Renting mining rigs
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Thanks for your post. I do think it is an interesting topic. Right now does seem to be the last of the golden time to buy new rigs, so renting a rig does seem to be a viable option. I think renting when a coin’s diff is low, or on a new coin release makes total sense to me at least.
Curious how this works out for those who use it.
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Renting one of those rigs would not even be profitable mining dogecoin. You would need to find a rig that is going for less than 0.0155 BTC per mh/s per day… most are selling for 0.0189 BTC or more!
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As I see it, if you leasing your hardware, that means you are looking for the short term profit, so it seems logical than anyone leasing will only do so at a price higher that what they can get mining themelves.
On the other hand, paying to rent makes sense if you are thinking long term and putting that hashing power into coins which you think will be more valuable in the future and you want to stock as many as you can now.
The price you see there is not determined by any unique person, it is the product of supply and demand factors and so far it seems that ~0.0190BTC/MHs/day is the balance point.
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That price is what we are getting from our research as the average price in the industry (although fingers crossed we will be cheaper!) I think the idea of renting our your own rig is a great way to go for those who perhaps don’t want to deal with the various coins, trading etc.
As Thytos said, I guess its more about paying for the hardware to mine the coins on the hope that the value will increase in ‘x’ amount of time. With 20/20 hindsight I sure wouldn’t have minded renting rigs to mine bitcoin a year back :)
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And about CloudScrypt, any idea on what the price per MH/day will be? And when will it go live? :)
Though it seems the “FTClover affair” has put some “space” between our community and all kinds of mining renting services, I must say I look on those with enthusiasm and as yet another way to boost our dear FTC.
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We haven’t finalised yet, still looking at how we are going to buy the metric -s*tonne of hardware required. Its going to take a fair bit of time…
For me the key thing is writing our platform, but im getting there :)
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Rough math says that the same amount of bitcoin for renting can buy you more feathercoin than the mining would get you. Maybe I’m missing a benefit…?
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If you mine FTC today then yeah its better to buy the coin, but other coins are profitable and FTC could change either way as well… you get to have a go at mining without the noise, heat, power issues, capital investment etc.
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Ahhh… the wussies way out :D XD
Get your hands dirty! Build your own rig!
Once it’s no longer useful, sell it for parts, or sell it whole to a newcomer so they have at least something to play with.
Build, mine, hold. Spend some, gift some and share your knowledge to help the next guy.
The whole point of crypto’s is to actually have control over your wealth. By renting rigs all your doing is re-increasing risk as a factor…
Renting rigs, cloud hashing etc, is self defeating and ruins the control you have. All it does is encourage centralisation.
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[quote name=“CloudScrypt” post=“56158” timestamp=“1391127221”]
If you mine FTC today then yeah its better to buy the coin, but other coins are profitable and FTC could change either way as well… you get to have a go at mining without the noise, heat, power issues, capital investment etc.
[/quote]Its more than that: even if the value of mining FTC vs buying FTC was the same, imho it would be better to mine because you would be not only getting FTC but also helping to increase the total FTC network, which in turn helps increase FTC value.
[quote author=Calem link=topic=7318.msg56183#msg56183 date=1391134204]
Build, mine, hold. Spend some, gift some and share your knowledge to help the next guy.The whole point of crypto’s is to actually have control over your wealth. By renting rigs all your doing is re-increasing risk as a factor.
Renting rigs, cloud hashing etc, is self defeating and ruins the control you have. All it does is encourage centralisation.
[/quote]I agree with you to a certain extent: These kind of services, expecially cloud hashing, lead to some centralisation… BUT! that naturally happened with BTC and it didnt hurt there as far I know. More, in cryptoworld, crypto is wealth, not hardware (unless of course crypto collapses and hardware becomes the remaining wealth for all of us). Also, the risk here is no higher than pre-ordering a scrypt ASIC which may never come or come too late to make a difference.
edit: To conclude: a coin will gain value with increasing merchant adoption (external factor) + network power/stability (internal factor). Buying FTC straight from the market, even if its apparently the more profitable way and helps miners to sell in the short term, does nothing to help those 2 main factors and will help nothing in the long run.
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[quote name=“Thytos” post=“56141” timestamp=“1391122474”]
As I see it, if you leasing your hardware, that means you are looking for the short term profit, so it seems logical than anyone leasing will only do so at a price higher that what they can get mining themelves.On the other hand, paying to rent makes sense if you are thinking long term and putting that hashing power into coins which you think will be more valuable in the future and you want to stock as many as you can now.
The price you see there is not determined by any unique person, it is the product of supply and demand factors and so far it seems that ~0.0190BTC/MHs/day is the balance point.
[/quote]if you want to stockpile you can still buy them outright cheaper than renting these rigs, by renting your just making someone else a lot of money…
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[quote name=“Joe90” post=“56353” timestamp=“1391208104”]
by renting your just making someone else a lot of money…
[/quote]I don’t exactly know who your are Joe90, but I agree with this particular quote…
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[quote]Get your hands dirty! Build your own rig![/quote]
Could not agree more than that.
