Is Cloud Mining for BTC profitable?
Cloud mining at http://UDskam.com/hashflare
Started 1/15/18 w/ $660 mining 3 TH/s for $BTC
I will be updating my stats weekly to see if mining is still profitable. I'll post current TH/s and stats from hashflare.
I've seen a lot of different reinvesting and compound interest strategies online so I've decided to try it out for myself. The current strategy I'm using is 3 days on, 3 days off of reinvesting. Started with $660 which is 3 TH/s.
If you know of any profitable reinvesting strategies, please leave a comment below.
Below are some of the exchanges I personally use with alt coins that I trade.
Binance: http://UDskam.com/binance
$BNB $TRX $NEO
Kucoin: http://UDskam.com/kucoin
$DRGN $UTK $KCS
Cryptopia: http://UDskam.com/cryptopia
$ETN $WISH
(Get $10 of Bitcoin when you deposit $100 or more)
Coinbase: http://UDskam.com/coinbase
$ETH $LTC
(Get free stock after your first deposit, opens Feb 2018)
Robinhood: http://UDskam.com/robinhood
What pool allocation are you using?
As for reinvesting, I suggest you don't. Not right now. Each reinvestment is a new 1-yr contract at $220 s/TH. At today's exchange rate and difficulty, a new contract takes over 9 months to recover its cost - and that's assuming the price and difficulty don't change. If the difficulty continues to increase (which I believe it will do), your new contracts may expire without paying for themselves. I recommend holding your mined bitcoin until the price/difficulty improves, or until hashflare reduces contract prices. Reinvest when the payoff potential looks less marginal. That's my current reinvestment strategy. Good luck!
Some of the strategies I've seen is to reinvest for the first 190 days and after that, you withdraw every other day while reinvesting. I understand that the break even point changes with difficulty but I do believe Bitcoin will be worth 5x as much by the end of the year so it should make up for it at the end.
I'm currently in the AP pool and I've seen spreadsheets that show which mining pool is currently gaining the most. It switches between ap and the f2 for the most gains, but im going to just keep it at AP for now.
Cool, I'm glad you mentioned the spreadsheet comparing the pools. I check it every day, and shift accordingly. As you said, Antpool has been on top for several weeks.
I'm interested in your point of view - maybe I need to look at it differently. It's an interesting conversation to have, anyway. To me, it doesn't look like a good time to buy hashflare contracts (with new money or with mined money), but I said that already.
If your decision depends largely on expectation of big BTC gains this year, why not just buy some bitcoin now while the price is relatively low? What's the advantage to mining it instead?
The advantage of mining it IMO would be that with only a $660 investment, using daily compound interest after a year and a half my return on the $660 should be roughly 2-3k and then depending on the return from Bitcoin the 2-3k would be 5x-10x depending on BTC price. Instead of it only being the ROI on what I originally deposit into bitcoin. It's like my money working twice as hard.
It really just depends on how much money I can turn the $660 into from mining. Hope this made sense.
Understood. Thanks for taking the time to explain. Best of luck to you!