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Anyone tried cloud mining?

post #1 of 5
Thread Starter 
With ASIC's thrashing the ability to mine bitcoins and soon poised to do the same to Litecoins, I was told that cloud mining was the only real alternative for bitcoin mining now. I have heard a few people talking about how you can get a 5GH/s "allotment" for like 5$ a month. However, when I look around I find prices of about 10.50USD per GH/s of computing and that's basically the rate of profit you would make.

Has anyone tried cloud ASIC mining and been successful with it?
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post #2 of 5
Three things.

1) ASICs are a rumor for Litecoin. Don't listen to that Alpha Technologies company that has been spouting BS for the past 8 months with no solid evidence of any hardware of any kind.

2. EVEN IF ASICs hit Litecoin, Scrpyt is designed to be a memory hog so they can't be mined in the extremes. ASICs will deliver neater mining in a small form factor box and at a lower cost but don't expect to see GH/TH ASICs for Litecoin any time soon, if ever. Scrypt prevents it. Furthermore even if it were to drive difficulty up that would just be bad for Litecoin because it's hardly out of its adolescent stage yet. We're just now seeing what it is capable of sans ASICs.

3. Why would you want ASICs for Litecoin? It removes the entire enthusiast part out of Litecoin! Building great rigs, experimenting with hardware and most importantly getting to overclock all your hardware! Don't take that away from Litecoin.



As for Bitcoin cloud mining I think it's a terrible idea. You pay a premium which you can earn back and then the diminishing returns due to difficulty will not offset the cost. Unless you're a big independent player, the ship has sailed for Bitcoin. Anyone who tells you otherwise is either delusional or mining by the Terahash.
     
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post #3 of 5
Thread Starter 
Quote:
Originally Posted by Siigari View Post

As for Bitcoin cloud mining I think it's a terrible idea. You pay a premium which you can earn back and then the diminishing returns due to difficulty will not offset the cost. Unless you're a big independent player, the ship has sailed for Bitcoin. Anyone who tells you otherwise is either delusional or mining by the Terahash.

That's what I thought but I heard a few people saying that they were still making a profit trading cloud computing time on some exchange and running some ASIC's in a server warehouse.
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post #4 of 5
Dunno man, research, research, research.
     
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post #5 of 5

The site people were talking about where they traded hashes would have been Cex.io - when the price swings up and down one can make a bit of money I've heard.

 

I tried cloud hashing for about a week, it was pretty neat, but then I decided to back out of it and save my bitcoins instead. I backed out at the right time too, that's when the price fell from 0.17 BTC per Ghash to around 0.12 BTC per Ghash.

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