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Best Cloudmining Companys?
- Thread starter martog
- Start date
Cloud mining as a whole is not very profitable, the only people making money are the cloud mining companies. Because Bitcoin (and to a less extent altcoins) are directly convertible to cash there is literally no reason at all for companies to offer cloud mining services unless they're more profitable than just selling the coins from the mining.
Because of this you're never going to turn a big profit on it, you'd be better off buying buying the coins directly (although I'm not even sure that Bitcoin will rebound so I wouldn't be investing much).
Because of this you're never going to turn a big profit on it, you'd be better off buying buying the coins directly (although I'm not even sure that Bitcoin will rebound so I wouldn't be investing much).
jojo69
[H]F Junkie
- Joined
- Sep 13, 2009
- Messages
- 11,428
If you had profitable hash power why on earth would you rent it out on terms where the renter could profit?
Last edited:
I think the reason is collect money and place bigger orders and get a discount from hardware vendors?
Yakk
Supreme [H]ardness
- Joined
- Nov 5, 2010
- Messages
- 5,810
Companies sell cloud mining time to generate funds upfront.
They are *FAR* from equal. They can close at any time, as many have.
So far I've turned a profit with bitcoin cloud services. With current market conditions I hesitate to recommend cloud mining though.
PM me if you are looking for more information.
They are *FAR* from equal. They can close at any time, as many have.
So far I've turned a profit with bitcoin cloud services. With current market conditions I hesitate to recommend cloud mining though.
PM me if you are looking for more information.
Yes, bitcoincloudservices with the old 5Years contracts is a very nice investment.
You are right they can close at any time, but no risk no fun.
Yakk
Supreme [H]ardness
- Joined
- Nov 5, 2010
- Messages
- 5,810
Yes, bitcoincloudservices with the old 5Years contracts is a very nice investment.
You are right they can close at any time, but no risk no fun.
Yup, getting in on those 5 year contracts was the way to go. Now they alternate between 1 and 2 years, still profitable with breakeven between 3-5 months, but not nearly as much. The fact they are still honoring the 5 year contracts is worth noting, and that they have a decent daily payout. Unlike Genesis for example, which for me are a complete joke.
Breakeven from 3-5months is not real, but as long they pay all is good.
Yakk
Supreme [H]ardness
- Joined
- Nov 5, 2010
- Messages
- 5,810
It was for me as of approx 4 months ago on my last contact I took out with them with some spare btc I had, a little luck and there are a quite a few variables to consider when calculating when you expect to breakeven.
What I mean is, when you buy a miner and calculate shipping, tax and energy costs you cant reach a Breakeven in 3-5months for Bitcoin mining.
Real Breakeven is around 9-12months, depends on energy costs.
Any company which is offering it faster, there is something wrong!
Just my two cents.
Real Breakeven is around 9-12months, depends on energy costs.
Any company which is offering it faster, there is something wrong!
Just my two cents.