99% of cloudmining site are not profitable.
That's all.
Topic: Cloud mining, profitable or not? - page 2. (Read 7930 times)
I tried Zeus Hash I got a mh, I was skeptical at first of cloud mining. Buying a single Mh was nice to keep my risk low as possible. Now that I know it works and its producing ill slowly invest more into the cloud to essentialy buy LTC at a slow Rate. Mining GIves me the ability to Judge the markets, I can see the fluctuations in the ouput and a movement on the market. Since I refrain from Selling LTC I can Determine The best time to straight up Buy LTC outright and Hold. I shouldnt have said that, but meh whos gonna read it anyway.
I believe the cloud mining platform is more profitable than normal miner, it cost lesser long run(lesser electricity cost), more profitable(online is 24 hours, hence more profit), no long wait no prouder, no need to bear with heat or noise(i have a egg heater in my room), and less stress to miner(no need keep monitoring to prevent downtime).
Overall I think cloud mining will be the future, but the key point is to go with a reputable company, especially need to avoid scam companies out there... I myself has start shifting my funds to a new cloud mining service Zeushash(cloud mining service from Zeusminer), and the trans id is all traceable. I believe it is one of the reputable company out there.
I agree with you that unless you have very cheap electricity, ample space and low custom duties cloud-mining seems to be the logical solution. But you have to make your own due diligence before you select a company to work with. I do think that Zeus is maybe the best company in scrypt mining at the moment (not bitcoin though, I think) with a proven track record and their Zeushash service works really great! They are transparent and have restored the confidence in scrypt mining after all the recent failures (Alpha, Finobbacci, Flowertech, etc.)Overall I think cloud mining will be the future, but the key point is to go with a reputable company, especially need to avoid scam companies out there... I myself has start shifting my funds to a new cloud mining service Zeushash(cloud mining service from Zeusminer), and the trans id is all traceable. I believe it is one of the reputable company out there.
Absolutely. Anyone who did preorder before would know the suffering in long time waiting, and uncertainties, worrying the company would not ship out the miner.
I bought 20 over miners from Zeus, and they are delivering all on time. Besides, their 1to1 replacement for my 2 malfunction miners make me really impressed.
Now they came out with the cloud mining that is totally a blast. I believe their transparency in cloud mining would certainly beat other scam companies out there.
I believe the cloud mining platform is more profitable than normal miner, it cost lesser long run(lesser electricity cost), more profitable(online is 24 hours, hence more profit), no long wait no prouder, no need to bear with heat or noise(i have a egg heater in my room), and less stress to miner(no need keep monitoring to prevent downtime).
Overall I think cloud mining will be the future, but the key point is to go with a reputable company, especially need to avoid scam companies out there... I myself has start shifting my funds to a new cloud mining service Zeushash(cloud mining service from Zeusminer), and the trans id is all traceable. I believe it is one of the reputable company out there.
I agree with you that unless you have very cheap electricity, ample space and low custom duties cloud-mining seems to be the logical solution. But you have to make your own due diligence before you select a company to work with. I do think that Zeus is maybe the best company in scrypt mining at the moment (not bitcoin though, I think) with a proven track record and their Zeushash service works really great! They are transparent and have restored the confidence in scrypt mining after all the recent failures (Alpha, Finobbacci, Flowertech, etc.) Overall I think cloud mining will be the future, but the key point is to go with a reputable company, especially need to avoid scam companies out there... I myself has start shifting my funds to a new cloud mining service Zeushash(cloud mining service from Zeusminer), and the trans id is all traceable. I believe it is one of the reputable company out there.
Cloud Mining can be profitable depending when you get in. Many people who started cloudmining with pbming (like me) in the beginning already reached ROI and now it is all profit. You have to do your own calculations including a little luck based on how you think the difficulty will go (based on new miners coming out etc)
Until PBMining is able to show me their block generation or information regarding their incorporation I'm going to assume they are a ponzi. Gavin labeled cloud mining as such and PBMining's response was to show some pics of a mining center. That doesn't really prove anything.
I believe the cloud mining platform is more profitable than normal miner, it cost lesser long run(lesser electricity cost), more profitable(online is 24 hours, hence more profit), no long wait no prouder, no need to bear with heat or noise(i have a egg heater in my room), and less stress to miner(no need keep monitoring to prevent downtime).
