Topic: Mining Contracts (Read 12279 times)
Thanks. I don't expect you to sell a contract for less than it mines. I'm now trying to understand why someone would pay more for a contract than it mines. For example what benefits would I get if I paid someone 1 BTC for a contract that mines 0.5 BTC?
Because they are
a) noobs that can't do math right
b) pay in cash as a way to get btc because for some reason they can't normally?
I don't know, its a mystery.The short 1 hour, 1 day, 1 week contracts are pretty much a scam hoping to find suckers. As been mentioned they won't sell contracts for less then what they would make mining themselves... any more the customer is pretty much losing money unless for some reason they can't get BTC any other way. The only other reason is buyer have such high power costs or something.
The longer term contracts though can and SHOULD be selling for less then can be mined. The reason why they would do this is the exact same reason why miner producers sell their miners... to get a majority of the profits out of the machine and move on to the next one. Sure they will give up 20-30% of expected profits... but when you are getting 70% instantly and can turn around and do it as fast as you can...
Thus each miner when created is essentially already worth X BTC the second it is made. The maker gets probably 50-80% of it, the buyer can choose to use it themselves to squeeze every last BTC out of it or resell/contract it basically to make a little money buy the next one... rinse and repeat.
Basiclly it is a way to get instant capital out of your investment right away to reuse rather then waiting.
I offer 1MH/s for 0.0046 Btc per day, lowest on market Wink
https://bitcointalk.org/index.php?topic=512660.new#new
https://bitcointalk.org/index.php?topic=512660.new#new
What does everyone think of a cloud mining service that guaranteed you would make your BTC back plus a percent. I don't know what the percent is yet. I just thought of the idea. Basically the contracts do not have an expiration date. After the contract pays its guaranteed percent you were given the option to repurchase. This gives miners a guaranteed profit and gives the service an easy way to finance hardware so that it can mine for itself.
It's not that easy from an ownership perspective. Your profit has to exceed what you would normally make mining, otherwise what's the point? You also have maintenance costs that you incur (power, etc) and you either pass that on to the customer through the price per share as a percentage or you pay for it yourself out of your pocket. So you have to set a price that A) covers costs (equipment + maintenance) B) is competitive and C) allows the contract owner to make a profit (contract earnings - maintenance/pool fees/etc) - cost of contract.
What does everyone think of a cloud mining service that guaranteed you would make your BTC back plus a percent. I don't know what the percent is yet. I just thought of the idea. Basically the contracts do not have an expiration date. After the contract pays its guaranteed percent you were given the option to repurchase. This gives miners a guaranteed profit and gives the service an easy way to finance hardware so that it can mine for itself.
As a seller of mining contracts ...
As a seller of mining contracts, could you please tell me why:
1. If you sell the contract for less than the miner will mine, then wouldn't you just keep the mined coins instead?
2. If you sell the contract for more than the miner will mine, then why would someone buy it?
The thing is find a price that people in the market are willing to pay (trust me that's harder than it sounds.Its trial and error) for a contract.Once you set a price,advertise it a lot through social media like I do on twitter which will explain how I got a few 1 week contracts sold so far and hopefully once my gridseed asic arrives I can sell even more contracts.
Thanks. I don't expect you to sell a contract for less than it mines. I'm now trying to understand why someone would pay more for a contract than it mines. For example what benefits would I get if I paid someone 1 BTC for a contract that mines 0.5 BTC?
As a seller of mining contracts ...
As a seller of mining contracts, could you please tell me why:
1. If you sell the contract for less than the miner will mine, then wouldn't you just keep the mined coins instead?
2. If you sell the contract for more than the miner will mine, then why would someone buy it?
The thing is find a price that people in the market are willing to pay (trust me that's harder than it sounds.Its trial and error) for a contract.Once you set a price,advertise it a lot through social media like I do on twitter which will explain how I got a few 1 week contracts sold so far and hopefully once my gridseed asic arrives I can sell even more contracts.
As a seller of mining contracts ...
As a seller of mining contracts, could you please tell me why:
1. If you sell the contract for less than the miner will mine, then wouldn't you just keep the mined coins instead?
2. If you sell the contract for more than the miner will mine, then why would someone buy it?
As a seller of mining contracts (scrypt now since no ones buying an Ant Miner contract off me now,they used to) I can say that it's not always easy to make a sale and if your electric costs are higher,your prices will have to reflect this and some people will just look elsewhere (since people with lower electric costs can afford to charge less).
