[WTS] 42 TH/s / 6 Months Bitmine.ch Cloud mining contract

erskPeter

full member

Activity: 122

Merit: 100

Quote from: padrino on November 12, 2014, 09:09:51 PM

Quote from: erskPeter on November 12, 2014, 01:27:00 PM

Quote from: RobertDJ on November 12, 2014, 01:24:35 PM

Quote from: armedmilitia on November 12, 2014, 01:11:52 PM

Quote from: RobertDJ on November 12, 2014, 01:05:51 PM

Quote from: bidoh on November 12, 2014, 11:25:48 AM

hahahaha. good luck making 20BTC back

Quote from: australwind on November 12, 2014, 03:32:01 AM

20 BTC

I would say this is almost certainly a shill, no one in their right mind would ever bid that much for 42 TH/s worth of mining for only 5 months

Funny you say that, if you take a look in erskpeter's other auction thread... the same newbie account made an offer 4x higher than all the current winning bids.

That kind of activity probably works on eBay as people on eBay tend to be less educated about how much it costs to run these machines and how much these machines can expect to earn, but I don't think it will work here

I'm not even sure i will accept the offer, as i stated an higher target price. The contract will return obviously more than 20 BTC. I understand you guys want a deal, but there is no such a thing as a free lunch.

How the hell do you figure, use your own damn estimates from earlier in the thread and you may end up negative at the end of the term.. Sure it's all speculation but I am at least using the numbers you suggested earlier in the thread... Normally I wouldn't be an ass like this but you are such an embarrassment to yourself..

Here you are the only reason to be embarassed, also, change your nickname, you don't deserve it Grin

padrino

legendary

Activity: 1428

Merit: 1000

https://www.bitworks.io

Quote from: erskPeter on November 12, 2014, 01:27:00 PM

Quote from: RobertDJ on November 12, 2014, 01:24:35 PM

Quote from: armedmilitia on November 12, 2014, 01:11:52 PM

Quote from: RobertDJ on November 12, 2014, 01:05:51 PM

Quote from: bidoh on November 12, 2014, 11:25:48 AM

hahahaha. good luck making 20BTC back

Quote from: australwind on November 12, 2014, 03:32:01 AM

20 BTC

I would say this is almost certainly a shill, no one in their right mind would ever bid that much for 42 TH/s worth of mining for only 5 months

Funny you say that, if you take a look in erskpeter's other auction thread... the same newbie account made an offer 4x higher than all the current winning bids.

That kind of activity probably works on eBay as people on eBay tend to be less educated about how much it costs to run these machines and how much these machines can expect to earn, but I don't think it will work here

I'm not even sure i will accept the offer, as i stated an higher target price. The contract will return obviously more than 20 BTC. I understand you guys want a deal, but there is no such a thing as a free lunch.

How the hell do you figure, use your own damn estimates from earlier in the thread and you may end up negative at the end of the term.. Sure it's all speculation but I am at least using the numbers you suggested earlier in the thread... Normally I wouldn't be an ass like this but you are such an embarrassment to yourself..

RobertDJ

full member

Activity: 155

Merit: 100

Quote from: erskPeter on November 12, 2014, 01:27:00 PM

Quote from: RobertDJ on November 12, 2014, 01:24:35 PM

Quote from: armedmilitia on November 12, 2014, 01:11:52 PM

Quote from: RobertDJ on November 12, 2014, 01:05:51 PM

Quote from: bidoh on November 12, 2014, 11:25:48 AM

hahahaha. good luck making 20BTC back

Quote from: australwind on November 12, 2014, 03:32:01 AM

20 BTC

I would say this is almost certainly a shill, no one in their right mind would ever bid that much for 42 TH/s worth of mining for only 5 months

Funny you say that, if you take a look in erskpeter's other auction thread... the same newbie account made an offer 4x higher than all the current winning bids.

That kind of activity probably works on eBay as people on eBay tend to be less educated about how much it costs to run these machines and how much these machines can expect to earn, but I don't think it will work here

I'm not even sure i will accept the offer, as i stated an higher target price. The contract will return obviously more than 20 BTC. I understand you guys want a deal, but there is no such a thing as a free lunch.