Overall I think cloud mining will be the future, but the key point is to go with a reputable company, especially need to avoid scam companies out there... I myself has start shifting my funds to a new cloud mining service Zeushash(cloud mining service from Zeusminer), and the trans id is all traceable. I believe it is one of the reputable company out there.
Overall I think cloud mining will be the future, but the key point is to go with a reputable company, especially need to avoid scam companies out there... I myself has start shifting my funds to a new cloud mining service Zeushash(cloud mining service from Zeusminer), and the trans id is all traceable. I believe it is one of the reputable company out there.
Cloud Mining can be profitable depending when you get in. Many people who started cloudmining with pbming (like me) in the beginning already reached ROI and now it is all profit. You have to do your own calculations including a little luck based on how you think the difficulty will go (based on new miners coming out etc)
Until PBMining is able to show me their block generation or information regarding their incorporation I'm going to assume they are a ponzi. Gavin labeled cloud mining as such and PBMining's response was to show some pics of a mining center. That doesn't really prove anything.
Cloud Mining can be profitable depending when you get in. Many people who started cloudmining with pbming (like me) in the beginning already reached ROI and now it is all profit. You have to do your own calculations including a little luck based on how you think the difficulty will go (based on new miners coming out etc)
Nice, was to afraid to enter into pbmining. Too many scam in bitcoin world..
Cloud Mining can be profitable depending when you get in. Many people who started cloudmining with pbming (like me) in the beginning already reached ROI and now it is all profit. You have to do your own calculations including a little luck based on how you think the difficulty will go (based on new miners coming out etc)
The decision to use cloudmining services depends on your needs.
There are some people who want to get involved personally (hands-on). Cloud-mining is not for them.
There are numerous other people (many of them almost without any basic knowledge or experience in altcoins) who would be willing to learn but think that this is a difficult task for them (e.g. setting the miners themselves etc.) and/or people lacking the space to have their own miner.
As far as profitability is concerned it all comes to lucky guesses as it always is the case in the crypto world. Can you find a good coin to mine before it becomes a main-stream hit, then you will have profits. Did you put all your money to mine a scam coin you will lose.
Nothing in cryptoworld is straight forward!
Just my 5 cents!
There are some people who want to get involved personally (hands-on). Cloud-mining is not for them.
There are numerous other people (many of them almost without any basic knowledge or experience in altcoins) who would be willing to learn but think that this is a difficult task for them (e.g. setting the miners themselves etc.) and/or people lacking the space to have their own miner.
As far as profitability is concerned it all comes to lucky guesses as it always is the case in the crypto world. Can you find a good coin to mine before it becomes a main-stream hit, then you will have profits. Did you put all your money to mine a scam coin you will lose.
Nothing in cryptoworld is straight forward!
Just my 5 cents!
These kind of people should not be involved with mining. If you don't have the time or the energy to get involved with physical mining then you don't need to contribute to the demise of a currency by helping to centralize it. If you promote cloud mining are you promoting centralization, particularly if you are supporting large mining entities like cex.io. That would be like people wanting to get involved in helping put out a fire by standing with a garden hose while blocking the path of a firefighter with a 3" line.
There are many ways to get involved with crypto and make money. Mining is but one aspect. People are looking for easy money and they think they can throw some cash at a website and have more cash come back.
I do not think that we should leave mining only to the hands of "experts". If we want cryptocurrencies to be really decentralized we should try and get more people involved. How on earth are we promoting cryptocurrencies if we tell people who want to learn more and get involved but do not have the required skills (at the moment), e.g. older people lacking even the basic computer skills to stay away. This elitist approach will not help spread the word and promote decentralization. The lesser people involved the higher the centralization. I think this is the equation.
Please also note that there are other issues which make physical mining more difficult. To name but a few, high electricity costs in some countries, import taxes, lack of space in an apartment, etc. All these issues are resolved with cloud mining. But the most important thing is to find a respectable vendor and as it is always the case in crypto world only spend what you can handle to lose.
Either you did not read my post in entirety or you did not understand it. Trust me when I say my stake in BTC is far larger than yours and I hope it succeeds. I have seen all kinds of scams and problems arise and these have been overcome.
