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I just bought into a cloud mining service, https://hashflare.io/r/C893E80F, Starting off with some seed money. This particular miner lets you start off with a very small amount (10gh for $1.40 for a year), so I have bought in, interested in what others are doing, if anything. I've had my eth miner going for a while, and its made me some cash, but Hoping to hit it bigger with bit coin (and not have such a hot office). My investment of $2300 should net me a little more than $700/month, which will grow with the auto reinvest.
 

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I still don't understand mining from setting it up to running it cashing in. I am all for doing something simple and making money off of it however this seems to be too good to be true - this coming from an IT industry guy. :)
 

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The perennial problem with bitcoin mining is that on the individual level you'll need enough processing power on a PC to perform it, and the amount of electricity needed will cost more than the coin you can make. I've been told by friends that do it that the best way is to take advantage of power that you yourself do not pay for. Even then, the rate that a single high-end PC can mine isn't really worth the time or stress it puts on a machine.
 

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I still don't understand mining from setting it up to running it cashing in. I am all for doing something simple and making money off of it however this seems to be too good to be true - this coming from an IT industry guy. :)
Well, if you do cloud mining, you buy a contract with a company that has all the equipment, and then you get shares. there are a ton out there, so its important to do a little research, and see who's been around, and who's profitable. I went with hashflare, since I could start off with a very small investment (currently $1.40) and see the results.

Getting set up is pretty easy, you need a wallet (online or off line), and then buy hashrate through somebody and point your payouts to your wallet. If you have an online wallet, most are associated with an exchange that lets you convert your coin to USD (or any currency you wish).

The perennial problem with bitcoin mining is that on the individual level you'll need enough processing power on a PC to perform it, and the amount of electricity needed will cost more than the coin you can make. I've been told by friends that do it that the best way is to take advantage of power that you yourself do not pay for. Even then, the rate that a single high-end PC can mine isn't really worth the time or stress it puts on a machine.
Agreed. I don't bother with having physical hardware for bitcoin. Its not worth it. far to much investment for little reward. I do have a physical miner for ethereum, and I have made decent money with that. Cloud mining is the way to go. Your investment is similar per hash, but you can do it in smaller increments, and you don't have to pay the power bill.


All I can say is I've made money on eth, and my investment in bit coin will pay itself back in a couple of months, and then I'll be making a profit, even if it drops in half of its current value.
 

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The news that it just hit $10K will probably cause a spike in investment. I have done a little research, but have yet to take the plunge. Like most things, I research a subject to death (even stupid things like which TV to buy) and then talk myself out of a good thing. I might just have to jump in this time.
 

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And this is even more complicated (cloud) - reading into this I gather that me as an "investor" simply chooses what to buy, pay that, and make free money. Sounds was too good to be true which is what I was taught as a kid - if it seems too good or if you make "free money" .... its a scam :) https://hashflare.io/
 

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And this is even more complicated (cloud) - reading into this I gather that me as an "investor" simply chooses what to buy, pay that, and make free money. Sounds was too good to be true which is what I was taught as a kid - if it seems too good or if you make "free money" .... its a scam :) https://hashflare.io/
Its more like leasing a tractor and a field, and you pay a maintenance fee for a guy to drive your tractor around to plow your field. (On hashflare you pay a $.35/th/day maintenance fee) So its a bit of luck if your seeds grow into something profitable. Its been all over the place today, I saw it up at $11300 at one point, back down to around 9000, but as long as I can make more than $.36 per TH I'm making money.

Its like any other investment. I toss my money into the stock market in the hopes that this goes up. But I like mining more than just buying coin personally.
 

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So its basically a really low yielding investment. From what I gather there are many people out there that know how to use the money to generate more - however they do not have the initial funds to do so. You or me step in by providing the money for them to use it to make more money - same concept I guess on how a bank takes your money in a savings account and invests it to make them money and you a few cents a month right :)

If so how do you manage your account so that instead of making $.35/th/day or less (losing money) to make $.47/th/day or $.95/th/day etc?

Also you pay taxes on this?
 

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So its basically a really low yielding investment. From what I gather there are many people out there that know how to use the money to generate more - however they do not have the initial funds to do so. You or me step in by providing the money for them to use it to make more money - same concept I guess on how a bank takes your money in a savings account and invests it to make them money and you a few cents a month right :)

If so how do you manage your account so that instead of making $.35/th/day or less (losing money) to make $.47/th/day or $.95/th/day etc?

Also you pay taxes on this?
Is not really low yield... at least I don't consider being able to double my money in a few months low yield. But as far as mining, you can have a few strategies;

You can buy your initial amount, let that contract run for a year, and pull out your value each day, and trade it for cash,

or you can stock pile your earned coin, and wait to trade it for USD when you feel the market is at the level you want it to be (it got up to $11,300 this morning, and so people have sold like crazy, and it dropped to $9300 around noon, and its back up to $9900).

if you buy through hashflare, you can reinvest your earnings into more mining capacity automatically each day. This is my strategy for now, I plan on letting it snowball for the next 3 months, then pull out just enough to recover my investment, and then do a 50/50 split, one day let it roll, then pull the next day, etc. so it both continues to grow, and so I can enjoy some of the money.

as far as taxes, I haven't earned enough, a couple hundred from eth that doesn't touch my initial investment costs, so no taxes there. Next year when I actually pull more than my investment? I'll have to see how they expect taxes to be filed on it, but it is/will be accounted for.
 

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Oh, and I made yesterday .00019087 BTC/TH (that value changes a bit every day), or $1.96/TH at current value (its now at $10,300) at 17th I made $33.32 - 6.12 (maintenance fees) I made $27.20 I rolled that into another .21TH of mining power, so today I'll have 17.21 TH, everything being equal, I'll make a bit more, roll that into more TH, so the next day I'll make more, and roll that into more TH... snowballing.
 

