Topic: Mining in the cloud vs simply buying bitcoin - page 2. (Read 1653 times)
Mining project you need about $5k for buying and prepare for everything to pay electric fee, but if you use your $5k to buy or invest with some altcoin or ICO you just take rest in your bed and looking when price higher, with mining you have open your eyes always because no way if electric and internet die your mining is die.
I agree with you, buying bitcoin is more safe now. And I am sure that cloud mining no longer makes a profit. In 2015-2016 maybe, but not now. I never tried cloud mining thanks to all the negative things I heard about it. Practically everyone regret about investing in mining equipment.
I consider cloud mining a scam practice.
The idea could be appealing at start but when you start thinking of fundamentals of this bussines, I quickly realized that it can not be profitable for their customers only for the cloud service.
The answer is it better to buy.
so far I have never gotten a big profit from cloud mining, besides, before I did, most cloud mining became a scam. between the two options, I would certainly prefer to buy bitcoin instantly, it's better than cloud mining because we can benefit from price recovery. in fact, at the moment I am aiming to add the bitcoin that I have in my wallet. The idea could be appealing at start but when you start thinking of fundamentals of this bussines, I quickly realized that it can not be profitable for their customers only for the cloud service.
The answer is it better to buy.
I consider cloud mining a scam practice.
The idea could be appealing at start but when you start thinking of fundamentals of this bussines, I quickly realized that it can not be profitable for their customers only for the cloud service.
The answer is it better to buy.
The idea could be appealing at start but when you start thinking of fundamentals of this bussines, I quickly realized that it can not be profitable for their customers only for the cloud service.
The answer is it better to buy.
By now mining in small scale isn't that effective and profiting at the moment. Rather than setting up a new mining farm it is always a good choice to buy bitcoin and hold. In between if one has got better learning about the trading analysis can use the same fund into trading practices. This will get regular earning compared to mining.
In a time when the trend of cloud mining was no longer popular and there were so many bad reputations, I don't think we should invest in any similar service or system, it's almost a scam, although a few are probably reliable, I really don't know how long we will need to recover the capital and make a profit. Finding a profit in the cloud mining crisis would be unwise, buying bitcoin is probably simpler, even through bitcoin we have many other activities that can increase profits and all under our management, not worrying about scams
Since several years ago indeed cloud mining era has been ended and one of the caused is increasing large number of cloud mining scam and it's makes people avoiding them again and the trend was change currently that people are more likely want a simply way to buy bitcoin to get profit and it's more effective rather than buy some contracts at mining company and moreover lately it's very difficult to find legit mining companies who really pay their investors 
I tried to do cloud mining and my impressions are: Cloud mining is very susceptible to the market situation and quickly becomes unprofitable. It is better to buy Bitcoin at the right time and make a profit.
You are not in control in cloud mining, IMO, it's called an investment for people that are mining and you put your money to receive a certain amount based on the criteria they will lay unto you. In the past, I heard a lot of cloud mining but I never joined any because people say they are scams or like a HYIP which will eventually go dark after they collected a decent amount of money. With that, I was convince that mining is only profitable if you are the one to operate it, if you don't have knowledge then better invest in bitcoin or altcoins as your own choice.
I once tried cloud mining, and this is not a very pleasant experience for me - it would be better if I just bought bitcoin. If you want to do mining, collect a normal farm. Only those who have invested in cloud mining speak of the profitability of cloud mining. )
Cloud mining can turn to be a scam. One of the most important criteria is the transparency of information published on the official website of the service. Give preference to trusted sites and pools. Pay attention to the terms of the proposed contracts. If the service promises you to recoup your investment in less than 6 months, then most likely they are scammers. Do not be fooled by favorable conditions, remember that free cheese is offered only in a mousetrap.
I once tried cloud mining, and this is not a very pleasant experience for me - it would be better if I just bought bitcoin. If you want to do mining, collect a normal farm. Only those who have invested in cloud mining speak of the profitability of cloud mining. )
Cloud mining can turn to be a scam. One of the most important criteria is the transparency of information published on the official website of the service. Give preference to trusted sites and pools. Pay attention to the terms of the proposed contracts. If the service promises you to recoup your investment in less than 6 months, then most likely they are scammers. Do not be fooled by favorable conditions, remember that free cheese is offered only in a mousetrap.
I once tried cloud mining, and this is not a very pleasant experience for me - it would be better if I just bought bitcoin. If you want to do mining, collect a normal farm. Only those who have invested in cloud mining speak of the profitability of cloud mining. )
All these third party mining, I just dint buy into the idea, because it can still never be like setting up your own mining farm which is even faster in operation and generate more, just that setting it up is too costly and if it were to be the mining machine cost alone, it would not have been an issue, is it not just to get alone for it which I know that it would definitely be profitable for one to pay it back, but the cost of electricity is what is making it quite difficult for people to be able to go into setting up a farm for mining.If we cannot mine, the only choice we are then left with is the investment in bitcoin, at least that one too is profitable and when the bull run starts, it would not make us have any missing space of not being able to mine, because we would have been overwhelmed of the profit that we have.
