Topic: Advice for new users regarding CLOUD MINING - page 15. (Read 44376 times)

Just plugged 3Th into Coinwarz and it does indeed give $15 per day, perhaps I was toying with Scrypt mining when I got $30 - $50 dollars at coinwarz, or perhaps I plugged in the wrong figures, but as someopne suggested, the margins are getting less and less each day, so if we are going to profit, we are going to have to think out of the box, and my scenario of using renewables didn't even factor in the initial purchase of the mining equipment.
However, some on here will have already have their own equipment, and it is likely with increasing difficulty, many people will soon be using more in electricity than their rigs generate in coins,  Bitcoin or Alt.
That means that there will be a flood of equipment going cheap very soon, you can already see these things for sale on Ebay ect with people hoping to catch the unwary by selling equipment that will never make ROI.
Possibly, the prices for this equipment will fall to giveaway prices as they are esentially worthless if utilised conventionally.
The idea of using Renewables is so that such equipment could be run indefinatley literaaly until it falls to pieces because, hoperfully, there will be little energy costs.
But of course, collecting the waste oil would be a full time job for someone.
The whole mining thing is becoming unsustainable, massive amounts of energy worldwide expended to generate these coins and I wonder if that is a fatal flaw in many of these coins.
KNC miner might be thinking along the same lines too and looking at renewables, so the time for us little people to get in might well be over.
This might also mean that mining is now centralised with issuance controlled by a few massive centralised mining farms.
How do we the little people take back control of cryptocurrencies. We might still have the nuclear option in that at any time, 'we' could introduce a fork and shut these massive facilities down and run cryptocurrencies in a less centralised fashion, if only we coudl work out how to do it.
I've seen some coins which rely on you contributing your computing power to things like folding at home etc, these are ethical uses of energy and I wonder if that might be the future, but even then, people would then start buying ever more powerful machines to  generate more and more of these coins, not for ethical reasons but for personal gain, and If I'm honest, I'd be thinking aboput doing that too.
Most if not all poeople want to make a gain, however I think most also would like to see cryptocurrencioes serving humanity better rather than go the way of the Dollar and simply serving the 0.0001%
So, how do we make a reasonable profit, while steering Cryptocurrencies to be more ethical, green and serving humanity.  Can we take back these Cryptocurrencies from our darker selves and create a brighter future for our children.

KNC needs to be boycotted!

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?

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.

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

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

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

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 

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

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

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?

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.

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

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

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

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

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

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.

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 ?

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...

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.