Question Time：Mining by own machine or cloud mining, which one is better and why - page 2.

PandaMiner@official

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Quote from: coin-investor on February 27, 2020, 09:08:32 PM

Quote from: PandaMiner@official on February 27, 2020, 02:33:58 AM

Which one will you select? And why?

You have guaranteed profit if you have a machine or mining rigs because you can pick your own coin and configure your mining cost, on cloud mining you are at the mercy of the cloud mining company, if they go down, your investment will go down the drain and you will lose a lot but as long as you have your mining rig you are in potential profit.

So i have a question: if there is a cloud mining platform that has been operated for 6 years under a mining machine company, has own mining farms. users can withdraw after mining any time, will you choose to believe it?

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Quote from: shield132 on February 27, 2020, 10:38:43 AM

Quote from: PandaMiner@official on February 27, 2020, 02:33:58 AM

Which one will you select? And why?

Not your equipment - not your property.
To make things more clear, imagine this: You mine 100$ monthly, will you rent your mining equipment for 90$ monthly? While you are making 100$ + you payed a lot in these equipment + you have to take care of them. Logical answer would be no. You would only rent if it's beneficial for you, that's how cloud mining works. They make mining beneficial for themselves, not for you. You pay them, then your contract becomes unprofitable and then they decline your contract while leaving money in their own pocket.
Or if still hashnest exist, you may mine and trade with their hashes (they are legit cloud mining company, under Bitmain's management).

So in overall, mine yourself with your own equipment. At least if nothing, you will be able to sell them.

So if users want to mine but they have no enough money to buy a whole machine or they have no place to setup their machines, what do you think will they can choose? is there any better choice?
Also, as i know, hashnest no longer belong to bitmain, bitmain has a new cloud mining platform--bitdeer.
So there is a question: If a cloud mining is under a real mining machine company and have their own machines in farms, can show you the real pictures of mining, will you choose to believe it?

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Quote from: fortunecrypto on February 27, 2020, 06:56:02 AM

Quote from: mk4 on February 27, 2020, 04:14:53 AM

Just going to answer this for the less-informed readers: Pretty much a no brainer lol. Mining with my own machines of course, if I actually want to make money. Cloud mining services are either a scam, or NOT profitable. If I wanted to get scammed or lose money, then cloud mining.

Not sure why you're asking this when you're promoting a mining hardware site though. 🤔🤔

I'm also going to make that choice, cloud mining has been exposed and there's not one decent and legit cloud mining now, but there are thousands of miner mining using their machine, on mining by own machine you can make your own choice what to mine and calculate the profitability. You also have the option to sell your miner when you want to stop mining.

I know many miners were harmed by some scam cloud mining platform, they closed the contract in 2018, so lots of miners ended their mining contract and wasted money. Or some platforms had no mining machines, just cheating users. So, i mean, if there is a cloud mining platform that promise they wont close users contract during period even thought the mining profit is lower than electric fee. Also it has real mining farms, will you choose to believe it and why?

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Quote from: mk4 on February 27, 2020, 04:14:53 AM

Just going to answer this for the less-informed readers: Pretty much a no brainer lol. Mining with my own machines of course, if I actually want to make money. Cloud mining services are either a scam, or NOT profitable. If I wanted to get scammed or lose money, then cloud mining.

Not sure why you're asking this when you're promoting a mining hardware site though. 🤔🤔

Because we also have a cloud mining service that can let users mine if they have no mining machine or have no enough money to buy a whole miner. If we provide the real mining for users with our own mining farms. Do you still think cloud mining is a scam? im just curious.

stompix

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Is this even a real question? Or it is more a way to promote your business?

I find sit hard to believe that somebody who is advertising a mining gear shop would ask things like "what is better".
Better in what way, in what cases?
We have som many options to consider, from location, budget, time to put into this, tariffs (if any) on gear and far more that you won't find an answer.
Would somebody with 20c/kWh be able to "home" mine? No! Would somebody with 2c/kWh but only 50$ in his wallet afford a miner?

pooya87

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if there were a real business that actually had hashrate and were mining bitcoin then it would have made a lot of sense to invest in such a business. i have done it in the past (a long time ago) with GHASH.io and it makes sense since the user doesn't have to worry about maintenance, cooling, electricity cost, even legality of mining where they live.
but the problem is that "cloud mining" stopped being legit a very long time ago and from maybe around 2015-2016 every single cloud mining has been a terrible Ponzi scam.

coin-investor

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Quote from: PandaMiner@official on February 27, 2020, 02:33:58 AM

Which one will you select? And why?

You have guaranteed profit if you have a machine or mining rigs because you can pick your own coin and configure your mining cost, on cloud mining you are at the mercy of the cloud mining company, if they go down, your investment will go down the drain and you will lose a lot but as long as you have your mining rig you are in potential profit.

shield132

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Quote from: PandaMiner@official on February 27, 2020, 02:33:58 AM

Which one will you select? And why?

Not your equipment - not your property.
To make things more clear, imagine this: You mine 100$ monthly, will you rent your mining equipment for 90$ monthly? While you are making 100$ + you payed a lot in these equipment + you have to take care of them. Logical answer would be no. You would only rent if it's beneficial for you, that's how cloud mining works. They make mining beneficial for themselves, not for you. You pay them, then your contract becomes unprofitable and then they decline your contract while leaving money in their own pocket.
Or if still hashnest exist, you may mine and trade with their hashes (they are legit cloud mining company, under Bitmain's management).

So in overall, mine yourself with your own equipment. At least if nothing, you will be able to sell them.

fortunecrypto

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Quote from: mk4 on February 27, 2020, 04:14:53 AM

Just going to answer this for the less-informed readers: Pretty much a no brainer lol. Mining with my own machines of course, if I actually want to make money. Cloud mining services are either a scam, or NOT profitable. If I wanted to get scammed or lose money, then cloud mining.

Not sure why you're asking this when you're promoting a mining hardware site though. 🤔🤔

I'm also going to make that choice, cloud mining has been exposed and there's not one decent and legit cloud mining now, but there are thousands of miner mining using their machine, on mining by own machine you can make your own choice what to mine and calculate the profitability. You also have the option to sell your miner when you want to stop mining.

mk4

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Just going to answer this for the less-informed readers: Pretty much a no brainer lol. Mining with my own machines of course, if I actually want to make money. Cloud mining services are either a scam, or NOT profitable. If I wanted to get scammed or lose money, then cloud mining.

Not sure why you're asking this when you're promoting a mining hardware site though. 🤔🤔

PandaMiner@official

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Which one will you select? And why?

A real question and discussion. NO Promotion.

I just want to receive more thoughts from the people of worldwide. Because we all know, the cloud mining industry has been harmed by some scam platforms.

What is wrong is those scam platforms, not the mining model of mining.

Objectively, cloud mining indeed can help users who have no enough money to buy machines or no places to setup machines mine crypto. Not every miner has enough money or places to do that.

So, i would like to know, what is the good cloud mining that the market need?

I hope the cloud mining market can be better with more reliable platforms.

Topic: Question Time：Mining by own machine or cloud mining, which one is better and why - page 2. (Read 270 times)