What assumption do you make when you say that the contract will return more then 20 BTC? The difficulty would need to decrease substantially in order for this to be a possibility, however the diffciulty has never decreased more then two times in a row in the history of bitcoin. What you are saying is the next 5 months will be extraordinary for bitcoin mining

erskPeter

full member

Activity: 122

Merit: 100

Quote from: RobertDJ on November 12, 2014, 01:24:35 PM

Quote from: armedmilitia on November 12, 2014, 01:11:52 PM

Quote from: RobertDJ on November 12, 2014, 01:05:51 PM

Quote from: bidoh on November 12, 2014, 11:25:48 AM

hahahaha. good luck making 20BTC back

Quote from: australwind on November 12, 2014, 03:32:01 AM

20 BTC

I would say this is almost certainly a shill, no one in their right mind would ever bid that much for 42 TH/s worth of mining for only 5 months

Funny you say that, if you take a look in erskpeter's other auction thread... the same newbie account made an offer 4x higher than all the current winning bids.

That kind of activity probably works on eBay as people on eBay tend to be less educated about how much it costs to run these machines and how much these machines can expect to earn, but I don't think it will work here

I'm not even sure i will accept the offer, as i stated an higher target price. The contract will return obviously more than 20 BTC. I understand you guys want a deal, but there is no such a thing as a free lunch.

RobertDJ

full member

Activity: 155

Merit: 100

Quote from: armedmilitia on November 12, 2014, 01:11:52 PM

Quote from: RobertDJ on November 12, 2014, 01:05:51 PM

Quote from: bidoh on November 12, 2014, 11:25:48 AM

hahahaha. good luck making 20BTC back

Quote from: australwind on November 12, 2014, 03:32:01 AM

20 BTC

I would say this is almost certainly a shill, no one in their right mind would ever bid that much for 42 TH/s worth of mining for only 5 months

Funny you say that, if you take a look in erskpeter's other auction thread... the same newbie account made an offer 4x higher than all the current winning bids.

That kind of activity probably works on eBay as people on eBay tend to be less educated about how much it costs to run these machines and how much these machines can expect to earn, but I don't think it will work here

armedmilitia

hero member

Activity: 562

Merit: 506

We're going to need a bigger heatsink.

Quote from: RobertDJ on November 12, 2014, 01:05:51 PM

Quote from: bidoh on November 12, 2014, 11:25:48 AM

hahahaha. good luck making 20BTC back

Quote from: australwind on November 12, 2014, 03:32:01 AM

20 BTC

I would say this is almost certainly a shill, no one in their right mind would ever bid that much for 42 TH/s worth of mining for only 5 months

Funny you say that, if you take a look in erskpeter's other auction thread... the same newbie account made an offer 4x higher than all the current winning bids.

RobertDJ

full member

Activity: 155

Merit: 100

Quote from: bidoh on November 12, 2014, 11:25:48 AM

hahahaha. good luck making 20BTC back

Quote from: australwind on November 12, 2014, 03:32:01 AM

20 BTC

I would say this is almost certainly a shill, no one in their right mind would ever bid that much for 42 TH/s worth of mining for only 5 months

bidoh

member

Activity: 79

Merit: 10

hahahaha. good luck making 20BTC back

australwind

newbie

Activity: 3

Merit: 0

20 BTC

ScreamnShout

full member

Activity: 206

Merit: 100

Quote from: vm_mpn on November 12, 2014, 01:21:26 AM

I think it's Bitmine.ch hosting - they charge over $2k for 12 month 1TH/s hosting.

http://bitmine.ch/product/cloud-mining-hosting-plans-bitcoin/

This is their price they are selling their cloud mining contracts, which are at scam levels. I have not calculated just what would need to happen to potentially break even on their contracts, however I do know that it would involve the difficulty declining substantially over the term of the contract

vm_mpn

hero member

Activity: 605

Merit: 500

I think it's Bitmine.ch hosting - they charge over $2k for 12 month 1TH/s hosting.

http://bitmine.ch/product/cloud-mining-hosting-plans-bitcoin/

ScreamnShout

full member

Activity: 206

Merit: 100

Note: this also assumes that there is a zero chance the cloud mining provider is a scam (I am sure that some are) - although I would say their prices are certainly a scam as there is essentially zero chance that anyone paying their asking prices will ever ROI on their contract.

I think it also highlights the competitive advantage that PB mining has as you are prepaying for electric costs in BTC instead of paying electric/maintenance out of mining revenue.

ScreamnShout

full member

Activity: 206

Merit: 100

Quote from: vm_mpn on November 12, 2014, 12:29:00 AM

I think you are right S... I have been subtracting 20% a month after electric / maintenance fee which is wrong. Actual numbers look much more depressing. Double check me below and see if this is correct (more or less).

