Topic: Anyone used Buy A Hash? (Read 1663 times)

No, I'm not trolling at all! I must apologise if my comments are coming off this way.

Thank you for the luck, but seriously, it's really simple. Regardless of the path taken to obtain bitcoins. If you are making more than your initial outlay you're doing it right, and currently, I am making more than I have invested.

I would be interested to know what you think the number of coins mined by the end of this year would be though.

~Foyz

By your logic, when there was one miner with one hash, that miner was mining 3600 coins a day?? No..? See where I am going with this?
by the way, I never said you didn't have a good understanding, I said you or anyone else don't understand it fully!


Whilst I respect your comment, I'm not entirely convinced. What do you reckon will be the amount mined by the end of this year? I will hold you to this prediction by the way!

~Foyz

I'm not saying I do, but I believe I know enough to make the relevant decisions, also what I am saying is that of all the trading\pool platforms available cexio is doing the best out of it, for itself and its users so far, this from what I have evaluated to date.

I understand your argument here, but I don't think most people fully understand the whole process, even yourself.

First of all, nice analogy, but completely wrong context. If there is gold in the ground, the value of the spade\pick\etc will always remain, it may fluctuate, but it will always have a value, gold does not rot, and contrary to popular belief, the amount of gold in the ground is not finite, it is always being created, albeit far *far* more slowly than it is being mined, but nevertheless, it is still being produced..

Again, as far as I understand it, currently we are hitting the upper limit of the amount of bitcoins that can be mined in a day due to the shear amount of hashing power assigned to the task worldwide. You can't seriously tell me, that the creators, or even those that know everything there is to know about the algorithms surrounding the process etc foresaw 11 million bitcoins being mined in the space of 4 years?!

~Foyz

Thanks for clarifying, that has answered a few questions I had regarding the workings of mining. I have estimated that only 144 odd blocks can be found a day which equates to about 3600 BTC - being that the difficulty level is directly linked to the overall hash power, that is the amount that will always be mined and as such will mean that mining will only last for about 7 years. Now cexio mines anywhere between 50 and 70 blocks a day, which means the share of bitcoins obtained through cexio on a daily basis is higher than being with any other pool. Makes sense to stick with cexio.

The shares may depreciate but you are forgetting that that again only applies to mining. In commodity trading however, though the initial price is determined by the value of a bitcoin on the exchange, the value of 1 gig is determined by the amount of day to day trades being placed, which is a completely different situation.

Like you say, people will lose a lot of money IF they just mine. but a smart trader will bow out once they see a major decline.

Why wouldn't I benefit?


Ahh, that was based on a yearly estimate, I would have been very impressed if you found somewhere that was doing 0.02 a day! Anyway, I don't expect mining to last more than 2 years (is there anywhere we can do a year by year comparison of blocks found versus difficulty level?) the number of pools are rising rapidly, and once the popular pools cap themselves because of the 51% attack, more pools will pop up, the amount of hashpower is rising far too quickly, I've seen apps that are estimating the next difficulty level only to be beaten by twice if not more of a hike.

The small increase on cexio was a big decider for me, why would you pay 55% more for equipment that depreciates in value far faster than you will make from it?


Like I have said before, there are a lot more factors to consider, such as external influences beyond the mining community that affects prices and value of the Bitcoins.

IMO it is better to both trade and mine, as you can offset one from the other.


I have only been mining for a very short period of time and my understanding of Bitcoins is very limited, but from what I understand so far, if the equipment is getting more powerful, blocks are being found more and more quickly, so mining will end very soon, in a year or two at the most.

The price of Bitcoin is two fold, what it means in value to someone trading goods with it and secondly, what someone is willing to pay for it. That is what has driven the surge of people to mine, nothing else.

the last for go out newbie

i wann  to buy some

I have seen the gig price drop, it was the first thing I looked at when I went to the site. I am fortunate enough not to have bought at the high price it was at previously.

I have dealt in stocks and shares and still do, so I know exactly what kind of research needs to be done in order to maximise profit, needless to say, I have been keeping an eye on Cryptocoins for quite sometime and explored all my options as a relative newcomer to Bitcoins in particular.

There is no guarantee that you will make any more than has already been made by holding on to Bitcoins, personally, I think it's highly unlikely that the price is going to go much beyond the $1000 point, it's unsustainable at those prices. I purchased around the 0.03 mark about 2 weeks ago, since then I have seen the gig price go up to around the 0.045 mark then down to the 0.035 mark, and now back up to 0.0449 mark, it will go down again and I have since been selling and re-buying my gigs as well as mining a set amount, and for triple profit, I am also buying and selling on the exchange on a daily basis. However, the price seems to be quite stable there for the moment at cexio, I am expecting the price to go up quickly when they start to upgrade to the next gen miners due to be released imminently.


Question, where are you mining 0.02 BTC with 1 Gig?? Are you sure you didn't mean 0.0002 BTC?

