If there’s enough interest, I’d consider hosting peoples equipment under some kind of “cloud mining” esk contract. Basically you supply the equipment, or I buy on your behalf, and you pay me energy costs and a slight maintenance fee to run your stuff. I haven’t given it too much thought yet but I have been trying to come up with solutions to get me into a larger location faster.
Thanks a lot, I appreciate that Yeah, I think your way… HashFlare is easy money everyday it depends on two, maybe three things:
- longtime profitability of your contract, which can be as volatile as the Bitcoin price itself
- the money you wish to invest (more you invest, more you gain after ROI time)
- trustworthiness of the cloud mining service, which after several 500 errors and maintenances in HashFlare these days kills me softly, like Peter says
But anyway, after 1 year I will see exactly 1 BTC as a reward which is not bad
Ref Genesis mining, chap on youtube I watch, “Levi” brought into Genesis mining & has made a bunch of videos charting and tracing his progress
I think its better to just buy the coins, I was tempted with hashflare/genesis but I brought some cards instead, that way I at least own the hardware & only need 50% ROI to break even (I can sell the parts to get the other 50%) a safe bet I thought, if i could go back and do it again, I’d buy the coins BUT I will say I really enjoy having a rig running, great learning experience & its really helped me understand how the networks actually work. Days like today 28C its hot in the office but few more months and its free heating in the winter I do love mining but financially speaking it would have been smarter for me to have just brought BTC. I got into mining to late.
Hey Jimmy, at what level of profitability does mining become better than just investing in bitcoin?
That’s a very strange and hard to answer question. I would say mining is less about profitability and more about risk. You can invest 10,000 in BTC and if it goes up 20% that’s wonderful. If it goes down 20% …
If instead you bought 10,000 of mining hardware, you’d be getting about 1,000 a month in crypto for the next 1-2 years.
Declining as the difficulty goes up. You’re bound to get your money back if you stay with current hardware but it will be over a period of time. I would say if you have the space to operate, mining is always better because it can continue to work after it’s paid itself off. If you don’t have the space already though, you might be better off just investing in currencies.
TL;DR one is upfront costs, the other is stretched out over a year or two. Different strokes for different folks.
There is so much miss information about GM. My theory is that so many people BS to discourage people without the tech ability to do it themself and ultimately hope to keep the gash rate down. Whatever…
I put in 5.2k for an open bitcoin contract. It cost 1.8 BTC when I bought it just over a month ago. Played me back just over 0.25 BTC for the month. Difficulty will go up- yes. BTC $ could go up or down- yes but bet my left nut it goes up. I guess that I’ll get over my 1.8btc within 12 months with a contract that has a hash rate that’ll be profitable for a few years.
Genesis get 28% of the profits- yes. But they keep it all running 24 hours a day and they always pay. There are risks on both sides of the contract. Anyone who thinks GM is s scam because they take this fee is a fool, has never managed or run/owned a business or is unrealistic.
Just my 2 cents. I’m happy with what I’ve got. As for putting the profits back in… I think that that is a mistske
If you would have bought 5.2K in BTC at the end of July, you would have already made a nearly 100% return on your money…in a MONTH!
It’s that logic that I don’t follow. The $5200 was 1.8 BTC. If I didn’t put it into GM, I would have exactly that- 1.8 BTC. I expect to generate well in excess of 1.8 BTC over the life of the contract. This is why I put n in terms of BTC! Stating the obvious point values of BTC on a particular day is not the issue. This will go up and down, day by day and we all expect will trend up into the future. What generates additional real wealth is more BTC, not what the daily or monthly value is.
Good point. The only thing is you have to trust a 3rd party with your bitcoin for that to happen. I too have a little trickling in from Genesis Mining that I put in about 6 months ago. I hope you make 4 BTC on it! Thanks for the valuable insight!
Cheers. I don’t think that GM is going to make any of us rich, but it adds some diversity and should yield. I also got a small stake in GigaWatt where you use your own equipment and get cheap electricity without any of the other fees. I think that I will be able to make some real money out of this. Best way to mine IMHO…
This is a point I think a lot of people miss.
