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

erskPeter

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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

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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

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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

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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

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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

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Activity: 562

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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

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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

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hahahaha. good luck making 20BTC back

australwind

newbie

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20 BTC

ScreamnShout

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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

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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

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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

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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

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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

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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

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Activity: 605

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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

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in my opinion.

erskPeter

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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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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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48 hours left

nothing2seeHere

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The TOS of Bitmine.ch do not actually allow for the contracts to be transferred so you would be risking that any buyer would have the contract revoked and/or given back to the seller

allinvain

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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.

bidoh

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2BTC

padrino

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https://www.bitworks.io

Quote from: erskPeter on November 09, 2014, 01:52:33 PM

Quote from: padrino on November 09, 2014, 12:55:38 PM

Quote from: padrino on November 09, 2014, 12:52:15 PM

Quote from: erskPeter on November 09, 2014, 02:55:57 AM

More seriously, here is the mining revenue over 6 months, it takes as a reference 10% difficulty increase at each round :

Sure that is the revenue with no maintenance, why don't you use the calculator to put that in as well to provide the expected return since that has a MASSIVE impact on the return, in short it will kill most of the BTC as your original screenshot already showed...

So I took the opportunity to factor in maintenance as you stated, since it is USD against BTC at the time it is due best we can do is use current value... At the 10% you estimate in about 88 days the contract will go negative, what is Bitmine's T&Cs on that, in short are you obligated to pay when the mined coins do not cover maintenance?

I doubt that contract will ever go negative, you are simply spreading FUD.

Really? I used YOUR difficulty estimate increase you used earlier and YOUR maintenance price.. It's basic math and I asked a serious question since i want to understand the details before bidding but if you want to be an asshole then perhaps you should fuck off....

WeMineCoins

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You'd be wrong in assuming new products wont drop Q1 2015

erskPeter

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Quote from: ACCTseller on November 09, 2014, 03:17:42 PM

Quote from: erskPeter on November 09, 2014, 03:08:10 PM

i am sorry, i messed up the message. This is what i wanted to say :

As the difficulty increases without a price rise, more miners will be soon forced to shut down. I am not sure we will continue to see the kind of exponential increase forever, of course mine is just a conjecture, as it is yours, nobody knows the outcome for certain. Besides, i am selling the contract just because an unexpected problem and immediate need of liquidity. What is your offer ?

Cheers

You are correct that we will not see exponential increases forever but I can say that it will likely increase by a good 9% in roughly a week or so and difficulty has increased by at least 10% with very few exceptions this year.

I am not sure you would want to see my offer as it would be well under 10 BTC (while you are asking for 45) nor that you would even take it seriously.

Your observation is correct, although during the last year we witnessed big changes in the mining scenario. For the time being there aren't new products being released so i am not expecting a massive rise in difficulty.
I'd be willing to accept a reasonable offer, but i am afraid that anything under 10 btc isn't going to make it.

ACCTseller

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no longer selling accounts

Quote from: erskPeter on November 09, 2014, 03:08:10 PM

i am sorry, i messed up the message. This is what i wanted to say :

As the difficulty increases without a price rise, more miners will be soon forced to shut down. I am not sure we will continue to see the kind of exponential increase forever, of course mine is just a conjecture, as it is yours, nobody knows the outcome for certain. Besides, i am selling the contract just because an unexpected problem and immediate need of liquidity. What is your offer ?

Cheers

You are correct that we will not see exponential increases forever but I can say that it will likely increase by a good 9% in roughly a week or so and difficulty has increased by at least 10% with very few exceptions this year.

I am not sure you would want to see my offer as it would be well under 10 BTC (while you are asking for 45) nor that you would even take it seriously.

erskPeter

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i am sorry, i messed up the message. This is what i wanted to say :

As the difficulty increases without a price rise, more miners will be soon forced to shut down. I am not sure we will continue to see the kind of exponential increase forever, of course mine is just a conjecture, as it is yours, nobody knows the outcome for certain. Besides, i am selling the contract just because an unexpected problem and immediate need of liquidity. What is your offer ?

Cheers

erskPeter

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Activity: 122

Merit: 100

As the difficulty increase miners without a price rise, more miners will be soon forced to shut down. I am not sure we will continue to see the kind of exponential increase forever, of course mine is just a conjecture, as it is yours, nobody knows the outcome for certain. Besides, i am selling the contract just because an unexpected problem and immediate need of liquidity. What is your offer ?

