Quote from: fistfullofbtc on June 23, 2017, 03:32:23 PM

Quote from: Lanza on June 23, 2017, 09:05:03 AM

Genesis mining Ethereum contract is not profitable at the current hash rate growth.
Cost of 100 M/Hs $2716 ~$2800
If the Hash rate continues to grow at the same rate you will get about 4.3 ETH coins (If you started in early June 2017). That is it!!!!
ETH must be $800 to break even and get a tiny profit.
Much more profitable is to buy the coins. At $330 You get about 8.3 coins.

but that isn't gm's fault. that is because a shit load of miners are mining ethereum. this is cloud mining an alternative to buying a rig. my rig had a burn out only 3 months old, this doesn't happen with gm. you mine hoping the price goes up that is why a lot do it. this is where the shouty people start getting confused, gm offers a service, if the profitability decreases that is fall to do with GM. yes there is some shit with btc contracts but 2 years mining ethereum, monereo seems straight forward. it is an investment and they go up as much as down, or just hold btc, no one knows the future, but if you want to mine without a rig cloud mining is the way.

if you want to trade trade but they are separate things.

Oh FFS, will you tone down your shilling. Most people here aren't total idiots.

$2800 is about 3 times as much as my 100-110 MH/s GPU rigs cost me, not to mention I can resell or repurpose them if needed. And yes, I can host them elsewhere (i.e. use a service offered by someone else) if I choose to, so spare me the cloud mining bullshit.

What GM offers is not a service, it's a ripoff with a very strong scammy smell. The fact that a lot of people fall for it doesn't make it right.

It's funny though how you completely failed to address the fact brought up in the post you quoted: to "mine hoping the price goes up" is pointless, compared to buying the coins "hoping the price goes up". It's not about trading or anything. Buy X coins now and retain full control, or spend X coins and maybe mine X/2 eventually...