I think mining contracts are a good way to make the most of existing equipment (as a GPU miner at the moment).I do think the whole selling point is convenience for the consumer so of course prices will be higher (but that makes sense) and as more newbies/people in a hurry start getting involved with mining,the demand for these contracts will only keep increasing as ordering equipment,setting it up,testing it and maintaining it will look inconvenient compared to just renting hashpower.As more people move away from wanting to buy their own equipment,it'll force a change in the mining contracts market (better pricing/service and reduced running costs equals more business).
I'd love to get more business but it's best to learn a few things first about best practice before expecting things to just happen (I've already sold a fair number of them now over the last 2 months so I'm happy,could still sell off a lot more though)
I think mining contracts are a good way to make the most of existing equipment (as a GPU miner at the moment).I do think the whole selling point is convenience for the consumer so of course prices will be higher (but that makes sense) and as more newbies/people in a hurry start getting involved with mining,the demand for these contracts will only keep increasing as ordering equipment,setting it up,testing it and maintaining it will look inconvenient compared to just renting hashpower.As more people move away from wanting to buy their own equipment,it'll force a change in the mining contracts market (better pricing/service and reduced running costs equals more business).
I'd love to get more business but it's best to learn a few things first about best practice before expecting things to just happen (I've already sold a fair number of them now over the last 2 months so I'm happy,could still sell off a lot more though)
I've spent some time as well looking at virtual mining...
The outcome basically was :
The best offers are basically the cleanest "dirty shirts", meaning they do seem 100% legit but hardly offer anything close to ROI.
cex.io right now is basically costing you very roughly 50% of your investment based on ~50% ROI at their BTC/GHs price of ~0.074BTC (achieving those 50% in the end requires you to run the purchased GHs nearly until the output becomes miniscule). These figures are compensated by the GHs resale price you might achieve (which we only know will be low if you run it for >3 months). If you're lucky, you make a tiny profit in the end (if they can maintain the inflated GHs prices) but it's unlikely as it depends mostly on BTC valuation. The business model seems to work better for some people trading (presumably with Bots).
cex.io are the only winners in this game. Plus, they can and have changed the rules at their will (fees). You on the other hand don't have this flexibility, as you're on the receiving side only.
Everything not rented to virtual mining is running for themselfes at true cost, everything else is rented out for the mentioned surplus GHs price + fees. Win-Win for them, not so much for the customer.
....looks all sexy but doesn't add up as profitable for mining. Still better than EBay deals though, that must be said and in case of complete lack of alternatives - one might take a shot at it.
All the others I found had some rules or fee/business models that simply tilt the profit even much more in their direction than yours, they're made to look shiny but the small print clearly stinks to heaven.
Most methods seem based on the (apparently lucrative) assumption that customers either are incapable or can't be bothered with math. Most will agree especially beginners take some to get their research package complete and aquire a valid overview of what's out there & how it works.
Everything I found on EBay basically were blatant rip-offs that hope to catch a newbie wrong-footed.
My conclusion for now is to avoid any middle men as they only want your best : your BTC. They only seem to vary at the level of aggressiveness with which they try to skim it off your wallet.
I'd rather calculate my own hardware and take my risks.
Plus, the old wisdom if you can't touch it, you don't own it still holds true. Bad things could happen to any of these virtual mining services at anytime, while I at home would still have all the options & the hardware.
Additionally, I'd miss my tiny mining rig
PS.
If there's a legit virtual mining gem actually realizing acceptable ROI for its customers, I simply haven't found it.
Other than that, it looks all like "shark tank with nice window dressing" to me, at times it seems just about everything BTC related is. Harsh world out there, never act without using a calculator and lots of research + common sense out there.
The outcome basically was :
The best offers are basically the cleanest "dirty shirts", meaning they do seem 100% legit but hardly offer anything close to ROI.
cex.io right now is basically costing you very roughly 50% of your investment based on ~50% ROI at their BTC/GHs price of ~0.074BTC (achieving those 50% in the end requires you to run the purchased GHs nearly until the output becomes miniscule). These figures are compensated by the GHs resale price you might achieve (which we only know will be low if you run it for >3 months). If you're lucky, you make a tiny profit in the end (if they can maintain the inflated GHs prices) but it's unlikely as it depends mostly on BTC valuation. The business model seems to work better for some people trading (presumably with Bots).
cex.io are the only winners in this game. Plus, they can and have changed the rules at their will (fees). You on the other hand don't have this flexibility, as you're on the receiving side only.
Everything not rented to virtual mining is running for themselfes at true cost, everything else is rented out for the mentioned surplus GHs price + fees. Win-Win for them, not so much for the customer.
....looks all sexy but doesn't add up as profitable for mining. Still better than EBay deals though, that must be said and in case of complete lack of alternatives - one might take a shot at it.