In 2017, I tried cloud mining with its big promises of profit, but I didn’t get anything, the company "hashflare" did I requested not only a large commission for the withdrawal of my $ 4, but also my identity card, which I refused to provide in view of the meager amount.
You are not the only one with such experience. In general I wouldn't suggest cloud mining, it's a big chance you will lose your money and sometimes your personal data because this is usualy a scam. In fact I don't know any legitimate cloud mining service.
So, if you don't have the opportunity to earn Bitcoin is still better to buy it than to invest in cloud mining.
I think cloud mining in general is not profitable.
Here are my calculations for Mining Cloud vs Buying Bitcoin.
All following calculations are done on annual basis.
All following calculations are done WITHOUT halvings and adjustments counted until you read later down.
Hash rate (total hash power of the world) close to 49 Mil. Th/S as of today May 17, 2019.
Every hour gives the world 6 blocks, multiply that by x 24h x 365 days= 52,560 blocks produced in the world in 1 year.
Currently there are 12.5 bitcoin mined per each block x 52,560 blocks= 657,000 bitcoin can be mined per year in the world if no adjustments and halvings happened.
49 mil. Th : 657,000= about 75 TH/s to mine 1 bitcoin as it stands now, before counting adjustments and halvings.
Let’s assume I bought 1 bitcoin today and paid about $7,200 (as of May 17, 2019) in a hope to sell it in 1 year at a higher price.
Now let’s see what would happen if instead of buying 1 bitcoin I invested the same amount of money in cloud mining.
Typical contract from a firm like Genesis Mining offers 1TH at a rate of about $60 all-inclusive per year (May 17, 2019), and that's including maintenance and other fees.
For $7,200 I can buy about 120TH for 1 year term of cloud mining.
120Th : 75Th per 1 bitcoin= that should give us 1.6 bitcoin over 1 year period of contract for the price of $7,200.
1.6 bitcoin is obviously more then 1 bitcoin which I can buy today, so cloud mining is better, right?
I think NOT, because remember we have not counted difficulty adjustments and halvings yet.
Now let’s do that, let's include them in the picture.
The next halving is in about 1 year, so we don’t have to take it into our example as the contract will be over by the time of halving, so for now we just have to worry about difficulty adjustments.
But from historic data I never seen those adjustments less then 100% year over year and usually it’s even more.
So, in our example instead of 1.6 bitcoin, I am lucky if I get 0.8 bitcoin by the end of cloud mining contract.
Therefore, in my humble opinion, it’s safer to buy bitcoin rather then mine one in the cloud.
Would you disagree? And if I am wrong where the flaw in the logic and/or calculation?
both are very good ways to make your income to be increased but it's everything not suitable for everyone there are different people in this world so experience them will be the decision making time. Here are my calculations for Mining Cloud vs Buying Bitcoin.
All following calculations are done on annual basis.
All following calculations are done WITHOUT halvings and adjustments counted until you read later down.
Hash rate (total hash power of the world) close to 49 Mil. Th/S as of today May 17, 2019.
Every hour gives the world 6 blocks, multiply that by x 24h x 365 days= 52,560 blocks produced in the world in 1 year.
Currently there are 12.5 bitcoin mined per each block x 52,560 blocks= 657,000 bitcoin can be mined per year in the world if no adjustments and halvings happened.
49 mil. Th : 657,000= about 75 TH/s to mine 1 bitcoin as it stands now, before counting adjustments and halvings.
Let’s assume I bought 1 bitcoin today and paid about $7,200 (as of May 17, 2019) in a hope to sell it in 1 year at a higher price.
Now let’s see what would happen if instead of buying 1 bitcoin I invested the same amount of money in cloud mining.
Typical contract from a firm like Genesis Mining offers 1TH at a rate of about $60 all-inclusive per year (May 17, 2019), and that's including maintenance and other fees.
For $7,200 I can buy about 120TH for 1 year term of cloud mining.
120Th : 75Th per 1 bitcoin= that should give us 1.6 bitcoin over 1 year period of contract for the price of $7,200.
1.6 bitcoin is obviously more then 1 bitcoin which I can buy today, so cloud mining is better, right?
I think NOT, because remember we have not counted difficulty adjustments and halvings yet.
Now let’s do that, let's include them in the picture.
The next halving is in about 1 year, so we don’t have to take it into our example as the contract will be over by the time of halving, so for now we just have to worry about difficulty adjustments.
But from historic data I never seen those adjustments less then 100% year over year and usually it’s even more.
So, in our example instead of 1.6 bitcoin, I am lucky if I get 0.8 bitcoin by the end of cloud mining contract.
