Bitcoin Forum

We heard there are so many advantages on Cloud Mining when comparing to normal mining. What are your thoughts???

there are, like no electricity and cheaper maintanance cost, and on some of them you can resell faster your equipment(aka contract)

with physical HW it would be difficult to resell it, and you will lose a big value out from it

With cloud mining, maintenance already done by them so we can easily bought and stay. Unfortunaly some services use earning from the contract to pays the maintenance fee, so in case bitcoin would go down any lower, it'll eat the whole earnings. And you can resell them easily (depend of the sites if they support resellling). Also many sites that claim as cloud mining and run away after got enough victim, so cloud mining isn't risk-free.

You'll need to setup yourself if you want to mine yourself, but it's better than let someone do your 'mining'.

It sounds amazing, a miner that does not require your maintenance, just a click of a button and you're making money.
No.

First of all, apart from the electricity fees, there are hosting fees. That drastically reduces profitability.
If you think about it, it really doesn't make any sense. Why would companies sell you cloud mining if its profitable? They would just mine themselves and keep all the profits.

Also, a large amount of cloud mining sites are scams.

First thing, be careful because there are so many scam cloud mining company!
Cloud mining is not profitable anymore in my opinion, because they charge you high maintenance fee and bitcoin difficulty increasing will reduce your profit from cloud mining. If you luck, You will reach ROI in long terms (maybe 5-6 months) and there are high chance you won't make ROI because bad condition happen (like sudden increase of bitcoin difficulty, company increase maintenance fee, company is run, and many more)
Best suggestion for you is avoid make an investment on cloud mining. Try other type of investment :)
logical thing : why cloud mining company sell hashing power to you if mining is profitable for themselves?
the answer is they doubt about make profit from mining, so they sell hashing power to make profit from maintenance fee

Simple, I have voted no. Cloud mining it is not more reliable or better profitable. Why? Because they are only a ponzi schemes and they don't have that 'power hash' of calculation.




Who is that take profit from cloud mining, only the creator(s) of that 'service".

Again, not true, cloud mining can be profitable if you know what to do and devise a smart reinvesting strategy.

Reinvesting? not true, the one that will got profit is the operator and also those who are the early depositor, assuming that the cloud mining is still running until the early deposittor reach their ROI, still it is not a guarantee that your reinvesting plan or the early depositor will get profit if the operator run away

Voted NO for the poll, better to stay away from cloud mining

It is obviously that reinvest the cloud profit profit in the cloud mining site. Again : cloud mining is not a profitable thing, also if you know what you are doing ;).
If the "*home mining" is not profitable, how the cloud mining will be profitable  (* only if you have free energy and hardware machine).

Cause home mining is significantly less efficient. First, you get more expensive power. Second, you get less efficient cooling. Third, you need to pay markup on mining which s not the case if you rent hash from ASIC producers.

Yes, Iceland and parts of China. What about 99% of the rest of the world, especially developed countries. You cant mine in UK, Germany, France, Italy, most of US, Benelux, etc. Mostly due to electricity prices.

Voted for no. Cloud mining is a gamble, and most if not all are a ponzi. Be careful