All the others I found had some rules or fee/business models that simply tilt the profit even much more in their direction than yours, they're made to look shiny but the small print clearly stinks to heaven.
Most methods seem based on the (apparently lucrative) assumption that customers either are incapable or can't be bothered with math. Most will agree especially beginners take some to get their research package complete and aquire a valid overview of what's out there & how it works.
Everything I found on EBay basically were blatant rip-offs that hope to catch a newbie wrong-footed.
My conclusion for now is to avoid any middle men as they only want your best : your BTC. They only seem to vary at the level of aggressiveness with which they try to skim it off your wallet.
I'd rather calculate my own hardware and take my risks.
Plus, the old wisdom if you can't touch it, you don't own it still holds true. Bad things could happen to any of these virtual mining services at anytime, while I at home would still have all the options & the hardware.
Additionally, I'd miss my tiny mining rig
PS.
If there's a legit virtual mining gem actually realizing acceptable ROI for its customers, I simply haven't found it.
Other than that, it looks all like "shark tank with nice window dressing" to me, at times it seems just about everything BTC related is. Harsh world out there, never act without using a calculator and lots of research + common sense out there.
Thank you for putting this into words so well. Wish I could vote it up!
I found this thread out of curiosity. I've been seeing more and more mining contracts popping up on craigslist, so I searched on the forum wondering who in the world would buy into such a thing? FalconFly puts it plainly: "wrong-footed" newbies. Anyone who does the math and research can see that there simply is no mining contract that can beat buying the currency directly. And if one does in the future, the contract had better not be longer than a month because remember they sell by the GH not BTC.
well is not to reccomand... they'll start in april...2014
reccomand ? Yeah anyway it's the same as buying from Cointerra direct, you would still have to wait until April but you just don't have to front so much money and get it all on your own.
(considering running costs) Paying an extra £40-£50 per 100Gh/s for a year of hosted mining with monthly payouts isn't a rough deal.
Unless it's a scam! Due to the fact I run it with my Brother in law and can categorically say it's not, I'd definitely 'reccomand' !
well is not to reccomand... they'll start in april...2014
Does anyone have experience with bitservers.biz ?
I'm not sure if they are a scam or not?
I'm not sure if they are a scam or not?
I've spent some time as well looking at virtual mining...
The outcome basically was :
The best offers are basically the cleanest "dirty shirts", meaning they do seem 100% legit but hardly offer anything close to ROI.
cex.io right now is basically costing you very roughly 50% of your investment based on ~50% ROI at their BTC/GHs price of ~0.074BTC (achieving those 50% in the end requires you to run the purchased GHs nearly until the output becomes miniscule). These figures are compensated by the GHs resale price you might achieve (which we only know will be low if you run it for >3 months). If you're lucky, you make a tiny profit in the end (if they can maintain the inflated GHs prices) but it's unlikely as it depends mostly on BTC valuation. The business model seems to work better for some people trading (presumably with Bots).
cex.io are the only winners in this game. Plus, they can and have changed the rules at their will (fees). You on the other hand don't have this flexibility, as you're on the receiving side only.
Everything not rented to virtual mining is running for themselfes at true cost, everything else is rented out for the mentioned surplus GHs price + fees. Win-Win for them, not so much for the customer.
....looks all sexy but doesn't add up as profitable for mining. Still better than EBay deals though, that must be said and in case of complete lack of alternatives - one might take a shot at it.
All the others I found had some rules or fee/business models that simply tilt the profit even much more in their direction than yours, they're made to look shiny but the small print clearly stinks to heaven.
Most methods seem based on the (apparently lucrative) assumption that customers either are incapable or can't be bothered with math. Most will agree especially beginners take some to get their research package complete and aquire a valid overview of what's out there & how it works.
Everything I found on EBay basically were blatant rip-offs that hope to catch a newbie wrong-footed.
My conclusion for now is to avoid any middle men as they only want your best : your BTC. They only seem to vary at the level of aggressiveness with which they try to skim it off your wallet.
I'd rather calculate my own hardware and take my risks.
Plus, the old wisdom if you can't touch it, you don't own it still holds true. Bad things could happen to any of these virtual mining services at anytime, while I at home would still have all the options & the hardware.
Additionally, I'd miss my tiny mining rig
PS.
If there's a legit virtual mining gem actually realizing acceptable ROI for its customers, I simply haven't found it.
Other than that, it looks all like "shark tank with nice window dressing" to me, at times it seems just about everything BTC related is. Harsh world out there, never act without using a calculator and lots of research + common sense out there.