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Link in your original post is wrong, it is leaserig.net and I have been using it - love the new bulk feature - can load pool on all my rigs very fast!
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You guys are not giving up on this cloud hashing stuff are you?
Please don’t think I’m pointing fingers, but there seems to be a lot of cloud mining circle jerking going on since the Scryptcloud scam…
[url=https://forum.feathercoin.com/index.php/topic,7176.0.html]https://forum.feathercoin.com/index.php/topic,7176.0.html[/url]
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[quote name=“tester555” post=“56932” timestamp=“1391479012”]
Link in your original post is wrong, it is leaserig.net and I have been using it - love the new bulk feature - can load pool on all my rigs very fast!
[/quote]Thanks, corrected.
[quote author=Calem link=topic=7318.msg56933#msg56933 date=1391479730]
You guys are not giving up on this cloud hashing stuff are you?Please don’t think I’m pointing fingers, but there seems to be a lot of cloud mining circle jerking going on since the Scryptcloud scam…
[url=https://forum.feathercoin.com/index.php/topic,7176.0.html]https://forum.feathercoin.com/index.php/topic,7176.0.html[/url]
[/quote]Heheh Calem :) No, I have not given up on cloud hashing stuff, but I must say my initial impetus was somewhat refrained after reading some opinions here… Still, I see some benefits in cloudhashing and the prices now seem stable around 0.014-0.015BTC/MH/day which I think are good prices.
And yes, the Scryptcloud scam actually aftected a bit these early days of scrypt cloud mining as a whole, though I believe decent work from other people will eventually surpass it.
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I expect scrypt cloud hashing services will become more important in the future. It happened (to an extent) with BTC.
I think cex.io describe it well “commodity exchange”.
Also what is not to like?
As a service, these types of arrangement only further validate crypto as an industry. I think that is quite important, actually.
We’re in the calm period before the storm. Only a tiny fraction of the population know about crypto. However when/if it gets really big, I can’t see average folks building their own rigs. But rental could do very well in the long term…
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[quote name=“scruffters” post=“56984” timestamp=“1391510905”]
I expect scrypt cloud hashing services will become more important in the future. It happened (to an extent) with BTC.As a service, these types of arrangement only further validates crypto as an industry. I think that is quite important, actually.
I can’t see average folks building their own rigs. But rental could do very well in the long term…
[/quote]I agree with those same 3 points.
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[quote name=“Thytos” post=“56993” timestamp=“1391515400”]
[quote author=scruffters link=topic=7318.msg56984#msg56984 date=1391510905]
I expect scrypt cloud hashing services will become more important in the future. It happened (to an extent) with BTC.As a service, these types of arrangement only further validates crypto as an industry. I think that is quite important, actually.
I can’t see average folks building their own rigs. But rental could do very well in the long term…
[/quote]I agree with those same 3 points.
[/quote]+1, I see it as a very viable introduction for some, and alternative for others - of course there will always be the hardcore builders! ;D
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[quote name=“CloudScrypt” post=“56994” timestamp=“1391515772”]
[quote author=Thytos link=topic=7318.msg56993#msg56993 date=1391515400]
[quote author=scruffters link=topic=7318.msg56984#msg56984 date=1391510905]
I expect scrypt cloud hashing services will become more important in the future. It happened (to an extent) with BTC.As a service, these types of arrangement only further validates crypto as an industry. I think that is quite important, actually.
I can’t see average folks building their own rigs. But rental could do very well in the long term…
[/quote]I agree with those same 3 points.
[/quote]+1, I see it as a very viable introduction for some, and alternative for others - of course there will always be the hardcore builders! ;D
[/quote]I can see various reason someone would want to lease their rigs to others, the obvious being profit short term.
I can also see many reasons why others would want to lease a rig (like a car, or furniture and appliances) the obvious being lower responsibility for the equipment, although at a higher cost. Just because a person could take a bus for cheaper then leasing a car, does not mean leasing a car is not a viable alternative for them. Maybe they want to learn about mining and receive coins with no fiat paper trail to them, without the cost and headaches of buying and building a mining rig. I have built them and it is no task for the average, never built anything kind of person. Maybe a better example would be leasing a washer and dryer vs going to the laundromat?
With all that said, wouldn’t there be a way to let rig owners place their rigs up as an offer, while people who want to lease a rig placing their intent up as an ask, on a decentralized blockchain type transaction “open transactions” style and they could find one another and interact peer to peer with no third “trusted Party” in the middle? isn’t this where we are all going anyway?
This way people who enjoy building and maintaining mining rigs could build decentralized autonomous companies and do what they love. Others could buy the coins produced and do what they love. The networks would gain in diversified mining pools. Only losers I see here are the banks . . . boo hoo!
Just a thought,
~//~+1 CloudScrypt
