Bitcoin Forum

who can we trust about mining?do we have any source on how to get bitcoin?

It's Cloud Mining site that pretends that they are mining but in reality they are not so eventually those cloud mining site will collapse or run away with investors money because they only pay money from new or fresh investments. They cant even show photos of their rigs or their operation. Scripts of this type of websites are even readily available in web for a few bucks. Bottom line, never ever trust those cloud mining sites.

It just cloud mining are being closed now , There are many cloud mining sites that are closed now, The number 1 trusted cloud mining site is hashocean but now its closed. and im hoping that this will be back

Actually they are not mining, Most cloudmining site actually ponzi. They dont even have mining equipment.
What they need is to take much investor to invest their money and after the owner get much money they ran away

If you want mining just buy your own mining equipment and mining for yourself, it will not turn into scam

I think most cloud mining wear ponzi system, so they have a short period of time. Because in the absence of the person who entered into the ponzi system (new) then she will not be able to rotate funds obtained. So if you want to get a steady income you can store your BTC and wait for prices to rise, after it bought a BTC when prices fall. so on

I will never trust them. Cloud mining service's are just  schemes for taking money, I doubt they really mine anything. In beginning you can make some money, but these site's will just be turned off in one moment, that is fact, question is just when, after month, six month's, maybe a year if they are good.
I think same people make this site's, they turn off one, make new name, new domain, everything is different except story behind it.
After this situation with hashocean I think people should be more careful with this kind of services. Never invest more then you can afford to lose, its like with gambling. Just gambling is better then cloud mining.

I think it will not come back because now they're enjoying our bitcoins and enjoy earning profit by holding their stolen bitcoins. The lesson that we learned from hashocean is don't trust anything on online because we don't where they are located and we don't know who are they in real life. They are just using the cloud mining to be look legit but it's ponzi scheme and will be scam soon. So don't waste you money on investment sites.

obviously,even they just shutting down their website,some of ponzi cloud mining still want to scamming by telling to their user to send bitcoin around ~0.1 to address which is given through email promising will give refund if btc has been sent which is obvious scam

That's why they are called Ponzi for a reason. Once they get enough profits, they will shut down.
Which is why many people here have always reminded us, and will continue to do so, to avoid these 'cloudmining' sites whether they appear to be legit or not because in any day, they will shut down.

The source to get bitcoin is buy it off a exchange.

you can trust yourself by simply buying a mining rig/hardware such as R9 380X VGA by AMD or GTX 980 for your private mining tool or even ASIC hardware,because you know,no one is trusted in this world even even it's your friend still have the possibilities to rip you off

In short, its only you whom you can trust. And furthermore, hashocean in their case, the are a cloud mining company not a real mining because they dont have mining farms or rigs. Its a ponzi or sort of HYIP and not sustainable in the long run.

Yeah many investor already know what will happen to mining when halving is happening, so most of them avoid to use mining, for temporary i dont think you can trust any mining site yet, you need to wait and see what will happen after the halving

I think you can still trust mining. Because without mining bitcoin, bitcoin will become extinct / discharged. But I think you mean is cloudmining, for cloudmining long ago I never believed. Because I do not really cloudmining bitcoin mining in general but only a mere investment program. Thank you

i am not pushing the site, it is an example and there are many of them.  miningrigrentals is a site that allows you to rent hash on another persons machine or group of machines.  we had several on there for some time and just stopped.  we all know that most hardware cannot pay for itself versus the cost, but we had a few that made some money and we also had them on that site.  when no one was renting the machines mined as normal to a pool of our choice and when someone rented the rigs they went offline from the pool and worked for the renter

sites like these allow you to rent hash in a shorter term and therefor you are in and out quickly, without anything stored there.  crytopia had a mining option that was similar, but still based on cost calculations and "payouts" versus actual work being done on a machine.  

I'd be extra careful with mining sites right now. There is a lot of speculation about the halving but nobody knows for sure how it will affect the network and that includes mining companies. It could well be that more companies shut down after the halving, it might be a good idea to refrain from investing for now and wait to see how things evolve.

Never did... Never will.

Cloud mining or contract mining sites have typically never been very trustworthy, in my opinion, mostly due to the fact that they offer small returns and the company is making more money off of you owning the contract than they would if they were to mine themselves, so you can already tell they're aiming to exploit you.

But cloud mining has never and likely will never be accountable, and has been a trust-based system.

Yeah thats right, for me i only trust genesis mining as a true mining, because they give us proofs that they are mining bitcoins. but the other cloudmining  sites  are for me they are all ponzis.