42 TH/s @ $3360 / Month Maintenance ~20% monthly diff adjustment

Month 1 = $6400 - $3360 = $3040
Month 2 = $5120 - $3360 = $1760
Month 3 = $4096 - $3360 = $736
Month 4 = $3076 - $3360 = -$284

Assuming that there is a difficulty increase of 10% every 2016 blocks (which is slightly more then 20% per month, then I calculate that you would receive ~8.63 BTC in mining revenue assuming 379 BTC/USD price to pay for the maintenance fee.

vm_mpn

hero member

Activity: 605

Merit: 500

I think you are right S... I have been subtracting 20% a month after electric / maintenance fee which is wrong. Actual numbers look much more depressing. Double check me below and see if this is correct (more or less).

42 TH/s @ $3360 / Month Maintenance ~20% monthly diff adjustment

Month 1 = $6400 - $3360 = $3040
Month 2 = $5120 - $3360 = $1760
Month 3 = $4096 - $3360 = $736
Month 4 = $3076 - $3360 = -$284

ScreamnShout

full member

Activity: 206

Merit: 100

Quote from: vm_mpn on November 12, 2014, 12:02:56 AM

Calculation is somewhat approximate and based on average BTC value during length of the contract at $400 with 20% monthly network difficulty adjustment (sorry if I'm risking actual BTC here I can not do 10% even if the actual difficulty will be close to 10% than to 20%)

42 TH/s with $3360 month maintenance and ~20% monthly diff adjustment

Month 1 = $3000
Month 2 = $2400
Month 3 = $1920
Month 4 = $1536
Month 5 = $1230
Month 6 = $980
<= 6 Month Cut Off

Total: ~$11,000 (27 BTC)

If nothing goes terribly wrong ('it never does') you can expect to earn 26 - 28 BTC by the cutoff date. It is not 10 BTC contract for sure, but it's not 45 BTC contract either... Stay humble.

How did you come up with those revenue numbers? They are very different from above (maybe because you assume the difficulty does not change every two weeks but every 30 days, but even this would not account for the difference).

I would also say that 20% per month is a minimum that difficulty would rise which would work out to a little less then 10% every two weeks (compounded)

vm_mpn

hero member

Activity: 605

Merit: 500

Calculation is somewhat approximate and based on average BTC value during length of the contract at $400 with 20% monthly network difficulty adjustment (sorry if I'm risking actual BTC here I can not do 10% even if the actual difficulty will be close to 10% than to 20%)

42 TH/s with $3360 month maintenance and ~20% monthly diff adjustment

Month 1 = $3000
Month 2 = $2400
Month 3 = $1920
Month 4 = $1536
Month 5 = $1230
Month 6 = $980
<= 6 Month Cut Off

Total: ~$11,000 (27 BTC)

If nothing goes terribly wrong ('it never does') you can expect to earn 26 - 28 BTC by the cutoff date. It is not 10 BTC contract for sure, but it's not 45 BTC contract either... Stay humble.

bidoh

member

Activity: 79

Merit: 10

in my opinion.

erskPeter

full member

Activity: 122

Merit: 100

Quote from: allinvain on November 09, 2014, 09:11:15 PM

Why don't you just keep the contract and hope to get back even a small portion because there is no way anyone here is going to give you 62,000 for it. You can get the same amount of hashing power from bitmain (with S4s which are overpriced as well) for $26,250 roughly. It would require 21 S4s though, but someone who had that amount of cash on hand likely has a place to host them.

I won't even bother to bid because as a previous poster said all realistic (and smart) offers would have to be below 10 BTC.

I don't want 62000 USD for it, i said i will accept a reasonable offer, but 10 btc isn't one. The contract will output much than that in my opinion.

mnmShadyBTC

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Activity: 151

Merit: 100

Quote from: allinvain on November 09, 2014, 09:11:15 PM

Why don't you just keep the contract and hope to get back even a small portion because there is no way anyone here is going to give you 62,000 for it. You can get the same amount of hashing power from bitmain (with S4s which are overpriced as well) for $26,250 roughly. It would require 21 S4s though, but someone who had that amount of cash on hand likely has a place to host them.

I won't even bother to bid because as a previous poster said all realistic (and smart) offers would have to be below 10 BTC.

In order for even a 10 BTC bid to be realistic for the buyer to potentially be able to ROI the price of bitcoin would need to increase substantially (without a corresponding increase in difficulty) so the maintenance (electric) fee will be a lower percentage of mining revenue

erskPeter

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Activity: 122

Merit: 100

48 hours left

Topic: [WTS] 42 TH/s / 6 Months Bitmine.ch Cloud mining contract (Read 3164 times)