Bitcoin Forum

I am thinking of cloud mining to save me the hassle of the equipment and all.  Is this a good choice?  If it is what would you recommend and where should I start?  I have seen many threads in here about it, but it is hard to tell which is good and which is a bad idea to listen to.  The only mine I seen is .001 per Gh if you buy 20k GH.  Now are these charges for the entire contract or just for the month?  It is so confusing.  Thank you in advance for the help.

hello and firstly, welcome to the board.

I have to disappoint you right from the start, but avoid any form or provider of something what is including "cloud" in bitcoin world. it is usually full of scam or offers, which will never bring you any profit or/and works like ponzi without real HW behind.

yes, there are some legit cloud providers, but as mentioned earlier, they are not profitable at all. you can read explaining post about "cloud" stuff here to fully understands the details:

https://bitcointalk.org/index.php?topic=878387.0

cheers.

No, it's not a good investment choice. You probably lost your money to cloud mining companies.
Most of the cloud mining firms are ponzis.
Legit cloud mining firms has no ROI chance in their package. High maintenance fees, low earnings. It's almost impossible to gain anything from them.
Stay away from cloud mining!

Could you please let us know which cloud mining you are talking about here ?

Regarding profitability, once you know the price of Ghash for your chosen cloud mining website, you may use any of the following calculators...

i. www.cloudmining.website/calculator.php

ii. https://alloscomp.com/bitcoin/calculator

As the posters above me already suggested, stay away from the cloud mining completely. In fact, mining at all, here I mean mining with your own rigs has become totally unprofitable unless you have a source of a very, very cheap electricity. If you don't, stay away.

You are better investing directly into Bitcoin start-ups or just buying bitcoins and stashing them somewhere.

Good luck!

I have to say this at first you shouldn't invest in cloud mining. But if you really want to do use Genesis Mining or Hashnest. Other sites are known ponzi systems.

It is not a simple topic just look down a few threads - https://bitcointalk.org/index.php?topic=852857.440

Biggest thing is picking a "real" company.   I stick with check history and check if they have verified equipment.  And remember it is not without risk.  Make sure to do ROI math.

Thank you all very much for the info.  I understand and agree after doing some research from what you all said.  I am looking to invest a little bit of money for the long term and I do not know where to do it.  Bitcoin is still in its baby stage and has the potential to take off if it is done right.  I just want to be in here somewhere.  Any recommendations as where to invest and make a good return?

Or to make it easier, pick with a already known asic producer, one of them is hashnest which has been around for a long time.

op, i suggest you check your comparison, but you want to factor the option to sell off your hash as well which can save your from major loss.

not all are bad.

I`m with genesis ming and just started recently and they accept credit cards.

So if anything does go back, I`ll do a charge back.

My advice is like most above me. Do not join any cloud mines unless you see them post proof of the miners. Even still use caution if they did post proof. It is too easy for them to steal it.

The only thing is if you compare just producer part asic miner would have gotten through your varibles.  And we all know how bad asic miner ended up.

So I would say use multiple variables like i suggested.   But that is not normal I would agree on that.

As far as I know there is really no guarantee that you can be safe with these cloud minings. I have tried a lot of them already and none of them has really been succesful. Unless you are lucky enough to find cloud ming that does really mine. Like what they already said. Just stay away from it. Better get your own mining rigs if you want to earn from it for a long term.

don't. almost all cloud miners are not really mining, but just a ponzi scheme. you can only lose. few legits are far from being lucrative, that's a waste too.

In my count I have come up with 2 I believe to be legit.  Which is very sad considering there are a lot more then that out there.

But there are a few.... but sadly a lot of ponzi sites have given this area a bad reputation.  Ask what gear they are using that will get rid of a lot of the ponzi's, also try to verify that if possible.

here's a advice dont trust the majority of Cloud mining companies, and be sure to do your own extensive research before investing into anything.

Ummm. my advice: Don't trust those scammers. Cloud mining = scam central. Prolly better off gambling it away........

And yeah I know from experience >:(

check out the services discussion thread (https://bitcointalk.org/index.php?board=85.0) I think it can give a good idea what you are dealing with.
but it is known that cloudmining was never a profitable investment, they are either scam Ponzi schemes or the legit ones because of low bitcoin price and high difficulty , increase the maintenance fee until you are losing money instead of earning .

investing in cloud-mining sites should be done
selectively and choose a business that has operated at
least 1 year

Recently I have invested with a cloud mining : Ethcloud.They're still to be launched publicly.

I HIGHLY recommend not signing up with a brand new mining service.  There is no history or anything to judge them on.

Also if you pre-paid for a cloud service that is also bad.  Do not pre-pay before they have even launched a product.

