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Betarigs – An Updated Look

I have been using the site Betarigs for a while now, and it has been proving to be a great asset. The general idea behind it is that there are miners that want to get a more steady income, and there are others that want to mine specific coins but do not have the hash power that they need. Betarigs helps fix this by matching the two up to one another, so that the people with hardware can rent to those that do not have it, which ends up benefiting both parties. After using the site for over a month now, I felt that it is time to give an updated review based on what I have learned and what I think about the site and its long term viability.

Renting Out Hash Power

Renting out hash power is extremely simple. All it takes is to point your miners to their pool, linked up to your account, and the miner will automatically start trying to pull work if possible. If there is no work available, it will simply drop over to your fall back. This means that while waiting on people to rent miners, you are not just sitting idle, and as soon as someone rents (and pays) your miners they will swap over to that person's pool. Easy enough, right? Well, there is a problem here. When a miner is attempting to ping the pool, it slows down the hash rate. You may expect that it would have a little effect on it, but actually it is a pretty big one. In fact, off of a 500 KH/s miner, you are looking at a drop of almost 50 KH/s, or 10%. This means that if your miners are not priced competitively enough to get picked up quickly, you are actually losing hash rate. Note that this is confirmed through both the hash rate and the WU rate, showing that there is in fact a drop in speed while waiting for work from Betarigs.

There is also a 24 hour waiting period before getting paid by Betarigs. This time is designed to allow renters to dispute the transaction if they have to (for example, if the rig was taken offline, crashed, etc. and they were not offered any time to help compensate for these losses). I am not completely sure what the dispute process is as I have not had to go through it yet, but that is also a great sign. Generally speaking, you should just expect to get a payment a day after the rental period is over (which can feel like a long time, especially if you get a renter that takes your rig for an entire week, since you must wait eight days in that case).

An issue I have with the site as of late is that it has organization for different hash speeds. For example, you can set it to only look for smaller rigs, bigger rigs or entire farms. While this would normally be a great thing, by default it is set to not show anything under 1 MH/s. In other words, anyone with a single video card or two is skipped initially, unless people choose to manually enable the view to see them. This is a big problem when it comes to selling the hash power, because it leaves a lot of people out in the dust for most buyers. Along with this, there is really no reason for this to happen: if someone is selling 1 MH/s at 0.01 BTC per MH and someone else is selling 0.5 MH/s at 0.01 BTC per MH, they are both charging the same price for the hash rate offered. Instead of putting the little guy down and trying to hide them, the system should be trying to find a better way to be including of them. More or less, just be aware that if you are going to sell some hash power, having 1 MH/s or more is highly recommended to ensure you are not skipped over by the default settings.

Getting Paid

As stated earlier, rig owners are paid approximately 24 hours after their rental period has fully ended, assuming there were no complications that need to be resolved. The amount that is paid also does not appear to have any fees attached, so if your part of the earnings were 0.01 BTC, you should expect the full amount, rather than 0.0999 BTC or some other number. This is an awesome sign and I think is something more sites should start doing: covering the fees out of their own pocket, being that they are taking fees from people already.

Long Term Viability

I think that the site has an awesome concept, and I have been seeing it grow on a daily basis. With more coins still being released and new hardware coming out (most of which comes at somewhat high costs), I believe that the cloud mining scene will keep getting larger. It allows people to mine only what they want, when they want, without forcing them to buy in to expensive hardware that may not ever even provide a full return on investment. Along with this, it allows people to speculate on coins before they have value, throw a little Bitcoin at it to get some people mining, and then see where it goes. This makes getting involved with the mining game extremely cheap, safe, and still yields all the benefits one would have by doing it on their own. Not to mention renters are not held responsible for things like hardware outages or repairs, nor with having to sit around to ensure that the mining rigs are running at all times. Instead, they can focus on picking with their targets are and speculating as they please.

Update: Showing Hash Rates Through Graphs

For those who are both renting and renters, there are now graphs on the pages of each rig that show the hash rate over time through each of the previous rentals. These appear to go back a couple of weeks or so, and they are updated frequently so that you can verify the hash rates of any rigs you are looking at renting or are already renting. This is a huge step forward when it comes to transparency, and it helps show whether or not the rig you are looking at truly hashes at the rate you are expecting.

It is important to realize, though, that this also leads to a couple of problems. The hash rate graphs can not differentiate between those that are down due to pool problems and the rigs that simply are not stable enough. This can lead to some incorrect evaluations from people who do not already know this, and can end up leading to a decreased amount of renters. Along with the pool being down, if a pool has a high reject rate for some reason it will also show up in the graph, which can also lead to bad publicity. As such, while adding the charts is an awesome idea and I think it helps add some validity to the different rigs, it can cause its own complications. Because of this, I think that keeping in contact with customers (and customers being open enough to contact the rig hosters) is important to ensure that everyone is on the same page when it comes to what services are offered and whether or not they are up to par. Just keep in mind that the charts may not be accurate enough to show what the rig is really doing with regards to its hash rates. I have had people rent from me that go 8+ hours with their pool down and are not responsive so the rig just sits there idle since nothing can be done about it. This would be reflected in the hash rate graph as if the rig was down that entire time, when there was actually nothing I could do to stop it from happening since it was not on my end.

Mining


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