Advice for new users regarding CLOUD MINING - page 15.

Furio

legendary

Activity: 938

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Quote from: Searing on October 01, 2014, 05:17:27 AM

Quote from: Lucky7Gaming on September 30, 2014, 06:09:59 PM

https://www.kncminer.com/products/400ghs-btc-cloud-mining

Does anyone have experience with this btw? It seems profitable? But I don't believe it?

1) it is KNC be very cautious ..

2) will all the cloud mining hash coming out imho it is due to the fact they have LARGE mining farms to do so
   ie they will drive up the difficulty with their large arctic cooled 1c/kwh operations and gladly charge you
   in their fees say 8 - 10c kwh rates to host with them...ie imho you will never catch up..it will look good at
   the front end like most asic pre-orders and you'll be creamed at the back end of the contract with the mad
rush to these good deals....and wash/rinse/repeat to the new newbie users

3) someone in a previous post says that cloud mining would work if done with integrity and honesty...look how
   well that worked with the asic companies making machines..then going to farms (knc) then mining 1500 units
   or whatever it was at a time customer machines for 2 weeks before shipping as testing / burn in (bfl)

hell ..i just think the greed is too overpowering a case study is knc now the new bfl...it will start out ok and
be the same tune different venue in the end ..ie little guy is screwed

that sad part is ..will be another bitcoin scandal hurting bitcoin..then the new scam will come...wash/rinse/repeat

KNC needs to be boycotted!

Snorek

legendary

Activity: 1400

Merit: 1001

Quote from: Holysmoke on October 01, 2014, 08:56:21 AM

I have never spent a penny on BTC and don't even have a wallet.

I was almost conned into dumping thousands into cloud mining this week and decided to search for a bitcoin forum hoping to find something like this place.

Although it is obviously full of shills, I see several people are telling the truth and I think the OP is one of them.

It really appears that the party is over and there is very little hope in ROI and even less hope of a profit.

Why the hell you want your investment in mining by investing 'thousands'? Maybe better choice will be test the waters first and spent a little less money on it first?

Holysmoke

newbie

Activity: 14

Merit: 0

I have never spent a penny on BTC and don't even have a wallet.

I was almost conned into dumping thousands into cloud mining this week and decided to search for a bitcoin forum hoping to find something like this place.

Although it is obviously full of shills, I see several people are telling the truth and I think the OP is one of them.

It really appears that the party is over and there is very little hope in ROI and even less hope of a profit.

Searing

copper member

Activity: 2898

Merit: 1465

Clueless!

Quote from: Lucky7Gaming on September 30, 2014, 06:09:59 PM

https://www.kncminer.com/products/400ghs-btc-cloud-mining

Does anyone have experience with this btw? It seems profitable? But I don't believe it?

1) it is KNC be very cautious ..

2) will all the cloud mining hash coming out imho it is due to the fact they have LARGE mining farms to do so
   ie they will drive up the difficulty with their large arctic cooled 1c/kwh operations and gladly charge you
   in their fees say 8 - 10c kwh rates to host with them...ie imho you will never catch up..it will look good at
   the front end like most asic pre-orders and you'll be creamed at the back end of the contract with the mad
rush to these good deals....and wash/rinse/repeat to the new newbie users

3) someone in a previous post says that cloud mining would work if done with integrity and honesty...look how
   well that worked with the asic companies making machines..then going to farms (knc) then mining 1500 units
   or whatever it was at a time customer machines for 2 weeks before shipping as testing / burn in (bfl)

hell ..i just think the greed is too overpowering a case study is knc now the new bfl...it will start out ok and
be the same tune different venue in the end ..ie little guy is screwed

that sad part is ..will be another bitcoin scandal hurting bitcoin..then the new scam will come...wash/rinse/repeat

