Bitcoin Forum

I thought that cloudmining is actually profitable , at long term at least but after thinking I see it's not , is it ?

I mean let's say I paid about 0.5 BTC for CloudMining , how much I'am going to make ? (how much BTC) ? If we say something like 0.4 BTC then how the hell this is profitable ? and if we say we should wait till the price rise ... then it wouldn't make any sense because why not just hold your Bitcoins on the first place instead of use them and get others ...  ???  Either Im missing something , either I didn't understand anything of what I read about CloudMining & thank you

i think you have a little confusion, it work like mining but they mine for your

so if you invest 0.5 you will by hashrate based on the current price, for example for btx is 0.00165 btc(last time i checked) for 1 gigahash/s, this mean around 300 giga with 0.5

those 300 giga will produce for you 0.003 btc day, so around 160 days for roi

the idea is that with the contract you purchase form the company, the hashing power you purchased will give you X amount of return per day, and you should see a ROI in a few months; from there on everything else should be profit.

Oh well I know i had a little confusion and missing something for sure otherwise it wouldn't make a lot of sense.
Alright just couple of question tho , you said like 0.003 BTC a day for 160 days which will give you basically 0.48 BTC so it's not really profitable is it ? and if we say long term then we could simply keep that BTC and wait for the rise till it rise also what is this ROI that you guys are talking about ?

According to different plans on the Internet now, the ROI period seems to be around 4 months to 1 year. However, since the mining difficulty increases overtime, the actual time for the ROI is unknown.
For me, I would join some site that allow users to trade their hashing powers and take the profit for few days' mining. I've earn some amount of bitcoin from that.

most contracts are sold for the duration of 1 year, and the pay is not definite, they payouts they advertise are probably the upper estimate of possible payouts, the real payouts will vary according to the difficulty. you can assume that without a large change in the difficulty or price of bitcoin for the worse, you will likely profit given the people running the mining operation are legitimate.

Basically there are 2 types of cloud mining sites:

1. Sites where you seem to be able to get profits, however they are actually not mining and just running a ponzi scam.
2. Sites where they do really mine, however you will (most likely) not be able to get profits with the increasing difficulty.

Conclusion: pretty risky "investment".

https://bitcointalk.org/index.php?topic=878387.0 seems decent basic information too.

the hash is your indefinitely, unless it is said otherwise in their website, some cloud run contracts that have a duration, with bit-x for example there is no plan(as a far as i know), you simply buy hash power and you can resell it later, like it is an asset

so after six month you reach roi, then everything after that is pure profit

This is how you mine profitably on www.cloudmining.website...

http://www.anony.ws/i/2015/03/02/cmmonitor1.png

Source: www.cmmonitor.com/24-cloudmining-website.html

mmm Well thanks for all your answers guys , I guess I will just not go into Cloud Mining for the moment and stick with Signature compaigns and selling Goods / Offering service .
@ NLNico thanks again for that list , a lot of CLoud Mining website I thought was legit and seems like they are ponzi's .

You can't mine on CMW but you can earn dividends. This is a ponzi...

Most people are getting cloud mining related services to mine altcoins with huge hash rates and then dump then once the coin goes up. The problem, sometime you may pay for a cloud mining service and end up stick with tons of shitcoins that never get pumped.

Good choice i think. I personally choose to invest in bitcoin, buy bitcoin and hold :)


Because altcoin is very risky.


~iki

Cloudmining is 90% ponzi sceme
That way he get profit

theyre not all ponzis, just because of that there are numerous services that simply review cloud mining sites, such as this one: https://cloudmining.guru/
be careful and do your research before investing into cloud mining.

Difficulty has actually been pretty amazing for miners.   A lot were expecting it to skyrocket like it kept doing double digit ones last year.

This summer we have had low gain's when difficulty moved up.  And we even had multiple negative difficulty changes.  So it's been pretty good for miners.

Speaking about Difficulty and those stuff , I got one more question to bother you guys with then I will close the thread for good ;D
Does the CloudMining works just like Mining ? i mean like users above said ? company mine for you that's all ? so you actually have a chance to get the block and earn the 25 BTC ? or they probably programmed their website so they get it in case you earn that ? :o

Well make sure to research and get a good cloud mining site.  That is a biggest thing.

Normally they automatically pick the pool of their choice.   You normally buy X hash speed from site and it get's a payout once a day.

My biggest suggestion when looking at cloud mining if it looks to good to be true chances are it is.  Avoid ones that seem to promise ROI, or no fees, or other red flags.

The idea behind cloud mining is that the resources are pooled.

I think that the best place to do cloud mining is hasnest.  You buy any amount of hash that you want, and then it earns money for you.  When you want you can sell it back at market price.  What this means is that you don't need to wait for roi like on a contract because your hash never expires (unless there is a certain circumstance, check their website for details).  I just bought hash last month, mined for ~20 days collecting ~6% profit, and when the price of bitcoins went down the cost of hash went up.  I sold that for a ~20% profit, and now I am waiting for the price of BTC to go up again before buying in.  So a ~25% profit in a month or so, no waiting for roi and it is legit, not a ponzi.