I am wanting to buy a hardware for mining bitcoin and namecoin using Bitminter. But then Genesis Mining offer online cloud mining. I want to know if it's better to buy a hardware for mining bitcoin or use cloud mining?
See for example here: Best way to obtain/earn bitcoins. A lot of cloud mining services are scams, stay away from that until convinced otherwise.– Murch ♦Feb 12, 2015 at 12:07
There's also this answer which details why it's not profitable. As Murch has said, stay away.– Jimmy SongFeb 12, 2015 at 14:02
If you don't already agree with the above answers and understand why they are true, I recommend strongly rethinking the idea of mining. Before investing a single cent into mining, please invest in yourself, and your comprehension of btc first.
If you're mining simply for the enjoyment of learning about this fascinating technology than I recommend mining yourself, and taking it very slowly. By this I mean to acquire an insignificant amount of hashing power (such as an ASIC thumb drive or similar) to get your feet wet, one that will not burn your house down or set your finances on fire.
Bitcoin mining is a deeply complex field and for the uninitiated its a surefire way to burn up.
Thank you for your comment. I have looked closely at the website and indeed it wasn't a legit website. Another user suggested that I go with CEX. I'm doing more research for the time being.– EddieFeb 13, 2015 at 0:59
2You can't really make money by paying someone else to mine for you. There's no way they're going to charge you less than they could make. Do not even think of paying for mining with anyone who cannot provide you adequate proof that they are actually mining! Feb 13, 2015 at 1:04
Bitcoin mining can be profitable BUT it is not for the unwary. You need to look carefully at the hash rate, difficulty, power consumption and electricity prices to determine whether it's worth doing. I have a number of AntMinerS3 at home. I got these as they were the best (most efficient) miners at a sensible price. However, with BitCoin prices having reduced I now only run these at night (Economy 7) or when sunny (and then run them on surplus PV array electricity). So not for the unwary. That said the antminers are reasonably fit and forget.
One thing to consider is that they eat electricity. An Antminer consumes about 350W = 4.2kWh(Units) per day = 1533kWh per year. This is a lot of electricity. A few of these could double your electricity bill! However, remember that this electricy comes out as heat, so if you can use/need the heat then that is something to consider. We use 2 x antminers to heat my wife's crafting space in the shed. Ok so they are expensive heaters but they are also generating money while on.
So miners can be profitable BUT you do need to think about what you're doing
Mining bitcoins with your own hardware is good alternative for profit . But its only possible if u have more than one machine. Also you are asking about genesis cloud mining. As per my information, Near about all cloud mining sites are getting scam.
So my advice if u want to make profit, you can do bitcoin trading better than mining. It will make much more profit .
Mining Bitcoin with your own hardware has become only profitable in select regions with very cheap electricity. It has become a very competitive business and is by no means "a good alternative for profit".– Murch ♦Jun 23, 2015 at 21:37