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Let your bitcoin work for you?

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Rassmus74

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Location: Sweden

I read everywhere that cloud mining is not profitable. I also read that mining with your own gear is not profitable. Some say, buy your coins and just hold on to them. But why not buy Ghs at CEX for example and even if you earn very little you still earn some. You can always sell your Ghs and get your money back right. Isn't that more profitable then just holding on to your coins?

Or are there other ways to let your cryptos work for you just like you can with fiat money?

Please share your thoughts on this.

Posted on November 8, 2014 at 1:01 PM

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• bitsol

  

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  Posts: 496

  Proof-of-Stake is a type of coin where the most people with the coins, get paid more of something else. Proof-of-Participation is what we use here, at LTB, the people who participated the most, get the most LTBCOIN Proof-of-Work is what bitcoin uses, the coins are generated, not by participating or by holding a different crypto currency but by using your computer to verify transactions.

  Posted on November 8, 2014 at 1:59 PM
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• Cryptonaut

  

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  Posts: 1944
  Location: Canada

  There are other and better ways to put your BTC to work besides just day trading and mining. Pretty much everything in this space is very risky though, so keep that in mind.

  Heres something to check out: http://letstalkbitcoin.com/forum/post/speculatexcp-weekly-payouts

  Posted on November 8, 2014 at 2:20 PM
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• Tintin

  

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  Location: Uranus

  Piece of advice, don't go cloudmining.

  You can always sell your Ghs and get your money back right

  No, you earn some but by the time you sell your shares they will have lost much of their value mounting to massive losses. Mining profit is very,....,very slim. But cloudmining companies alwasy take a positive cut, so who is paying the price, the customer is. So stay away from cloudmining.

  Posted on November 8, 2014 at 2:49 PM
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• bitsol

  

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  @tintin Piece of advice, don't go cloudmining.

  You can always sell your Ghs and get your money back right

  No, you earn some but by the time you sell your shares they will have lost much of their value mounting to massive losses. Mining profit is very,....,very slim. But cloudmining companies alwasy take a positive cut, so who is paying the price, the customer is. So stay away from cloudmining.

  Depends, if you get a good and legit cloud mining service, you are fine
  But profitability wise, bitcoin mining is not good unless of course, you are the only one who mined a block, lol ;).

  Posted on November 8, 2014 at 4:13 PM
  Last Edited: November 8, 2014 at 4:14 PM
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• karasako

  

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  Cloud mining can be profitable. It depends on several factors though and you have to do the math taking into consideration the price you pay per GHs and the current price of BTC (plus network difficulty and many others).

  Cloud mining companies need to pay their expenses (plus profit) so if they have $1000 for expenses and they make 10BTC they will sell ~3-4BTC for expenses (~$340 per BTC) and distribute 6BTC to everybody else. If the BTC price goes to $1000 they would need to sell ~1BTC and distribute 9BTC... etc.

  The above is an oversimplification but you get the idea.

  Having said that if you expect BTC to reach $1000 then maybe it's better to buy BTC and re-sell them later. There is a fine line between current prices and short-term and long-term expectations of BTC price (and other factors) that will determine what is more profitable.

  The word 'expectations' means risk and since the price of BTC was falling for so long most cloud mining contracts where not worth it; thus the bad reputation for cloud mining.

  Posted on November 9, 2014 at 3:23 AM
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• crosgran

  

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  Location: indonesia

  @gkurniiawant

  How To Roll In Freedogecoin Always number 10000 ? Visit And Read In http://goo.gl/Gbe0vx

  how to copy the script in there blog ?

  Posted on November 9, 2014 at 6:01 AM
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• bitsol

  

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  Posts: 496

  @crosgran

  @gkurniiawant

  How To Roll In Freedogecoin Always number 10000 ? Visit And Read In http://goo.gl/Gbe0vx

  how to copy the script in there blog ?

  ignore those posts, there are in lots of threads, i requested @gkurniiawant to be banned because it looks like a robot, always trying to get people to click the link @cryptonaut, will he/she/it be banned?

  Posted on November 9, 2014 at 7:58 AM
  Last Edited: November 9, 2014 at 7:59 AM
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• coinswatcher

  

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  @tintin Piece of advice, don't go cloudmining.

  You can always sell your Ghs and get your money back right

  No, you earn some but by the time you sell your shares they will have lost much of their value mounting to massive losses. Mining profit is very,....,very slim. But cloudmining companies alwasy take a positive cut, so who is paying the price, the customer is. So stay away from cloudmining.

  I recall recently a site talking about GAW Miners in a review that they aren't mining and the TOS even alludes to that. If anyone remembers that article can you link it here?

  That said, cloud mining is almost always a bad idea.

  If you are feeling risky go with an investment or just save your coins.

  Posted on November 9, 2014 at 10:00 PM
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• odolvlobo

  

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  In theory, cloud mining is not sustainable. Cloud mining companies either sell you bitcoins at a discount (why would they do that?), or they sell them to you at a premium (why would you do that?).

  Many cloud mining companies have been exposed as scams.

  People new to Bitcoin should not get into mining, whether by owning the hardware or by cloud mining, if they want to make a profit. The odds are against them.

  Posted on November 10, 2014 at 8:38 PM
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• LiamNoah

  

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  Posts: 17
  Location: california

  That era has passed when Bitcoin worked day and night to make money work for you and you only need to sleep.

  Now if you want to make your Bitcoin work for you, you have to spent a lot of energy to supervise it, just like bitcoin daytrade.

  Posted on November 26, 2014 at 8:13 PM
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