You have misunderstood my point. On cexio, it's currently 0.044 BTC per gig and in order to make a reasonable return quickly, you need to buy big, you won't get anywhere with 1 gig. Buying big means you get more bitcoins far quicker, the difference here is that instead of buying your own equipment, you can sell your gigs to get back some of what you have invested, even if the price drops.

Also, the major factors you refer to do not apply to profitability, they only apply to the process of mining. The difficulty has gone up, but so has the hashing power, I have seen a notable increase in the number of blocks solved on cexio compared to everyone else over this past week despite the rapid difficulty rise, so no, as I said, the difficulty rating does not bother me, it should however bother all of those that have small rigs.

~Foyz

P.S What do you think is going to happen once the difficulty starts to get too high on Bitcoins?? Even with the massive hashing power racked up, by then there will be too few coins to look for, and those that have joined over the past 4 months or so will just leave and most likely move to altcoins and you will see the value of Bitcoins plummet... Unless Bitcoins become the way of the world, though I doubt that will happen by the time mining Bitcoins hits its upper limit.

I'm not sure what calculations you're doing, but at the moment, the amount I have invested in buying gigs at cexio is still holding, and the current value of Bitcoins is quite high, so all my daily earnings from mining on cexio is pure profit. By the time the price per gig drops, I'll have already recouped the initial investment cost many times over.

The difficulty doesn't bother me, that is only of real concern to those that have invested in GPUs and sub Ghs ASIC hardware. The difficulty is rising so fast, that creating a rig from scratch is of no long term value now.

I can see that cexio is a massive threat to anyone mining with their own equipment be it solo or pool unless you have a gargantuan rig!!

~Foyz

Did u see difficulty? if you try to calculate your profit you'll see you never gain everything from this. prices are prohibitive!

I have been using cex.io now after your recommendation, and have found that it is a much better option, the price per Gig is somewhat stable and quite low at the moment, so it's a good investment! Plus I like that you can sell your Gig holdings and not really lose much since you will have most likely mined the amount you initially invested.

Also, since they are finding far more blocks than most, over all other options at the minute, I think it's the best place to be.

On another note... This isn't your only source of income... is it..?? mining crypto??

~Foyz

I have 1.13 gh on there just now. Unlike most other people I have bills to pay so I can't hold my mined bitcoins for months or years. So yes I bought at 0.06 and I have lost about 0.018 bitcoins (assuming I sold now). I shall ignore the fact that I bought 10 block erupters for £10 and sold them for £35 each, the profits of which I bought 2 x 7950 and now mine altcoins. To say I have lost money is beyond spurious. Some you win, some you lose, but that's cryptos for you.

Edit: even if the price goes down that means people can buy gh for less and their average investment cost goes down. Just as people who buy bitcoins regularly do. Show me one person who hasn't lost at some point with cryptos.

The price fluctuates on cex.io, yes. The price of bitcoin itself fluctuates even more wildly. The price on cex.io was also pretty stable at 0.08 for over a month. That's also ignoring the bitcoins you mine while you have that gh/s.

I wasn't considering cex.io at all, probably because I wasn't too sure what cex.io was about, but I see now, you have cleared it up for me.. So how many bitcoins need to be deposited to make a decent return as it stands at the moment?

I haven't used buyahash.co.uk but I have used the .com one and it's legit, although his stock has diminished somewhat. As for this comment about cex.io, first of all you don't buy ANYTHING at cex, no equipment or contracts, all you do is deposit bitcoins and mine with them until you're ready to cash out. You get the same price when you sell as when you paid so the only difference is that you have acquired MORE bitcoins while your coins were there, unlike any wallet. That's how I use cex and I'm happy to send coins there and acquire more for doing absolutely nothing! People got scammed for depositing coins into an interest accruing website, when they could have got a similar return using cex, so whatever, people who don't do this must be complete idiots imo.

Personally, I think mining is fun. I'm really in to it now, but I don't want to pay an arm and a leg for the equipment, especially out of my hard earned cash which I am actually working for...

The point here, if you really want to make money with bitcoins, is to be able to fund the equipment with the least amount of blood and sweat poured in to doing so.

After all, when you're mining, it's essentially for free (minus the electricity and hardware costs) the machines do all the work for you. If you can get a good enough rig, you're laughing...

~Foyz

I would say buy into a "shared" mining rig, I think your more likely to stand getting a good return (although its a longer term investment, ie over 1 year of constant mining power).

I'm going to be selling shares in my cointerra, Bought and paid for January & February delivery.

I find this a much more favorable solution, and I think you'll get an excellent return if your on early.

Haven't used "Buy A Hash", but have used cex.io, and found you'll barely make a return if your very lucky, but long term mining will almost certainly end in a loss.

Try solo mining with your own gear in a "pool", or buy shares into a "shared" mining rig.

Pyramining is cheapest to buy big amount of hashing power.
Its only costs 0.02 BTC per GHS

Referral link??

It was actually a genuine request to see if anyone had used them, since anyone can create a site online and claim anything... Also not many mining vendors in the UK.

OK, mister-0.03-BTC-per-Gh, tell me where to get equipment I can buy for that rate, preferably to be purchased for GBP or USD.

~Foyz