The outcome basically was :
The best offers are basically the cleanest "dirty shirts", meaning they do seem 100% legit but hardly offer anything close to ROI.
cex.io right now is basically costing you very roughly 50% of your investment based on ~50% ROI at their BTC/GHs price of ~0.074BTC (achieving those 50% in the end requires you to run the purchased GHs nearly until the output becomes miniscule). These figures are compensated by the GHs resale price you might achieve (which we only know will be low if you run it for >3 months). If you're lucky, you make a tiny profit in the end (if they can maintain the inflated GHs prices) but it's unlikely as it depends mostly on BTC valuation. The business model seems to work better for some people trading (presumably with Bots).
cex.io are the only winners in this game. Plus, they can and have changed the rules at their will (fees). You on the other hand don't have this flexibility, as you're on the receiving side only.
Everything not rented to virtual mining is running for themselfes at true cost, everything else is rented out for the mentioned surplus GHs price + fees. Win-Win for them, not so much for the customer.
....looks all sexy but doesn't add up as profitable for mining. Still better than EBay deals though, that must be said and in case of complete lack of alternatives - one might take a shot at it.
All the others I found had some rules or fee/business models that simply tilt the profit even much more in their direction than yours, they're made to look shiny but the small print clearly stinks to heaven.
Most methods seem based on the (apparently lucrative) assumption that customers either are incapable or can't be bothered with math. Most will agree especially beginners take some to get their research package complete and aquire a valid overview of what's out there & how it works.
Everything I found on EBay basically were blatant rip-offs that hope to catch a newbie wrong-footed.
My conclusion for now is to avoid any middle men as they only want your best : your BTC. They only seem to vary at the level of aggressiveness with which they try to skim it off your wallet.
I'd rather calculate my own hardware and take my risks.
Plus, the old wisdom if you can't touch it, you don't own it still holds true. Bad things could happen to any of these virtual mining services at anytime, while I at home would still have all the options & the hardware.
Additionally, I'd miss my tiny mining rig
PS.
If there's a legit virtual mining gem actually realizing acceptable ROI for its customers, I simply haven't found it.
Other than that, it looks all like "shark tank with nice window dressing" to me, at times it seems just about everything BTC related is. Harsh world out there, never act without using a calculator and lots of research + common sense out there.
I don't understand the value of the mining contracts on eBay. For example there is one that sells for $10 for 1 hour at 120GH/s. I would only earn $2.66 per hour mining bitcoins at 120GH/s with the current difficulty.
Why someone would buy this when they would loose money on it?
Why someone would buy this when they would loose money on it?
I don't understand any of the stuff on eBay involving cryptocurrencies. Like any cryptocurrency selling for 5x the price on exchanges. Some people say that the buyers are scammers and easily win any dispute but recently I've also read on these forums that this is not the case but people are just greedy/stupid and eager to buy anything... hard to say because I don't have personal experience with selling but I doubt it would be a very good idea, otherwise there should be people doing it.
I don't understand the value of the mining contracts on eBay. For example there is one that sells for $10 for 1 hour at 120GH/s. I would only earn $2.66 per hour mining bitcoins at 120GH/s with the current difficulty.
Why someone would buy this when they would loose money on it?
Why someone would buy this when they would loose money on it?
These guys selling these mining contracts on ebay must be making a killing at the prices they are selling them at...
but i wounder how many get charge backs after the contract is up
These guys selling these mining contracts on ebay must be making a killing at the prices they are selling them at...
Just wanted to add the bit mining company to the list
Started yesterday and happy with its ease of use. Entry point is not bad at .051btc.
Started yesterday and happy with its ease of use. Entry point is not bad at .051btc.
0.51 BTC per GH/s is better than cex.io, but it still costs more than you will mine in 4 years, especially with the 8% fee.
It looks to me like 0.051 BTC per GHS not 0.51. At 0.051 ROI has a chance of going positive in the second year. Of course that's dependent on assumptions which are highly subjective person to person. The real curious thing for me is to watch how the price of this will have to drop over time in order to remain viable, at least for people who do somewhat realistic calculations before investing. We've all seen (ebay) places where expectations are completely out of line with reality, so who knows, this may be selling pretty quickly. The other concern with any longer term investment is the stability of the holder. Currently I do not see the risk/reward being high enough to invest in something like this. If there was any chance that I could see a positive ROI in year one, or even doubling of my investment by year four, then it might be worth a small investment. As it is, there is no appeal here other than curiosity, which might get me to buy 1GHS from them, who knows.
I do disagree that this can be compared with cex.io. I think that looking at cex.io as a mining operation is not understanding the commodity market of GHS there. Today, especially one day before another significant difficulty change, I'd be stupid to spend 0.07 BTC for 1GHS, but I think it is reasonable to deposit 0.07 BTC short term for an instantly accruing interest. Long-term I'd be worried about the principle significantly declining in value.