Not all cloud mining site is true mining many is ponzi scheme so be careful when you join this kind of ponzi.  All of them will close and run some other day If the accumulated funds is enough for him.

bear in mind that a company that is really using hardware is renting out that hardware because they realized that the cost of running the hardware does not get covered by the revenue generated.  they discovered that(not real numbers) for every $1 they spend, they are making 90 cents.  at that point they can either quit or increase revenue.  so, they would then charge you $1.10 for the same amount of "work". that means that you are paying for the overhead and fixing the upside-down hardware issue.  the only reason a person should mine with a company that is doing this is because it is cheaper than buying Bitcoins from a site like localbitcoins or whatever and they want bitcoins.  that means they would want to pay FIAT for the GHS.  A company that has gotten approved for that may be worth the trust, maybe

the other option is the semi-ponzi, X revenue continues to come in day by day and that revenue pays out to those that have made a purchase Y number of days in the past.  those sites will run for an unknown period of time and then disappear.  if you choose to chance it, do it quick in the first days of business because there have been some that have lasted less than a week

the only true profitable mining rental business model would be using multipool tech and would be a bear to run.  this would literally be a company that has an ever changing "hedge" fund of coins mining and trading.  for example, you pay them $1 for an amount of mining power.  two months ago the company may have used that money and the money of others to mine ether and then three weeks ago they took that sliding down ether and exchanged it bitcoins, which were around $430.  now, if they did this right, your $1 would be worth a minimum of $1.75 and last week it would have been around $2 because bitcoin was wild.  while the words GHS would be used and mining would be done, you are really paying for the expertise of the investor at watching and switching coins and mining when the mining is good.  A good hedge fund manager with stocks charges 10%, so you paid your $1, bailed when it was worth $2 and got a withdrawal of $1.80 for a total profit of 80 cents. but, the markets are fickle and the site should at least admit that it is a rough investment land and you may lose out altogether

Except HashNest. They're owned by Bitmain. Therefore, they have the full capability to produce mining hardware.

Ponzis and other cloud mining services usually fall because they could't acquire and/or upgrade their mining hardware or they could't keep up with other tech giants.

Bitmain, on the other hand, just produced a 16nm Bitcoin ASIC chip and shipped 16nm-based miners (Antminer S9).

mining site = cloudmining ; when closing down it means they were ponzi schemes that reached their maximum potential scam and then ran away with the money, it has nothing to do with bitcoin, halving, and the future.
and don't worry, give it a while then see a lot of other cloudmining sites with new names growing like mushrooms and start scamming again.

why does a company never pack a warehouse with rigs and run them using solar power.  pretty moderate initial investment, but they electricity is the main cost and it would be elminated

Good to see that there is still cloud mining site that is legit and trusted and also owned by a good company. I will try to search some info first about that site just to make sure that it's true and i will all out my bitcoin for that site to get passive income easily ;D. Thanks for you recommendation man :D.

they were not real cloud mining sites and most of them are ponzi because could not showing the real proof that they the real cloud mining and i think the cause they were closed because they already reach target money and may be that's why they shutting down without warning such as the last one hashocean

There in lies the true problem my friend. People do not know the difference between real cloud mining operations and Ponzi schemes. I have yet to see anyone experienced enough to do a proper audit on these companies to determine if they are a Ponzi or if they generate their profits from real mining being done.

Until someone do a proper audit, and keep on doing that, we will never know which is real or which is fake. ^hmmmm^

A company can have a small mining farm as a front for the Ponzi scheme at the back, but only someone with good Bitcoin experience and also bookkeeping knowledge, will be able to spot the difference. If there are no concrete proof of mining, it is most likely a Ponzi. ^smile^

Halving is near what happen to the bitcoin you say it right the halving will affect the miners because it is not profitable for them to mine only
when you have a big mining company only then you will make profit.

None of them will continue to pay their investores as long as halving is near..
Thier only goal for now is to collect btc and go offline when somebody dumped a huge invest.

All cloud mining are just out there to scam so never trust any of them. And i don't find any relation between coming bitcoin reward halving and those cloud mining shutting down. They run away when they think they have enough coins for their remaining life.

cloud mining sites are fake. and they will close for sure. trust on your own arms and do your own mining, or do any other job/work to earn bitcoin. investing in ponzi cloudmining is not a way to earn bitcoin.
there is big deference between cloudmining and actual mining.. cloudmining are designed to scam people. there is no any bitcoin is being mined in cloudmining. so that will not effect bitcoin and the price of bitcoin at any cost.

Well, at least with the halving they have an excuse to do so  ;D
Maybe it helps those people to have a kind of excuse to forget that they scammed a lot of people...

But Difficulty will increase, turning your equipment purchase into a bad investment.
One altcoin exchanger once offered Mining Shares which had been tradeable, but scammish too.
The whole process of distributing new coins needs an overhaul.

Cloud mining sites are not doing any kind of mining in reality they are using just fake statics, it is not worth to make investment in any kind of cloud mining sites and we are going to put all of our money on huge risk there so that beware before to make any invest in these of online mining sites.

you can't really trust a cloudmining service not until they show you any proof on their mining equipment with some pictures. so without proof they are all scams until proven otherwise.
read more about cloudmining here: https://bitcointalk.org/index.php?topic=878387.0


buy it!


mining sites has no effect on bitcoin or even on mining because as i said earlier and as you can read on that topic they are not really mining anything.

Off course are they closing because after the halving it is not profitable for them to mine again only the biggest companys will make profit and also
not many profit as you know. The halving cause allot of damage to them and that is not good for the future of the bitcoin.