Cheers

ACCTseller

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Activity: 532

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no longer selling accounts

Quote from: erskPeter on November 09, 2014, 02:20:19 PM

Quote from: ACCTseller on November 09, 2014, 02:12:35 PM

Quote from: erskPeter on November 09, 2014, 01:53:46 PM

Quote from: erskPeter on November 09, 2014, 02:55:57 AM

I will sell this contract for 45 BTC, you can clearly make a good ROI with it

Quote from: ACCTseller on November 09, 2014, 01:09:29 PM

Also do you have a reserve price? You mention what Bitmine.ch is charging on their website but fail to mention what you are willing to take for it

Quote from: erskPeter on November 08, 2014, 02:55:29 AM

Maintenance fee is 80 USD / TH / month

Oops, it looks like I missed that. If maintenance/electric cost is $80 per TH per month then it would cost $3,360 per month for the entire contract for maintenance.

Assuming that difficulty increases 10% every 2016 blocks then maintenance would exceed revenue after 75 days and you would have lost ~37 BTC on the contract. If difficulty increases by 5% then maintenance would exceed revenue after 145 days (which is just before the end of the contract because it is already a month in) and you would end up losing ~30 BTC. If difficulty goes up by 1% then revenue would exceed maintenance for the rest of the contract, however after 162 days you would have lost ~14 BTC. In order to have any kind of ROI on this contract you would need to have difficulty decrease by ~2% every 2016 blocks (something I would consider extremely unlikely, especially over a 5 month period) which would result in a profit of ~1.9 BTC on a 45 BTC investment or a ~4.22% return.

Source: bitcoinwisdom

Calculations:

Code:

Difficulty Increment: rates above
Electric Price: 0
Pool fee: 0
Hash rate: 42 TH/s
Price: 45 BTC
Hardware power: 0
Start date: 1
Delivery Cost: 0
Setup Cost: 0
Maintain cost: $3,360 per month
BTC/USD: 356
Current difficulty: 39,603,666,252
Adjust time: 1415154631
Block reward: 25
Block generation speed: 600

Your projections are too pessimistic. It remains to be seen what will be the difficulty adjustment for the interested period of time.

What part of my projection are too pessimistic? My calculations assume that the miner would have 100% luck (which is really all you can assume in regards to luck).

From the looks of it bitmine.ch is selling horribly overpriced contracts. If you can find an error in my numbers/assumptions/calculations then please let me know, as I may be interested in the potential for ROI is right.

erskPeter

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Quote from: ACCTseller on November 09, 2014, 02:12:35 PM

Quote from: erskPeter on November 09, 2014, 01:53:46 PM

Quote from: erskPeter on November 09, 2014, 02:55:57 AM

I will sell this contract for 45 BTC, you can clearly make a good ROI with it

Quote from: ACCTseller on November 09, 2014, 01:09:29 PM

Also do you have a reserve price? You mention what Bitmine.ch is charging on their website but fail to mention what you are willing to take for it

Quote from: erskPeter on November 08, 2014, 02:55:29 AM

Maintenance fee is 80 USD / TH / month

Oops, it looks like I missed that. If maintenance/electric cost is $80 per TH per month then it would cost $3,360 per month for the entire contract for maintenance.

Assuming that difficulty increases 10% every 2016 blocks then maintenance would exceed revenue after 75 days and you would have lost ~37 BTC on the contract. If difficulty increases by 5% then maintenance would exceed revenue after 145 days (which is just before the end of the contract because it is already a month in) and you would end up losing ~30 BTC. If difficulty goes up by 1% then revenue would exceed maintenance for the rest of the contract, however after 162 days you would have lost ~14 BTC. In order to have any kind of ROI on this contract you would need to have difficulty decrease by ~2% every 2016 blocks (something I would consider extremely unlikely, especially over a 5 month period) which would result in a profit of ~1.9 BTC on a 45 BTC investment or a ~4.22% return.

Source: bitcoinwisdom

Calculations:

Code:

Difficulty Increment: rates above
Electric Price: 0
Pool fee: 0
Hash rate: 42 TH/s
Price: 45 BTC
Hardware power: 0
Start date: 1
Delivery Cost: 0
Setup Cost: 0
Maintain cost: $3,360 per month
BTC/USD: 356
Current difficulty: 39,603,666,252
Adjust time: 1415154631
Block reward: 25
Block generation speed: 600

Your projections are too pessimistic. It remains to be seen what will be the difficulty adjustment for the interested period of time.