Therefore, in my humble opinion, it’s safer to buy bitcoin rather then mine one in the cloud.
Would you disagree? And if I am wrong where the flaw in the logic and/or calculation?
Mining in the cloud is very difficult because to get a single Bitcoin from cloud mining means lots of hard work and time required. Buying Bitcoin is the fastest, easiest and smartest way to own Bitcoin only if one has the funds to purchase. In this way, one can purchase 1BTC within the next few minutes which the cloud mining cannot give within the same time frame.
Mining bitcoin through cloud is really difficult not only because you are working for them but this is not even a choice to earn a good amount of bitcoin. Buying bitcoin is not the fastest, it is the easiest and most reliable way to get bitcoin. Obviously, you can't mine a bitcoin in a minute, even if you are using a mining rig, especially with the difficulty of it these days and in the near future.
In 2017, I tried cloud mining with its big promises of profit, but I didn’t get anything, the company "hashflare" did I requested not only a large commission for the withdrawal of my $ 4, but also my identity card, which I refused to provide in view of the meager amount.
You are not the only one with such experience. In general I wouldn't suggest cloud mining, it's a big chance you will lose your money and sometimes your personal data because this is usualy a scam. In fact I don't know any legitimate cloud mining service.
So, if you don't have the opportunity to earn Bitcoin is still better to buy it than to invest in cloud mining.
Mining in the cloud is very difficult because to get a single Bitcoin from cloud mining means lots of hard work and time required. Buying Bitcoin is the fastest, easiest and smartest way to own Bitcoin only if one has the funds to purchase. In this way, one can purchase 1BTC within the next few minutes which the cloud mining cannot give within the same time frame.
Not so, in cloud mining we only need to buy ghs or invest your money and of course you won't need much time to do it, because mining will continue without you having to observe it all the time. Cloud mining isn't really profitable even though there are still really profitable ones but it's hard to find, so with so many risks it would be better to just buy bitcoin and hold it for a long time. In 2017, I tried cloud mining with its big promises of profit, but I didn’t get anything, the company "hashflare" did I requested not only a large commission for the withdrawal of my $ 4, but also my identity card, which I refused to provide in view of the meager amount.
back on the days , mining or simply cloud mining is still hot and profitable and mining companies like hashflare are known to be paying but idk if what is thier real status now . you should recieve your payment back then , if your account is clean and do abide thier rules . your withdrawal 4usd is only small and they should have process it without any reason . thats only the disadvantage of cloud mining because you are entrusting your fund to someone else and they have the right to do anything about it , if you dont want a boss like that better if you only mine bitcoin yourself .
Mining in the cloud is very difficult because to get a single Bitcoin from cloud mining means lots of hard work and time required. Buying Bitcoin is the fastest, easiest and smartest way to own Bitcoin only if one has the funds to purchase. In this way, one can purchase 1BTC within the next few minutes which the cloud mining cannot give within the same time frame.
Actually, both of them are beneficial. Cloud mining is profitable since every mine of bitcoin increasing when it is growing up. If you are a miner, you will just look for rigs and mine till you want. Buying bitcoin is so good also. I guess those who buy it are too lucky when it is low value. As of now, bitcoin is almost 12k dollars.
What are you talking about? Cloud mining is only profitable if you "work" for them by getting referrals participating in all their games polls and giveaways.
If it were profitable so many cloud mining companies would not go bust. Now there's almost none left. Buying bitcoin is more profitable than mining yourself or in the cloud and is also much less risky.
They always said that if the miner had cheap energy sources, then Bitcoin mining was really cheap. But if we consider that the cost of Bitcoin is only $ 5,000, then today Bitcoin mining is more than profitable.
I think nowadays, people will give priority to buying it directly in the market rather than looking for assets through cloud mining. well, we know the risk. other than that, the price of bitcoin is also rising, so I think it's natural to buy it directly.Its always been suggested and if you are somewhat wiser than others on considering for long term potential views then Bitcoin would really fit out
into the criteria.Hence,it did prove out for how many years until this time on how it moves and it do give out profits for its supporter or users when holding
up for long term.Price % overtime is much more better than any traditional investments that we had known but somehow it do equates or corresponds on the risk involved.
I once tried cloud mining, and this is not a very pleasant experience for me - it would be better if I just bought bitcoin. If you want to do mining, collect a normal farm. Only those who have invested in cloud mining speak of the profitability of cloud mining. )
Even mining with your own personal miners doesn't give out assurance of profitability.How much more on cloud mining minding that those do had deductions in regards with fees etc? They always said that if the miner had cheap energy sources, then Bitcoin mining was really cheap. But if we consider that the cost of Bitcoin is only $ 5,000, then today Bitcoin mining is more than profitable.
I think nowadays, people will give priority to buying it directly in the market rather than looking for assets through cloud mining. well, we know the risk. other than that, the price of bitcoin is also rising, so I think it's natural to buy it directly. Jump to: