Many people wished they had not missed the Bitcoin mining bus before the great Bitcoin boom started back in 2013.Back then you could mine Bitcoins pretty easily at home and make a very nice profit on the exchange rate.However since then, the mining difficulty has increased immensely and today it is almost impossible to mine Bitcoin profitably at home with your own hardware.The only exception is if you have very low electricity costs and manage to mine efficiently for at least 6 months without any major changes in this competitive landscape.A seemingly sophisticated way to allow people to jump on the Bitcoin mining bus without the need of costly expenses.With cloud mining you can rent mining equipment from a company that will give you back the profits from your rented mining rigs.You do not need to deal with the electricity costs, cooling down the miners or storing them, all you need to do is send out a periodical payment and you are all set.Of course this cloud mining idea quickly took off as people are always looking for new ways to make money online, however how legit and profitable are these cloud mining contracts?

That’s exactly what I’m about to unveil in the following post.How do I know this?Well, I run a website dedicated to helping people get started with Bitcoin and every day I get another complaint about another cloud mining company that does not pay and the website seems to have gone away.Even Gavin Andresen, the previous chief scientist of the Bitcoin Foundation who has now been widely discredited because of his involvement with the charlatan Craig Wright, once said: “I suspect many of them will turn out to be Ponzi schemes.” Also just looking at our cloud mining reviews page you can see the amount of fraud and companies that fail to payout.When consider a cloud mining company make sure to due your due diligence on every company you think of investing in.One the tools created for this task is the Bitcoin scam test.If it does not pass the test - do not invest.But even if you do find a legit cloud mining company is it really worth your money?Let’s put one of the most profitable cloud mining companies to the test - Hashflare If you go to the company’s pricing page and purchase 10Th/s of Bitcoin mining power (SHA-256) it will cost you $1,200 or the equivalent in Bitcoins around October 17, 2016.

If I use a Bitcoin mining calculator and try to predict my profits with 10Th/s of mining power assuming I have no other expenses I get the following results: So after one month I make around 0.34172190 Bitcoins (~$217), meaning after 1 year I will make around 4.1 Bitcoins.Seems pretty profitable, this means that I’ll break even after about six months and from there on it’s pure profit.But here’s the kicker, something called MEF - Maintenance and Electricity Fees.generate bitcoin address qr codeFor Hashflare they are as followed: The MEF is linear and equals 0.0045 USD per every 10 GH/s of SHA-256 and 0.01 USD per every 1 MH/s of Scrypt.bitcoin future scopeEthereum contracts are not subject to any fees.bitcoin pvp

So let’s go back to our investment and calculate in the fees.0.0045USD per 10GH/s per 24 hours = $4.5/day (since I’m using 10Th/s).So in one month this adds up to $135.So now we’re making only $82/m and are breaking even in about 15 months.If everything stayed constant in the Bitcoin universe I’d only get my money back after a year and 3 months.After that I’d be doing $82/m in revenue which is 6.8% monthly interest.However, if you take a look at Bitcoin’s historical price figures you see that nothing ever stays constant for such a long time.ethereum dollar conversionExchange rates will fluctuate and mining difficulty will probably increase.обменник bitcoin qiwiAssuming the BTC exchange rate rises you’ll be making more money and so will the mining company.bitcoin danske kroner

However, if that’s the case then perhaps you would have been better off just holding on to those $1200 in Bitcoin to begin with.And if Bitcoin’s price drops?Well it’s going to take you a lot more time to break even.However since the cloud mining company already cashed out on you as a customer when you signed up they don’t really care.Also, if BTC’s price falls so low that it’s no longer profitable to mine you won’t be getting anything which can make your break even time become infinate.dogecoin value dollarHowever, the examples given above are actually the best case scenario where the company you invest in actually has mining equipment.bitcoin club penn stateMost of the cloud mining site today are unfortunately Ponzi schemes masquerading as legit investments.bitcoin windows rt

