. Over month, I have gathered around 0.11BTC from faucets and twitter giveaways, with which I want to buy hash power. The cheapest one I see around is offered by www.cloudmining.website, which is 0.001 BTC/GHs. But, before I invest, I'd like to know what people want to say about their experience about this service. As it seems, at current difficulty, I should reach ROI at 4 month. Please advise...

I've tried almost all cloud services and the best imo is hashprofit (I actually made a profit) and the worst may be cex.io (fees are too damn high). Just, the only "down" side of hashprofit is that you can't sell your khs and withdraw for 3 months (You can actually but there will be a fee of 20%).

I don't know the details but from https://bitcointalk.org/index.php?topic=908625.0;all it seems Hashprofit has been dead for 2 weeks already now...


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January 10, 2015, 06:12:38 PM
 #155

I always wanted to mine but never had enough resource. Over month, I have gathered around 0.11BTC from faucets and twitter giveaways, with which I want to buy hash power. The cheapest one I see around is offered by www.cloudmining.website, which is 0.001 BTC/GHs. But, before I invest, I'd like to know what people want to say about their experience about this service. As it seems, at current difficulty, I should reach ROI at 4 month. Please advise...

I've tried almost all cloud services and the best imo is hashprofit (I actually made a profit) and the worst may be cex.io (fees are too damn high). Just, the only "down" side of hashprofit is that you can't sell your khs and withdraw for 3 months (You can actually but there will be a fee of 20%).

I don't know the details but from https://bitcointalk.org/index.php?topic=908625.0;all it seems Hashprofit has been dead for 2 weeks already now...

Before choosing a cloud mining website, you have to look at their history and how they are handling their businesses. You can ROI fast if you don't overpay for GHS and you choose a website that is doing business seriously.

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January 11, 2015, 02:52:10 AM
 #156

Stay away from the cloud  mining. It is better to buy ASIC.

To burn it like this ?




I bet there are more cloud mining sites burned than ASICs burned.

At least with ASICs you are sure about the risks you facing.
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January 11, 2015, 07:46:39 PM
 #157

Cloud mining is a zero sum game.
You can't earn btc from using cloud mining. They only chance you can win is if you trade cloud mining shares in cex.io.

Simply not true, LTCgear.com breaks even in about 12/14 weeks...

Haters gonna hate... let them. Cloud mining is taking over...

You can ROI with cloud mining but people think you can't because they heard stories or made a calculation with cex.io's rate and maintenance costs.

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January 11, 2015, 07:49:10 PM
 #158

Cloud mining is a zero sum game.
You can't earn btc from using cloud mining. They only chance you can win is if you trade cloud mining shares in cex.io.

Simply not true, LTCgear.com breaks even in about 12/14 weeks...

Haters gonna hate... let them. Cloud mining is taking over...

You can ROI with cloud mining but people think you can't because they heard stories or made a calculation with cex.io's rate and maintenance costs.
Taking over...of SCAMS...it's new type of ponzi.

Win now! Check this casino they offer deposit bonuses and free spins, also gave great pallete of games i myself rolled out 1btc from 15MBtc wich never happend to me in any other casino.
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January 11, 2015, 08:45:20 PM
 #159

cloud mining is like a ponzy .... a kinde of scam  so take care

If company has no miners and just invest money it is ponzi. But we have pretty reputable companies which actually mine. Just stay away from the shady ones.
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March 01, 2015, 10:30:35 PM
 #160

cloud mining is like a ponzy .... a kinde of scam  so take care

If company has no miners and just invest money it is ponzi. But we have pretty reputable companies which actually mine. Just stay away from the shady ones.

Is there any reputable company left which is profitable, considering the ever rising difficulty of the network ?

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