I am interested in finding out if this or any community would pay all costs up front for Electricity and admin for a mining service. This would mean you need to be bullish on the BTC price. Please let me know.
Yes I would. For example if the contract was for a limited time such as 3-6 months and the purchase price of the hash power includes maintenance fees etc for the entire time. run that price through the calculator, do some predictions and you pretty much know if you’ll receive some ROI on the contract or not.
If I knew my costs up front, then I could also make these decisions
Yepp, I’ve been having similar thoughts
There was/is (I’ll try to remember to check later) a company in America which did hosted mining with the electricity costs payed up front. Was considering using them before GAW did the whole hashlet thing.
I think this idea has some legs. It’s not unreasonable to think that contracts could be made with the electricity and admin services for 6 - 12 months. Hardware would also be a known starting cost. So the only variable would be the (future) BTC/USD exchange rate, where the buyer would do his own calculation and assume the risk.
Make that 3-6 months and you got a winner. 12 months in crypto is 5 years and so much can and will happen during that time.
I was just asking the question, I am hoping that one of the mining companies might see this and think WOW maybe thats what we should do. The only one that I would not do business with is the one that has the largest thread. But if hashnest offered something like this I may be in
I want to trust the place first.
When you know people its easier
ah, LTCGear? or do you mean Paycoin? Paycoin isn’t a mining company…har har!
Said company would have to have a solid reputation or if they are new the people running it would need to be solid. I know its virtually impossible these days but is a proven track record out of the question??
I used to do business with a small company… minersource.net I had an S1 hosted with them. It was my first step in crypto. I bought the miner outright so that was paid for and I owned it. I paid monthly for hosting and got a little discount if I bought 3 month at a time. I am sure we all have had this type of business relationship at this point, at least every one in the conversation. it was very manual though I had to call them if I wanted to change pools and have them change it for me. but I could run it however I wanted.
It would be nice to know and pay all cost up front. No middle of the road changes
The good old days aaand back to the roots
The thing with these service too though is they have locked in their power and infrastructure rates many of them could just have it included in the price of purchase. This way the customer always knows what they are paying. The contract can include a stop mining call when the BTC value dips below the cost to run. It can also have a resumption call when it goes back up. There could be variables like an EOL miner but if it is newer like say HashNest they could suspend and resume as it increases again.
Very good points. I don’t have an issue with a mining contract or hosted hardware getting powered down when it stops to be profitable. It’s part of the game. As long as it comes back online when BTC goes up and it’s clearly outlined in the terms, sure why not?
It is something several of them have talked about but only a couple have done.
I really thing it would make accounting much easier on both sides of the coin. It also protects the customer and the company a bit more from running unprofitably.
Suspending when price is down does not help the provider of the service they have other outgoings like wages and rent ect. I think that if you knew what the price was upfront them you take the risk, if you think BTC will be revived then you take your chances.
Not necessarily, depends on the setup. Like I said, crowd mining…
The products could only be short term. If you look at any BTC graph from Nov. 2013 on…the value of BTC has had a steady decline. If the trend continues BTC will be back in the womb so to speak.
I guess for a product like this to work according to the data we have you need to time the swings just right …long term it does not look good. Who knows maybe the whole cycle repeats itself and it shoots back over $1k. Hopefully next time as a community we can come together and make things sustainable.
Personally I probably won’t be around if and when there is a recovery. Thats a whole other subject though
Hashnest offers exactly that. There is a checkbox in the settings.
I am agree to pay with USD balance for maintenance cost
Smiley face? Wth?