Bitcoin Forum

Hi i've been searching about cloudmining and would like to invest on it.

i came across genisis mining and scrypt.cc

can any of you guys please tell me if its worth it? and please tell me about your experience... thank you!

Cloud mining is a hard game.  There are just to many ponzi sites in the mix.  Also stay away from scrypt it just is not a good investment right now.

I would only look at BTC cloud mining. And research the heck out of the site.  If it sounds to good to be true do not buy there.  Research on the forums aswell.

As far as worth  it I suggest doing your own ROI math.

how about genesis mining? i've search the net and i quite liked the reviews, is it reliable to invest there?

Carefull with most of cloud mining, many of them offer mining service without real physical miner.
Also I suggest to buy Bitcoin instead rather than investing in "cloud mining" and waiting around 8-12 months or more to get a ROI. (Oftenly because the maintenance fee is actually eats up the earnings)

If you still want it check bit-x. I heard they are licensed cloud mining company, also exchanger
https://bitcointalk.org/index.php?topic=874312.0

NO.

If you really want to invest go for trustworthy operators like Hashnest or Bit-x. Don't invest in scrypt.cc because it is very likely that it's a ponzi and don't invest in genesis-mining because it is unprofitable compared to Hashnest or Bit-x .

Define reliable? Is it profitable? Yes, it can be if you know what to do. Is it safe? Depends on the service you select.

Reliable, as in "will these services go down or experience major issues"? I think you're safe with Genesis Mining in that regard.

Reliable, as in "will I get an ROI and even make a profit"? Your best would be Scrypt.CC according to the charts, but as others have said, this could be a ponzi scheme waiting to collapse any minute now.

In fact, interest-bearing Bitcoin wallet services may seem more reliable than cloud mining right now. But that's a different matter entirely ;)

scrypt.cc is most likely a Ponzi - so it's a gamble, you could always lose your money.

Genesis is probably legit but a big joke in terms of ROI.

So he should go with something in between, Hashnest or BIT-X.

I belive some of them are, I just looked at mintsy, it just launched.
It is made by the exhange cryptsy, which I consider reliable.
The problem is that is it not profitable.
Every calcluation I made, the mining contract would come out in the with a minus.
So why could mine?

That does sum it up nicely indeed. Cloud mining is just not worth the hassle, effort and money right now, in any capacity.

Above posters are correct about cloud mining sites like scrypt.cc or genesis mining. I had also suffered ltcgear scam ( which was very professionally managed until break down).

However, you can try to rent a rig , mine your favourite coin and sell them. In this way you can do more reliable cloud mining but again is it profitable? Well, It totally depends market, volatility and volume of that coins( and also payment amount for rent and difficulty).

To sum up, even if you do latter , theres no such thing "easy profit" , you should follow and grab some good opportunities  for coins. And even if you make such an effort , there is always risks to lose your funds in cloud mining. For me, I intented to second one(after big loss at ltcgear) , however I couldnt trust myself about being able to profit from it.

Why do you want to invest in cloud mining?

Why do you want to pay someone to mine coins for you when you can just buy coins?

Yes, excactly. It makes absolutly no sense. Because payment is in bitcoin, so why do you want to give your bitcoins away and potentially (if you are lucky) get the same amount of bitcoins back, but most likely less. Mining made sense when you could by GPU's with cash, it was a way to convert fiat and electricity into bitcoin. But cloud mining, it is the same as throwing away coins.

Not true, I ve been playing with some more prominent cloud mining websites and I can confirm you can make money with cloud mining. But you do need to make a decent investment and constantly reinvest large chunk of your profit. ROI is between 6-8 months, if you are smart.

Buying coins is OK but we re trying to develop and industry here. Buying and holding brings nothing to it.

Investing in ponzis and burning electricity doesn't do much either. It won't work until there's something to do besides making and selling coins. You may have lucked out and not got burned by any scams, but any reason for someone to sell legit cloud mining is a reason for you not to buy it, so the business makes no sense.

there is only one reason, to increase your bitcoin amount, while you can do it with mining, you can't exactly do it with buying alone, unless you go with trading and you are good at it

Wasn't that what they said about amhash and ltcgear?
There are no trustworthy operators in cloud mining.

