my guess is these cloud providers have gotten ungodly amount of money from unsuspecting customers. if toomim sold close to 200 GPUs worth of hashing power then my rough guess is their collections could be anywhere between 500 to 600btc so far… not bad considering that they are the ones actually passing the risk to the buyers… lol power costs for 200-300gpus for 6 mnths would be just a shy of 30k USD in total however the profit margins with today’s and future rates are in 350k USD or more no wonder they are buying 100 more gpus…
How retarded do you have to be to think you are actually getting a bargain with cloud mining. You must honestly know you are getting screwed.
Do any of them stop and think why the company offers cloud mining instead of just mining themselves? that should be your first clue!
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precisely! i asked jtoomim that question and his answer was:
There are two main reasons why we offer cloud hashing:
We can get more hardware if we get paid for mining in advance of the actual mining. (basically our customers are the ones who are the cash cows to fund our future investments)
We can get insulated from risk. (indeed they are so that way its the buyers risk not theirs)
at least i gotta applaud him for his brutal honesty, any customer that didn’t read or get that between the lines then deserves to lose his shirt.
Yes they basically getting a free farm.
I should seriously start renting my gpu’s
@fomosapiens @Xereo I am going to comment here because name calling is against the forum Code of Conduct and your bashing is not called for.
If you do not agree with others choices then you are free to express your opinions but if you cannot do so in a respectable manner I will have to remove you from the conversation.
Hi Shawn ok that is understood
Genesis Mining is about to release some NEWS… so far they are the most competitive in my opinion.
@Xereo @fomosapiens
Mining companies exist because a lot of people don’t want to mine themselves.
These people either:
- Don’t have the time to monitor.
- Don’t have the electrical resources. (breakers keep tripping, etc)
- Don’t want any downtime by failed hardware/headache of having to replace hardware.
- Don’t have the space…
Etc
These companies generally charge slightly more than what it would cost you if you did it yourself…
They make their profits by:
- Paying far less in electricity.
- Buying hardware in bulk.
- Charging 10-25% above what we’d spend and we’re happy to pay it for convenience.
Etc
That said, presently with Zcash, it seems hurricane Katrina just hit. The price gouging is real.
They’re all making far more than the ‘convenience fee’ we’re willing to pay…
Which company should I buy from?
Genesis looks like the only company that will treat their customers reasonably and improve ALL contracts as miners evolve…
Toomim said they won’t be increasing or decreasing any prices…
What you buy is what you get, so I feel sorry for the people who have bought/are buying those contracts, as they’ll be worth 10-20% what they paid soon.
ZP will probably follow in the footsteps of Genesis for the sake of competition, but I’m not sure they give a damn about the customers.
I think that’s pretty unfair. We were the first to give free hashrate upgrades to users and the first to give a free month for Genesis Contract customers. Genesis Mining has just been copying our playbook so far.
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Hi!
Where can i find a draft of contract? Where can i find your price?
Sincerly,
Dragos
I apologize. I do still believe that was competition and not ethics… I understand it’s business and maximizing profit is the name of the game, but there comes are point where it’s just plain unethical.
Zogminer is far from complete and getting 13.5H/s on RX480. 6 GPU rig costs under 2k and gives ~80H/s.
Let’s be generous and call end of life 2 years. Cost/month including power and everything sits at $130. That’s $1560 per year for 80H/s or just under $20/H/s for a year…
The cheapest I can get now is 60H/s for $2600 @ Genesis. That’s $43.33/H/s… Over 2x what I’d spend.
The miners these companies have are supposedly over 3x Zogminer.
All cloud mining contracts are still very unfairly price when compared to all other coins and I hope to see hashrate change for all previously purchased contracts by both ZP and Genesis.
I’ve given up hope on toomin and their money-grab.
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So basically, GM hashing needs to go up by a factor of 6 AGAIN (or somewhere between 5 and 6, we understand it’s a business and it’s convenient) and everyone else needs to follow suit to be deemed reasonable.
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I would be surprised if the Cloud Mining companies do not follow the general optimization trend towards equilibrium. Anything else just guarantees the death of the cloud mining ecosystem for zcash. It’s that simple.
They can have happy customers for years, or a single $500k money grab. That’s really as simple as it is, and to be honest. $500k prob doesn’t even cover their build-out cost so smart money is on reasonable margins over time.
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Why do you think you get a say in what other people’s time and effort is worth? The people behind Zeropond and others like them have taken an initiative that very few people were either capable of or prepared to make - therefore they get to establish the terms upon which they’re prepared to offer their services. The key word there being ‘offer’ - as opposed to force.
Why do you think you get a say in what I get a say in?
Now that the self-righteousness is over with…
People inherently protect one another from the unethical. I didn’t make it this way, that’s just how it is.
If you don’t like what I have to say, there are other forums you can troll…
If no one likes what I have to say, no harm no foul.
If everyone likes what I have to say, then there is a revolution and change happens. (and I’ll finally be a keyboard hero)
I think presently the money-grab covers well over the build-out cost, as the margins are so high.
@jtoomim @tim_olson @Genesis-Mining
We implore you to revise your pricing.
Genesis has no reason to piss people off since they are a multi-million dollar operation already.
Zeropond took in less or very little more money than they have spent on build-out so far I can guarantee it.
Nicehash do not offer cloud mining, just rentals from other customers.
‘Margins’ doesn’t matter if you run only a single round of mining.
I don’t see how a money grab would do either any good.
Well, unless you are a total scam and have no build-out costs.
If I have two people offering to buy my service, and one is offering a higher price, then I will sell it to the person who is offering the higher price.
If our asking prices are too high, then nobody will (or should) buy the service, and I will reduce the price.
If you think the prices are too high, but enough other people disagree with you and buy our service, then we will not reduce my prices.
Keep in mind that we auctioned off 400 H/s of hashrate a few weeks ago, and the final price for the auction was about 2.5x our current prices. Keep in mind that a few days ago, we were selling out all of the capacity we offered for sale within a few seconds of it going online.
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Because this is a forum.
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