Just wanted to add the bit mining company to the list
Started yesterday and happy with its ease of use. Entry point is not bad at .051btc.
Started yesterday and happy with its ease of use. Entry point is not bad at .051btc.
0.051 BTC per GH/s is better than cex.io, but it still costs more than you will mine in 4 years, especially with the 8% fee.
Edit: 0.51 -> 0.051
Just wanted to add the bit mining company to the list - http://bit-mining.co/ .*
Started yesterday and happy with its ease of use. Entry point is not bad at .051btc. Good for folks starting up on contract mining, registered in a few mins and started hashing away.
Surprised it's not getting as much attention here in BTCtalk, so spreading the word.
*yep referral link. Just in case.
Started yesterday and happy with its ease of use. Entry point is not bad at .051btc. Good for folks starting up on contract mining, registered in a few mins and started hashing away.
Surprised it's not getting as much attention here in BTCtalk, so spreading the word.
*yep referral link. Just in case.
Do any of these services allow you to point to the pool of your choice? Diff 1 shares are a crude estimate but I think probability would smooth out given a large enough hashrate or enough time, also I imagine you would have to trust the pool 
We will be adding this as a feature to our virtual rigs as soon as we can.(Hopefully) within a month.
www.byteminr.com
Yeah the idea of contracts is great just haven't seen any implemented other then to screw their customers. CEX.io is not a contract selling site but instead straight buy a ghs with BTC and sell it back to other users at anytime tracked just like say LTC to BTC and back basically. Prices flux a lot not sure about trying to make BTC buy and selling but I like putting some of my mining profit in here to add more GHs to my overall mining so some real at home and some virtual with cex.io
Apart from avoiding the headache to having to maintain the machine, place to put, baby, noise and heat is also one of the concern (at least for me).
Indeed, if properly implemented I do see this as something which could be very valuable for the community, at least those who do not want or know how to maintain such a machine. Some issues may be the further centralization of mining (although in physical terms more than payout terms), however I think it will help level out the demand of mining equipment vs. the demand for bitcoin in fiat terms. I believe that this overall will lead to more stable growth in mining and a true representation of the value of mining itself.
Hey everyone,
With the advent of ASICMiner selling shares, I have been seeing a lot of Mining Contracts lately. I remember seeing them before but it seems to have become a lot bigger with ASICMiner on the scene. I have seen cex.io ads here on BitcoinTalk, which is selling contracts through ghash.io. I have even have found mining contracts for sale on ebay.
I have spoken with some people on the matter and a lot are interested in the idea of getting a constant payout over a period of time without needing to maintain machines, but I wonder if this is the only reason people are interested in such deals. It certainly seems like avoiding the headache of having to maintain machines yourself is a big plus, but why not just buy into Bitcoin?
I would like to get a feel for the hash brokering economy so I would like to ask you all the following
Are you interested in mining contracts? Why?
Have you used any services such as cex.io? Are you happy?
Have you seen any scrypt mining contracts offered?
Do you think there's an interest in mining contracts? Why?
Who do you think is the main consumer of such products?
These are just questions to start the discussion, I am very interested in seeing what everyone thinks!
With the advent of ASICMiner selling shares, I have been seeing a lot of Mining Contracts lately. I remember seeing them before but it seems to have become a lot bigger with ASICMiner on the scene. I have seen cex.io ads here on BitcoinTalk, which is selling contracts through ghash.io. I have even have found mining contracts for sale on ebay.
I have spoken with some people on the matter and a lot are interested in the idea of getting a constant payout over a period of time without needing to maintain machines, but I wonder if this is the only reason people are interested in such deals. It certainly seems like avoiding the headache of having to maintain machines yourself is a big plus, but why not just buy into Bitcoin?
I would like to get a feel for the hash brokering economy so I would like to ask you all the following
Are you interested in mining contracts? Why?
Have you used any services such as cex.io? Are you happy?
Have you seen any scrypt mining contracts offered?
Do you think there's an interest in mining contracts? Why?
Who do you think is the main consumer of such products?
These are just questions to start the discussion, I am very interested in seeing what everyone thinks!
Apart from avoiding the headache to having to maintain the machine, place to put, baby, noise and heat is also one of the concern (at least for me).
Yeah that's what it seems like. Just wanted to confirm. Thanks
Don't know about the "contract" companies as most seem to be scammish to me but cex.io is a no you point to ghash.io period.