joust

sr. member

Activity: 350

Merit: 250

Quote from: silversurfer1958 on September 30, 2014, 01:44:12 PM

Thanks for putting this list together, and the advice, so what do we do.
The basic idea of cloud mining is sound, if only it could be done with integrity and openess.
Why don't we all chip in and start up our own Cloud mining business.
Here's what I think might be useful.
We'd need energy, Diesel generators using waste veg oil collected and flitered from Restaurants.
We'd need to replace these very 3 - 6 months as they would break down, but a typical small Gernny can output asbout 3KW.
Enough to power 3 x 1 KW miners w2hich migh generate $30 - $50 per day.
So we hold back some of the payout, let's say 25% to buy a replacement generator every three months.
then we need to hold back another 25% to re invest and buy more hashing power to account for the difficulty and possibly, create a rising income stream if our increased capacity can exceeed the increasing difficulty.
Next I'd like thew 50% remaining to be sent automatically to my Brain wallet address.
actually we'd need to donate maybe 10% to pay for someone to maintain our cloud mining set up.
Do these numbers work.

One minor problem is that 3x1KW miners is about 4TH even using KNC Neptunes, and that gives you 0.03857BTC per day at 100% luck, or around $15.
Which means your generator is going to cost more than you earn, never mind the cost of the fuel to run around and collect all that waste oil.
Or buying the miner.
But 10/10 for an innovative approach. Personally we use just falling water and a turbine to power our kit, it's much less messy than veg oil!

J
www.megamine.com

joust

sr. member

Activity: 350

Merit: 250

Quote from: Hazir on September 30, 2014, 08:14:56 PM

Quote from: Lucky7Gaming on September 30, 2014, 06:09:59 PM

https://www.kncminer.com/products/400ghs-btc-cloud-mining
Does anyone have experience with this btw? It seems profitable? But I don't believe it?

I would not trust these guys knowing their past endeavors. You will be better setting things off with more reputable company imo.

If it helps then we are running both KNC Jupiters and KNC Neptunes (as well as others) and KNC are just "across the road" from us so we know them well. Whilst they may be slammed they have delivered and are still going and financially strong.

I am of course obliged to point out that we have a cheaper price point when you pay in BTC (you can only pay in BTC with KNCCloud) and we can sell to anyone globally including EU customers (KNCCloud only sells outside of the EU). Throw in a few additional things like our guaranteed pool luck, 5 block details on earnings in the portal, CashNowtm™ and the additional benefits and we "of course" think you should come to us

J
www.megamine.com

DrG

legendary

Activity: 2086

Merit: 1035

Quote from: Lucky7Gaming on September 30, 2014, 06:09:59 PM

https://www.kncminer.com/products/400ghs-btc-cloud-mining

Does anyone have experience with this btw? It seems profitable? But I don't believe it?

Knowing full well that BFL was viewed as Satan, KNC delivered their first batch more or less on time and it was a success compared to the likes BFL and Avalon Batch 2/3. With that good raport they built up they milked buyers for tons of capitol which they then proceeded to use to build their own farm at their own customer's expense - not only were they driving up difficulty reducing earnings for past customers they were mining on their customer's hardware stealing from present customers.

So by all means KNC would be a great choice Roll Eyes

There are better choices mentioned in this thread. Please take time to read detailed responses like that provided by joust a few posts above.

Hazir

legendary

Activity: 1596

Merit: 1005

★Nitrogensports.eu★

Quote from: Lucky7Gaming on September 30, 2014, 06:09:59 PM

https://www.kncminer.com/products/400ghs-btc-cloud-mining

Does anyone have experience with this btw? It seems profitable? But I don't believe it?

I would not trust these guys knowing their past endeavors. You will be better setting things off with more reputable company imo.

Lucky7Gaming

member

Activity: 87

Merit: 10

https://www.kncminer.com/products/400ghs-btc-cloud-mining

Does anyone have experience with this btw? It seems profitable? But I don't believe it?

silversurfer1958

full member

Activity: 474

Merit: 111

Thanks for putting this list together, and the advice, so what do we do.
The basic idea of cloud mining is sound, if only it could be done with integrity and openess.

