Quote from: Zeta0S on July 12, 2016, 02:52:49 PM

Quote from: eric@haobtc on July 12, 2016, 02:27:32 PM

Can anyone please explain to me what is the appeal of cloud mining contracts? I constantly receive requests asking us sell contracts, so I would like to hear what advantages the contract model has over fixed interest rate and flexible withdrawal model that we currently deploys.

Hello Eric,

To start, some people want to mine coins even when profits are negligible, for fun or other reasons, keep that in mind
For example Start Mining at home in some country is to expensive due to huge power cost (like here it cost like 26 collars cent a kilowatt).

His is what i think,
Mining btc at this moment at current difficulty and currency BTC rate is maybe not the right choice.
However i highly believe in Dash and Ethereum, so mining that and anticipate on grow in time, i think i benefit well by cloudmining (remember increasingly mining at home is not a real option for me)
That`s why i choice (beside of buying the coins directly) for Genesis Mining. Its a nice replenishment on my current portfolio

For you (Haobtc) as a mining company advantages can be release funds form you capital.
Combining that whit your wallet you will have a lot more wallet users as well.
Downside is managing the whole crowd of customers. Managing the miners on a divert way, i think http://genesis-hive.com/ can help other mining farms whit that.

Eric what are you guys planning to do?

Thanks.

We have been contemplating introducing a contract product to our existing lineup, that is the reason why I got curious what the other companies in this area in the first place.
But mining is not our strategic direction - I talked with someone from BitFury, and they felt the same way, which is that while there is money to be made in mining, it should not be our focus in the long run.
Right now we are planning to make our mining pool public - can't say much about it except that our rates will be very competitive compared with other services in the market.
One reason we hesitate to sell contracts is the potential risk to our reputation. If some users can't ROI on their HaoBTC mining contracts, then our reputation, so far has been stellar in China and abroad, may take a hit. So we are sure it is worthwhile.