Do cloud miners stand a chance?

Mining
1

Asking for a friend…

2

A chance yes, ROI probably not

3

Just hire a lawyer against scamming cloud mining companies :wink:

5

Im not going to do the exact math here, but just let me say if it’s very profitable to mine difficulty will go up to a certain equilibrium nulling out cloud mining contracts. For someone setting up the same gear he can get x5 the amount of hashrate vs a cloud mining contract and just dump if it’s profitable.

6

No… Cloud mining services are miners too. They do the same things as miners. With the exception of them making a lot of money and being able to employ coders to make private kernels for them, they can’t get ahead of overyone else, so they can’t do it cheaper then everyone else.

7

Mining is going to be only marginally profitable from the start of Zcash. Look at current global network hashrate on suprnova.cc dashboard: we haven’t even launched, and there is a slow start so you’d expect that most of the hashpower will come later. Yet we are already at 100kH+ of global hashrate, which means that even with a good rig that pulls 100H/s, you are getting only 0.1% of the reward. I wouldn’t be suprised if profitability quickly converges to that of other established coins like Bitcoin, Litecoin or Ethereum. After all Zcash is the second coming :slight_smile:

9

In short. No. Unless they quadruple the hash rate from their current price/hash their customers will make sure they never sell another contract.

11

At current price/hash. No.

1 Like
12

Or I should rephrase that. At current expected difficulty, a Zcash value that isn’t at $1billion market cap, and contract price/hash. No.

13

Check this official thread :joy::sob:

14

It’s always for a friend… Well tell your friend about this guy’s friend:

15

Because, math.

If one spent $4400 buying $4400 worth of ETH (or any amount) when it was $0.50 USD (around launch) and held onto it they actually made a huge profit since it’s currently around $11.

On the other hand those who spent $4400 on a Genesis cloud mining contract would never have mined $4400 worth of ETH before the tiny amount of mining power they got for $4400 was no longer effective at mining any significant amount of ETH.

I honestly don’t know why people who can’t mine bother with “cloud mining” when its almost always more profitable to just buy what you mine and hold on to it while it increases in value.

17

it is scam, cloud mining is scam