While Cloudhashing was late to mining operations by little over a month, they indicated that they had finally started mining in mid October and would be providing payouts near the end of the month.
For an original investment of just over $530, my gold plan has already paid for 7% of itself in just 2 weeks of production! If current Bitcoin prices remain stable, that means that this investment will pay for itself in just over 6 months and provide a 400% return in two years!
Of course, 400% ROI is ridiculously optimistic and Bitcoins will likely fluctuate wildly during that time. I'll be ecstatic if I can double my money in the full two years time and solidly content if the return is 10% higher than what I could have achieved in the stock market. Afterall, while $530 is a small experimental investment, dabbling in Bitcoins is very high risk and should be rewarded with greater returns to be justifiable. Bitcoins could go to 0 or the government could step in and halt Cloudhashing transactions tomorrow like they did to those over at Mt Gox, rendering my initial investment worthless. We will just have to wait and see.
If you are interested in Bitcoins, I recommend reading and learning about bitcoins from the following sites:
- The Wikipedia article on Bitcoins
- The Vice Guide to Bitcoins - provides some good history and lingo.
- Blockchain.info - where all transactions are displayed and where you can obtain a Bitcoin electronic wallet.
- /r/Bitcoin - Where you can learn about and converse with others interested in Bitcoin.
- /r/bitcointip - provides some simple tutorials in the sidebar.
- Cloudhashing - One of the places on the web where you can invest in a mining contract -and my vendor of choice.
I plan on cashing out the first dividend when my Cloudhashing account reaches 0.50 BTC. I'll be posting a confirmation of payment when that transaction goes through, which should be sometime mid November, so stay tuned!
Any luck? Looking into getting the Platinum but it seems bitcoin difficulty is increasing exponentially now that so much ASIC power is online.
ReplyDeleteSteven, I checked it today and I'm right at 0.32 Bitcoins, so the difficulty has certainly gone up from what it was two weeks ago. At this rate, it will be another 2 weeks before my 8.00 Gh/s reaches my 0.50 Bitcoin target for the first cash out.
ReplyDeleteHow did you setup your miners?... ie settings etc
ReplyDeleteI don't have any mining setups at home.
ReplyDeleteI'm not sure if there have been any changes to the process since I signed up in July, but all I had to do was purchase an 8Gh/s license from Cloudhashing. Mining the lazy way!
I tried to oder with google wallet. But It's pending.
DeleteMy bill address is correct & matched with google wallet
I think there's no problem on google wallet.
What shoud I do? waiting?
PS. Are U Korean?
Hey Chan, you might have an email from Google asking you to verify your credentials. If not that, then check with your bank to be sure that your account is able to authorize international transactions. I had to go to my banking site directly and confirm that it was not a fraudulent transaction (since I rarely make overseas purchases).
DeleteHey, it's been a while now. What kind of return have you received by now? Do you still think it's worth it?
ReplyDeleteScott,
ReplyDeleteAs of today, I'm right below 0.50 Bitcoin - somewhere around 0.493 so I anticipate that I'll hit 0.50 by the end of the week. I'll be doing a lengthy write up then and comment about Cloudhashing's new mining scheme.
But to answer your question, at this very moment, do I still think it's worth it? Yes. If I cash out this week at the current exchange rate, then I'll have recouped more than 50% of my original purchase in roughly 2 months - on a two year contract. Nonetheless, there are plenty of factors to consider. I'll touch upon some of them when I make my first transfer later in the week.
PB Mining currently sells cloudmining for 0.007 BTC/GHS. This is 30%+ cheaper than anywhere else. Best deal you can find. http://pbmining.com?ref=dagloman
ReplyDeletehttp://www.freedailybitcoins.com/bitcoin-cloudmining-reviews