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Cloud mining?


Inoperational Bumblebee

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Inoperational Bumblebee

I'd always assumed cloud mining was scammy, as why would you hire out your hardware rather than just mining and selling the coins yourself? Is it actually profitable to do?

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It's massively profitable - if you have scale. uTorrent partnered with a shady Bitcoin/Litecoin mining company and bundled it with all copies of their software which had IIRC over 100m users. So 100m cryptominers. Shame it got discovered, but if it hadn't they'd have been trillionaires by now probably , as this was several years ago:

 

https://torrentfreak.com/new-utorrent-release-breaks-ties-with-bitcoin-miner-150413/

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Green Devil
7 hours ago, Inoperational Bumblebee said:

I'd always assumed cloud mining was scammy, as why would you hire out your hardware rather than just mining and selling the coins yourself? Is it actually profitable to do?

Do you mean buying online mining in con tracts? 

If you buy in cheap and the price rises you're quids in. If the price falls you lose. If the company is a scam you lose. I would avoid.

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  • 4 weeks later...
goldbug9999
On 17/04/2018 at 18:28, Green Devil said:

Do you mean buying online mining in con tracts? 

If you buy in cheap and the price rises you're quids in. If the price falls you lose.

I guess its effectively a way to get a leveraged long position.

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  • 4 weeks later...
leonardratso

i thought you meant bitcoin mining in the cloud, guy at work does it, he's got a trading robot and it runs 24/7 on an aws instance he rents.

Had to shell out for the license for the robot and shell out to amazon for the instance usage, then seed his account with cash/altcoins to get the robot started.

All looked a bit of an outlay to me, says its making him $20 a day, im not so sure, but i cant say.

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21 minutes ago, leonardratso said:

i thought you meant bitcoin mining in the cloud, guy at work does it, he's got a trading robot and it runs 24/7 on an aws instance he rents.

Had to shell out for the license for the robot and shell out to amazon for the instance usage, then seed his account with cash/altcoins to get the robot started.

All looked a bit of an outlay to me, says its making him $20 a day, im not so sure, but i cant say.

That sort of thing makes money until it stops making money (and bankrupts you).

I knew a guy a while ago -- worked at the firm next-door -- that was into spread betting FX using a semi-automated system (or something).  He seemed very happy with it -- he was considering quitting work.  Then the Swiss franc decoupled.  Saw him looking quite worried a few times in the days following -- not seen him since.

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leonardratso
12 hours ago, dgul said:

That sort of thing makes money until it stops making money (and bankrupts you).

I knew a guy a while ago -- worked at the firm next-door -- that was into spread betting FX using a semi-automated system (or something).  He seemed very happy with it -- he was considering quitting work.  Then the Swiss franc decoupled.  Saw him looking quite worried a few times in the days following -- not seen him since.

yeah but spread betting, maybe with leverage on margin? you stand to lose more than you actually own, but if this guys robot ran his bitcoin account into the ground then surely he would just lose his capital full stop, doubt he's got it setup to leverage and borrow.

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25 minutes ago, leonardratso said:

yeah but spread betting, maybe with leverage on margin? you stand to lose more than you actually own, but if this guys robot ran his bitcoin account into the ground then surely he would just lose his capital full stop, doubt he's got it setup to leverage and borrow.

My understanding is that 'bitcoin trading' is based on leverage to make any money at all.

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