Usually they’ll just take money from newcomers and pay it out to senior members and themselves until this whole scheme finally falls apart and the site goes down.Bottom line - Cloud mining companies are usually always like a casino - the house always wins.If you do start making profits with them it is after a very long and risky period in which Bitcoin’s price probably went up and you could have made more money by just HODLing.Be careful with your bitcoins!Data updated before: -- seconds Current Bitcoin price: €2,434.45 Buy » Amount (min.)Price/BTC Volume Buy wird geladen Other sales offer » Sell » Amount (min.)Price/BTC Volume Sell wird geladen Weitere Kaufanfrage » EUR Classic view (EUR) USD Trend of bitcoin quotation in the past 48 hours in More detailed Chart Your benefits as a customer of Bitcoin.de Largest Bitcoin marketplace in Europe with over 260,000 customers First and so far only Bitcoin marketplace worldwide trading with audited Bitcoin customer portfolios by publically accredited auditing company (last audit as per 29/08/2016) Over 98% of the Bitcoin customer portfolios are stored offline All Bitcoin.de servers are located in secure data processing centers in Germany Regular security audits by external companies Advantage of a market place such as Bitcoin.de: your funds always remain on your own bank account covered by statutory deposit insurance.

Most Bitcoin exchanges on the contrary hold your funds as a rule unsecured on the company bank account of the exchange operator with the risk of a total loss should the exchange operator become insolvent.Other advantages are the Bug Bounty program, encrypted email transmission and much more Find out more about Bitcoins Our Bitcoin chart shows you the current Bitcoin price (abbreviation: BTC) as well as the Bitcoin market trend (Bitcoin charts).The Bitcoin price is shown to you either in the Bitcoin Euro price or the Bitcoin dollar price.The price of the Bitcoin is determined from the current market price and the Bitcoin charts from the different marketplaces and stock exchanges (Bitcoin Exchange).If you would like to purchase Bitcoins, you can register here.You can find out how to sell or purchase Bitcoins in our Bitcoin.de FAQs and in our tutorial "My first Bitcoin".At the moment, you can purchase one Bitcoin starting at 2,410.00 Euros.As an alternative, you can also create Bitcoins yourself with a so-called Bitcoin Miner.

You need an especially equipped personal computer for Bitcoin Mining, also called Bitcoin Rig.A Bitcoin Client is required to use the digital currency, which manages your so-called Bitcoin wallet.As an alternative, you can use your account at Bitcoin.de as a Bitcoin online wallet to safely manage your Bitcoins.You can find further information in our German speaking Bitcoin forum or Bitcoin blog.Latest trade deals EUR Date addl.Info Price/BTC Amount Volume 6/24/17 12:56 PM * 2437.98 0.30000000 731.39 6/24/17 12:53 PM * 2434.00 0.82100000 1998.31 6/24/17 12:52 PM * 2443.41 0.02500000 61.08 6/24/17 12:49 PM 2450.00 0.03000000 73.50 6/24/17 12:40 PM * 2445.45 0.04089023 99.99 6/24/17 12:40 PM * 2429.90 0.10000000 242.99 6/24/17 12:39 PM * 2446.75 0.02500000 61.16 6/24/17 12:39 PM * 2435.22 0.03500000 85.23 6/24/17 12:39 PM * 2437.94 0.40500000 987.36 6/24/17 12:35 PM * 2437.40 0.28000000 682.47 * trade deal not completed yet not yet completed SEPA transactions (waiting for Euro payment by buyer, waiting for Bitcoin release by seller) already completed FIDOR express trade transactions: open a free FIDOR account now and trade Bitcoins in real time!

more » News Scalability and Fungibility: two sides of the same Bitcoin Found at Scaling Bitcoin in Milan.On October 8th and 9th the Bitcoin-World met in Milan to listen to presentations about scalability and discuss in workshops.We report in several articles about the event.The first piece is about a surprising issue ?and its eye-opening correlation to scalability....to the blog » "It tells you something about the fact that money right now is being profoundly ungrounded.It is up for question."Bill Maurer is an anthropologist at the University of California, Irvine.He is one of a few scientists of the Arts who researched virtual currencies like Bitcoin.In this interview he explains what Bitcoin can tell us about money in the early 21th century ?and why he finds it weird to think that money needs to be a commodity.[...] ...to the blog » "There is no way to make money with the wallet itself."Mycelium is one of the most popular Bitcoin wallets since 2013.We spoke with product manager Dimitrij (known as Rassah) about the history of Mycelium, the challenges in wallet development and the plan for an upcoming big release.