Can somebody (profitably) get into cloud mining for a low cost?

exoro

newbie

Activity: 17

Merit: 0

Quote from: bassclef on June 18, 2015, 05:49:47 PM

Quote from: exoro on June 17, 2015, 07:03:53 PM

Quote from: SpanishSoldier on June 17, 2015, 06:34:25 PM

Quote from: exoro on June 17, 2015, 05:02:12 PM

At this point, I'm giving up on mining altogether. After all the hours of research that I have done, mining just seems to be an arms race of who can get the biggest and baddest hardware. It just doesn't seem sustainable in the long-term.

However, what I have been interested in is Bitcoin trading. It seems pretty easy and doesn't require you to invest a lot of money. I made a couple bucks today when the price of Bitcoin went to $252.

Trading is not as easy as it seems like. 220-240 circle has just been broken. Good Luck though

I'll have to do more research. I don't have much experience in investing but it seems like the price of Bitcoin is so volatile that its easy to buy low and sell high-ish. Anyway, trading seems a hell of a lot more reliable than mining.

Giving the market your money without significant trading experience will almost certainly result in you losing it, if not right away, eventually when your luck runs out. Paper trade for a few months to see how you do, then start with like $5. Trading is not easy. Not not not.

Good advice, however I never plan on investing a lot of money into Bitcoin. I'll definitely try out some stock simulations just to see what the heck happens.

bassclef

hero member

Activity: 924

Merit: 1000

Quote from: exoro on June 17, 2015, 07:03:53 PM

Quote from: SpanishSoldier on June 17, 2015, 06:34:25 PM

Quote from: exoro on June 17, 2015, 05:02:12 PM

At this point, I'm giving up on mining altogether. After all the hours of research that I have done, mining just seems to be an arms race of who can get the biggest and baddest hardware. It just doesn't seem sustainable in the long-term.

However, what I have been interested in is Bitcoin trading. It seems pretty easy and doesn't require you to invest a lot of money. I made a couple bucks today when the price of Bitcoin went to $252.

Trading is not as easy as it seems like. 220-240 circle has just been broken. Good Luck though

I'll have to do more research. I don't have much experience in investing but it seems like the price of Bitcoin is so volatile that its easy to buy low and sell high-ish. Anyway, trading seems a hell of a lot more reliable than mining.

Giving the market your money without significant trading experience will almost certainly result in you losing it, if not right away, eventually when your luck runs out. Paper trade for a few months to see how you do, then start with like $5. Trading is not easy. Not not not.

SebastianJu

legendary

Activity: 2674

Merit: 1083

Legendary Escrow Service - Tip Jar in Profile

Quote from: exoro on June 17, 2015, 07:03:53 PM

Quote from: SpanishSoldier on June 17, 2015, 06:34:25 PM

Quote from: exoro on June 17, 2015, 05:02:12 PM

At this point, I'm giving up on mining altogether. After all the hours of research that I have done, mining just seems to be an arms race of who can get the biggest and baddest hardware. It just doesn't seem sustainable in the long-term.

However, what I have been interested in is Bitcoin trading. It seems pretty easy and doesn't require you to invest a lot of money. I made a couple bucks today when the price of Bitcoin went to $252.

Trading is not as easy as it seems like. 220-240 circle has just been broken. Good Luck though

I'll have to do more research. I don't have much experience in investing but it seems like the price of Bitcoin is so volatile that its easy to buy low and sell high-ish. Anyway, trading seems a hell of a lot more reliable than mining.

Please dont get too confident. It really might happen to have luck on the start but its similar to gambling. Please only bet small amounts. And only when you learned to read the psyche of markets, then you will turn from gambling to trading.

I learned it the hard way, so be cautious.

exoro

newbie

Activity: 17

Merit: 0

Quote from: SpanishSoldier on June 17, 2015, 06:34:25 PM

Quote from: exoro on June 17, 2015, 05:02:12 PM

At this point, I'm giving up on mining altogether. After all the hours of research that I have done, mining just seems to be an arms race of who can get the biggest and baddest hardware. It just doesn't seem sustainable in the long-term.

However, what I have been interested in is Bitcoin trading. It seems pretty easy and doesn't require you to invest a lot of money. I made a couple bucks today when the price of Bitcoin went to $252.

