I have been doing some research and looking at Hashflare.io. Hashflare is a cloud based mining company that provides mining equipment stored at their data center. Basically you pay an up front fee that gets you a dedicated hash rate. From there they take a commission fee off of your earnings. This sounds like a pretty good deal (although it puts the risk in your court and not on them should you not make money). My question though is how profitable is this really? I see videos and posts of people showing off their control panels where they are making some sweet gains and profits. Of course I get that the profitability is directly tied to how much the coin you are mining is worth and you are basically gambling that the coin will go up over the course of your mining contract. From what I can see the only coin worth mining with them at the moment is Bitcoin. I also feel like if this was really a really profitable method that had long term viability that everyone would be doing it and throwing money at it which then becomes a problem because the more miners there are, the less everyone technically gets.
Anyways, please post your thoughts and experiences with this. Specifically I would like to hear from people that already have accounts there and how long it took them to see their ROI and how profitable their venture has been for them. Also how do they feel it will go long term? Have you seen your daily earnings going down?
Thank you.
I joined up a couple of weeks ago so too soon to tell how profitable it will be but enjoying the platform so far.
You can edit your mining pools which I didn't realise until yesterday, but this can effect how much you earn quite significantly so worth playing around with them.
I'm thinking of taking out an Ethereum mining contract with them also purely because I see it going up a lot this year.
However they may be switching to Proof of Stake so not sure how that plays out with existing contracts on Hashflare...
Yeah I heard about that. If you don't mind me asking, what was your investment and what is your daily earnings? Just trying to see if it is viable and what the ROI would be with current market pricing.
I'm only a "minnow" on there too haha - I've only put in $550 so my daily earnings are only about $3-4 daily depending on the price of BTC / mining difficulty. It looks as though it will easily double my money by end of year though and that is with Bitcoin price having gone down quite a bit since I joined. So once its up I think will easily triple my money.
Am currently reinvesting as I go as well so that should bring the price up a fair bit too.
Nice! The thing that I keep going back to is yes, mining is steady income. But at $3-$4 a day, that puts you at 0.007% per day (using $4). You can make that easily in one swing trade, even during bearish markets (I have been swing trading across 5 coins heavily during the bear market). Furthermore you could lend it on Poloniex at the same rates for much less risk. I guess if BTC goes up to 30k like they are predicting though you would be looking at a bit more.
0.07 I think? But thats only because I bought the hashrate when bitcoin was higher. Fair enough, if that works for you. But I'm not a trader, I dabble but I'm not a professional so i'm more likely to lose on trades more often. So I think I see mining as part of a diversified portfolio risk wise for me :)
Ahh, yeah I can see that. Technically the rates from mining are still better then the stock market, show me an investment from a bank or brokerage where you can make that % in a day!!!
Tell me about it! I'm trying to see crypto as a more lucrative savings account in general... one where some days I will have lots of savings and some I will have a lot less haha
Ive been looking into this as well. I am looking for a good option to use my spare laptop to constantly lend comp power to cloud mining. IF I can get $50 - $100 a month that would be beyond my expectations.
Well, I am mining VTC on my gaming computer (2x1080GTX, not TI). I have been running for 13 days and am at $88 so far. I am averaging between 0.8 and 1.2 VTC a day. Thinking about firing it up on my laptop which as a 1070 in it.
Not with this one, it may be legit but its high risk little reward.