Do any of these services allow you to point to the pool of your choice? Diff 1 shares are a crude estimate but I think probability would smooth out given a large enough hashrate or enough time, also I imagine you would have to trust the pool
Nah, I meant to do any sort of system around it. The only way in given system to "resell" their hashing would be manual for you and blind for the shareholders as there is no way they could see their hashing nor anyway to at all automate your purchasing or assignments.
The least that would be needed to resell would be a way to expose hashing information to shareholders. Who would want to own hashin they can't even see production from just an occasional bitcoin payout.
The least that would be needed to resell would be a way to expose hashing information to shareholders. Who would want to own hashin they can't even see production from just an occasional bitcoin payout.
Not you, but that doesn't mean your views represent everyone
Ultimately trust in the miner/seller is paramount. Transparency would alleviate some of the trust issues as you point out...
Nah, I meant to do any sort of system around it. The only way in given system to "resell" their hashing would be manual for you and blind for the shareholders as there is no way they could see their hashing nor anyway to at all automate your purchasing or assignments.
The least that would be needed to resell would be a way to expose hashing information to shareholders. Who would want to own hashin they can't even see production from just an occasional bitcoin payout.
The least that would be needed to resell would be a way to expose hashing information to shareholders. Who would want to own hashin they can't even see production from just an occasional bitcoin payout.
I have seen a "shareholders" option in the ghash.io settings. It seems you can set up multiple names/BTC addresses with a % output. Not sure if the output is based on a worker or total?!?
That is kinda cool
That is kinda cool
Its not real beneficial without an api though.
Beneficial for whom? The shareholders?
I have seen a "shareholders" option in the ghash.io settings. It seems you can set up multiple names/BTC addresses with a % output. Not sure if the output is based on a worker or total?!?
That is kinda cool
That is kinda cool
Its not real beneficial without an api though.
For example:
https://www.cloudhashing.com/contracts/
See the revenue reinvestment? that is a portion of your money they use to build their infrastructure.
for full details on that and other "management fee" that their contract page wont mention:
https://www.cloudhashing.com/terms-conditions
"(a) We collect 10% of the Product as a management fee for operation of the Pool and associated activities (including hosting and power costs)
(b) We collect 30% of the Product (the “Reinvestment Product”) which is then reinvested into additional or replacement Bitcoin Mining Hardware at our sole discretion and in accordance with Clause 2.6.
(c) We collect the remaining Product which is then allocated proportionally to our Contract Holders according to their Capacity."
So you get (mined -10%)-30% = a lot less then it looks like on their contract pages :-)
https://www.cloudhashing.com/contracts/
See the revenue reinvestment? that is a portion of your money they use to build their infrastructure.
for full details on that and other "management fee" that their contract page wont mention:
https://www.cloudhashing.com/terms-conditions
"(a) We collect 10% of the Product as a management fee for operation of the Pool and associated activities (including hosting and power costs)
(b) We collect 30% of the Product (the “Reinvestment Product”) which is then reinvested into additional or replacement Bitcoin Mining Hardware at our sole discretion and in accordance with Clause 2.6.
(c) We collect the remaining Product which is then allocated proportionally to our Contract Holders according to their Capacity."
So you get (mined -10%)-30% = a lot less then it looks like on their contract pages :-)
This is a rip-off. Don't forget that they also collect 100% of your initial payment.
cloudhashing is one to avoid they want you to pay for there kit so when they have enough they will shut down the Public Front fuck you all off and then mine for them selfs , BEWARE of Mining Contracts ive seen a few scams out there already
I have seen a "shareholders" option in the ghash.io settings. It seems you can set up multiple names/BTC addresses with a % output. Not sure if the output is based on a worker or total?!?
That is kinda cool
That is kinda cool
For example:
https://www.cloudhashing.com/contracts/
See the revenue reinvestment? that is a portion of your money they use to build their infrastructure.
for full details on that and other "management fee" that their contract page wont mention:
https://www.cloudhashing.com/terms-conditions
"(a) We collect 10% of the Product as a management fee for operation of the Pool and associated activities (including hosting and power costs)
(b) We collect 30% of the Product (the “Reinvestment Product”) which is then reinvested into additional or replacement Bitcoin Mining Hardware at our sole discretion and in accordance with Clause 2.6.
(c) We collect the remaining Product which is then allocated proportionally to our Contract Holders according to their Capacity."
So you get (mined -10%)-30% = a lot less then it looks like on their contract pages :-)
https://www.cloudhashing.com/contracts/
See the revenue reinvestment? that is a portion of your money they use to build their infrastructure.
for full details on that and other "management fee" that their contract page wont mention:
https://www.cloudhashing.com/terms-conditions
"(a) We collect 10% of the Product as a management fee for operation of the Pool and associated activities (including hosting and power costs)
(b) We collect 30% of the Product (the “Reinvestment Product”) which is then reinvested into additional or replacement Bitcoin Mining Hardware at our sole discretion and in accordance with Clause 2.6.
