Quote from: SuniX on October 01, 2014, 04:51:13 AM

Lots of good threads now on mining issues and cloud mining issues in particular. I don't see buying a fixed cloud contract where you can't get your original investment back (either by withdrawal of the contract or having a trading market for it) makes any sense at all. The cloud providers are addressing this by many new entrants starting to offer tradeable contracts (competition to the CEX model).

This week I bought GHS on CEX. The price had just fallen a lot and history shows it then has a bounce back and stability period, plus they announced cloud maintenance reduction. So I held for a few days then sold once I had reached my profit target being 20%. I detail the outcome I saw from the trade and mining rewards whilst I held the contracts:

25/9: Bought 180GHS at 0.00206 = 0.3708 BTC

30/9: Sold 180GHS at 0.002486 = 0.4478 BTC

Trade Profit 0.07668 BTC +20.7% (of initial amount)

Mining Rewards 0.005139 +1.4% (of initial amount)

So in 5 days the trade itself made a 20.7% return and the mined rewards added 1.4%. Thus total return being 22%. (If I'd continued to hold my return today would be more like 37%, oh well..)

On the CEX mining rewards you can see the overall return was positive, what I noted was that the real long blocks 2 hours or so were not, but they were compensated for by the low maintenance cost on the more frequent short time frame blocks. 40 or so blocks were being found each day approx. I see lots of people complain about maintenance fee's, my experience was a good one. Heck even if I had made no profit on the trade itself but can walk away with 1.4% gain from the mining alone in 5 days, that's a great outcome.

So don't buy a fixed cloud contract unless it is tradeable or initial investment can be withdrawn.

I also bought some Doge, still holding that to the moon..... Wink

You got lucky, wait until those rewards are countered with CEX.io HUGE maintenance fees on cloud, there are times your reward is negative due to the fees being bigger than the rewards. Make sure you look very very closely at your rewards before you do statistics like this, I bet your table will reflect a whole new set of numbers once you check your balance against your rewards minus the fees. I promise you if you recheck the balances you did not make 1.4% you probably lost 30% on the mining being thier fees are 62% for maintenance. minus the trade fees you are looking at a nice loss of 22% haha. If I were you Id look at the finer things you left out in this message like the trade fees and the maintenance fees.

FYI I have been mining there a log time so no use trying to bullshit me. Cex.io/Ghash.io are the biggest scammers in the world of pools.

I will list a few things for you to determine yourself, along with screenshots to back it up.

My miner report for that block
(5s):1.023T (avg):1.022Th/s | A:3322712 R:5120 HW:22 WU:13.6/m

This was the payout report
17732 2014-08-24 09:49:25 317250 25.0550 1/120 4 hours 46.77 Ph Your shares 1523536/75000007950 0.00% 168878284227 0.00050896

Here is the report from the block cloud mined and its fees.
2014-08-24 18:34:54 0.00050896 BTC 0.00050977 MINING-Block #317250, Reward: 0.00050896
2014-08-24 18:34:54-0.00010196 BTC 0.00040781 MAINTENANCE-Shares 177624 , Cost: -0.00010196

Now if we do a simple mathematical equation it will tell us something interesting

If you can mine 177,624 shares with 50ghash/s of mining power in a 4 hour block, how many shares can you mine with 1000Ghash/s of mining power in a 4 hour block?

Solution 177,624(20) = 3552480

Wow how ironic to see that mathematically the numbers match very closely to what my miner stats output was huh?

NEED MORE PROOF Ok here you go this is for only 50Ghash of their cloud

2014-08-25 10:19:37 -0.00004996 BTC 0.00026826 MAINTENANCE - Shares 87032 , Cost: -0.00004996<-------------
2014-08-25 10:19:37 0.00002763 BTC 0.00031822 MINING - Block #317346, Reward: 0.00002763<-----------------LOSS of 0.00002233
2014-08-25 08:18:26 -0.00001076 BTC 0.00029059 MAINTENANCE - Shares 18744 , Cost: -0.00001076
2014-08-25 08:18:26 0.00002977 BTC 0.00030135 MINING - Block #317335, Reward: 0.00002977
2014-08-25 07:54:04 -0.00000207 BTC 0.00027158 MAINTENANCE - Shares 3600 , Cost: -0.00000207
2014-08-25 07:54:04 0.00003121 BTC 0.00027365 MINING - Block #317333, Reward: 0.00003121
2014-08-25 07:46:58 -0.00004372 BTC 0.00024244 MAINTENANCE - Shares 76152 , Cost: -0.00004372<--------------
2014-08-25 07:46:58 0.00003099 BTC 0.00028616 MINING - Block #317332, Reward: 0.00003099<------------------LOSS of 0.00001273
2014-08-25 06:03:07 -0.00003185 BTC 0.00025517 MAINTENANCE - Shares 55472 , Cost: -0.00003185
2014-08-25 06:03:07 0.00004361 BTC 0.00028702 MINING - Block #317324, Reward: 0.00004361
2014-08-25 04:46:45 -0.00002396 BTC 0.00024341 MAINTENANCE - Shares 41736 , Cost: -0.00002396
2014-08-25 04:46:45 0.00004588 BTC 0.00026737 MINING - Block #317314, Reward: 0.00004588
2014-08-25 03:48:34 -0.00001855 BTC 0.00022149 MAINTENANCE - Shares 32304 , Cost: -0.00001855
2014-08-25 03:48:34 0.00004588 BTC 0.00024004 MINING - Block #317314, Reward: 0.00004588
2014-08-25 03:03:57 -0.00005255 BTC 0.00019416 MAINTENANCE - Shares 91544 , Cost: -0.00005255<---------------
2014-08-25 03:03:57 0.00004122 BTC 0.00024671 MINING - Block #317310, Reward: 0.00004122<-------------------LOSS of 0.00001600
2014-08-25 00:59:13 -0.00001266 BTC 0.00020549 MAINTENANCE - Shares 22048 , Cost: -0.00001266
2014-08-25 00:59:13 0.00003989 BTC 0.00021815 MINING - Block #317298, Reward: 0.00003989