My brain has exploded.......


#1

Can someone explain in laymens terms how GHX and cloud mining work? Is it profitable to buy and hold? I hate trading with a passion.

I’ve read over faq’s and they may as well be written in ancient Klingon for all the sense I can make of them.


#2

vaj jor yab tu’lu’ pagh lang QIj naH. :smile:

-edit-
Epic fail on the translation…
“There is then no noises of the explosive thin Sconce with a fruit” :joy:


#3


#4

With cloud mining companies/assets like GHX, YES it can be profitable to buy and hold. GHX, Genesis-mining and others who offer “lifetime” contracts that are NOT tied to specific hardware are your best options for hands off investments in mining. GHX, GM, et al will constantly be looking to upgrade to the newest most power efficient hardware and reduce power costs where they can, this also means a steady reduction in the maintenance fees with the newer hardware.


#5

At the moment the most power efficient miner is the Antminer S7 which just started shipping. You can buy S7 hashing power starting October 11 when trading starts on Hashnest.


#6

That doesn’t answer @LogicalParadox’s question.
While the S7 will be the most efficient for awhile it will succumb to the difficulty climb just like any other machine.
For someone who isn’t for actively managing their portfolio of hashing power, the best move is to avoid any cloud providers and investments that are tied to specific hardware and instead opt for the ones who are constantly looking to upgrade their farm to the latest as well as make whatever other improvements are necessary to keep costs down.


#7

AFAIK no provider other than Hashnest is deploying S7s in the next month so my reply is very much on point.

As Hashnest has daily maintenance fees for S7 that are half or less than any other provider it makes no sense to invest anywhere else. Some have made a good argument that S5 hash on the Hashnest market is underpriced right now and might be an attractive short term play. For someone looking to hold hashing power long term the only option that makes sense at the moment is to buy S7 now or when trading on Hashnest next month.

It’s your money, invest where you want. Do your own research and try not to waste money.


#8

Again, this answer doesn’t address the question.

Not sure how else to say this.
Here is the original question.

And my answer.

Not sure why your pitching the S7s so hard. Did you buy a ton hoping to offload them when the market opens up?


#9

Ok so I plundered my hashnest account and bought some GHX (or I thought I did) but something off (to me) is happening and I figured I’d ask.

I went through the sell orders, found a decent one and hit the buy on 10 GHX, now it’s showing as a pending order and hasn’t actually transferred any GHX to my account. Also my bitcoin balance hasn’t changed, it doesn’t reflect the 10 GHX I bought.

Is it an instant purchase or does it take time?


#10

its my understanding the TX takes confirms from the SELLER in the form of a signature to the sale before actually transfering the sold asset. Meaning i believe you will have to wait for the seller to sign the TX. That’s my understanding looking at it anyways, it’s a real nifty system i must say!


#11

Yep, you got it. It needs a signature from the seller before it can be broadcast to the blockchain.

@LogicalParadox I would suggest opening a thread to ask the person selling to get on it. When I am trying to buy something from the exchange I give it a day or 2 and then cancel the order, those looking to sell need to be keeping a better watch.


#12

Not at all. Prudent thing to do is wait one to two weeks until the new market settles down. Are you holding a big bag of S5?


#13

What in the hell is going on with you?

The question posed was about cloud mining in general as to whether you can buy/hold, @LogicalParadox isn’t in the mood to be actively jumping in and out of GHS to make a profit. You keep trying to push the S7s.

I will give you some free advice. I would avoid buying large amounts of GHS until we get closer to the halving and the BTC price starts climbing again. DMT is sitting on 3+btc that I am reluctant to drop on any hashpower at the moment because of the low exchange rate and the pending difficulty leaps.

And NO, I am not sitting on a big bag of S5 or any other bitmain hardware. I have most of my portfolio in services that are NOT tied to specific hardware and will be looking to upgrade their hardware and increase efficiency everywhere they can.

In short, the Sx GHS at bitmain are good for 2 things, either actively trading them or buy a chunk and forget about your account for a year or so and hope the difficulty flattens out and that demand increases for BTC so that the hardware stays profitable. With the halving coming up the S7s will have a shorter profitable lifespan than the s5s. Why? Because the halving is likely to set off another arms race.

I will close with wise words from Warren Buffett
Be greedy when other are cautious and cautious when others are greedy, in short it means that when everyone else is selling, you should be buying and the inverse, when everyone is buying, you should be looking for an exit.


#14

So I landed my first 10 GHX (yay me), so how long till I’m rich and have a private island filled with hot bikini chicks?


#15

Soon™


#16

Never

It has nothing to do with your GHX purchase though :slight_smile:


#17

Did these s7’s really start shipping?
My order still says:

Paid
Unshipped
Valid


#18

Hashnest says they will be deployed by oct 10th for those purchased in the “first presale round”.
Its possible that they are ramping up to start shipping.


#19

Yes I know what hashnest states for hashpower.
I’m talking the physical miners ordered from Bitmain.

“Shipping may start between Sept. 21 ~ 30 (if shipped out 10 days later than it, it won’t be considered as delay ).”

It’s now Sept. 22 in China. So I was wondering if anyone actually had a shipped status on their orders.
I was hopeful that they were indeed going to ship out watching the BTC hashrate decline the past few days.


#20

I was making a point. If they are deploying to their farms for hashnest its also very likely that they will be shipping orders around the globe at the same time.