Trading is not as easy as it seems like. 220-240 circle has just been broken. Good Luck though

I'll have to do more research. I don't have much experience in investing but it seems like the price of Bitcoin is so volatile that its easy to buy low and sell high-ish. Anyway, trading seems a hell of a lot more reliable than mining.

Phildo

legendary

Activity: 1526

Merit: 1000

Quote from: Vitamin King on June 17, 2015, 05:58:00 PM

Quote from: exoro on June 04, 2015, 05:02:13 PM

I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?

The same reason ASIC manufacturers selling ASIC rather than mining for themselve. This is called risk mitigation.

Quote from: exoro on June 04, 2015, 05:02:13 PM

I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.

The same trick that Cex.IO, AM hash played on us. The only difference is Cex.IO closed down legitimately as the people behind them are known, while AM hash vanished in the thin air.

Quote from: exoro on June 04, 2015, 05:02:13 PM

Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.

I did make profit on www.CloudMining.website. Ref: https://bitcointalksearch.org/topic/cloud-mining-please-help-a-newbie-852857. Also a third party mining monitor CMmonitor.com reported ROI with www.CloudMining.website within ~114 days. For me, it took ~125 days.

Quote from: exoro on June 04, 2015, 05:02:13 PM

Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).

That is true. Everyone can not take the risk of a big investment. Plus everyone do not have the opportunity of free/dirt cheap electricity.

Nobody cares that a third party turned $3 worth of bitcoin into $2 in 114 days, stop posting that shit.

SpanishSoldier

sr. member

Activity: 728

Merit: 256

Quote from: exoro on June 17, 2015, 05:02:12 PM

At this point, I'm giving up on mining altogether. After all the hours of research that I have done, mining just seems to be an arms race of who can get the biggest and baddest hardware. It just doesn't seem sustainable in the long-term.

However, what I have been interested in is Bitcoin trading. It seems pretty easy and doesn't require you to invest a lot of money. I made a couple bucks today when the price of Bitcoin went to $252.

Trading is not as easy as it seems like. 220-240 circle has just been broken. Good Luck though

Vitamin King

full member

Activity: 164

Merit: 100

Quote from: exoro on June 04, 2015, 05:02:13 PM

I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?

The same reason ASIC manufacturers selling ASIC rather than mining for themselve. This is called risk mitigation.

Quote from: exoro on June 04, 2015, 05:02:13 PM

I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.

The same trick that Cex.IO, AM hash played on us. The only difference is Cex.IO closed down legitimately as the people behind them are known, while AM hash vanished in the thin air.

Quote from: exoro on June 04, 2015, 05:02:13 PM

Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.

I did make profit on www.CloudMining.website. Ref: https://bitcointalksearch.org/topic/cloud-mining-please-help-a-newbie-852857. Also a third party mining monitor CMmonitor.com reported ROI with www.CloudMining.website within ~114 days. For me, it took ~125 days.

Quote from: exoro on June 04, 2015, 05:02:13 PM

Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).

That is true. Everyone can not take the risk of a big investment. Plus everyone do not have the opportunity of free/dirt cheap electricity.

exoro

newbie

Activity: 17

Merit: 0

Quote from: Phildo on June 17, 2015, 04:45:11 PM

Quote from: exoro on June 04, 2015, 05:02:13 PM

I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?

I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.

Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.

Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).

Any insight would be greatly appreciated.
Thanks!
Grin

You are asking the right questions. Why would people rent out the miners if they were profitable? how could it be a smart move for the cloud mining company and the user? They are passing off all of the risk to you, and even if you make the right end of that bet, and difficulty stops increasing and the miners are profitable, they can fuck you over because they have your money, the miner you paid for, and the coins that were mined.

Why are you interested in mining at all? If the answer is get coins, why not just buy coins? I don't think these cloud mining operations (legit or scamtastic) really support any of the other reasons for mining, so just bite the bullet and buy hardware.

If for some reason you still want to do cloud mining. Make them show you evidence that they are actually mining (because all the ponzi ones will run out of money eventually). They should have an address that has freshly mined coins, and they should pay those to you. They should be able to show you pictures and video of the miners running. The payouts should match reality. pool luck, difficulty changes, hardware breaking down, being replaced, being upgraded should make it so that the payouts are not really consistent.

