(Disappointed) recommendation against bitcoin.com cloud mining contracts given current terms.
TLDR: I recommend against getting a cloud mining contract from bitcoin.com given their current terms which will cancel your contract, no matter the remaining time on the contract, if it is unprofitable for 60 days. The terms are basically a bet on the timing of the next bull run. If they can find a softer solution to underwater contracts, I would definitely consider them again. I cannot speak for other cloud mining services.
I originally bought a cloud mining contract from bitcoin.com to participate in and support the BCH fork last year. That worked well and was profitable while the price was high. Thanks for that, bitcoin.com pool and thanks for giving us a way to participate in the fork. I recently bought a multi-year contract to continue doing the same, support bitcoin.com's excellent work and of course hopefully make a profit as well.
After 6 months of this multiyear contract, bitcoin.com is cancelling the whole thing due to the bear market and my account maintenance fees being more than daily profit for 60 days. Converted on a daily basis, I have earned only a fraction of what I paid. I think there are other possibilities than outright cancelling a contract that would be win-win for both parties. However according to support, that’s the way it is. This is not to say they are dishonest - just that it looks like a bad investment at this time.
Timing the next bull market
If you are looking at the contracts, even with a "free fee period", please consider the possibility of a long bear market as there has historically been between bull markets. In that case, even if bitcoin.com gives you zero fees for a limited time - when the period is up, you have 60 days before your contract is cancelled. Basically, you are betting on the timing of the next bull run. It is disappointing. I was planning to put more and more into bitcoin.com cloud mining to have some political impact with hash rate while hopefully at least breaking even financially. However this will probably be the last cloud mining contract for me.
New Cloud Mining Contract idea for bitcoin.com: 300 kb blocksize mining contracts
I saw the other day that bitcoin.com added a toggle to automatically switch to mine the most profitable coin. I really liked that idea and it got me thinking. Would it be possible to have a cloud mining contract that would only mine 300 kb blocks on Bitcoin Core? I would pay for a lifetime contract to mine 300 kb blocks. I think this would have its many advantages. 1) The bitcoin fees will rise, Thus increased profitability 2) Small blockers would be happier ;) giving them exactly what they want, plus now they will have a mining contract they can get behind 3) This will exaggerate the differences of Bitcoin Core and Bitcoin Core Is etc etc Is this possible? What are your thoughts EDIT: I'm not trying to be malicious, these are valid blocks and would increase the profitability of mining. This would then in turn would increase both security and decentralization (which is good!) I'm surprised how controversial small blocks are, I was under the impression that this was the consensus.
Am I missing something about bitcoin.com's cloud mining contracts ?
according to https://pool.bitcoin.com/ : 1 TH/s costs $250 for 5 years their calculator shows an expected daily profit (after fees, at current difficulty and price) of 0.00019337 BCH ($0.11) per day so $0.11*365*5 = $200 revenue for a $250 contract from the get-go, and that is expecting the difficulty to stay the same, and we all know it will probably increase and make the contract less profitable. Am I missing something ? Did anyone ever made a profit from these contracts ?
06-17 12:24 - 'Hey have a look at this Cloud mining service based in Australia its 100% they are offering 2 year contracts starting from $20. I have brought a 2 year contract and have already made $66.72 in 24 days. They have Instant withdra...' by /u/DjDdit removed from /r/Bitcoin within 516-526min
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