Well, i will not do that ever. Even less with Craptsy. They have the NXT pair broken since like 5 weeks and they dont give a f. Someday their mining contract will go south and they will just freeze the assets of the people. During one week. Or two months. They dont care.
I prefer 100% the hosting mining from the proper manufacturers. Much more flexible if problems arise. They offer refunds in MHs, rebates, etc.
Topic: Buying mining shares from cryptsy et al (Read 960 times)
Just buy the coins instead fellas. more profitable.
Some people like the idea of mining coins. Why do people buy Antminer S1/S2? 333MH Sticks? Not ROI, I hope.
Same thing with mining contracts. They sell on ebay all day long. Sometimes for a premium of 1000%. They are short term contracts, like 24 Hours. You will NEVER make your money back. But, people buy them.
Just buy the coins instead fellas. more profitable.
... or if you don't want to buy the coins, don't buy anything at all. Just like ASICs, this 'leased' mining is way overpriced. lol, they wouldn't be selling it if they could make more by using it themselves. I'd be shocked if cryptsy isn't getting its mining power from ghash.io as well. I'm pretty sure they have > 50% of the mining power, they're just doing a good job of disguising it.... re: can't you mine on different pools with cex now?But as to the actual prices, if Cryptsy doesn't a) shutdown, or b) isn't full of shit about the "lifetime" contract (which I'd say should be at least 3 years), the Cryptsy price is a better deal. After next difficulty increase, CEX maintenance costs are probably going to be near 50%?
The thing is, I wouldn't be surprised if Cryptsy ended that "lifetime" contract as soon (maybe a month or two later, to throw off suspicion) as ghash.io's maintenance costs exceeded profit. Then again, you'd imagine they'd be using more energy efficient equipment by then, so who knows..
Just buy the coins instead fellas. more profitable.
Yes.
Just buy the coins instead fellas. more profitable.
They don't actually need ANYONE mining for them nor do they need to buy back contracts from anyone. Since the contracts will pay out, over the life of the contracts, less BTC then Cryptsy sold them for, it is a simple matter for them to set aside enough btc from each purchase to pay out incrementally over the life of the contact and pocket the the remainder. They would actually be better off NOT having anyone actually mine for them as they can save on hosting costs that way.
Seems to be popular to offer BTC mining shares on exchanges, Cryptsy and Poloniex are doing it, and I have seen it somewhere else.
They are expensive, though, It got me thinking that the rise in the price on CEX over the last few days coincide with Cryptsy's increased business (Cryptsy will not reveal who mines for it).
Cryptsy: 0.014 per GHS
CEX: 0.007 per GHS
And cryptsy can resell your shares knowing that it will be able to buy them back cheaper with every passing month.
So win-win, even with the CEX charges for maintenance
They are expensive, though, It got me thinking that the rise in the price on CEX over the last few days coincide with Cryptsy's increased business (Cryptsy will not reveal who mines for it).
Cryptsy: 0.014 per GHS
CEX: 0.007 per GHS
And cryptsy can resell your shares knowing that it will be able to buy them back cheaper with every passing month.
So win-win, even with the CEX charges for maintenance
Jump to: