want to try cloudmining, where to start

[helstad]

I googled and found many options and contradictory reviews, so I thought I'd gather some opinions here.

I've read some old topics but things seem so volatile and to change so fast that I decided to opena  new topic.

I was told by a friend to try eobot, is this a good option?

[farrukh]

try hashnest or amhash or genesis mining

[rulesky]

Maybe you can try:
http://amhash.com/kaomaoyun.htm

[ChuckBuck]

Before you dive into the unprofitable world of Cloudmining or cloudhashing, you'd best serve yourself by reading the following thread by Puppet:

https://bitcointalk.org/index.php?topic=878387.0

Those 3 mentioned (AMhash, Genesis, and Hashnest) are for the most part legit, but just know going into this that ROI and profit are definitely not guaranteed, and the terms of service or conditions can change rapidly with any cloud mining contract.

[tntdgcr]

why not just buy a hosted machine?

[Blazed]

Much better off not buying into any of them. If you really want to mine snag a cheap miner and run it at home for fun. Look at Bitmain and Spondoolies...both have affordable miners!

[ensano]

Much better off not buying into any of them. If you really want to mine snag a cheap miner and run it at home for fun. Look at Bitmain and Spondoolies...both have affordable miners!

Agreed.  Antminer S1s are less thank $50 easy on ebay.  ANT S3s are dropping fast and I've seen them as low as $150.

[helstad]

Thanks for the replies guys

I am not a tech guy so I'm afraid to buy hardware I wont know how to use properly.

[ensano]

Thanks for the replies guys

I am not a tech guy so I'm afraid to buy hardware I wont know how to use properly.

neither am I and my 2 antminers (S1) weren't really all that hard.  So many youtube videos and the forums were invaluable. 

[crazyearner]

try hashnest or amhash or genesis mining

Only problem  with them are stupidly high fees. hashnet charge almost 60% in fees so its stupid to mine with them.  Cloud mining can be fairly hard these days as most are very limited on what coins get mined and can often result in a loss.  Eobot has been good but slowing down but do provide a fair amount of new coins to mine and can switch to each coin on the fly and very simple to use.

[Fiyasko]

I would advise against any kind of cloudmining or other hosted mining, the "contract" or terms can change at any time, the place could go up in smoke, the hoster could run with all the funds, etcetc, there are So Many Things that can go wrong, and the return is Very low.

Think about it this way, if the seller of the hosted hashrate, is selling hashrate, that means that you are likely paying More than it's actually worth, otherwise, why wouldn't he just keep the hashrate all to himself?
Cloudhashers make extra profit off their hashrate by charging more than it's worth, because people without a decent amount of starting capital can't afford an Actual peice of mining hardware.

Just my input

[Phildo]

Thanks for the replies guys

I am not a tech guy so I'm afraid to buy hardware I wont know how to use properly.

Why do you want to mine? If the answer is to get bitcoins, you are almost always going to be better off buying bitcoins.

[moko666]

personally i will suggest you no to go with cloud mining, better you buy hardware and mine bitcoins
in last month we have seen a lot of cloud mining companies turned into scam

[crazyearner]

personally i will suggest you no to go with cloud mining, better you buy hardware and mine bitcoins
in last month we have seen a lot of cloud mining companies turned into scam

Id have to agree and disagree their buying mining hardware is not profitable unless you got free energy or you manage to mine a good alt coin other than BTC plus equipment cost.

To make a solid 1BTC per month your talking at least 2.8TH of mining power that is over 2,800GH of mining power. Then to factor in 2 diff increases over that month of anything from 20% on the high and 2 to 5% being on the low, then to also factor energy costs to and equipment cost. Even buying 3x Bitmain s5 miners Totalling 3.828BTC you would need at least 6 months mining without and diff increases to profit from it and free energy. You be very lucky to even brake even. Too much risk in BTC mining even with alt coin mining you would need to have a good plan with the current markets and value to each coin and right now markets are all dropping and not much increase going on.

Best advise I could give buy Bitcoin hold it and begin to trade it and make better revenue from it and to buy alt coins and spread across the markets that way you take out the risk in having to wait for equipment and then also to mine and wait and then some. Trading can be a lot simpler buy low sell high repeat and make a few good spreads and gain a good return across the time you trade.

[ensano]

I would advise against any kind of cloudmining or other hosted mining, the "contract" or terms can change at any time, the place could go up in smoke, the hoster could run with all the funds, etcetc, there are So Many Things that can go wrong, and the return is Very low.

Think about it this way, if the seller of the hosted hashrate, is selling hashrate, that means that you are likely paying More than it's actually worth, otherwise, why wouldn't he just keep the hashrate all to himself?
Cloudhashers make extra profit off their hashrate by charging more than it's worth, because people without a decent amount of starting capital can't afford an Actual peice of mining hardware.

Just my input

I think theoretically large mining operations could be hedging their bets against long-term changes in the market

People have to invest some serious capital to get a major mining operation up and running.  Maybe they are profitable now but BTC is very volatile.

what new equipment will be coming out in 3 months?

what will they be able to earn in 6 months?

how high can the difficulty go in 6 months?

what will the value of BTC be in 6 months?

what unforeseen events could happen and would it cripple them?

why not least out some of their hashing power at say even 80% of what they expect to earn in 12 months?  It'd be a quick recoup of some of their cost.

As the old saying goes, "a bird in the hand is worth two in the bush."

[ensano]

Think about this. 

Lets say you and me open a restaurant.

we invest $60,000 total and expect to earn $120,00 after 1 year.

The day before we open an old Texas oil man comes to us and offers us $80,000 to lease the restaurant for 1 year paid upfront, in full, and at the end of 12 months we get our restaurant back.

You you accept his deal?

Technically we're losing $40,000

[helstad]

OK, so assuming buying a machine wont happen and cloudmining is a bad option what would you recommend I do with the bitcoins I have?

Any opportunities to invest them somewhere to earn more or should I just convert them to cash and move on?

[Blazed]

Hold them...or sell and try to buy back more. If you look at Havelock you will see EVERY investment they offer looses coins. Just hold or sell them.

[ensano]

OK, so assuming buying a machine wont happen and cloudmining is a bad option what would you recommend I do with the bitcoins I have?

Any opportunities to invest them somewhere to earn more or should I just convert them to cash and move on?

A lot of people would probably keep them at BTC and trade them like a stock.  Someone mentioned $450 is a good time to sell and <$300 is a good time to buy

[Phildo]

OK, so assuming buying a machine wont happen and cloudmining is a bad option what would you recommend I do with the bitcoins I have?

Any opportunities to invest them somewhere to earn more or should I just convert them to cash and move on?

why do you want to invest your bitcoins? What do you think the price will be in the future? If the price is going to go down, get out now. If the price is going to go up, how will the people you "invest" with be willing or able to pay you back?