I'm not saying only experts should mine. if that were the case only Satoshi and the devs would be mining right now as nobody would have started. I don't even have a job related to computers - I'm a physician. What I am saying is people should not be getting into mining without knowing the slightest bit about mining. Throwing money at cloud mining promotes the very centralization that you say would be the demise. You think the cloud mining companies have their hash spread over 46 pools?
Mining is just one aspect of BTC. There is no trust needed unlike banks and the current fiat system. The due diligence remains on the community. If we the community can't ask a minimal level of reading before jumping on mining then this effort is doomed. If you're mining you have internet access. Every bit of knowledge on this board is offered for free. All it costs is people's time. People who can't spend 1 hour to do some basic reading and understand that even a 10 year would understand should not be mining IMO.
Maybe you have misunderstood me too! My point is that cloud mining is a nice entry level for people to get into mining and during this process to start adopting and learning more about mining and cryptocurrencies in general. You cannot attract e.g. older people who have only basic computer skills in crypto world if you ask them to learn how to set a miner themselves. I am not a computer expert but I can say that my computer skills are average or above average but it has been a pain when I have started to setup my miners at the beginning. So my point is that with cloud mining you can convince more people to get involved and when more people get involved we can achieve decentralization. When more people hold BTC, LTC etc. then it is less likely for whales to manipulate the crypto world. When more people start to get interested about cryptocurrencies they will start to research more about this. This is the way that I got involved in this, and I think that nobody was an expert before entering the mining world. Mining is fun and research and as you say due diligence is a must! See what happened to Cyprus and the bank deposits confiscation for example. Who could imaging this 2 years ago? So, I also do think that you should due your own due diligence before choosing the right provider. Using a trusted and respectable company is a must or else you may very well see your money lost forever!
But why mine!?! Mining is keeping the network up and the only reason people are concerned (the masses anyway) is because of the block subsidies. In 2 years it gets cut to 12.5 per block.
How many people know about credit card PCI compliance? Probably less than 1% of people out there and yet everybody in the US has a card. Everybody uses GPS but less than 10% even know what the initials stand for.
For Bitcoin to thrive we need decentralization. For that we need people running small rigs in their house that are easy to set up. My Antminer S3 is worlds ahead of the BFL single I bought last year. It has not come to the point that it "plug and play" - maybe when Google, MSFT or AAPL get involved.
Having a mining company that is 20% of the network sell you small amounts of TH/S that is fractionally truncated via software is not my idea of decentralization.
Having built my own farm I know mining can be fun. But for the very noobie people you were talking about mining would not be fun. Those kind of people can barely operate a PC - why would they want to stare at graphs all day long. They would want to go to Bloomindales and spend their BTC.
For those where it makes no sense to own the miner in their house there's always colocation centers. These would allow the miner to chose his pool or p2pool and help decentralize rather than have all the power herded into one place. Colocating miners is cheaper than cloud hashing and you get the pride of owning your own hardware.
Unfortunately there are no cheap collocation centers where I live. Moreover, the electricity price is high and there are also very high import charges. I think that in my case and in similar cases cloud mining may be the only solution.
I guess people won't rent their miners unless they get a little higher rate than what they would get mining themselves.But if the price of coin goes up then for sure cloud mining is profitable
Not really. Well it is profitable in fiat return potentially but not the way most miners think of profit. If you spend 1BTC to buy hashing power but only get back 0.8BTC it doesn't matter if the BTC is worth $5 or $5000 - you still lost 0.2BTC. If all you want to do is make fiat - buy the BTC on an exchange and hope it goes up - no contract to deal with whatsoever. Just make sure to move the coins off an exchange if you're not actively trading.
I guess people won't rent their miners unless they get a little higher rate than what they would get mining themselves.But if the price of coin goes up then for sure cloud mining is profitable
The decision to use cloudmining services depends on your needs.
There are some people who want to get involved personally (hands-on). Cloud-mining is not for them.
There are numerous other people (many of them almost without any basic knowledge or experience in altcoins) who would be willing to learn but think that this is a difficult task for them (e.g. setting the miners themselves etc.) and/or people lacking the space to have their own miner.
