Cloud Mining - Please help a newbie

[inBitweTrust]

In the mean time, we have received another payment from cloudmining.website. Cool, steady service. I also like the new Mining profit calculator.

cloudmining.website is a likely ponzi and that calculator is very misleading to novices as it does not allow one to calculate increases in difficulty. You should use this calculator and study past historical difficulty changes to approximate what one may expect :

https://bitcoinwisdom.com/bitcoin/calculator

[1715096294]

1715096294

[Simon8x]

In the mean time, we have received another payment from cloudmining.website. Cool, steady service. I also like the new Mining profit calculator.

cloudmining.website is a likely ponzi and that calculator is very misleading to novices as it does not allow one to calculate increases in difficulty. You should use this calculator and study past historical difficulty changes to approximate what one may expect :

https://bitcoinwisdom.com/bitcoin/calculator

The mining calculator on BitcoinWisdom is very good because it allows you to consider the effect of difficulty change on your mining profit. The problem is what value you should put in that field. It was set at 20% by default but the increase rate has slowed down significantly in the past 3 months and even became negative in the past 2 changes.

[inBitweTrust]

The mining calculator on BitcoinWisdom is very good because it allows you to consider the effect of difficulty change on your mining profit. The problem is what value you should put in that field. It was set at 20% by default but the increase rate has slowed down significantly in the past 3 months and even became negative in the past 2 changes.

You should put in the value that you expect to see by comparing past difficulty increases to future ASIC announcements and mining farms being introduced. The recent negative difficulty is a result of a large mining farm burning down, many cloudmining ponzis not mining at all, and historical lows for the price of bitcoin for extended periods of time. When Bitcoin starts to shoot up in value expect difficulty to also shoot up. one should use at least a 5-10% difficulty average minimum (and that is being optimistic) as expecting a years worth of difficulty to be flat is delusional.

Here is the last 1.5 years of difficulty :
https://bitcoinwisdom.com/bitcoin/difficulty
Difficulty History
Date    Difficulty    Change    Hash Rate
Dec 17 2014    39,457,671,307    -1.37%    282,449,013 GH/s
Dec 02 2014    40,007,470,271    -0.73%    286,384,627 GH/s
Nov 18 2014    40,300,030,328    1.76%    288,478,854 GH/s
Nov 05 2014    39,603,666,252    10.05%    283,494,086 GH/s
Oct 23 2014    35,985,640,265    2.81%    257,595,247 GH/s
Oct 09 2014    35,002,482,026    0.98%    250,557,526 GH/s
Sep 25 2014    34,661,425,924    16.20%    248,116,151 GH/s
Sep 13 2014    29,829,733,124    8.75%    213,529,547 GH/s
Aug 31 2014    27,428,630,902    15.03%    196,341,788 GH/s
Aug 19 2014    23,844,670,039    20.86%    170,686,797 GH/s
Aug 08 2014    19,729,645,941    5.30%    141,230,307 GH/s
Jul 25 2014    18,736,441,558    8.08%    134,120,673 GH/s
Jul 12 2014    17,336,316,979    3.08%    124,098,191 GH/s
Jun 29 2014    16,818,461,371    24.93%    120,391,236 GH/s
Jun 18 2014    13,462,580,115    14.51%    96,368,902 GH/s
Jun 05 2014    11,756,551,917    12.44%    84,156,677 GH/s
May 24 2014    10,455,720,138    18.10%    74,844,960 GH/s
May 12 2014    8,853,416,309    10.66%    63,375,223 GH/s
Apr 29 2014    8,000,872,136    14.64%    57,272,474 GH/s
Apr 17 2014    6,978,842,650    14.04%    49,956,502 GH/s
Apr 05 2014    6,119,726,089    22.23%    43,806,706 GH/s
Mar 24 2014    5,006,860,589    17.80%    35,840,504 GH/s
Mar 13 2014    4,250,217,920    11.39%    30,424,245 GH/s
Feb 28 2014    3,815,723,799    21.92%    27,314,015 GH/s
Feb 17 2014    3,129,573,175    19.39%    22,402,357 GH/s
Feb 05 2014    2,621,404,453    19.49%    18,764,744 GH/s
Jan 24 2014    2,193,847,870    22.59%    15,704,175 GH/s
Jan 13 2014    1,789,546,951    26.16%    12,810,076 GH/s
Jan 02 2014    1,418,481,395    20.12%    10,153,885 GH/s
Dec 21 2013    1,180,923,195    30.01%    8,453,378 GH/s
Dec 10 2013    908,350,862    28.41%    6,502,229 GH/s
Nov 29 2013    707,408,283    16.07%    5,063,826 GH/s
Nov 17 2013    609,482,680    19.29%    4,362,847 GH/s
Nov 05 2013    510,929,738    30.70%    3,657,378 GH/s
Oct 26 2013    390,928,788    46.02%    2,798,377 GH/s
Oct 16 2013    267,731,249    41.45%    1,916,495 GH/s
Oct 06 2013    189,281,249    27.19%    1,354,928 GH/s
Sep 25 2013    148,819,200    32.13%    1,065,289 GH/s
Sep 14 2013    112,628,549    29.56%    806,227 GH/s
Sep 04 2013    86,933,018    32.22%    622,291 GH/s
Aug 24 2013    65,750,060    29.40%    470,657 GH/s
Aug 13 2013    50,810,339    35.88%    363,715 GH/s
Aug 03 2013    37,392,766    19.63%    267,668 GH/s
Jul 22 2013    31,256,961    19.47%    223,746 GH/s
Jul 11 2013    26,162,876    22.63%    187,281 GH/s
Jun 29 2013    21,335,329    10.32%    152,724 GH/s
Jun 16 2013    19,339,258    23.92%    138,436 GH/s
Jun 05 2013    15,605,633    28.41%    111,709 GH/s
May 25 2013    12,153,412    8.64%    86,998 GH/s

