Should I take out a Cloud Hashing Contract

[ProGearUk]

I was wondering whether It would be worth it to take out a Cloud Hashing Contract for 5GH/S. It will cost me $699 for a 1 year contract. 

[pGuerrerox]

somequestions you may ask yourself:

 

can they guarantee a 24/7 mining?

are they gonna charge fees? power? or are those 699/year a one time payment?

are those 5Gh average or max?

what coin is to be mine?

is the service available right now?

 

those are some questions I would ask myself before jumping in...

 

If the service is available right now, mining Bitcoins with no fees, that means 800~$/month. 

[too good to be true, there must be a catch]

 

 

Good luck,

[Xploda]

You know, that makes me think about one thing.

If it would really get you that much profit, why wouldn't they use their capacity themselves and use it to mine bitcoins for their own pocket?

 

Like in any business, profit is all they are after.
The fact that you are paying $699 a year probably means that they earn more from you than from bitcoins.

 

I'm just making assumptions now but i think it makes sense  :D

[ProGearUk]

Here is the contract that It gives you. 

 

Terms & Conditions

Permanent contract client owns share in processing power of electronic mining equipment.

Fixed term contract clients lease the processing power only.

Technology IQ LTD operates supercomputer mining computers for clients and charges a 10% maintenance fee taken out directly from contract earnings.

For permanent contract clients Technology IQ LTD automatically reinvest 30% of contract earnings after maintenance cost into additional computing power for the client. This addition processing power is used to generate increased revenue for the contract holder.

For permanent contract clients Technology IQ LTD pays the client 70% of contract earning after maintenance cost.

Fixed term contract clients receive 90% of all mining revenue from processing power leased.

Indefinite Contract Expiration

This contract shall expire when bitcoin mining becomes unprofitable at which time the parties may extend it by agreement in writing.

The contract may also expire when Technology IQ LTD sees it in the best interest of its clients to sell The Company to another party. At this point, The Client will receive a share of any sale proceeds in relation to processing power owned only.

Any dispute or cause of legal action that may arise from either party’s performance under this Contract shall be governed by the laws of the United Kingdom. Any litigation arising from this contract shall be filed and tried in Technology IQ LTD’s local jurisdiction.

Management Fee

Technology IQ LTD charges a 10% management fee which is deductible from the bi weekly payments to The Client. Any fee increase or decrease shall made known to The Client in writing 30 days before the event.

Indefinite Contract Equipment Ownership

Technology IQ LTD will act as management firm operating in the best interests of her Client. All client purchased computing power belongs to the client. In the event that z Technology IQ LTD liquidates assets or becomes bankrupt, the proceeds from sale of equipment go directly to The Client less Technology IQ LTD’s costs of processing such a transaction. The client cannot at any time withdraw any mining equipment from The Company.

[ProGearUk]

This is also what it says on the site for the 1 year contracts. 

https://cloudhashing.com/contracts/one-year-contracts

[Nort]

Punched this into a BitCoin profit calculator, it said you'd make $7,200 (USD) at the current rates and that you'd break even on the $699 in under a month. Try it out for yourself: http://www.bitcoinx.com/profit/

 

And I see the company takes 10% off the top of that.

 

I don't know, seems kind of fishy... Just make sure it isn't a scam before you do it.

[ProGearUk]

Punched this into a BitCoin profit calculator, it said you'd make $7,200 (USD) at the current rates and that you'd break even on the $699 in under a month. Try it out for yourself: http://www.bitcoinx.com/profit/

 

And I see the company takes 10% off the top of that.

 

I don't know, seems kind of fishy... Just make sure it isn't a scam before you do it.

Thanks man ye I get 90% of all mining revenue from the processing power leased it says. They are based in London so if anything is fishy I can easily go find out by going there.

[pGuerrerox]

lets see: 

 

"Technology IQ LTD operates supercomputer mining computers for clients and charges a 10% maintenance fee taken out directly from contract earnings."

They charge 10% for maintenance.

 

"Fixed term contract clients receive 90% of all mining revenue from processing power leased."

They will pay 90%... but before issued the payment they will

 

"Technology IQ LTD charges a 10% management fee which is deductible from the bi weekly payments to The Client."

 

So in the end you will get 80%

 

at 80% you are still making good money... but I feel is some kind of scam...

 

make sure they are legit....

[ProGearUk]

lets see: 

 

"Technology IQ LTD operates supercomputer mining computers for clients and charges a 10% maintenance fee taken out directly from contract earnings."

They charge 10% for maintenance.

 

"Fixed term contract clients receive 90% of all mining revenue from processing power leased."

They will pay 90%... but before issued the payment they will

 

"Technology IQ LTD charges a 10% management fee which is deductible from the bi weekly payments to The Client."

 

So in the end you will get 80%

 

at 80% you are still making good money... but I feel is some kind of scam...

 

make sure they are legit....

Thanks Man I will look into it more and see what I can find out about the company and then I will get back to you.

[sixsamuraisoldier]

cloudcoins.weebly.com seems safer...

[TheRetiredSlave]

"HEY GUYS, Just give us a tiny bit of your money and well give you back A TON OF MONEY!!!!"

 

Seems fishy to me.. I mean, if they already have the supercomputers, they don't really need to take your money as an investment. They could just simply turn them on and run them themselves, without needing to pay anyone else for their money. 

 

Like Xploda said, they're making profit somehow. If they're making profit off of you giving them $700, logic would say that they're giving you something that is worth less than $700 to them.. There has to be something in the fine print or something just outright dishonest about what they're doing, because otherwise it would be more efficient for them to just run their miners for themselves. If you had the resources/equipment to make 100% of the profit for yourself, why would you give somebody 80%? This just doesn't make any sort of logical sense.

[ionbasa]

I for one can recomend CEX.io

I used them for cloud mining a few times within the past year and a half. They also let you exchange with other crypto currencies.