As far as profitability is concerned it all comes to lucky guesses as it always is the case in the crypto world. Can you find a good coin to mine before it becomes a main-stream hit, then you will have profits. Did you put all your money to mine a scam coin you will lose.
Nothing in cryptoworld is straight forward!
Just my 5 cents!
There are some people who want to get involved personally (hands-on). Cloud-mining is not for them.
There are numerous other people (many of them almost without any basic knowledge or experience in altcoins) who would be willing to learn but think that this is a difficult task for them (e.g. setting the miners themselves etc.) and/or people lacking the space to have their own miner.
As far as profitability is concerned it all comes to lucky guesses as it always is the case in the crypto world. Can you find a good coin to mine before it becomes a main-stream hit, then you will have profits. Did you put all your money to mine a scam coin you will lose.
Nothing in cryptoworld is straight forward!
Just my 5 cents!
These kind of people should not be involved with mining. If you don't have the time or the energy to get involved with physical mining then you don't need to contribute to the demise of a currency by helping to centralize it. If you promote cloud mining are you promoting centralization, particularly if you are supporting large mining entities like cex.io. That would be like people wanting to get involved in helping put out a fire by standing with a garden hose while blocking the path of a firefighter with a 3" line.
There are many ways to get involved with crypto and make money. Mining is but one aspect. People are looking for easy money and they think they can throw some cash at a website and have more cash come back.
I do not think that we should leave mining only to the hands of "experts". If we want cryptocurrencies to be really decentralized we should try and get more people involved. How on earth are we promoting cryptocurrencies if we tell people who want to learn more and get involved but do not have the required skills (at the moment), e.g. older people lacking even the basic computer skills to stay away. This elitist approach will not help spread the word and promote decentralization. The lesser people involved the higher the centralization. I think this is the equation.
Please also note that there are other issues which make physical mining more difficult. To name but a few, high electricity costs in some countries, import taxes, lack of space in an apartment, etc. All these issues are resolved with cloud mining. But the most important thing is to find a respectable vendor and as it is always the case in crypto world only spend what you can handle to lose.
Either you did not read my post in entirety or you did not understand it. Trust me when I say my stake in BTC is far larger than yours and I hope it succeeds. I have seen all kinds of scams and problems arise and these have been overcome.
I'm not saying only experts should mine. if that were the case only Satoshi and the devs would be mining right now as nobody would have started. I don't even have a job related to computers - I'm a physician. What I am saying is people should not be getting into mining without knowing the slightest bit about mining. Throwing money at cloud mining promotes the very centralization that you say would be the demise. You think the cloud mining companies have their hash spread over 46 pools?
Mining is just one aspect of BTC. There is no trust needed unlike banks and the current fiat system. The due diligence remains on the community. If we the community can't ask a minimal level of reading before jumping on mining then this effort is doomed. If you're mining you have internet access. Every bit of knowledge on this board is offered for free. All it costs is people's time. People who can't spend 1 hour to do some basic reading and understand that even a 10 year would understand should not be mining IMO.
Maybe you have misunderstood me too! My point is that cloud mining is a nice entry level for people to get into mining and during this process to start adopting and learning more about mining and cryptocurrencies in general. You cannot attract e.g. older people who have only basic computer skills in crypto world if you ask them to learn how to set a miner themselves. I am not a computer expert but I can say that my computer skills are average or above average but it has been a pain when I have started to setup my miners at the beginning. So my point is that with cloud mining you can convince more people to get involved and when more people get involved we can achieve decentralization. When more people hold BTC, LTC etc. then it is less likely for whales to manipulate the crypto world. When more people start to get interested about cryptocurrencies they will start to research more about this. This is the way that I got involved in this, and I think that nobody was an expert before entering the mining world. Mining is fun and research and as you say due diligence is a must! See what happened to Cyprus and the bank deposits confiscation for example. Who could imaging this 2 years ago? So, I also do think that you should due your own due diligence before choosing the right provider. Using a trusted and respectable company is a must or else you may very well see your money lost forever!
But why mine!?! Mining is keeping the network up and the only reason people are concerned (the masses anyway) is because of the block subsidies. In 2 years it gets cut to 12.5 per block.