[newIndia]

In the mean time, we have received another payment from cloudmining.website. Cool, steady service. I also like the new Mining profit calculator.

cloudmining.website is a likely ponzi and that calculator is very misleading to novices as it does not allow one to calculate increases in difficulty. You should use this calculator and study past historical difficulty changes to approximate what one may expect :

https://bitcoinwisdom.com/bitcoin/calculator

https://alloscomp.com/bitcoin/calculator gives the same.

[kotwica666]

In the mean time, we have received another payment from cloudmining.website. Cool, steady service. I also like the new Mining profit calculator.

cloudmining.website is a likely ponzi and that calculator is very misleading to novices as it does not allow one to calculate increases in difficulty. You should use this calculator and study past historical difficulty changes to approximate what one may expect :

https://bitcoinwisdom.com/bitcoin/calculator

calculator can count only approximate. You can always say that the calculator did something wrong.

[newIndia]

In the mean time, we have received another payment from cloudmining.website. Cool, steady service. I also like the new Mining profit calculator.

cloudmining.website is a likely ponzi and that calculator is very misleading to novices as it does not allow one to calculate increases in difficulty. You should use this calculator and study past historical difficulty changes to approximate what one may expect :

https://bitcoinwisdom.com/bitcoin/calculator

calculator can count only approximate. You can always say that the calculator did something wrong.

This is actually impossible for a calculator to predict real life events that may lead to difficulty fluctuation, e.g. introduction of PayCoin that has taken away LOT of hash power. So, future estimation is always a statistical average, not perfect.

[lynn_402]

In the mean time, we have received another payment from cloudmining.website. Cool, steady service. I also like the new Mining profit calculator.

cloudmining.website is a likely ponzi and that calculator is very misleading to novices as it does not allow one to calculate increases in difficulty. You should use this calculator and study past historical difficulty changes to approximate what one may expect :

https://bitcoinwisdom.com/bitcoin/calculator

calculator can count only approximate. You can always say that the calculator did something wrong.

This is actually impossible for a calculator to predict real life events that may lead to difficulty fluctuation, e.g. introduction of PayCoin that has taken away LOT of hash power. So, future estimation is always a statistical average, not perfect.

Wow, I just realized Paycoin took 50 ph/s almost exclusively from Bitcoin, which is now at 250 ph/s.

It has only been that way for a few day though, it's likely that the pump will be over soon and its network hashrate will fall.

[inBitweTrust]

Paycoin is 100% POS now , that mining is going back to bitcoin.

[lynn_402]

Paycoin is 100% POS now , that mining is going back to bitcoin.

Already? It didn't keep PoW for long then. Thanks for sharing.

[Gianluca95]

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...

Keep in mind that rate of Gh/s is not fixed but change according to the bitcoin difficulty. I don't advice you to invest in cloudmining website because a very good part of this it's only scam. Cloudmining doesn't give you a good roi in long time, I can only tell you that you have to find another way to earn because (IMHO) I don't think that cloudmining is the best way to do it.

[RocketSingh]

Paycoin is 100% POS now , that mining is going back to bitcoin.

That is a good news. Have we witnessed any significant rise in Bitcoin network's hashpower ?

[Mobius7]

Paycoin is 100% POS now , that mining is going back to bitcoin.

That is a good news. Have we witnessed any significant rise in Bitcoin network's hashpower ?

Yup, the network hashrate has gone up incredibly in the past 3 days.

[kotwica666]

This is a hard end of the year. I wonder how will begin the new year .. 

[Furio]

Paycoin is 100% POS now , that mining is going back to bitcoin.

That is a good news. Have we witnessed any significant rise in Bitcoin network's hashpower ?

Yup, the network hashrate has gone up incredibly in the past 3 days.

offcourse, everybody stopped mining paycoin........

[lexuz]

Cloud mining still profit??

[GermanGiant]

Cloud mining still profit??

Yah... use mining profit calculator for some quick estimation.

[picolo]

Cloud mining still profit??

Yah... use mining profit calculator for some quick estimation.

You can use https://bitcoinwisdom.com/bitcoin/difficulty to calculate your expected profit.

You have to take into consideration the risk that the cloudmining site will disappear.

[kotwica666]

Cloud mining still profit??

Yah... use mining profit calculator for some quick estimation.

You can use https://bitcoinwisdom.com/bitcoin/difficulty to calculate your expected profit.

You have to take into consideration the risk that the cloudmining site will disappear.

yep.. risk of "disappear" can really destroy counting.. 

[AllTheBitz]

Cloud mining and mining in general are very hard to make a profit off now.

[darkangel11]

Paycoin is 100% POS now , that mining is going back to bitcoin.

That is a good news. Have we witnessed any significant rise in Bitcoin network's hashpower ?

Yup, the network hashrate has gone up incredibly in the past 3 days.

offcourse, everybody stopped mining paycoin........

Sounds crazy, right? Believe it or not paycoin held over 60PH for days.