Topic: Advice for new users regarding CLOUD MINING - page 16. (Read 44457 times)
Best advice i can give is don't think difculty wont shoot up 100% in a few weeks you must figure this risk in before jumping in to cloud mining.
It should be noted that the Bitfinex TH1 contract expires on Dec 15. They've increased supply as well. First offered 100 contracts (1 TH each), but now it is up to 400.
I think there are several problems with cloud mining
-People do it to speculate - like on cex.io - not to actually mine
-People don't understand difficulty increases. They see a high rate of return in one day and assume it will continue.
-It's very profitable for the cloud mining companies. So they promote it and don't care that the customers will lose money
-People assume that bitcoin will increase in price. If so, they are almost always better off holding.
-Scams and business failures.
I'm shorting TH1 on Bitfinex =)
I think there are several problems with cloud mining
-People do it to speculate - like on cex.io - not to actually mine
-People don't understand difficulty increases. They see a high rate of return in one day and assume it will continue.
-It's very profitable for the cloud mining companies. So they promote it and don't care that the customers will lose money
-People assume that bitcoin will increase in price. If so, they are almost always better off holding.
-Scams and business failures.
I'm shorting TH1 on Bitfinex =)
Justin,
You and I have engaged in a great discussion throughout this thread, and have expressed our opinions and views on the merits of cloud mining, the possibilities of positive return on investment, pricing models, etc. While we may have had differences of opinions, I absolutely and wholeheartedly support what you've written in the quote. Very well written.
+1
Hi,You and I have engaged in a great discussion throughout this thread, and have expressed our opinions and views on the merits of cloud mining, the possibilities of positive return on investment, pricing models, etc. While we may have had differences of opinions, I absolutely and wholeheartedly support what you've written in the quote. Very well written.
+1
Sorry, been on a well earned holiday.
Thanks for that comment. With the more recent negative news around mining we continue to aim to be open, transparent and straight forward and it's nice to see that people appreciate that.
J
Justin,
You and I have engaged in a great discussion throughout this thread, and have expressed our opinions and views on the merits of cloud mining, the possibilities of positive return on investment, pricing models, etc. While we may have had differences of opinions, I absolutely and wholeheartedly support what you've written in the quote. Very well written.
+1
Hi,You and I have engaged in a great discussion throughout this thread, and have expressed our opinions and views on the merits of cloud mining, the possibilities of positive return on investment, pricing models, etc. While we may have had differences of opinions, I absolutely and wholeheartedly support what you've written in the quote. Very well written.
+1
Sorry, been on a well earned holiday.
Thanks for that comment. With the more recent negative news around mining we continue to aim to be open, transparent and straight forward and it's nice to see that people appreciate that.
J
bitfinex does look interesting. Fairly new though but a promising start
I think mining contracts of bitfinex is not bad. 1.115BTC per TH now.
Pool fee is a bit high(3%), but all hosting, power and maintenance cost for the duration of the contract is included in the price per TH.
Announcement
https://www.bitfinex.com/pages/announcements
Dividends history
https://www.bitfinex.com/pages/mining_stats
Pool fee is a bit high(3%), but all hosting, power and maintenance cost for the duration of the contract is included in the price per TH.
Announcement
https://www.bitfinex.com/pages/announcements
Dividends history
https://www.bitfinex.com/pages/mining_stats
This is definitely a better deal than cex.io. I also trust bitfinex much more than those anonymous/ponzi cloud mining services.
Your missing the most profitable cloud mining at the moment of that list, LTCGear. Current rates are $5.3125 per Mh with special offer they have running.
Also Cex.io is very hard to profit off.
Also Cex.io is very hard to profit off.
PB mining needs more love in this thread, but time will tell. When you look at the top investors there, they keep on investing more and more. And the amount invested is some serious crazy amount of bitcoins. Wondering how many bitcoins the payment address got? Total Received 963.57102327 BTC, Final Balance 363.56702327 BTC
If you follow the 600BTC out, it becomes part of an 880BTC address, that is somehow related to a 900 BTC address. So there is serious bitcoins not being used. Trying to wrap my head around how things are being run there..
If you follow the 600BTC out, it becomes part of an 880BTC address, that is somehow related to a 900 BTC address. So there is serious bitcoins not being used. Trying to wrap my head around how things are being run there..
my review of clouds and renting services - http://fuk.io/cloud-hashing-and-rig-renting-services-review/
Anyone have a take on LTCgear ?
I have a few shares which have paid out on time every week, however the deal seems too good to be true in many ways which makes me worry that it is of course.
There is very little information which is a concern but then they guy that runs it was selling hardware before completely legitimately and research shows he seemed to be ahead of the game on chip development.
The deal is basically $850 (using the anniversary1yr code and with the BTC discount) for 160MH scrypt mining. You ROI in about 4 weeks, but of course are tempted to reinvest (classic ponzi).
What do you guys think of this ? Too good to be true or ahead of the game ? I think the site is seeing some big volume right now. I am cautiously investing in this... banking some returns and reinvesting some.
I have a few shares which have paid out on time every week, however the deal seems too good to be true in many ways which makes me worry that it is of course.