How many people know about credit card PCI compliance? Probably less than 1% of people out there and yet everybody in the US has a card. Everybody uses GPS but less than 10% even know what the initials stand for.
For Bitcoin to thrive we need decentralization. For that we need people running small rigs in their house that are easy to set up. My Antminer S3 is worlds ahead of the BFL single I bought last year. It has not come to the point that it "plug and play" - maybe when Google, MSFT or AAPL get involved.
Having a mining company that is 20% of the network sell you small amounts of TH/S that is fractionally truncated via software is not my idea of decentralization.
Having built my own farm I know mining can be fun. But for the very noobie people you were talking about mining would not be fun. Those kind of people can barely operate a PC - why would they want to stare at graphs all day long. They would want to go to Bloomindales and spend their BTC.
For those where it makes no sense to own the miner in their house there's always colocation centers. These would allow the miner to chose his pool or p2pool and help decentralize rather than have all the power herded into one place. Colocating miners is cheaper than cloud hashing and you get the pride of owning your own hardware.
I have learnt something from you guys here. I would definitely be careful if I would like to choose one cloud mining to invest.
Indeed you must not trust any new company which does not have a good track record. Go for companies with proven history of success and companies that care for their customers. I am sure you can find a couple companies fitting that description in this thread and do your own due diligence before you decide! Of course,it can be profitable. I don't have to warn my little one of heated miners ,huh huh 
Heat is a big problem especially in the subtropical zone such as my hometown, Guangdong, China. Another problem is the noise, my family has argue with me about the problem
I have learnt something from you guys here. I would definitely be careful if I would like to choose one cloud mining to invest.
The decision to use cloudmining services depends on your needs.
There are some people who want to get involved personally (hands-on). Cloud-mining is not for them.
There are numerous other people (many of them almost without any basic knowledge or experience in altcoins) who would be willing to learn but think that this is a difficult task for them (e.g. setting the miners themselves etc.) and/or people lacking the space to have their own miner.
As far as profitability is concerned it all comes to lucky guesses as it always is the case in the crypto world. Can you find a good coin to mine before it becomes a main-stream hit, then you will have profits. Did you put all your money to mine a scam coin you will lose.
Nothing in cryptoworld is straight forward!
Just my 5 cents!
There are some people who want to get involved personally (hands-on). Cloud-mining is not for them.
There are numerous other people (many of them almost without any basic knowledge or experience in altcoins) who would be willing to learn but think that this is a difficult task for them (e.g. setting the miners themselves etc.) and/or people lacking the space to have their own miner.
As far as profitability is concerned it all comes to lucky guesses as it always is the case in the crypto world. Can you find a good coin to mine before it becomes a main-stream hit, then you will have profits. Did you put all your money to mine a scam coin you will lose.
Nothing in cryptoworld is straight forward!
Just my 5 cents!
These kind of people should not be involved with mining. If you don't have the time or the energy to get involved with physical mining then you don't need to contribute to the demise of a currency by helping to centralize it. If you promote cloud mining are you promoting centralization, particularly if you are supporting large mining entities like cex.io. That would be like people wanting to get involved in helping put out a fire by standing with a garden hose while blocking the path of a firefighter with a 3" line.
There are many ways to get involved with crypto and make money. Mining is but one aspect. People are looking for easy money and they think they can throw some cash at a website and have more cash come back.
I do not think that we should leave mining only to the hands of "experts". If we want cryptocurrencies to be really decentralized we should try and get more people involved. How on earth are we promoting cryptocurrencies if we tell people who want to learn more and get involved but do not have the required skills (at the moment), e.g. older people lacking even the basic computer skills to stay away. This elitist approach will not help spread the word and promote decentralization. The lesser people involved the higher the centralization. I think this is the equation.
Please also note that there are other issues which make physical mining more difficult. To name but a few, high electricity costs in some countries, import taxes, lack of space in an apartment, etc. All these issues are resolved with cloud mining. But the most important thing is to find a respectable vendor and as it is always the case in crypto world only spend what you can handle to lose.
Either you did not read my post in entirety or you did not understand it. Trust me when I say my stake in BTC is far larger than yours and I hope it succeeds. I have seen all kinds of scams and problems arise and these have been overcome.
