[joe1980]

Originally Posted by sathish81

I started cloud mining yesterday with hashflare. Purchased 1.1 TH/sec SHA256 (Bitcoin) contract for 1 year. Also have started looking at etherum mining.

Is it really economical going this route? I mean what is the share of the Bitcoin that you get for this 1 year contract?

[statix]

Originally Posted by sathish81

I started cloud mining yesterday with hashflare. Purchased 1.1 TH/sec SHA256 (Bitcoin) contract for 1 year. Also have started looking at etherum mining.

I don't need to buy any hardware for this right? Just confirming.

Any particular reason for choosing hashflare?

Could you give a brief overview of this works and how and when it will be profitable/breakeven?

The reason why i am asking is i am considering alternatives. The price between International Prices and Indian Prices is humongous. Investing 1L in India means i am losing 20-30K worth BTC if i purchase the same from International Exchanges. And this is where the problem is.

How did you pay for it? wire transfer?

Thank You.

[sathish81]

Originally Posted by joe1980

Is it really economical going this route? I mean what is the share of the Bitcoin that you get for this 1 year contract?

As per hashflare own estimates 1 year should yield 0.0569 BTC ( minus maintenance fee).
I did a cost comparison between hardware miners vs cloud mining pool. cloud mining works out to 1/3rd cost of HW miners (miner + power cost) for BTC.
Have started looking into building a rig for Etherum mining as HW works out cheaper in case of etherum- me and few collegues pooling money for that.

[sathish81]

Originally Posted by statix

I don't need to buy any hardware for this right? Just confirming.

Any particular reason for choosing hashflare?

Could you give a brief overview of this works and how and when it will be profitable/breakeven?

The reason why i am asking is i am considering alternatives. The price between International Prices and Indian Prices is humongous. Investing 1L in India means i am losing 20-30K worth BTC if i purchase the same from International Exchanges. And this is where the problem is.

How did you pay for it? wire transfer?

Thank You.

You don't need hardware if you choose hashflare- hashflare itself uses other mining pools.

As per hashflare own estimate break even is 2 months. By my calculations that seems correct going by hashrate (1TH/sec) and current price of BTC. The risk involved is of course BTC price crashing.

I paid for account using BTC that I purchased from zebpay. I know zebpay charges higher but I wanted to have a INR money trial for this investment- for tax purposes.

Going by what's happening with GST,FRDI debacle think govt fiscal/monetary plans seem to be failing. They can't go after the likes of Malyas,ambani's for tax or failed loans, their only choice is to come after people like you and me- BTC and other crypto trading offers them perfect way to do it.

P.S: The last paragraph is my personal view and may not be true.

[ragh_bhushan]

Originally Posted by sathish81

The risk involved is of course BTC price crashing.

Another risk you may want to consider is exchange hacking. NiceHash was hacked recently for $64 Million. Exchanges have been the biggest security concern in the booming crypto currency market with a total of about $15 Billion worth of Bitcoins (980,000 Bitcoins) been stolen till date.

Link

I personally do not keep any of my coins on exchanges unless I am actively trading them. Even in that case I withdraw all my profits on daily basis thereby reducing my exposure to hacking.

[sathish81]

Originally Posted by ragh_bhushan

Another risk you may want to consider is exchange hacking. NiceHash was hacked recently for $64 Million. Exchanges have been the biggest security concern in the booming crypto currency market with a total of about $15 Billion worth of Bitcoins (980,000 Bitcoins) been stolen till date.

Link

I personally do not keep any of my coins on exchanges unless I am actively trading them. Even in that case I withdraw all my profits on daily basis thereby reducing my exposure to hacking.

I don't keep my coins in zebpay for same reason- they don't give you control of private key.

Proceeds from hashflare will go to a separate wallet. I am looking at some HW wallets also. Anything you recommend?

[rdst_1]

A long time ago, I had purchased some bitcoins to make payment for Netload membership. Some small amount was left in the wallet. It wasn't much at that time but must be worth a few hundred or even a thousand dollars now. I can't even remember the name of the wallet but I think it was an android app.
Will Google have the history of all apps I had installed ever. That seems to be the only way to find the wallet and recover my bitcoins.

[ragh_bhushan]

Originally Posted by sathish81

I am looking at some HW wallets also. Anything you recommend?

You have four options:

1. App based software wallets for iOS and Android. I use Bread.
2. Desktop based software Wallet. Never used one. Links below.
3. Hardware Wallets. Trezor seems to be a popular choice. No personal experience.
4. Paper Wallet. Safest but also most inconvenient option. Real cold storage. Safest option as of today IMHO.

You can read more about Bitcoin core recommended wallets here.

More about paper wallet here.

[joe1980]

Originally Posted by sathish81

I don't keep my coins in zebpay for same reason- they don't give you control of private key.

Proceeds from hashflare will go to a separate wallet. I am looking at some HW wallets also. Anything you recommend?

Paper wallet is the safest bet! Everything else is a security risk, never mind how sophisticated they are!

[statix]

Originally Posted by sathish81

As per hashflare own estimates 1 year should yield 0.0569 BTC ( minus maintenance fee).
I did a cost comparison between hardware miners vs cloud mining pool. cloud mining works out to 1/3rd cost of HW miners (miner + power cost) for BTC.
Have started looking into building a rig for Etherum mining as HW works out cheaper in case of etherum- me and few collegues pooling money for that.

Could you please give details of the HW that'll be used in building the rig?
I am not from an I.T. background so don't know much but researching a lot.
Heck i would even come to Chennai to see your rig build.

I am myself considering Ethereum mining. I believe Ether prices will reach $2000 by mid 2018 which will make mining profitable.

I am putting some money in btc through zebpay/coinsecure and moving it to bitfinex and buying ether, ripple and IOTA.

[smartindboy]

South Korea bans its banks from dealing in bitcoin

Read more at:
//economictimes.indiatimes.com/articleshow/62052999.cms?utm_source=contentofinterest&utm_medi um=text&utm_campaign=cppst

Its just a matter of time for more countries to start doing this.

[Chetan_Rao]

Originally Posted by rdst_1

...
Will Google have the history of all apps I had installed ever. That seems to be the only way to find the wallet and recover my bitcoins.

Playstore > My Apps > Library.

Everything you ever installed through your current Google account will be there, unless you manually cleared entries.

[rdst_1]

Originally Posted by Chetan_Rao

Playstore > My Apps > Library.

Everything you ever installed through your current Google account will be there, unless you manually cleared entries.

Found the app but it stores bitcoins on the hardware itself. I'll have to check my backups if I had saved them on my computer or not.

[BBR_SHR]

If a robbery happens in the neighborhood does that mean all houses are unsafe. In that case the wallet in your back pocket is also not safe. Airplanes crash still air is the most safest mode of travel. Point is to not make a mountain out of a molehill.

Coming to crypto-currencies nobody in this sane world knows whats going to happen. But the scary part is people taking loans and putting it in this based on articles and interviews saying that it will hit $X

[Rehaan]

Just wanted to point out the absolutely HUGE Sell Price difference between Unocoin and Zebpay.

Rs. 80k !!!!

In short: Buy on Unocoin, sell on Zebpay (but cross-check prices on that day - who knows how things could change!).

Hope this helps someone save/earn/steal a few bucks



Disclaimer: I have not yet actually sold any BTC on Zebpay.