I started a Hashing24 contract on the 12th of August. To be fair, it’s a bit more expensive than Genesis for the same hash power.
I was originally going to sign up with Genesis, but at that time, they were having quite a lot of issues with payouts. Not to mention, when I actually tried to sign up, their site was down for whatever reason so that kind of turned me off.
English people YOO:
Hello everyone. Today I finally dare to invest in cloud mining … only about 60 dollars
I go first to: www.cryptomining.farm. Since it is one of the few reliable ones that can still undermine Bitcoin.
I have paid from 2014 I think … and I know many people who have no problems with payments or anything … well it’s just to try … I’ll keep track of my progress here or on another topic.
They give 50ghs, in any case, interesting.
GM interests me the same but I will try the other month to see that such.
Gente en Español aguante!
Hola a todos. Hoy por fin me atrevo a invertir en cloud mining… solo unos 60 dolares
voy primero por: www.cryptomining.farm. ya que es de los pocos confiables que hay que todavía puede minar Bitcoin.
Lleva pagando del 2014 creo… y conozco mucha gente que no tiene problemas con los pagos ni nada… bueno es solo para probar… iré registrando mi progreso acá o en otro tópico.
Regalan 50ghs por si las moscas
GM me interesa igual pero probare el otro mes a ver que tal.
I got some money invested into the cloud mining. Read several thousands. Researched the topic, chose three clouds: Genesis Mining, Hashflare, Hashing24. Invested small ammounts to see the things from inside. I got BTC unlimited contracts.
Genesis went through a difficult moment, but to me it looks legit.
Hashflare seems to have the lowest payback period.
Hashing24 looks to be the most expensive
My logic was to see what is the shortest payback period, taking into the account the same parameters and the daily maintenance fee of each of them. Ranking is also available on Cryptocompare, look to Cloud, sort by Payback period. Scroll after the advertised contracts.
As I just started recently, I hope it works fine and will not loose the money
The comments with payouts blocked I saw are detailed on each site. If you pay with a card, they block payouts to make sure is not a fraud. This is quite ok. Little confussing as I had one contract bought with card and one with BTC. The BTC has payouts, the card one not. I was concerned, till I saw that the balance for the contract was growing and waiting for the 30 days to pass and be payed out.
In paralell I bought also some BTC and alt coins, so if mining fails, still I have some coins. Although the contracts can fail if the BTC dropps severely, therefore two hits in same time. But I concluded that no risk, no gain. And you can always just sit and watch, but that is not a life lived
Another thing, would be nice to see on this topics more comments from people who really do mine, not from people who never did it, but just have an opinion.
Regards from Romania
BUYERS GUIDE - How to build your own GPU mining rig - What to buy!
The changed every lifetime contract to an 1 year contract,
and let lifetime contracts run out on August 2018.
so basicly they fucked u up.
( i know many of the btc contract buyers where speculating on the lifetime to get something out of it… )
as i told befor several times in this pub:
stay away from cloud mining they can fuck you up just like that and you can do nothing about it.
source: hashflare facebook page, youtube,
Djun I wanted to say that you should watch your language, but after checking my dashboard on Hashflare, I have to admit that this is proper language for what they did.
Guys! Read the terms and conditions! If it says anywhere that they can change the terms and conditions at any time…you should be very weary of them.
Genesis are thieving cunts, after 3 months with contacts open i tried to get a refund and no reply, i had to contact the credit card company to report blatant fraud, they deserve to go out of business.
Without any warning or anything, and you canot tell me they where not thinking about that longer time, i am afraid yes its the correct language =(
not sure if it did, but even if not, what you want to do aginst it. thats why i am so carfull about companies that i can not sue in front of a german curt.
yes if you payed it with cc, i would do the same, just credit card fraud and taking the money back. ( but its hashflare, in this case, but who knows what will genesis do )
to be clear, i am not gleeful even it might sound so, i am more shocked knowing ppl myself that will get the frist hit in the balls in the crypto landscape. and that suxx. cause crypto is more then scams and stuff…