I'm not saying only experts should mine. if that were the case only Satoshi and the devs would be mining right now as nobody would have started. I don't even have a job related to computers - I'm a physician. What I am saying is people should not be getting into mining without knowing the slightest bit about mining. Throwing money at cloud mining promotes the very centralization that you say would be the demise. You think the cloud mining companies have their hash spread over 46 pools?
Mining is just one aspect of BTC. There is no trust needed unlike banks and the current fiat system. The due diligence remains on the community. If we the community can't ask a minimal level of reading before jumping on mining then this effort is doomed. If you're mining you have internet access. Every bit of knowledge on this board is offered for free. All it costs is people's time. People who can't spend 1 hour to do some basic reading and understand that even a 10 year would understand should not be mining IMO.
Maybe you have misunderstood me too! My point is that cloud mining is a nice entry level for people to get into mining and during this process to start adopting and learning more about mining and cryptocurrencies in general. You cannot attract e.g. older people who have only basic computer skills in crypto world if you ask them to learn how to set a miner themselves. I am not a computer expert but I can say that my computer skills are average or above average but it has been a pain when I have started to setup my miners at the beginning. So my point is that with cloud mining you can convince more people to get involved and when more people get involved we can achieve decentralization. When more people hold BTC, LTC etc. then it is less likely for whales to manipulate the crypto world. When more people start to get interested about cryptocurrencies they will start to research more about this. This is the way that I got involved in this, and I think that nobody was an expert before entering the mining world. Mining is fun and research and as you say due diligence is a must! See what happened to Cyprus and the bank deposits confiscation for example. Who could imaging this 2 years ago? So, I also do think that you should due your own due diligence before choosing the right provider. Using a trusted and respectable company is a must or else you may very well see your money lost forever!
But why mine!?! Mining is keeping the network up and the only reason people are concerned (the masses anyway) is because of the block subsidies. In 2 years it gets cut to 12.5 per block.
How many people know about credit card PCI compliance? Probably less than 1% of people out there and yet everybody in the US has a card. Everybody uses GPS but less than 10% even know what the initials stand for.
For Bitcoin to thrive we need decentralization. For that we need people running small rigs in their house that are easy to set up. My Antminer S3 is worlds ahead of the BFL single I bought last year. It has not come to the point that it "plug and play" - maybe when Google, MSFT or AAPL get involved.
Having a mining company that is 20% of the network sell you small amounts of TH/S that is fractionally truncated via software is not my idea of decentralization.
Cloud mining has been a heated topic recently. Some analysts say although the price of coins is going down, the price of cloud mining is rising in general. And some cloud mining providers have even run of stocks of their products.
To me the market a little weird. I think for the cloud mining industry to better develop, it should invite more competition. And buyers should evaluate the risk and returns in advance.
What is your thought on this?
The short of it is that cloud mining companies are businesses, and the goal of any business is to make a profit. As such, they have designed their services in such a way as to minimize the risk on themselves and transfer it to you. You, as the consumer, have little to no chance to ever profit.
transfer all risks to customers? then that is not a business. scale effect of the business can help to lower the risks which couldn't achieve by single customer.
if you have a big mining farm, you would have a more professional technical team to do the maintenance work. Might also lower other different costs. It is a win
win deal if it is a reliable company.
The decision to use cloudmining services depends on your needs.
There are some people who want to get involved personally (hands-on). Cloud-mining is not for them.
There are numerous other people (many of them almost without any basic knowledge or experience in altcoins) who would be willing to learn but think that this is a difficult task for them (e.g. setting the miners themselves etc.) and/or people lacking the space to have their own miner.
As far as profitability is concerned it all comes to lucky guesses as it always is the case in the crypto world. Can you find a good coin to mine before it becomes a main-stream hit, then you will have profits. Did you put all your money to mine a scam coin you will lose.
Nothing in cryptoworld is straight forward!
Just my 5 cents!
There are some people who want to get involved personally (hands-on). Cloud-mining is not for them.
There are numerous other people (many of them almost without any basic knowledge or experience in altcoins) who would be willing to learn but think that this is a difficult task for them (e.g. setting the miners themselves etc.) and/or people lacking the space to have their own miner.