At this point, I'm giving up on mining altogether. After all the hours of research that I have done, mining just seems to be an arms race of who can get the biggest and baddest hardware. It just doesn't seem sustainable in the long-term.

However, what I have been interested in is Bitcoin trading. It seems pretty easy and doesn't require you to invest a lot of money. I made a couple bucks today when the price of Bitcoin went to $252.

Phildo

legendary

Activity: 1526

Merit: 1000

Quote from: exoro on June 04, 2015, 05:02:13 PM

I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?

I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.

Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.

Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).

Any insight would be greatly appreciated.
Thanks!
Grin

You are asking the right questions. Why would people rent out the miners if they were profitable? how could it be a smart move for the cloud mining company and the user? They are passing off all of the risk to you, and even if you make the right end of that bet, and difficulty stops increasing and the miners are profitable, they can fuck you over because they have your money, the miner you paid for, and the coins that were mined.

Why are you interested in mining at all? If the answer is get coins, why not just buy coins? I don't think these cloud mining operations (legit or scamtastic) really support any of the other reasons for mining, so just bite the bullet and buy hardware.

If for some reason you still want to do cloud mining. Make them show you evidence that they are actually mining (because all the ponzi ones will run out of money eventually). They should have an address that has freshly mined coins, and they should pay those to you. They should be able to show you pictures and video of the miners running. The payouts should match reality. pool luck, difficulty changes, hardware breaking down, being replaced, being upgraded should make it so that the payouts are not really consistent.

SebastianJu

legendary

Activity: 2674

Merit: 1083

Legendary Escrow Service - Tip Jar in Profile

Quote from: IanFoxley on June 17, 2015, 01:13:53 PM

I invested 0.05 BTC in Genesis Mining in September. Purchased 10GH/s SHA 256 and 1 MH/s Scrypt.

By February Scrypt was dead and it was converted to 1GH/s as a courtesy, so that account had 11GH/s in total.

So far my payouts alltogether have been just over 0.04 BTC so it has taken from September until June to get to this point.

Ian

*lol* I think i did exactly the same. Bought the minimum for both chaintypes and checked out how it works because someone claimed its working so great. Of course i had the same experience and my doubts were confirmed. Roll Eyes

It became clear pretty fast that the initial investment wont come back.

IanFoxley

legendary

Activity: 910

Merit: 1000

I invested 0.05 BTC in Genesis Mining in September. Purchased 10GH/s SHA 256 and 1 MH/s Scrypt.

By February Scrypt was dead and it was converted to 1GH/s as a courtesy, so that account had 11GH/s in total.

So far my payouts alltogether have been just over 0.04 BTC so it has taken from September until June to get to this point.

Ian

SebastianJu

legendary

Activity: 2674

Merit: 1083

Legendary Escrow Service - Tip Jar in Profile

Quote from: exoro on June 04, 2015, 05:02:13 PM

I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?

I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.

Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.

Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).

Any insight would be greatly appreciated.
Thanks!
Grin

Genesis mining wont bring you your investment back. I once tested them out, with the smallest of each of their packages, though of course it was no different than any other cloud mining... or should i say any other mining at all?

If you want to understand how mining works and how the difficulty is hurting it, then i can suggest this website: https://tradeblock.com/mining/

It will show you how very uncertain it is to make your investment back with any mining contract or hardware. If a hardware potentially is in profit then this dies because the hardware is delivered too late or not at all.

exoro

newbie

Activity: 17

Merit: 0

Quote from: Muhammed Zakir on June 06, 2015, 01:47:11 AM

Quote from: real789 on June 05, 2015, 09:55:52 PM

Quote from: exoro on June 04, 2015, 05:02:13 PM

I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?

I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.

Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.

Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).

Any insight would be greatly appreciated.
Thanks!
Grin

you can trust cloudmining 100%
iam a member of cloudminr.io and bitcoincloudservice

if cloudmining have "real ghs/hardware mining" he can get profit from who rent his GHS
he can get money first, and use that money to build her bussines
and he get profit from electric cost

if cloudmining not have ghs/hardware mining he get more profit because he use ponzi scheme

Both of the sites you invested are ponzis.

How can you tell they are ponzis?

