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Saturday, January 31, 2015

Profiting From Renting Bitcoin Mining Rigs

I have been experimenting with renting mining rigs and have come to a pleasant outcome. And have found it to be much more profitable than buying your own equipment and running the risk of miner failure, plus you don't have to worry about fluctuations in power consumption or the cost of electricity.

  • I did all of my testing on Mining Rig Rentals and found that they not only have a great setup, but some of the best support around. If you have an issue with your rental there, refunds are given. Owners of mining equipment set a hash rate that must be achieved, they say in their TOS that you understand there are fluctuations in mining power but anything outside the normal is refunded, as well as all outages. At the end of a rental you are given an output percentage which is calculated by submitted shares and anything outside that given fluctuation is refunded. Also if a rig goes down for 20/30 minutes after renting it is immediately refunded. 
  • The price for a rental varies greatly as the mining equipment has drastically changed over the past year, literally doubling to tripling in power efficiency. So don't just rent whatever shows up on page one. Currently the best price per megahash/day is 0.000000011, which if translated to TH is .011 BTC /day and the list of rentals can be easily sorted and filtered.
  • Calculating the cost for a TH/day at .011 BTC you will earn .004 BTC/day per TH/s on your average pool by itself, but I have come to find that on some pools (like AntPool SOLO) you can earn up to .03 BTC/Day which gives you a total profit of .019 BTC/Day per rented TH/s! And when combined with even more power these figures can grow exponentially!  Of course this is an average, you can't expect results for mining and reaping full scale rewards on a daily basis! Some days have no luck while the next day can make up for in in spades.
  • If you don't want to risk the reward (this is what I recommend) on a PPLNS pool like AntPool there are others that operate in a PPS manner, as in it doesn't calculate your reward based on found blocks, but it evenly gives you a reward based on your work provided regardless of whether a block is found or not. There are few that operate in this manor but for way less risk you can safely earn a steady profit of .003 btc/day per TH/s but the payouts can be more random, if they don't find a block for a while their funding wallet can't payout and multiple found blocks may be required to pay out the shares, but they will come and in full. Bitcoin Affiliate Network has the most stable PPS pool available and generally has a 2PH/s pool which finds an average of 2 blocks/day. 
  • Below is an example of the output graph, you not only get this for every rental but you can also hook up your own equipment to their servers without letting it be rented and you can track and monitor it's progress and quickly notice any faults or strange pool behavior.