I think its a good choice. Running actual mining gear and paying all the bills that comes with it is too much hassle for me.

apparently the consensus is that mining isn't profitable and cloud mining is even worse

Basically. But if you don't want to take care of hardware mining then cloud mining is the best bet for you.

I just invested $1 with them.So that's not much to worry about :)
 
I second on that.

If all goes well I will try running next week a cloud mining site for the fun.
So far I have always mad few satoshi with nothing...it is why i'm almost sure that I can do few satoshi with nothing AND an antiminer U2

First, you really should be thinking about trading hosted mining instead of just buying cloud mining, and never consider an outfit where you cannot sell your hash (like Genesis Mining.) Earlier this year it was not hard to make 15% per month trading hash at Hashnest. I blogged my experience at how to profit with Bitmain Hashnest (https://bitcoinnewsmagazine.com/how-to-profit-with-bitmain-hashnest/).

Right now and for next year I also expect the action to be at Hashnest. S7 hash is scheduled to start trading October 10 and you can bet I will be trading and blogging my results. It is all about buying hashrate when prices are in an uptrend and selling for profit with mining income as a bonus.

^^ anyone posting in this thread about how they are currently paying for cloud mining or looking to start---this is what you will sound like. everyone of them eventually shuts down and runs with everyone's money. and you're never getting it back.

Most of cloud minings tell you that you'll break even in 1 year and 1 month and most of the times the site turns into ponzi before that

the best advise would be not to do cloud mining in my opinion as it will take a lot of time until you will make the roi and the website can easily turn to scam a few days after investing

exactly. i don't know why bitcoiners have this obsession with investing their bitcoins. most investment schemes are outright frauds, and those that aren't are highly speculative. bitcoin itself is already highly speculative. makes more sense to me to ride BTCUSD as an investment and swing trade the market. much safer than dealing with dodgy schemes.

i would do it only for the cost of electricity, cloud mining was born to help those with high bills cost, nothing more or less, the trouble for contorlling your HW is a plus

but at this point only hashnest has the s/, which mean that you have one option only

ya my advise is dont cloud mine

I have fallen victim to the Cloud mining, aka PBMining.  I thought it was great, I just started out and figured hey I can mine coins without the cost of electricity, well I ended up losing about .5 coins on their site and never got anything back.  Unfortunately mining in general is just not a good way to make anything.

mining is actually quite profitable. i know miners that produce coins at ~ $80/coin. considering BTCUSD price is at $236 right now, that is pretty damn profitable. the thing is---you need a lot of capital to reasonably scale your operation (no point mining for pennies) and you need access to new generation chips (connections to manufacturers) to compete re: difficulty.

What coin are they mining?  What are they using to mine?  How much is their electric bill?  I was under the impression that it is next to impossible to gain anything from mining BTC.

bitcoin. i only know most of the details for one friend in british columbia---but others have told me they are still very profitable. he has new gen spoondoolies and upgrades regularly. IIRC he pays less than 9 cents per kwh.

like i said, it's all about capital-->scale, electricity cost, access to new generation miners. so yeah, casual miners who want to point their GPUs at bitcoin mining pools or people with Rasberry Pis should not expect to make anything. :D

I guess you can make some +profit with Hashnest if you keep a good management of mining along with trading GHS. you will Only make some profit by trading GHS, not by mining.

if cloudmining ROI is so bad why do people still use them?  ??? ???

because everything else is even worst right, now, aside from signature what are the other good option? nothing

if you can wait for your roi then it's pure profit, with cloud mining or home mining, it can be worth it in some cases

Because people are greedy as hell and they want to make some money no matter what. Also, before a year or so, it was very easy to make some bitcoins. Trading was one way. Investing other. Heck, it was even enough just to be on this forum and attend giveaways of some crap coins and then just taking these coins to the exchanges and dumping them right away for BTCs.

So people got used to it and now they are forcing it and taking risks. Apart the signature campaigns as Amph has suggested, there are no good options on earning anything anymore.

see working on cloud mining is basically risking your bitcoins ...there are many bitcoin cloudmining websites that went on scams...take example of scrypt.cc ...they take away all the bitcoins of users saying that their ghs were being hacked....so stay with care and beware of scammers.....

My advice to OP just stay away from cloudmining. You will never reach ROI and most turn to scams later although there are still legit ones but very few.

Hello again...never say never.
Serious cloudmining should be interesting...should not?

There are a few sites that are legit apparently.  I got burned on one and I don't like using them anymore so I think I will just stay away from them for now.  It is hard to get ROI and they have to be really trust worthy.

Yes loosing in cloud mining is the problem most of people here faced.