(c) We collect the remaining Product which is then allocated proportionally to our Contract Holders according to their Capacity."
So you get (mined -10%)-30% = a lot less then it looks like on their contract pages :-)
This is a rip-off. Don't forget that they also collect 100% of your initial payment.
Are there any numbers. or estimates on how much gh/s could be added via the reinvestment fees @cloudhash. I suppose it could be a marketing ploy but I thought it might benefit the buyer in the sense of at least somewhat of a small scale gain in gh/s to help perhaps break even sooner by not suffering from what I've read a continued speedy growth in % of difficulty as of late.
cex.io is basically trading in ghs rather then a set price for Xghs for X long like what I'm use to calling "mining contracts"
Personally I like this method didn't like contracts in part due to the fees.
Personally I like this method didn't like contracts in part due to the fees.
who else is selling shares?
cex.io is just bitcoin mining contracts, right?
MAIN PROBLEM, if your paying attention to the news today you will see that silkroad has been shut down and the owner arrested, you will also notice the price of bitcoin has dropped . this is the problem with contracts ,
If you purchase a 1 year contract at XAmount of G/hash or T/hash for a certain price you will expect to earn certain amounts of Bitcoin , all good a ROI you want , but if you pay £1000 for the contract and the price of bitcoins fall as its doing RIGHT NOW then you could end up with bitcoins worth alot less than the amount you paid for the contract.
I would rather invest in the equipment myself that i own control and is in my possession, that way i can continue to mine after the contract has finished ,
This is one of the reasons i wont spend alot of money on these contracts IMO
Just saw this. Pretty crazy. Do you think difficulty will be going down accordingly? Yes I do think that having your own equipment is still the best way to go. But there are some places which boast very cheap power and there are definitely economies of scale when mining.
Just checked out cex.io it is very different from the typical contracts I've seen like the one I linked. seems interesting but as said its a little pricey I joined will be watching that market :-)
Hey everyone,
With the advent of ASICMiner selling shares, I have been seeing a lot of Mining Contracts lately. I remember seeing them before but it seems to have become a lot bigger with ASICMiner on the scene. I have seen cex.io ads here on BitcoinTalk, which is selling contracts through ghash.io. I have even have found mining contracts for sale on ebay.
I have spoken with some people on the matter and a lot are interested in the idea of getting a constant payout over a period of time without needing to maintain machines, but I wonder if this is the only reason people are interested in such deals. It certainly seems like avoiding the headache of having to maintain machines yourself is a big plus, but why not just buy into Bitcoin?
I would like to get a feel for the hash brokering economy so I would like to ask you all the following
Are you interested in mining contracts? Why?
Have you used any services such as cex.io? Are you happy?
Have you seen any scrypt mining contracts offered?
Do you think there's an interest in mining contracts? Why?
Who do you think is the main consumer of such products?
These are just questions to start the discussion, I am very interested in seeing what everyone thinks!
With the advent of ASICMiner selling shares, I have been seeing a lot of Mining Contracts lately. I remember seeing them before but it seems to have become a lot bigger with ASICMiner on the scene. I have seen cex.io ads here on BitcoinTalk, which is selling contracts through ghash.io. I have even have found mining contracts for sale on ebay.
I have spoken with some people on the matter and a lot are interested in the idea of getting a constant payout over a period of time without needing to maintain machines, but I wonder if this is the only reason people are interested in such deals. It certainly seems like avoiding the headache of having to maintain machines yourself is a big plus, but why not just buy into Bitcoin?
I would like to get a feel for the hash brokering economy so I would like to ask you all the following
Are you interested in mining contracts? Why?
Have you used any services such as cex.io? Are you happy?
Have you seen any scrypt mining contracts offered?
Do you think there's an interest in mining contracts? Why?
Who do you think is the main consumer of such products?
These are just questions to start the discussion, I am very interested in seeing what everyone thinks!
MAIN PROBLEM, if your paying attention to the news today you will see that silkroad has been shut down and the owner arrested, you will also notice the price of bitcoin has dropped . this is the problem with contracts ,
If you purchase a 1 year contract at XAmount of G/hash or T/hash for a certain price you will expect to earn certain amounts of Bitcoin , all good a ROI you want , but if you pay £1000 for the contract and the price of bitcoins fall as its doing RIGHT NOW then you could end up with bitcoins worth alot less than the amount you paid for the contract.
I would rather invest in the equipment myself that i own control and is in my possession, that way i can continue to mine after the contract has finished ,
This is one of the reasons i wont spend alot of money on these contracts IMO
I haven't really looked at these guys, but even just 30% is ludicrous!