There is very little information which is a concern but then they guy that runs it was selling hardware before completely legitimately and research shows he seemed to be ahead of the game on chip development.
The deal is basically $850 (using the anniversary1yr code and with the BTC discount) for 160MH scrypt mining. You ROI in about 4 weeks, but of course are tempted to reinvest (classic ponzi).
What do you guys think of this ? Too good to be true or ahead of the game ? I think the site is seeing some big volume right now. I am cautiously investing in this... banking some returns and reinvesting some.
Considering that you're a new user and you spammed the same wall of text verbatim in another thread I'm going to guess you are another shill just like I mentioned at the beginning of this thread. How does that sound?
heres my cloud mining review [before hashlets] - http://fuk.io/cloud-hashing-and-rig-renting-services-review/
Under Cex.io Review and tricks: "the most profitable pool i have to add!"
Really? I think a good few people will not agree with you on this.
heres my cloud mining review [before hashlets] - http://fuk.io/cloud-hashing-and-rig-renting-services-review/
I'm hopeful about PB mining. The hashrate you pay for is what you get, and this relates almost perfectly with an online calculator. Since you don't get to specify any settings with them, they could have it all pointed at one pool which gives them about 50% more than the online calculator. Just this fact alone, I think it's possible for them to last. I'm not 100% about the 50% more than the online calculator as I'm thinking that's possible based on what a couple people said. So, five years of anything is really pushing it online, but I hope all get returned what they put in, and then re-evaluate.
I'll start looking at the new signups per day, just to make sure it stays around, which I think it will as long as bitcoin does.
I'll start looking at the new signups per day, just to make sure it stays around, which I think it will as long as bitcoin does.
Me thinks you need to do some reading before throwing away your money and your opinions. You don't get 50% more for using a single pool.
they could have it all pointed at one pool which gives them about 50% more than the online calculator.
Uh, no.
I'm hopeful about PB mining. The hashrate you pay for is what you get, and this relates almost perfectly with an online calculator. Since you don't get to specify any settings with them, they could have it all pointed at one pool which gives them about 50% more than the online calculator. Just this fact alone, I think it's possible for them to last. I'm not 100% about the 50% more than the online calculator as I'm thinking that's possible based on what a couple people said. So, five years of anything is really pushing it online, but I hope all get returned what they put in, and then re-evaluate.
I'll start looking at the new signups per day, just to make sure it stays around, which I think it will as long as bitcoin does.
I'll start looking at the new signups per day, just to make sure it stays around, which I think it will as long as bitcoin does.
I think mining contracts of bitfinex is not bad. 1.115BTC per TH now.
Pool fee is a bit high(3%), but all hosting, power and maintenance cost for the duration of the contract is included in the price per TH.
Announcement
https://www.bitfinex.com/pages/announcements
Dividends history
https://www.bitfinex.com/pages/mining_stats
Pool fee is a bit high(3%), but all hosting, power and maintenance cost for the duration of the contract is included in the price per TH.
Announcement
https://www.bitfinex.com/pages/announcements
Dividends history
https://www.bitfinex.com/pages/mining_stats
Anyone using hashnest.com?
I think cloud mining is the way forward, No electricity costs, no worry about fire in your house 
as I used to
since we started up http://www.polminers.com we have had so many users say how much they prefer cloud mining and how much better ROI they get, Just look at the payout statistics (http://polminers.com/pricing.php) and this is quite affordable for us.
as I used tosince we started up http://www.polminers.com we have had so many users say how much they prefer cloud mining and how much better ROI they get, Just look at the payout statistics (http://polminers.com/pricing.php) and this is quite affordable for us.
website has disappeared already - is this a new record?!
Somebody accused them of being the same people who ran lunamine. That might explain that behavior
I think cloud mining is the way forward, No electricity costs, no worry about fire in your house as I used to
since we started up http://www.polminers.com we have had so many users say how much they prefer cloud mining and how much better ROI they get, Just look at the payout statistics (http://polminers.com/pricing.php) and this is quite affordable for us.
as I used tosince we started up http://www.polminers.com we have had so many users say how much they prefer cloud mining and how much better ROI they get, Just look at the payout statistics (http://polminers.com/pricing.php) and this is quite affordable for us.
website has disappeared already - is this a new record?!
I believe in what Gavin said on his blog. Most cloud mining services are ponzi schemes. While iim sure that there are some legit ones, i believe by far the majority are ponzis, the top of my list is pb mining.. They dont have any pictures, dont say where they mine, they magically have unlimited amounts of hashing power. My advice is to stay away from them, most likely you wont ROI...
Several of the cloud mining companies have posted in this thread and shown some proof of incorporation and documentation that they are a legitimate company.
The problem with pictures is that I could go to any warehouse that has some nice and neat miners and take a picture and say it's mine. When they run off with your money the pictures will serve as a souvenir to the BTC that you lost. Unless the "company" can prove it is an actual company by showing that it is registered with it's local/state governments you can't be sure it's all just a fancy website covering up a ponzi.
For those companies like PBMining who claim to have a lot of power all they would need to do to prove they are not a ponzi is show their block generation. You can't fake 20PH/s of hashing power on the blockchain. You can fake pics of 20PH/s.
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