Is rig rental a good idea?


#1

As i mentionned before I do not own any ASIC miner… I was lurking around and saw BetaRigs where you rent the hashpower for so long… Is it worth it or should I hold my BTC to be able to buy my own ( Cyberdexter showed me the Bitmain S5 ). Im near 100$ in BTC right now, So i was wondering if it made sense to rent a rig.

Thank you for your time


#2

It depends! To make a quick buck? No!

Mining is cheap right now because of the low BTC prices. So there is a chance you could mine a coin you have faith in hold it and sell it when it goes up for some profit!


#3

Rig rentals only make sense if you rent at the right price and then mine the right coin on the right pool or mine a specific coin like @jacobw said.

For example. Let’s assume you want to mine Peercoin. The coin has a net hashrate of approx 270 TH and is usually the 2nd or 3rd most profitable to mine after BTC. However, since the net hasrate is “only” ~270 TH you can (if you want) rent up 20-30 TH and mine the coin and you will find blocks since you’re taking over 10-15% of the coins net hashrate.

Coinwarez has a great calculator to calculate profitability and help you in deciding which coins you want to mine. Personally I also prefer to rent power from NiceHash rather than BetaRigs.

If you compare both sites you’ll find that the avg price per TH is usually approximately 0.0130 BTC / TH per day on BetaRigs and anything from 0.0120-0.0125 BTC / TH on NiceHash. If you rent a few TH that’s quiet a difference.


#4

Nice to see you here @jacobw your CEX vouchers on eBay were my first mining experience ever lol. It’s been uphill since then!


#5

I always use bitcoinwisdom to calculate roi on asic hardware as their calculator let’s you enter different estimates for the difficulty increase and its calculated in. Coinwarz won’t do that so their roi calc is unreliable.
That said, I haven’t purchased an asic that actually hit roi without some stroke of luck. I wouldn’t bet that any asic right now will roi, but the antminer s5 has the best chance outside of an a2 terminator that’s priced around $1k
I only rented hashrate during paycoin, and it did me pretty good, even at $4/coin. Just wanted to post my experience about buying hardware.


#6

Totally agree. ASICs are a serious gamble imho despite the LTC difficulty having taken a little dip. SHA256 mining can be still profitable but imho it takes at least merged mining or, if you’re mining BTC you need to mine on a pool that has well over 2 PH mining BTC.

Lyra and neoscrypt look interesting but the question is how profitable are those aglos are going to be 3-6 months down the line?