As far as profitability is concerned it all comes to lucky guesses as it always is the case in the crypto world. Can you find a good coin to mine before it becomes a main-stream hit, then you will have profits. Did you put all your money to mine a scam coin you will lose.
Nothing in cryptoworld is straight forward!
Just my 5 cents!
These kind of people should not be involved with mining. If you don't have the time or the energy to get involved with physical mining then you don't need to contribute to the demise of a currency by helping to centralize it. If you promote cloud mining are you promoting centralization, particularly if you are supporting large mining entities like cex.io. That would be like people wanting to get involved in helping put out a fire by standing with a garden hose while blocking the path of a firefighter with a 3" line.
There are many ways to get involved with crypto and make money. Mining is but one aspect. People are looking for easy money and they think they can throw some cash at a website and have more cash come back.
I do not think that we should leave mining only to the hands of "experts". If we want cryptocurrencies to be really decentralized we should try and get more people involved. How on earth are we promoting cryptocurrencies if we tell people who want to learn more and get involved but do not have the required skills (at the moment), e.g. older people lacking even the basic computer skills to stay away. This elitist approach will not help spread the word and promote decentralization. The lesser people involved the higher the centralization. I think this is the equation.
Please also note that there are other issues which make physical mining more difficult. To name but a few, high electricity costs in some countries, import taxes, lack of space in an apartment, etc. All these issues are resolved with cloud mining. But the most important thing is to find a respectable vendor and as it is always the case in crypto world only spend what you can handle to lose.
Either you did not read my post in entirety or you did not understand it. Trust me when I say my stake in BTC is far larger than yours and I hope it succeeds. I have seen all kinds of scams and problems arise and these have been overcome.
I'm not saying only experts should mine. if that were the case only Satoshi and the devs would be mining right now as nobody would have started. I don't even have a job related to computers - I'm a physician. What I am saying is people should not be getting into mining without knowing the slightest bit about mining. Throwing money at cloud mining promotes the very centralization that you say would be the demise. You think the cloud mining companies have their hash spread over 46 pools?
Mining is just one aspect of BTC. There is no trust needed unlike banks and the current fiat system. The due diligence remains on the community. If we the community can't ask a minimal level of reading before jumping on mining then this effort is doomed. If you're mining you have internet access. Every bit of knowledge on this board is offered for free. All it costs is people's time. People who can't spend 1 hour to do some basic reading and understand that even a 10 year would understand should not be mining IMO.
Maybe you have misunderstood me too! My point is that cloud mining is a nice entry level for people to get into mining and during this process to start adopting and learning more about mining and cryptocurrencies in general. You cannot attract e.g. older people who have only basic computer skills in crypto world if you ask them to learn how to set a miner themselves. I am not a computer expert but I can say that my computer skills are average or above average but it has been a pain when I have started to setup my miners at the beginning. So my point is that with cloud mining you can convince more people to get involved and when more people get involved we can achieve decentralization. When more people hold BTC, LTC etc. then it is less likely for whales to manipulate the crypto world. When more people start to get interested about cryptocurrencies they will start to research more about this. This is the way that I got involved in this, and I think that nobody was an expert before entering the mining world. Mining is fun and research and as you say due diligence is a must! See what happened to Cyprus and the bank deposits confiscation for example. Who could imaging this 2 years ago? So, I also do think that you should due your own due diligence before choosing the right provider. Using a trusted and respectable company is a must or else you may very well see your money lost forever!
But why mine!?! Mining is keeping the network up and the only reason people are concerned (the masses anyway) is because of the block subsidies. In 2 years it gets cut to 12.5 per block.
How many people know about credit card PCI compliance? Probably less than 1% of people out there and yet everybody in the US has a card. Everybody uses GPS but less than 10% even know what the initials stand for.
For Bitcoin to thrive we need decentralization. For that we need people running small rigs in their house that are easy to set up. My Antminer S3 is worlds ahead of the BFL single I bought last year. It has not come to the point that it "plug and play" - maybe when Google, MSFT or AAPL get involved.
Having a mining company that is 20% of the network sell you small amounts of TH/S that is fractionally truncated via software is not my idea of decentralization.
The decision to use cloudmining services depends on your needs.
There are some people who want to get involved personally (hands-on). Cloud-mining is not for them.