Well it is happening only with cloud mining when they have no source to generate income because they pay plan like ponzi scam so that is why they are shutting down their business and running away with people money, i also think it is not wise decision to put money on that kind of mining sites because they can run away any time.

Hashocean is the best example of it and that is really terrible to see how quickly cloud mining can steal people money for just promises of to make consistent income for mining the bitcoin.

Yes because the cost in any activity requiring considerable costs. Such as the use of solar power it also requires considerable expense, and I think that all of the cloudmining sites using the ponzi system and do not use the original mining tools

anyone buying hash ahead of the halving in a moron imo.

Just like when people bought hash on cex when the projected
difficulty was set to jump way up I wouldnt understand. They
buy ahead of difficulty then lose half its worth in like 2 days

just simple math tells you any mining machine or hash amount
is immediately worth only half whats its worth pre halving.

Not necessarily. It is still possible that difficulty drops dramatically as well, alleviating the effects of the halving. For fiat-oriented "investors", the possible increase in Bitcoin's valuation after the halving might nullify the argument as well. But you still have a point in that it is unnecessary risk.

Actually I would extend your argument to "anyone buying hash regardless of whether there is a halving or not is a moron". By buying hashing power from a third party you're almost guaranteed to receive less power than your funds would buy you on the free market (i.e. implementing your own mining operation). In addition you risk loosing your funds to scammers, that pay no or disproportional returns.

For the average user it is in almost all cases a better idea to buy Bitcoin directly than to rely on mining.

ya.ya.yo!

Yes its almost impossible to find genuine and trustworthy sites for making an investment, they will pay you at initial stage but cannot expect the same in long run, they will definitely disappear in future.

Cloudmining is something that we should have a second thought.  We can only trust ourselves when it comes to mining.  Though there are some renting site where you buy hashes for certain period of time.  Some of it are miningrigrentals.com and nicehash.  Aside from mining you can do some faucet and some bounty task to earn bitcoin. You can join twitter, facebook and signature campaign too.

i think you are right, it is better not to believe in those cloud mining websites because they usually turn out to be just ordinary scams that steal people money and run away

cloud mining websites are closing all the time, and halving is coming near so i guess they hurry up to steal people money before a big price rise in order to make as much money out of it as possible

Yeah with God's grace I have never invested in those sites so I have saved my hard earned coins, no doubt I have lost few times in gambling it never gave me a feeling of being cheated.

even if all of the mining sites close their operation nothing will happen to bitcoin, and i think it will be a good thing for bitcoin even. because a very large scamming operation will be closed and less people will get scammed out of their coins.

Many people are faking their business, there are site that says they are mining but most of them is a ponzi. A good example is hash ocean, many people think that this is a mining company but end up running people's coin worth million of dollar. Anyway, how can we sure that a site that says a mining business site is really a legit one?

Honestly i never trust those mining sites or cloud mining site they are lier they are just the same as investment schemes online.. when i was a newbie i am one of the victim scam by two site investment site and cloud mining site scrypt.cc before is one of the famous cloud mining site before and coinsera for investment but they are scam until now i never trust those service so for those newbie better to stay away from them.. no trusted cloudmining service online..

getting rid of these fake cloud mining sites is actually great for bitcoin. when people fall for these ponzis they get angry and leave the bitcoin currency. no ponzi means more people using bitcoins.

HashOcean will be back but with their new brand and lure a lot of investors again to investor put their money into them, Does you will join with them again? maybe there is some site is managed by hashocean owner or scammer.

This always happen.  There are lots of cloudmining that shuts down including legit one.  This only show that any cloudmining isn't profitable.  So if someone advertised about cloudmining being profitable then probably it is a PONZI scheme.  Pay-in, pay-out rinse and repeat until they decide to run with your money.

No one,the so called cloud mining sites are a big lie,they say that they mine only to attract newbies and run away with their money after a while,they are nothing more than ponzis and every ponzi sooner or later will collapse and scams.

I think that you should not count cloud mining as a good way to earn money because they will close soon. From my experience I have seen many cloud mining that were pretty much active at their beginning but after a period of time they slowly delay the payment, cut the earnings in half or more and the end is scamming their users like most of them did. The best way to earn bitcoin by mining is not cloud mining but mining with your mining rigs.

i must admit that those words are really correct and i think that nearly every cloud mining website, if not every single one is just a hyip that will sooner or later run away with people money

i think it is better not to invest your money in cloud mining websites, especially right now, during the halving most of them will most probably steal people money and there will be a big loss

To be honest the most mining websites are just ponzi and that is why they are getting closed its as simple as that people.
I really think the halving will be profitable but we cannot look in the future of course.

Stay away from mining at least until halving has taken place, even after the halving scammers will be online again with their bait waiting for fish to fall in their trap. You can not believe anymore in cloud mining as is not profitable now , so it will me more unprofitable after the halving. You can go solo mining though, altcoin is still profitable in some areas you just have to be knowledgeable what coin to mine.

Never knew them and never really cared about cloud mining sites when I was a newbie here. At the very start, I thought cloud mining sites was the best way of earning money but when I read replies from veterans (high ranked members) to stay away from them, I followed them and I was never and will never be scammed of those ponzi schemes.