Why don't we all chip in and start up our own Cloud mining business.
Here's what I think might be useful.
We'd need energy, Diesel generators using waste veg oil collected and flitered from Restaurants.
We'd need to replace these very 3 - 6 months as they would break down, but a typical small Gernny can output asbout 3KW.
Enough to power 3 x 1 KW miners w2hich migh generate $30 - $50 per day.
So we hold back some of the payout, let's say 25% to buy a replacement generator every three months.
then we need to hold back another 25% to re invest and buy more hashing power to account for the difficulty and possibly, create a rising income stream if our increased capacity can exceeed the increasing difficulty.
Next I'd like thew 50% remaining to be sent automatically to my Brain wallet address.
actually we'd need to donate maybe 10% to pay for someone to maintain our cloud mining set up.

Do these numbers work.

joust

sr. member

Activity: 350

Merit: 250

Just perhaps an interesting point (apart from we've reduced our pricing which you can see on our ANN thread) around these discussions is the latest difficulty graph.

Currently a block is being solved every 10.3 minutes which means if that continues difficulty will go down in a week and a half or so, and you'll notice that the blue and grey average lines were both under the difficulty jump at the point of the jump which hasn't happened for a long time.

You can speculate a lot about the reasons, but with the coin price down below $400 there will be a lot of miners where the electricity costs really is a lot more than the earnings. In that respect we are pretty well insulated as our input electricity costs are very low being Hydro powered (plus we have some of the most efficient kit around) but I think it's fair to say that no-one really knows what is going to happen to difficulty, but perhaps the 'world war' scenario of difficulty always increasing at 10%+ may not potentially play out.

Who knows, but fun times ahead!

J
www.megamine.com

btckold24

sr. member

Activity: 434

Merit: 250

★Bitvest.io★ Play Plinko or Invest!

I use the gaw hashlets as well as mine myself. From what I have seen nothing stacks up to the hashlets.

Snorek

legendary

Activity: 1400

Merit: 1001

Quote from: elgimpo on September 29, 2014, 11:12:53 PM

LTCGear currently returns about 20% a week, nothing comes close.

I think GAW's Hashlet is pretty right there. And it is far superior than LTCGear in my humble opinion.

elgimpo

sr. member

Activity: 266

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LTCGear currently returns about 20% a week, nothing comes close.

vipgelsi

legendary

Activity: 1736

Merit: 1001

So far with ltcgear my ROI has been under a month.

jonnybravo0311

legendary

Activity: 1344

Merit: 1024

Mine at Jonny's Pool

Quote from: wec on September 29, 2014, 04:30:18 PM

Regarding the increasing of difficulty, you have Genesis Mining that gives you the option to mine in BTC (auto), if they don't just walk away with our money, you have garanteed ROI i think ?

There is no such thing as guaranteed ROI. If a company is promising you that you will make profit, that company is lying to you. Mining in any form, be it with your own hardware, rented rigs, co-located miners or cloud offerings, is an investment, and as such is subject to loss as well as gain. Do some research and make an informed choice.

wec

jr. member

Activity: 66

Merit: 1

Regarding the increasing of difficulty, you have Genesis Mining that gives you the option to mine in BTC (auto), if they don't just walk away with our money, you have garanteed ROI i think ?

cointalent

newbie

Activity: 10

Merit: 0

Is there anyone on here that makes money mining? I'm yet to meet an individual that is doing this as anything more than an expensive hobby. I'd love to hear from even one person who can make more than a janitor mining bitcoin...

odolvlobo

legendary

Activity: 4522

Merit: 3426

Quote from: cointalent on September 27, 2014, 12:02:33 PM

Just to make sure I understand this - there's not profit in cloud mining or regular mining...instead mining sounds like a fun hobby just like go cart racing or ice hockey, it's takes an investment in your part, does not return any financial gain but can be a lot of fun.

Does this sound accurate or is there some miner out there still turning a profit?

Obviously, there is profit in mining. Otherwise, you wouldn't see a network hashrate of 209 petahash/s. The question is are you, a newbie, going to be able to make a profit? The answer is probably not, unless you do a lot of research.

cointalent

newbie

Activity: 10

Merit: 0

Just to make sure I understand this - there's not profit in cloud mining or regular mining...instead mining sounds like a fun hobby just like go cart racing or ice hockey, it's takes an investment in your part, does not return any financial gain but can be a lot of fun.

Does this sound accurate or is there some miner out there still turning a profit?

Topic: Advice for new users regarding CLOUD MINING - page 15. (Read 44457 times)