ACCTseller

hero member

Activity: 532

Merit: 500

no longer selling accounts

Quote from: erskPeter on November 09, 2014, 01:53:46 PM

Quote from: erskPeter on November 09, 2014, 02:55:57 AM

I will sell this contract for 45 BTC, you can clearly make a good ROI with it

Quote from: ACCTseller on November 09, 2014, 01:09:29 PM

Also do you have a reserve price? You mention what Bitmine.ch is charging on their website but fail to mention what you are willing to take for it

Quote from: erskPeter on November 08, 2014, 02:55:29 AM

Maintenance fee is 80 USD / TH / month

Oops, it looks like I missed that. If maintenance/electric cost is $80 per TH per month then it would cost $3,360 per month for the entire contract for maintenance.

Assuming that difficulty increases 10% every 2016 blocks then maintenance would exceed revenue after 75 days and you would have lost ~37 BTC on the contract. If difficulty increases by 5% then maintenance would exceed revenue after 145 days (which is just before the end of the contract because it is already a month in) and you would end up losing ~30 BTC. If difficulty goes up by 1% then revenue would exceed maintenance for the rest of the contract, however after 162 days you would have lost ~14 BTC. In order to have any kind of ROI on this contract you would need to have difficulty decrease by ~2% every 2016 blocks (something I would consider extremely unlikely, especially over a 5 month period) which would result in a profit of ~1.9 BTC on a 45 BTC investment or a ~4.22% return.

Source: bitcoinwisdom
Calculations:

Code:

Difficulty Increment: rates above
Electric Price: 0
Pool fee: 0
Hash rate: 42 TH/s
Price: 45 BTC
Hardware power: 0
Start date: 1
Delivery Cost: 0
Setup Cost: 0
Maintain cost: $3,360 per month
BTC/USD: 356
Current difficulty: 39,603,666,252
Adjust time: 1415154631
Block reward: 25
Block generation speed: 600

erskPeter

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Quote from: erskPeter on November 09, 2014, 02:55:57 AM

I will sell this contract for 45 BTC, you can clearly make a good ROI with it

Quote from: ACCTseller on November 09, 2014, 01:09:29 PM

Also do you have a reserve price? You mention what Bitmine.ch is charging on their website but fail to mention what you are willing to take for it

erskPeter

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Quote from: padrino on November 09, 2014, 12:55:38 PM

Quote from: padrino on November 09, 2014, 12:52:15 PM

Quote from: erskPeter on November 09, 2014, 02:55:57 AM

More seriously, here is the mining revenue over 6 months, it takes as a reference 10% difficulty increase at each round :

Sure that is the revenue with no maintenance, why don't you use the calculator to put that in as well to provide the expected return since that has a MASSIVE impact on the return, in short it will kill most of the BTC as your original screenshot already showed...

So I took the opportunity to factor in maintenance as you stated, since it is USD against BTC at the time it is due best we can do is use current value... At the 10% you estimate in about 88 days the contract will go negative, what is Bitmine's T&Cs on that, in short are you obligated to pay when the mined coins do not cover maintenance?

I doubt that contract will ever go negative, you are simply spreading FUD.

erskPeter

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Quote from: the joint on November 09, 2014, 12:56:19 PM

Quote from: erskPeter on November 09, 2014, 02:55:57 AM

More seriously, here is the mining revenue over 6 months, it takes as a reference 10% difficulty increase at each round :

I will sell this contract for 45 BTC, you can clearly make a good ROI with it

No, you're not looking at 10% each "round," you're looking at 10% each month.

This makes an enormous difference as this would mean ~5% each difficulty adjustment.

Yes correct, i did not notice it is 10% monthly difficulty increase.

ACCTseller

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Also do you have a reserve price? You mention what Bitmine.ch is charging on their website but fail to mention what you are willing to take for it

ACCTseller

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Activity: 532

Merit: 500

no longer selling accounts

Quote from: the joint on November 09, 2014, 12:56:19 PM

Quote from: erskPeter on November 09, 2014, 02:55:57 AM

More seriously, here is the mining revenue over 6 months, it takes as a reference 10% difficulty increase at each round :

I will sell this contract for 45 BTC, you can clearly make a good ROI with it

No, you're not looking at 10% each "round," you're looking at 10% each month.

This makes an enormous difference as this would mean ~5% each difficulty adjustment.

