HashFlare BTC cloud mining

[EPPHO]

Hello, is anyone from here familiar with Bitcoin cloud mining on HashFlare? I would like to know more about Pools because I don't understand that part and if someone knows what are the best percentages to put to each pool please let me know.

[bcredeur97]

lol so many people getting into mining that have NO CLUE what they are getting into...

 

while im not familiar with hashflare, im assuming they are either a mining pool or a market place where you can sell hashing power for some cryptocurrencies.

 

a "pool" is simply a network of miners that work together to mine coins, each person gets a share of the block that is mined based on the amount of effort they put into mining that block. the transaction fees, block reward, etc. is all split up across everyone.

 

market places that let you sell hashpower usually work like pools, but you dont make your money from the mining itself, only from users paying you for your hashing power. when nicehash was around they made this pretty seamless to the hashpower sellers... you just fired up your rig and you started getting paid.

 

im entirely not sure what you mean by "best percentages to put to each pool" so hopefully what i said helps...

[Tadrith]

Hashflare is a site where you can purchase a cloud mining contract.  You pay $X per Y hashing power for a one year contract and they send you the returns minus any maintenance fees they charge.  While you will generally make some profit from this, the profits are going to be significantly less than running your own mining hardware, though with less personal effort involved.

 

For example, building an ethereum mining rig with 6 GTX 1060 cards will cost roughly $2000 and will give a hashrate of around 150MH/s.  To get the equivalent hashrate from Hashflare, you would be paying $3300 for a single year contract.

 

Buying a Bitcoin ASIC miner with 14,000GH/s is roughly $1400, while you would be spending $2200 for the equivalent single year contract.

 

Either way, you will get profits, it's just a matter of margins.  If you don't have much to spend or don't want to deal with the maintenance involved in running your own hardware and just want to get your feet wet in cryptocurrency, buying a small mining contract may be a decent way to go, but don't expect amazing returns.

[Tadrith]

Fair enough.  I don't mine bitcoin, I mine ethereum so I wasn't aware that the availability of the ASICs was that bad.  In the end, it still boils down to margins vs personal effort and how much you have on hand to spend.

 

Just take a look at what you are willing to spend, what currency you want to mine, what hardware is available at what price for mining that currency and do a comparison to determine which method is better for you.

[lieder1987]

This is a fascinating concept.

[EPPHO]

22 hours ago, bcredeur97 said:

lol so many people getting into mining that have NO CLUE what they are getting into...

 

while im not familiar with hashflare, im assuming they are either a mining pool or a market place where you can sell hashing power for some cryptocurrencies.

 

a "pool" is simply a network of miners that work together to mine coins, each person gets a share of the block that is mined based on the amount of effort they put into mining that block. the transaction fees, block reward, etc. is all split up across everyone.

 

market places that let you sell hashpower usually work like pools, but you dont make your money from the mining itself, only from users paying you for your hashing power. when nicehash was around they made this pretty seamless to the hashpower sellers... you just fired up your rig and you started getting paid.

 

im entirely not sure what you mean by "best percentages to put to each pool" so hopefully what i said helps...

There are 3 pools for mining btc to choose from and you can choose the percentages between them like split it the same for all of them 33 33 34 or 100 0 0 or any other way you want. I thought different pools give different rewards so I wanted to know which combination would be the best.

[EPPHO]

21 hours ago, Tadrith said:

Hashflare is a site where you can purchase a cloud mining contract.  You pay $X per Y hashing power for a one year contract and they send you the returns minus any maintenance fees they charge.  While you will generally make some profit from this, the profits are going to be significantly less than running your own mining hardware, though with less personal effort involved.

 

For example, building an ethereum mining rig with 6 GTX 1060 cards will cost roughly $2000 and will give a hashrate of around 150MH/s.  To get the equivalent hashrate from Hashflare, you would be paying $3300 for a single year contract.

 

Buying a Bitcoin ASIC miner with 14,000GH/s is roughly $1400, while you would be spending $2200 for the equivalent single year contract.

 

Either way, you will get profits, it's just a matter of margins.  If you don't have much to spend or don't want to deal with the maintenance involved in running your own hardware and just want to get your feet wet in cryptocurrency, buying a small mining contract may be a decent way to go, but don't expect amazing returns.

Thanks for the info. I knew Most of these things but it's always nice to expand your knowledge I know it's way more profitable with your own stuff and you get to keep the hardware after the mining period but I don't have the effort and that much money to buy my own hardware. I'm actually pretty satisfied how profitable is cloud mining right now. Fingers crossed it doesn't go down much