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Old Oct 13, 14, 5:01 pm
  #1  
aegistar
 
Join Date: Feb 2013
Posts: 14
MS Through Cloud Bitcoin Mining

Hello everyone, been mostly a lurker on the forums here and finally I may have an idea to contribute to the community after the community had helped me so much. (In fact it was MS that I eventually got into cryptocurrency).

I have an idea that I had been sitting on for a while because I wasn't sure how useful it was. It's not the easiest thing and there's quite some risk involved (as you would've guessed when I mentioned Bitcoin). I can simplify the basic idea down to these steps:
  1. Obtain A Cloud Miner. This is where MS starts. You use your CC to buy hashlets (cloud miner).
    1. Cash out into fiat (USD) daily as miner generates BTC.
      1. https://www.coinbase.com/?r=51c4fa1f...=referral-link
      2. https://www.circle.com/
      3. https://localbitcoins.com/ (riskiest but best conversion rates)
    2. Sell miner after mining income + miner sell price =>(greater than or equal to) what you paid
    3. Convert the BTC from selling miners into USD. MS Cycle complete.

    There are risks strewn about from step 1 to step 3.

    Step 1 risks are that you need to find a trustworthy cloud miner supplier (please consider using my affiliate link above for this step, I have been a GAW customer for more than 3 months now and they have been great, they are also innovators in cloud mining currently).

    Step 2 risks are that Bitcoin price can fluctuate as well as the amount of bitcoin you receive each day. You will also need a safe way to convert bitcoin to USD. I have provided links where one can convert BTC to USD.

    Step 3 risks are that you are dependent on the market demand for the price you can sell at. If you were to buy miners at GAW, I suggest buying the ZenHashlet. They have the best returns. Each miner is at 20.95. After daily fees, the daily income is about $0.167 per miner. Currently, estimating a safe sellback price of $18 means you need to mine at least $2.95. So $2.95/$0.167 in about 18 days you should have made back the difference. I prefer to take a very safe approach and assume I need to mine for 30 days instead to make up the difference.

    Step 4 is the final liquidation and paying off your credit card after everything is said and done. MS cycle complete.

    So estimated MS cycle (somewhat safe estimate) is 30 days. It can be longer and it can very well be shorter, it's part of the risk. I would say because of the delayed and trickle in returns, it's a lot like Kiva. Risky investment wise has a feel of Loyal3 to it.

    There are a lot of other nuances where you can improve your returns but I found this to be the simplest.

    Again and I can't reiterate this enough. This method is risky. I just wanted to share a somewhat unique idea to people, especially people who may have been interested in Bitcoin.

    Please feel free to ask me questions.

    edit: This has come up a few times so I'll clarify. The product they sell is a share of a miner that is hosted by them. Any horror stories you may have heard of spending a lot of money to buy hardware and then racking up electricity bills will not happen here because of 2 reasons:
    1. They are selling just a share of a miner. You can decide how much you want to spend. Instead of thousands of dollars at once, maybe just $21 for 1 hashlet (share).
    2. They are hosting the miner, you will not rack up an electricity bill. They charge $0.08 per hashlet (share) and if for some reason maintenance fee > payout you will not have to pay extra. You just get no payout.

    edit2: There has been a price drop for the ZenHashlets due to the payouts being lower. GAW does not expect the lower payouts to last forever but no eta on when it will come back up.

    Last edited by aegistar; Oct 21, 14 at 6:46 am Reason: Edited title so it's clearer that this is cloud mining.
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