Muhammed Zakir

hero member

Activity: 560

Merit: 509

I prefer Zakir over Muhammed when mentioning me!

Quote from: real789 on June 05, 2015, 09:55:52 PM

Quote from: exoro on June 04, 2015, 05:02:13 PM

I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?

I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.

Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.

Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).

Any insight would be greatly appreciated.
Thanks!
Grin

you can trust cloudmining 100%
iam a member of cloudminr.io and bitcoincloudservice

if cloudmining have "real ghs/hardware mining" he can get profit from who rent his GHS
he can get money first, and use that money to build her bussines
and he get profit from electric cost

if cloudmining not have ghs/hardware mining he get more profit because he use ponzi scheme

Both of the sites you invested are ponzis.

real789

sr. member

Activity: 294

Merit: 250

If you can't understand my post please report it

Quote from: exoro on June 04, 2015, 05:02:13 PM

I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?

I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.

Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.

Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).

Any insight would be greatly appreciated.
Thanks!
Grin

you can trust cloudmining 100%
iam a member of cloudminr.io and bitcoincloudservice

if cloudmining have "real ghs/hardware mining" he can get profit from who rent his GHS
he can get money first, and use that money to build her bussines
and he get profit from electric cost

if cloudmining not have ghs/hardware mining he get more profit because he use ponzi scheme

exoro

newbie

Activity: 17

Merit: 0

Quote from: Amph on June 05, 2015, 02:35:17 AM

the primarly reason is because of electricity, if you pay too much for it, it is better to go with cloud site, they aren't very different than mining with your equipments, the scammers are everywhere

buying your phisical equipments does not come without risk, actually there is more, compared to cloud, for example

they could arrive damage(assuming who is ship those is legit)

they could arrive in bad conditions and stop working after two week and you can't do nothing at this point

add to this maintanance, better fan system(they are all fuck noisy) ecc...and in the end you will say that it is not worth it to have psysical miners

unless you really love dealing with physical stuff(i love it too, but i love more gpu rig to be honest, sadly they are enarly useless), cloud is more advisable nowadays, the only problem is that only few cloud are legit cloud

besides this cloud work like if you have the best miners in your home, so roi should be around 6 months(assuming no change on the diff)

Have any suggestions for reputable cloud mining companies? Also, what measures should I take to decide if I'll be profitable using a cloud mining service?

Fabrizio89

hero member

Activity: 924

Merit: 1000

Beware of cloud hashing companies and make sure you're not buying a useless bond that will get your money stuck until they're insolvent. It could be worth the risk if you think a bullish market is near.

Amph

legendary

Activity: 3248

Merit: 1070

the primarly reason is because of electricity, if you pay too much for it, it is better to go with cloud site, they aren't very different than mining with your equipments, the scammers are everywhere

buying your phisical equipments does not come without risk, actually there is more, compared to cloud, for example

they could arrive damage(assuming who is ship those is legit)

they could arrive in bad conditions and stop working after two week and you can't do nothing at this point

add to this maintanance, better fan system(they are all fuck noisy) ecc...and in the end you will say that it is not worth it to have psysical miners

unless you really love dealing with physical stuff(i love it too, but i love more gpu rig to be honest, sadly they are enarly useless), cloud is more advisable nowadays, the only problem is that only few cloud are legit cloud

besides this cloud work like if you have the best miners in your home, so roi should be around 6 months(assuming no change on the diff)

exoro

newbie

Activity: 17

Merit: 0

I am still a bit skeptical on how great cloud mining is. The biggest part that confuses me is: why are people renting out the space instead of mining for themselves?

I've heard that genesis-mining.com is pretty reputable. To my knowledge, it allows you to buy GH for a one-time price. You get paid as long as what you're mining surpasses their electricity costs.

Is cloud mining even worthwhile? I just don't see how you could make a profit from it. BTW, I'm not looking to make big bucks off mining. I'm just looking to make a few bucks here and there without a huge initial investment.

Part of the reason I am interested in cloud mining is because I'm not too fond of the initial cost of mining hardware(ex. the $500 price of an AntMiner s5).

Any insight would be greatly appreciated.
Thanks!
Grin

Topic: Can somebody (profitably) get into cloud mining for a low cost? (Read 990 times)