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Oh, and I made yesterday .00019087 BTC/TH (that value changes a bit every day), or $1.96/TH at current value (its now at $10,300) at 17th I made $33.32 - 6.12 (maintenance fees) I made $27.20 I rolled that into another .21TH of mining power, so today I'll have 17.21 TH, everything being equal, I'll make a bit more, roll that into more TH, so the next day I'll make more, and roll that into more TH... snowballing.
I didn't even know such services existed. Do you only pay for the service, or do they take a percentage when you pull out your money too?
 

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I didn't even know such services existed. Do you only pay for the service, or do they take a percentage when you pull out your money too?
Well, yes, there is a transaction fee when you move money around, but its a pretty small %, different exchanges have different fees, some higher some lower. Coinbase is on the higher end, but they offer a lot of convince. It's also a bit of a sliding scale, so as you move bigger amounts, the fee gets smaller. so I haven't pulled any out yet, since I want to hit a specific amount where the fee is negligible.
 

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The perennial problem with bitcoin mining is that on the individual level you'll need enough processing power on a PC to perform it, and the amount of electricity needed will cost more than the coin you can make. I've been told by friends that do it that the best way is to take advantage of power that you yourself do not pay for. Even then, the rate that a single high-end PC can mine isn't really worth the time or stress it puts on a machine.
THIS ^^^^^^!

My old school computer guru buddy told me this years back.
 

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Ok, so I've been mining on hashflare since the end of November. I've been "reinvesting" which is basically taking your earnings and putting them right back in to generate more processing power. I got up to the level I wanted, and now I'm waiting to get paid out, It will take ~60 days, or two months at current prices to get my inital investment back, and then I'll be able to let it run for the rest of the year contract(s) and that should all be profit. I expect Bitcoin to continue to go up in value over time for at least another couple of years.

BUT, and I have a big one. they really raised their prices, like 47% price increase, which has made them a lot less attractive in investing in, since it will take A LOT longer to get your money back out.

So several people I work with have been shopping around and found a few different cloud mining services, and we came across sun-mining. They are of course similar in that they offer the ability to purchase contracts to mine bitcoin among other crypto currencies, like ethereum. I have invested my own money there, so I'm not just trying to be a shill, just trying to write a review/give some suggestions.

Some positives of hashflare:
Much smaller contract sizes. You can start mining with just $2.20. Now you're not going to make much money with that, but your overall risk is low. if you want to buy just a small amount at a time its a good way to do it. I started by, instead of buying a soda from the vending machine ($1.50) I bought .01TH for the same price. (this was before the price jump), and it built up pretty quickly between that and reinvesting.

You can buy with a lot of different methods. You can use a Credit card, bitcoin, etc. to buy hashing power.

When you reinvest, you use bitcoin, but are buying at a dollar amount so you can hold off reinvesting until its more favorable, and you can also buy as much or as little as you want.

The Negatives:

Raised prices. They went from $150/TH to $220/TH, which means it will take you just that much longer to get your investment back out.

One year contracts. this is starting to become the norm, but your compute is rented for $220/TH for just one year.

Higher maintenance fees. So for every day you rent your TH, you have to pay $.35. Typically you earn about $2/day currently, so that means you're making more like $1.65/day. That's a big chuck of change gone.

Now for Sun-Mining.

The postitives

Lower prices and longer contracts! if you buy at the lowest tier, its only $180/TH, VS $220, BUT that is also just $60/year since its a 3 year contract vs just a one year contract! It will pay back the initial investments faster, AND your contract runs longer meaning you can earn more coin over the life of the contract.

No maintenance fees! So if you earn that $2 you earn it. The maintenance fees are to pay for the electricity, supposedly Sun-mining is all supported by solar power, the cost of which is baked into the initial fee you pay, so no maintenance fees.

Much better website! the website is much better laid out, and has much better performance. I know this shouldn't matter, but it def. makes a difference to me.

The downsides:

Your minimum purchase amount is higher, at $18, which means that if you are buying smaller amounts, it takes longer to save up enough for reinvestment, even though the prices are lower.

can only buy with bitcoin. which means you have to buy bitcoin first if you don't already have it. which can be expensive if you're not careful how you do it. (coinbase is a good way to get it though)


So yeah, if you are interested i knowing more or have more questions, let me know.

Crypto currencies are not going away, I work for a large financial institution (think discover, but bigger, you probably carry our plastic in your wallet) and we are investing HEAVILY in this stuff, its what got me into doing it myself. the financial institutions are mainly going into ripple for transactions between banks. Right now if you want to send somebody money it can take days and is very expensive, it can actually be faster to get on a plane and fly the money to them (and possibly cheaper). where with using ripple to transfer funds or value between banks, it can take seconds.

Bit coin is the major player in my portfolio, but I am also investing in etherum mining. I have my desktop mining at home, but the cost of eth mining at Sun is very attractive, so will be buying some soon. and I'm buying bitcoin cash outright in coinbase.
 

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Man - you continue to confuse me :D

Why cant this be like my 401k where I put money in - I don't do anything - and I get the money accrued? :D
 

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Man - you continue to confuse me :D

Why cant this be like my 401k where I put money in - I don't do anything - and I get the money accrued? :D
because of its maturity. You technically can just buy your coin of choice and sit on it. Its like buying single stocks, and has similar risks. But there isn't a "mutual fund" type of thing yet. at least not that I'm aware of.

Buying mining is the closest I've come to to "put money in, get more money out" but it takes some work on your end too.
 
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