"It is cheaper to generate bitcoins this way than to buy them directly on an exchange."
That's a pretty bold statement.
"It is cheaper to generate bitcoins this way than to buy them directly on an exchange."
That's a pretty bold statement.
I looked at them when starting more because I could get XXXGhs going for much less startup. After a while of research and reading into their hidden fees and the "reinvestment fees" and doing some math just doesn't make much sense to me.
Hidden fees and reinvestment fees? I haven't found these. Do go on!
cex.io is the cleanest ive seen, and right now has no fees other then electrical use. however, the price/GH is a bit high. 1GH is expected to produce 0.13-0.2 BTC in the forseeable future, and current price is around 0.24BTC
that said, this is an excellent way of pinning down a good market value for ASIC devices
For example:
https://www.cloudhashing.com/contracts/
See the revenue reinvestment? that is a portion of your money they use to build their infrastructure.
for full details on that and other "management fee" that their contract page wont mention:
https://www.cloudhashing.com/terms-conditions
"(a) We collect 10% of the Product as a management fee for operation of the Pool and associated activities (including hosting and power costs)
(b) We collect 30% of the Product (the “Reinvestment Product”) which is then reinvested into additional or replacement Bitcoin Mining Hardware at our sole discretion and in accordance with Clause 2.6.
(c) We collect the remaining Product which is then allocated proportionally to our Contract Holders according to their Capacity."
So you get (mined -10%)-30% = a lot less then it looks like on their contract pages :-)
https://www.cloudhashing.com/contracts/
See the revenue reinvestment? that is a portion of your money they use to build their infrastructure.
for full details on that and other "management fee" that their contract page wont mention:
https://www.cloudhashing.com/terms-conditions
"(a) We collect 10% of the Product as a management fee for operation of the Pool and associated activities (including hosting and power costs)
(b) We collect 30% of the Product (the “Reinvestment Product”) which is then reinvested into additional or replacement Bitcoin Mining Hardware at our sole discretion and in accordance with Clause 2.6.
(c) We collect the remaining Product which is then allocated proportionally to our Contract Holders according to their Capacity."
So you get (mined -10%)-30% = a lot less then it looks like on their contract pages :-)
I looked at them when starting more because I could get XXXGhs going for much less startup. After a while of research and reading into their hidden fees and the "reinvestment fees" and doing some math just doesn't make much sense to me.
Hidden fees and reinvestment fees? I haven't found these. Do go on!
I looked at them when starting more because I could get XXXGhs going for much less startup. After a while of research and reading into their hidden fees and the "reinvestment fees" and doing some math just doesn't make much sense to me.
Hey everyone,
With the advent of ASICMiner selling shares, I have been seeing a lot of Mining Contracts lately. I remember seeing them before but it seems to have become a lot bigger with ASICMiner on the scene. I have seen cex.io ads here on BitcoinTalk, which is selling contracts through ghash.io. I have even have found mining contracts for sale on ebay.
I have spoken with some people on the matter and a lot are interested in the idea of getting a constant payout over a period of time without needing to maintain machines, but I wonder if this is the only reason people are interested in such deals. It certainly seems like avoiding the headache of having to maintain machines yourself is a big plus, but why not just buy into Bitcoin?
I would like to get a feel for the hash brokering economy so I would like to ask you all the following
Are you interested in mining contracts? Why?
Have you used any services such as cex.io? Are you happy?
Have you seen any scrypt mining contracts offered?
Do you think there's an interest in mining contracts? Why?
Who do you think is the main consumer of such products?
These are just questions to start the discussion, I am very interested in seeing what everyone thinks!
With the advent of ASICMiner selling shares, I have been seeing a lot of Mining Contracts lately. I remember seeing them before but it seems to have become a lot bigger with ASICMiner on the scene. I have seen cex.io ads here on BitcoinTalk, which is selling contracts through ghash.io. I have even have found mining contracts for sale on ebay.
I have spoken with some people on the matter and a lot are interested in the idea of getting a constant payout over a period of time without needing to maintain machines, but I wonder if this is the only reason people are interested in such deals. It certainly seems like avoiding the headache of having to maintain machines yourself is a big plus, but why not just buy into Bitcoin?
I would like to get a feel for the hash brokering economy so I would like to ask you all the following
Are you interested in mining contracts? Why?
Have you used any services such as cex.io? Are you happy?
Have you seen any scrypt mining contracts offered?
Do you think there's an interest in mining contracts? Why?
Who do you think is the main consumer of such products?
These are just questions to start the discussion, I am very interested in seeing what everyone thinks!
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