IMO 10% per two week period is most likely too low of an estimate when calculating your potential ROI. The median difficulty increase has been closer to 20% ever 2016 blocks then 10%. So your chart is under estimating the likely difficulty increases by a factor of at least 4

the joint

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Quote from: the joint on November 09, 2014, 12:56:19 PM

Quote from: erskPeter on November 09, 2014, 02:55:57 AM

More seriously, here is the mining revenue over 6 months, it takes as a reference 10% difficulty increase at each round :

I will sell this contract for 45 BTC, you can clearly make a good ROI with it

No, you're not looking at 10% each "round," you're looking at 10% each month.

This makes an enormous difference as this would mean ~5% each difficulty adjustment.

You should make this more clear. I've never once heard a month referred to as a "round" when talking about BTC difficulty.

the joint

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Quote from: erskPeter on November 09, 2014, 02:55:57 AM

More seriously, here is the mining revenue over 6 months, it takes as a reference 10% difficulty increase at each round :

I will sell this contract for 45 BTC, you can clearly make a good ROI with it

No, you're not looking at 10% each "round," you're looking at 10% each month.

This makes an enormous difference as this would mean ~5% each difficulty adjustment.

padrino

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Quote from: padrino on November 09, 2014, 12:52:15 PM

Quote from: erskPeter on November 09, 2014, 02:55:57 AM

More seriously, here is the mining revenue over 6 months, it takes as a reference 10% difficulty increase at each round :

Sure that is the revenue with no maintenance, why don't you use the calculator to put that in as well to provide the expected return since that has a MASSIVE impact on the return, in short it will kill most of the BTC as your original screenshot already showed...

So I took the opportunity to factor in maintenance as you stated, since it is USD against BTC at the time it is due best we can do is use current value... At the 10% you estimate in about 88 days the contract will go negative, what is Bitmine's T&Cs on that, in short are you obligated to pay when the mined coins do not cover maintenance?

padrino

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Quote from: erskPeter on November 09, 2014, 02:55:57 AM

More seriously, here is the mining revenue over 6 months, it takes as a reference 10% difficulty increase at each round :

Sure that is the revenue with no maintenance, why don't you use the calculator to put that in as well to provide the expected return since that has a MASSIVE impact on the return, in short it will kill most of the BTC as your original screenshot already showed...

markj113

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he's just butt hurt his 1BTC bid didn't cut it Grin

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Quote from: bidoh on November 09, 2014, 10:03:04 AM

Thats ok if bitmine dont go bankrupt or fail to pay their electricity bill or massa doesnt buy a new ferrari to take himself to work. Only having one ferrari bought with your customers' money is a bit silly. Im sure he needs a fleet of ferraris. bitmine are scummy as fuck.

Can you please take your unsolicited trolling to someshere else? cheers

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Thats ok if bitmine dont go bankrupt or fail to pay their electricity bill or massa doesnt buy a new ferrari to take himself to work. Only having one ferrari bought with your customers' money is a bit silly. Im sure he needs a fleet of ferraris. bitmine are scummy as fuck.

erskPeter

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More seriously, here is the mining revenue over 6 months, it takes as a reference 10% difficulty increase at each round :

I will sell this contract for 45 BTC, you can clearly make a good ROI with it

erskPeter

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Quote from: allinvain on November 08, 2014, 09:34:19 PM

1 BTC now and a promise to pay 1 btc when the btc/usd exchange reaches 63,000.

Crazy how overpriced this contract is, but so is all hardware these days anyways.

Very entertaining

allinvain

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1 BTC now and a promise to pay 1 btc when the btc/usd exchange reaches 63,000.

Crazy how overpriced this contract is, but so is all hardware these days anyways.

bidoh

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markj113

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Quote from: bidoh on November 08, 2014, 02:55:30 PM

1BTC

From 1st post -

Quote

rice on Bitmine.ch website is 15100 USD for 10 TH/s, the total value of the contract is over 63000 USD, please bid accordingly.

I think 1BTC is going to cut it Cheesy

bidoh

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1BTC

erskPeter

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Maintenance fee is 80 USD / TH / month

erskPeter

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This auctions is for an already running 42 TH/S cloud mining contract with Bitmine.ch.

The contract duration is 6 Months, and it started on 18 October.

Price on Bitmine.ch website is 15100 USD for 10 TH/s, the total value of the contract is over 63000 USD, please bid accordingly.

Escrow is welcome with a trusted community member, this auction will end on 13/11 at 21.00 GMT.

Topic: [WTS] 42 TH/s / 6 Months Bitmine.ch Cloud mining contract (Read 3183 times)