Bitcoin Forum

All the people keeps telling me that cloud mining isn't profitable anymore. So why do people keep mining?

I, as a cloud miner see it as a profitable endeavour simply because I trade my ghs and keep a close look over my profits and losses.

What's experience with cloud mining?

It depends on the site. Most are crooks, but there are a few decent ones. Bit-x is a pretty good one.

Its honestly a bit hard.

It's true that ghs is devaluing somewhat slower, but the hosting fee is pretty high. I can ROI 50-100% Faster at home.

Assuming you don't get scammed... I still think it takes too long to ROI for a BTC venture.

You could check out Bitmain's.

it's profitable if you can get some free hashrate, other than that, it depends entirely on the Bitcoin price.

As long as that value remains below 320$, profits are hard to come by

If peoole stopped mining btc it would cause the downfall.. No one would confirm the transaction and the system would be prone to attacks.. My experience in cloud mining is Gaw miners screwed meh money

Hashie scammed me
Amhash scammed me
Cloudmining.website scammed me
Cloudminr.io....well, I managed to ROI there. After that, they scammed me.

Most of times, coudmining means Ponzi.

I don't think it is, most cloudmining sites end up as a scam

Cloud mining that could be found profitable are those that have log tenure for its expirations but rig renting and the likes with short tenure of contract expirations are waste of funds because the profits only goes to the owner of the rig.

I have an up to date list of the legitimate providers at ultimate guide to bitcoin cloud mining (https://bitcoinnewsmagazine.com/ultimate-guide-to-bitcoin-cloud-mining/)

Your list https://bitcoinnewsmagazine.com/ultimate-guide-to-bitcoin-cloud-mining/ is very handy, I like it because they are rigs for long term investments.

no they are not. most of them cloud mining = ponzi

Cloudmining.website did not scam anyone. Sometimes people mine less and sometimes they mine more. This is very normal to mining. Cloudmining.website is still mining and paying everyone. They are one of the longest standing cloud mining entity right now.

I use hashnest and I like it very much other then bit-x

They rised withdraw limit to 0.01, and the " earnings" are so bad (much more than other companies) that with 30 mhash I wasn't able to do 0.01 in months...

It's pretty clear that Cloudmining.website is a ponzi. They may not have scammed people yet, but I'm sure they'll close up shop soon enough and scam a bunch of people out of their bitcoins. They've been running for about eight months now, but I suspect they'll disappear fairly soon. Looks a lot like PBMining, which only lasted 11 months or so before running off with investors' bitcoins.

Can you really call it scam then ? As I said, most of us are mining good at CMW, since we increased our hash power.

I'm not sure cloud mining is a profitable solution to me(or for most people really, it seem kind of a gamble or a very very slow thing). Personally electricity where i live is cheaper than any hosted solution i found.
But if i did, i don't think i would trust many website. I would probably stick with Bitmain's cloud since they have been selling ASIC for quite a while. Even though i would argue Bitmain's practice has some dubious ethics in a few areas, i would believe them slightly less likely to outright scam people.

profits, it need time, so much time

It s not about how profitable it is, it s about how safe it is.

So many of cloud websites turned out to be nothing but scams. This is why people avoid these.
This is also why I have switched to proof of stake coins, it s the future of altcoin mining. It is equality profitable and much safer cause you keep coins in your wallet and not in some online website.

I like DMD Diamond but there are other cool PoS coins. Let me know if you need more help or info about this.

You need a lot hash too for mining, with bitcoin diff recently i'm sure cloud mining or mining itself is not profitable, except for people who have free electric bills and a lot budget for buy a hash.
And mostly cloudmining service is turn into ponzi scam.

Around 8-12 Months ROI I think lol, or longer if the cloud miner just subtract some earnings as fee while the price of bitcoin is incredibly low