Topic: Beginner needs help - Hardware vs. Cloud (Read 835 times)

Hello HerkulesBee,

I recommend that you avoid cloudhashing.com.   That pricing of $300 for 30 GH is what I paid for my first 30 GH of cloud hashing back in the fall of 2013.  Meanwhile, over that same period of time, what 30 GH will earn over a period of one week has decreased by a factor of 30.  You would only earn about $5,74 for one week with that package.   In other words you would never break even.  So clearly that merchant is only out to make a buck off of newbies.  You could buy the same hash power at pbmining.com for about $75.  An honest seller will also reduce their prices over time (quite regularly actually) as the level of difficulty increases.  

You could buy the Antminer S1, which would cost almost half of pbmining per GH...but you would be paying for electricity and having to manage the equipment.


https://pbmining.com/contractbuy.html?

https://bitmaintech.com/productDetail.htm?pid=00020140107162747992Ce5uBuxW06D6


As far as scrypt mining is concerned.  There is a seller on here who is offering shares on the upcoming KNC Titan.  He started at $49 per MH/S, and has just recently lowered his price, although the website doesn't reflect the price change yet.  The drawback is that KNC Titan has not shipped yet, so you would be waiting maybe a couple months, during which time the rate of return will continue to decrease.

http://www.coiningsolutions.com/product-category/hosted-miners/

Genesis-mining has gained my trust (once they start accepting credit cards). They have a great platform and their devs are on the forums and actively take part in the forums. They've been very transparent about the business and do take suggestions seriously as well.

I'm not as familiar with cloudhashing.

I am a greenhorn in the mining world & need help.

I have found these two services for hosted mining:

www.genesis-mining.com
www.cloudhashing.com

What do you think which service will be more profitable?

Does anybody have experience with them?

Thanks,
Herkules

I first tried cloud mining through a 1 week contract of 1 GH through a seller on ebay as a way to introduce myself to bitcoin towards the end of October 2013.  The seller stated that they would run it an extra day if necessary in order to reach the payout threshold of 0.01 BTC.   So at the current bitcoin value, that 1 GH generated $5.74.  It was specifically that level of payout that got many of us interested in mining in the first place.  What you need to picture, however, is just how much value that mining power has lost over time.  Fast forward to today, I have around 310 GH that is a combination of cloud mining and hardware.  If I could have had that running at the end of October 2013, that would have generated around 3 bitcoins per week ($1700).  However at the current level of difficulty it only generates around $60 per week, minus about $8 in electricity costs.  Things have changed drastically in a short time, and they will continue to do so in the future.
Imagine how much less valuable your mining shares will be in the very near future.  This is unfortunately a relatively poor investment from the standpoint of trying to make a profit, but can be interesting in terms of learning more about how to use cryptos.  So the key would be to invest a relatively small amount and assume that you lose about half of it.  You will make back even less if you invest in bitcoin mining hardware.  Consider that there are plenty of mining sellers out there who are able to take advantage of newbies who are not yet able to see the big picture.  These sellers are the ones who stand to make a profit.

Some reputable sites are trusted though, like pbmining (ref link) and such. While they could definitely be pyramid schemes, it isn't likely.

cloud You don't know whether there is really miner in mining,There may be a pyramid scheme。

the hosted miner is better. You can remote monitoring miner and btc Directly to your wallet。

You can also save freight cost and the transportation time.

I'm not giving advice one way or another; I simply gave an option. I'm personally against cloud mining (or, really, mining in general except in specific cases) as a means for revenue. And I have no problem with that being known.

No matter what run your own ROI analysis on investment.  And a rule I have myself if be careful of advice from someone who hides referral links.

Cloud mining also requires a lot less work. You don't have to ensure that the hardware is working properly, that the pool is up, etc. You just let the contract earn money.

Instead of mining you better invest new altcoins, they can bring back good ROI.

Might mention when you throw a referral link....

But back to poster.  You mentioned starting with 700 dollars.  If the past month's even scrypt has became asic.   You will find it hard to get a decent miner for 700 dollars( at least one that could make 300 dollars).  You really need to decide scrypt or btc mining.  Then look at options, make sure to run ROI on it.   

On trading you can always jump in and try a few alt coins.  Trading, and shares or cloud mining take less upfront cash to start.

If you really want a service that allows you to just join up and earn some money from the mining (like you were saying give $10 and let them handle it), I'd give http://bitcoin-trader.biz (Disclaimer: referral link) a go. It offers up one year contracts you can buy into and then you just sit back and gain money (which can be paid out in a multitude of ways, including Bitcoin).

the hosted miner  would be better.
try colorbit 1T hosted miner price is only 2.85btc, the total host fee 0.25btc/month(include electricity ).
mining is so easy ,the miner start to work for you within 10 minutes.

 you can check the detail of the miner through the following link
http://eligius.st/~wizkid057/newstats/userstats.php/131gBm2SsBjWBLePCVQpSB4gYwbA7e9vS1

and see the worker detail by clicking the tag "toggle display of worker details"

if you want to buy one such miner, just tell me which worker you want to pick and give me your btc address, then we will point it to your btc address on eligius pool

more infomation https://bitcointalksearch.org/topic/1t799910-624118

And also, these commodities are dropping in value because they aren't even worth that much.

If you want to get into mining and have free electricity, try the AntMiner S1. If not, don't even try to mine for a profit.

Ok so 1 GH/s earns me about 0.000001 BTC per solved block on GHash.io (the minng pool I use currently). The pool solves about 40 to 50 blocks in 24 hours. Come the next difficulty change that will be less.

I am sure you can do the maths yourself but what it says is: Don't start mining with your own hardware unless can make a serious big investment into the hardware.

As far as cloudmining goes: The way you describe it doesn't exist as far as I know. Most cloudhashing services offer you to buy GH/s with upfront payment for a year minimum. They host the hardware and keep it running for you and you get what they mine. Lookup the service section for cloudmining opportunities or go to cex.io the partnersite of ghash.io:

They (cex.io) work a tad different: you can buy GH/s there too, but since cex.io is a trading platform they are treated as a commodity there. You can buy them, then sell them again at higher price in an instant. As long as you own the GH/s they are hashing for you on GHash.io automatically and their income (minus a small fee) is added to your cex.io BTC balance. They also sell future contracts whenever they are upgrading their hardware (mostly A LOT cheaper than the GH/s that are already there) those so called FHM are also a commodity and can be bought and sold instantly.

Hi,

I want to start mining. Of course I hope to get a bit of money back but I mainly do it for fun.

I read about it half a year ago or so and back then, using CPUs/GPUs was bad, so someone told me to buy specific hardware. I can't remember the name, it cost about 700$ and mined for about 200-300$ a month. But it is possible, that this calculations were wrong because I just believed the basic infos of the seller, at the end, I didn't buy it because it felt strange and I had a lot of stress doign other stuff.

Anyway, now I want to start. The only thing which is important to me: I don't want to make - longterm.

Can anyone tell me how much you earn for e.g. 1 GH/s? (I assume it scales linear, right?)
Maybe there is kind of a cloud service where I just can pay 10$ a month and get some bitcoin back? Would also like to do simple trading

So, I'd be gladful if you could suggest me some hardware and a clodu service. (I know that it also depends on how much I pay for electricity, which is quite a lot)

Any tipps would be nice.

I start a new thread because the ones I found were rather old.

Also I don't see why someone would make a bitcoin cloud mining service if the generated product is more worth.