no you are better off using a site like gawminer.com buy the gear and let them host it. I think you avoid the vat.
It's funny, I've never considered such a hosted service, and I just took a closer look, but the numbers don't add up.
Buying a S3 from Bitmaintech is ~ 390 USD, at GAW Miners it's 499.95 USD. Their hosting service is 0.9 USD a day after a free month versus 1.22 USD on engery costs for a day of running the S3 here at my place (calculated with 340W instead of the indicated 366W on the GAW Miner S3 product page). So the two prices including running costs reach equilibrium after ~ 256 days at a total of around 702 USD, which is way beyond the point to which you can make a profit. That calculation is done without VAT because it would not apply to my (one of the advantages having a company at hands), with our VAT of 20% for the hardware on import and on energy the picture would be different of course.
Calculated the other way around: The hosting service of GAW Miners for 0.9 USD equals a price of 0.11 USD per kWh. Combine that with the premium on the hardware purchase and you will never reach ROI anyway.
However you turn it, it will be a loss.