Where can you rent a miner that will give you more coins than you give them? Why would they do that?

The thing is that some people still rent them. While there is a demand there would also be a supply. And some people rent a miner for a POW period of the coin that they believe in. In this case they don't need a miner long term and they ''need'' it more than the owner during that special period ;)

Cause by renting hash ASIC manufacturers reduce the risk. If they sell us hash now, they receive money now, including markup, without being affected by price volatility, difficulty growth, etc.
In other words, they switch variable risk elements to the person who rents hash. Lots of other industries do this.

Do other industries do it with literal money printing machines?.

Any reason someone has to rent or sell you a machine is a reason that you shouldn't buy it. There's no way for both people to win. You will lose on the transaction unless you get out more coins than you put in (or more coins than you could have bought when you started). All the one's that have given more coins since the first asics have been shown to be scams. If you feel like burning electricity go for it, if you feel like doing the work to pass your space heater off to someone else on a site that lets you resell the hash go for it, there can't be a way for both people to profit off a money making machine that requires no work.

this is not about renting but about cloud, if you reach roi, you are good to continue and take pure profit, renting on the other hand will never roi, if from who you rent knows  everything about crypto and sets a non-competitive price(but there are exceptions)

Scrypt.cc is most likely a ponzi as they have no proof that they mine. In addition their link to their forums is dead. Also whenever I contact their customer support, my ticket always happens to magically get deleted. I would trust HashNest or NiceHash for mining and both of them are endorsed by ASIC chip manufactures and HashNest is owned by bitmain who also sells asic miners and has a mining pool

Cloud mining is either renting miners with a different name or a pure ponzi.

Not making a advertisment or so, neither giving a referal... I have been with Scryptcc over a year, already make ROI 4 times in this period, and more for sure, i never had big issues with them, just some delays and some minor problems we all may have. But again don't invest waht you can't afford to lose, no investment is of sure return, neither on btc or fiat.

No, it's not reliable at all.

If you do make a ROI, which happens very seldom, it's going to take quite some time for you do so. Also if a profit was to be made after that, you'll be looking at only a few satoshis after that. Most of the time the cloud miner that you're looking to invest it is probably a well thought out ponzi scheme like pbmining. In the end, it will fall.

I haven't tried scrypt and looking at the user above me, it seems promising, but in the end, it's still a cloud miner.
It's better for you to buy your own miner and when it can't pull anything more, sell it.

Home mining s long time dead. I do not think buying a miner can make you anything anymore.

Who s gonna buy used up and unprofitable miner?

If home miners are dead what exactly are the cloud miners running that allows them to make so much profit that it's profitable for you after you give them a cut?

The fact they pay 4 cents per KWh and you pay 15 cents per KWh if you live in some developed country. The fact that most prominent of them make they own miners so you do not have to pay markup which is usually about 20%. The fact they set up miners in thousands which enables them to take advantage of economies of scale which means much cheaper supporting infrastructure, labor, etc.

cloudmining = ponzi = scam , if you want to take a risk please ..

it can be profitable. but it goes 6-12 months for the ROI.
When you are a long therm thinker 3-5 years, then i will be profitable!
but not in 1-2 months!

What is the problem with 6-12 months? People, there are no MAGIC coins which ROI in 2 months. Unless you like to gamble.

You could check out xPooky's site, www.cryptospot.me. Its a new innovative cloud mining initative that implements a new altcoin into the society as well. Though this may not be for everyone, and also never invest more than you can afford to lose.

the only way to know that we are renting mining rig is, we can choose our pool.

There are cloud mining servics which provide that as well. It does add a bit to the transparency, not that much to profitability.

exactly, how the hell the other closed cloud mining is profitable?

I used to consider this too. But lost every bit of respect for cryptsy due to their involvement in the Paycoin Scam.