There are numerous other people (many of them almost without any basic knowledge or experience in altcoins) who would be willing to learn but think that this is a difficult task for them (e.g. setting the miners themselves etc.) and/or people lacking the space to have their own miner.
As far as profitability is concerned it all comes to lucky guesses as it always is the case in the crypto world. Can you find a good coin to mine before it becomes a main-stream hit, then you will have profits. Did you put all your money to mine a scam coin you will lose.
Nothing in cryptoworld is straight forward!
Just my 5 cents!
There are some people who want to get involved personally (hands-on). Cloud-mining is not for them.
There are numerous other people (many of them almost without any basic knowledge or experience in altcoins) who would be willing to learn but think that this is a difficult task for them (e.g. setting the miners themselves etc.) and/or people lacking the space to have their own miner.
As far as profitability is concerned it all comes to lucky guesses as it always is the case in the crypto world. Can you find a good coin to mine before it becomes a main-stream hit, then you will have profits. Did you put all your money to mine a scam coin you will lose.
Nothing in cryptoworld is straight forward!
Just my 5 cents!
These kind of people should not be involved with mining. If you don't have the time or the energy to get involved with physical mining then you don't need to contribute to the demise of a currency by helping to centralize it. If you promote cloud mining are you promoting centralization, particularly if you are supporting large mining entities like cex.io. That would be like people wanting to get involved in helping put out a fire by standing with a garden hose while blocking the path of a firefighter with a 3" line.
There are many ways to get involved with crypto and make money. Mining is but one aspect. People are looking for easy money and they think they can throw some cash at a website and have more cash come back.
I do not think that we should leave mining only to the hands of "experts". If we want cryptocurrencies to be really decentralized we should try and get more people involved. How on earth are we promoting cryptocurrencies if we tell people who want to learn more and get involved but do not have the required skills (at the moment), e.g. older people lacking even the basic computer skills to stay away. This elitist approach will not help spread the word and promote decentralization. The lesser people involved the higher the centralization. I think this is the equation.
Please also note that there are other issues which make physical mining more difficult. To name but a few, high electricity costs in some countries, import taxes, lack of space in an apartment, etc. All these issues are resolved with cloud mining. But the most important thing is to find a respectable vendor and as it is always the case in crypto world only spend what you can handle to lose.
Either you did not read my post in entirety or you did not understand it. Trust me when I say my stake in BTC is far larger than yours and I hope it succeeds. I have seen all kinds of scams and problems arise and these have been overcome.
I'm not saying only experts should mine. if that were the case only Satoshi and the devs would be mining right now as nobody would have started. I don't even have a job related to computers - I'm a physician. What I am saying is people should not be getting into mining without knowing the slightest bit about mining. Throwing money at cloud mining promotes the very centralization that you say would be the demise. You think the cloud mining companies have their hash spread over 46 pools?
Mining is just one aspect of BTC. There is no trust needed unlike banks and the current fiat system. The due diligence remains on the community. If we the community can't ask a minimal level of reading before jumping on mining then this effort is doomed. If you're mining you have internet access. Every bit of knowledge on this board is offered for free. All it costs is people's time. People who can't spend 1 hour to do some basic reading and understand that even a 10 year would understand should not be mining IMO.
Maybe you have misunderstood me too! My point is that cloud mining is a nice entry level for people to get into mining and during this process to start adopting and learning more about mining and cryptocurrencies in general. You cannot attract e.g. older people who have only basic computer skills in crypto world if you ask them to learn how to set a miner themselves. I am not a computer expert but I can say that my computer skills are average or above average but it has been a pain when I have started to setup my miners at the beginning. So my point is that with cloud mining you can convince more people to get involved and when more people get involved we can achieve decentralization. When more people hold BTC, LTC etc. then it is less likely for whales to manipulate the crypto world. When more people start to get interested about cryptocurrencies they will start to research more about this. This is the way that I got involved in this, and I think that nobody was an expert before entering the mining world. Mining is fun and research and as you say due diligence is a must! See what happened to Cyprus and the bank deposits confiscation for example. Who could imaging this 2 years ago? So, I also do think that you should due your own due diligence before choosing the right provider. Using a trusted and respectable company is a must or else you may very well see your money lost forever!
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