Topic: What is there not to like about a Bitcoin Mining Contract? Earn .0015BTC/answer (Read 1339 times)

Mining contract sounds like HYIP, and i'm not sure i can get more profit from my contract time.
i doubt to seller who sell mining contract.
and why they are not sell mining lifetime? they fear of bankruptcy?
and the price is the same as with mining lifetime.

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There are some of us who just have a sh*t load of BTC in various wallets from many years of mining. Its in our interest to get more people involved in BTC mining and contracts are an easy way to achieve that. Is it worth it to me to run my rigs myself to gain 0.05 BTC/day, not really - that is a very very very tiny fraction of my balances.

But is it worth it that the market grows, BTC becomes more wider spread , more widely accepted and makes my the BTC balances of my wallets worth more in real world money? Hells yes.

So easy way in for more people - cheap, honest mining contracts.

.

1FTEu3iVKWchXCcYNBT7PrpKDPydvTnWGy

Well, there are risks in buying mining contracts.

The seller might not be honest and pay you.

Also, in most cases, they're not profitable.

Think about it.. if the owner was able to mine a lot through their rigs, why would they sell it for less?

I would not buy a contract.

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I do sell mining contracts on ebay and other areas, but *always* with hardware available to back the contract up. In auctions, I always start a auction with no reserve and run from my 100% positive feedback account. My contracts always mine on the customers pool and not my own, and my contracts always include the full debug output of the stratum mining proxy as proof of submission. Cant really say fairer than that.

Any person selling a mining contract who refuses to allow the buyer to select their own pool is probably not worth buying from IMHO.

I do agree with other posters, some of these contracts look like speculation or people trying to recoup money already paid out for pre-orders. I have seen a few ebay auctions promising:

http://jerome.blogs.lincoln.ac.uk/files/2010/07/ludicrousspeed.png

but only when they "take delivery" in 2014 (saw one recently for 100TH/sec!  LOL). Some of these auctions even name their ASIC suppliers and in most cases the 'supplier' is a known scammer. So either people who got scammed trying to get some money back, or people who genuinely believe these units will ship (poor gullible..)

The prices of mining contracts at GHs exchanges and other hosted solutions is, in my view, ridiculous - sometimes tens of thousands of dollars for hashing speed that you could buy hardware and run at home for around 2 to 4 BTC. Its no wonder there is a market for contracts on ebay/others for people who want to play fair, believe in BTC and who want to help the network. But sadly, that condition also means there is a market on ebay for scammers too.

Agree with the previous poster - even if I sold a 24hr 50GHS contract for as little as $20 the purchaser wont recoup that with today's difficulty and exchange rate (~$5 loss). But people do still buy. Perhaps its the joy of the luck of the block discovery - much akin to the rewards of gambling I suppose. Perhaps its the belief in the long term future of BTC. Who knows individuals reasons, but all I know is they do buy the contracts.

For my history, Ive been mining on and off since 2009 - from CPU days, through GPU days and now to ASICs - mainly solo - so I like to think I know a thing or two about this game, even if it has taken me till 2013 to come out of lurk mode on bitcointalk.

Hope this insight helped

1FTEu3iVKWchXCcYNBT7PrpKDPydvTnWGy

1) Most mining contracts depend on delivery of hardware, with no real guarantees as to when mining will start.  I.E. We hope to start mining in March, 2014.

2) Most contracts wish to pay you BTC directly instead of mining on your pool with your worker information.

3) Contracts are often set to start at a date that is beyond eBay's buyer protection time constraints.

4) These can be sold by anyone, anywhere.... 

5) You will NEVER ROI on contracts.... 

I sell contracts myself and always wonder why anyone would buy, but they always do....

I sell in realtime at a better price than most, but still, my buyers never ROI.  Never....

I explain this in my listings too!

I'm not trying to be an (@ss)  it's just the best way for me to profit on my rig. 

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Could be a scammer, always check the ebay feedback page.

You might not get the hashrate you ordered.

That's all I can think of.
Since you're such a nice guy, 16AsCq23cu5ws8xSmzthJEq5bryfZ58ugw

Very interested to know what you all think about purchasing mining contracts.  I have seen a lot of these springing up on Ebay.  Obviously there are a lot of disadvantages to it over regular bitcoin mining.  Some of them off the top of my head:

-Contract usually has an expiry date
-Possible downtime of the owners equipment, which is out of your control
-Trust issues for proper payout

Please help me list more.  Include your address in the post, and I will reward you .0015BTC per reasonable point within the next couple days.