Bitcoin Forum

I've always kelt myself away from investing bitcoin somewhere, always been very sceptical but now I'm thinking... Are there any legit cloud mining services that can give out profit on a longer road? I've used cex.io a couple of years back and did get some profit on the long run.

You are probably better of by just buying the bitcoin yourself and just hold them.

Especially now that mining rewards have halved, the ROI on cloudmining has essentially doubled.

Why would you rather cloudmine them than buy them? You can have them now for sure or down the road only if you make ROI.

to me the legit mining companies are Bitmain and BW (both chinese)

Bitmain -  I got quite good profit due to combination of mining and trading .... also invested in their Pacmic and I'm satisfied. In past there used to be no fees at all but now you have to pay fee when selling the hashes. It's not much but .. still something.

BW - I have no experience with mining, only using the interest wallet.

Maybe EoBot is legit, but after the halving they payouts reduce a lot. I think is legit, but not invest a lot, even they say that, just do it for fun.

For example, we see only the first site hashocean cloudmining said very legit, and will not scam. In the end we know they carry the customer money and said it was as hacking. LOL
From the above example you can certainly find the answer yourself. Is there cloudmining a really legit or not. But I think if you have a better hold bitcoin and sell them in the future if the price go up. Or do mining yourself at home :)


please do not say maybe, because I think things associated with money it should for sure.

hashocean is just the recent example of what can happen to those users who invested to these scam cloudmining.
you'd rather invest to gambling sites actually. or maybe just hold your coin until such time that btc will rise for than 1K.

What seems to happen with cloud mining is a site will come up and target new user's.  Promise great ROI and use alt's to spread it on forum and telll how great they are.  But fact is sadly almost all cloud mining is scam or ended bad.   Just not a good track record out there for them.

Only one I send people to anymore is Hashnest, it is as legit as it get's on cloud mining.  There is no guarantee of ROI but you stand a honest chance at it.  That being said I know some have held off hoping for S9 on it..... no clue when that happens though.

haha i think you right, cloudmining could also include gambling that you play. It's just different looks, because there are only two factors there. If your ROI and get the profit it is win. But if the cloudmining site is a scam before your ROI means you lose. :D
If such is more like gambling than investing: D

i have seen so many cloudmining sites run away with money that i am sure that there is no legit cloudmining site.

in fact cloudmining is a new cover for ponzi schemes to have a face while asking for your money to take and run.

not all, there is still hashnest.com that stays legit for years, they are backed up by bitmain and so many users use their service for long time now.

the only place with legit hashpower that i knew of was the same good old cex.io and it was good because you could trade GHS and profit from the trade and price changes also. but from that time up until now the rest are either scam sites that are running a ponzi or they have a terrible ROI which makes it waste of time to invest.

As time is going it's always changing the facts. I personally used few of mining service previous as before first halving, but that time that technology was sufficient to get good ROI. But later on all goes shut down, Even in current affairs I have experienced hashOcean also. But after having HashOcean also cannot afford to pay daily about 1800 BTC to Its users. Sames as in now current market condition few services have already started with more transparency. But it all depends upon price of BTC.

If price of BTC increase then mining will be profitable in future with current difficulty level, block heights and Block rewards.

back then, in the time of GHASH.IO and CEX.IO there was a different time, back then the maintenance fees weren't this high and you could actually make a profit from cloudmining but these days all these sites are returning your own investment with a lot of trouble and the profit will come so late that you will be regretful of your investment.

I think all cloud mining companies are just show some statistics to user to fascinate. User also get excited and invest some amount. But user never know whats actually happening behind.

These cloud mining companies just roll money from person to person with tier of level.

As level increase money start to flow and thats all after then it get shut down finally because lack of strategy. And also get lost of own principle capital also.

For example if I invest 1 BTC somewhere for mining. In such case they just pay me certain amount which is quite lower compare to investment, and make promise of sending payments daily for 90 days or more. To cover ROI.

In such scenario company can afford little amount but mainly rotate amount invested by user. After certain period people think that company is trusted and start to reinvest  or go for compounding and make mistake.

Companies exactly want this. Because more and more people bring more money for them to circulate in market.  

i dont think any of the cloud mining sites are trustable...Recently topmine gone hashocean also gone..and many more before so please do not invest in any of the cloud mining sites

much better to buy bitcoin than do investment with cloud mining it is hard to trust by now as many online cloud mining already run away with their scam earnings, buying bitcoin and hold for a while might be much better mate.

Some of previous names also gone behind wall as GAWminer, Zenminer, Cloudminer.io and few more are there.

Since this invention takes place such a ponzi offers start to head out. Even few of return to users genuinely but finally all fails.

i suggest you read the "Cloudmining 101" topic to gain some in depth knowledge about how these cloudmining sites work and how you can spot them for what they really are.
here is the link: https://bitcointalk.org/index.php?topic=878387.0

you can ask about any new cloudmining site that is not in the list and others will help you find out more about them.

If you want to invest in cloud mining then enter at your own risk as majority of them are ponzi and scams which will run away with your hard earned coins in long run.

Great, I did completely forgot about this post. Cloudmining 101 used to be a great topic back in times when being updated daily  ... Hail to Puppet for the great job.
Although the OP (of Cloudminig 101) is not updated for a long time I can see plenty activity from other users ... thanks for remembering.

Mostly they all are scams.
There are a few tracker sites who do daily payout checks to verify the payments as prove that the site will payout

Yes.
Investment of bitcoin in cloud mining will be sole responsibility. As bitcoin is anonymous currency its not easy to trace identity behind it.

So always user must have to take all major precaution before investing in such cloud mining sites.

Did you get a profit by investing in cex.io cloud mining? for now would be great if you stay away from cloud mining 'cause a lot of them are a scammer.

Yeah i agree with you, maybe this time they make a profit, but we know if they have not reached the ROI was not a profit I guess. Since we receive our own money actually: D because I think it's all cloud mining scam so just waiting for their time just turn out to be scam

Yeah You are right. Most of time cloud mining companies circulate amount of users to users. And just keep statistics of user payments.

Normally people think that if we invest x amount then will get 2X amount . And thats the mistake people should think for not 2X but for X+1

Yes that's called a Ponzi scema friends, so we had to stay away from sites like that because if identified as a ponzi definitely be a scam. Because when there is no more new members, they do not have the money to pay old members. because there is no deposit sign: D LOL I like your formula.

as long I invest in cloud mining, I really never get an advantage, and when I realized it was also, most of them use the system Ponzi scheme, making it difficult to profitable, even for ROI.

Yea, almost all of cloud mining are ponzi site. You will never got profit on them
Better to stay away from them and never give your hard earn money to scammer

Yes all cloud mining sites a ponzi even though theyre paying at first but in the end theyll scam all your money all of the investors on that site . So never ever  put or invesst you money on it  it would only come to waste and youll end up crying and regretting. Just listen to the advices here since they have more experience on those website So do I.

after the bitcoin halving the block reward is half(16.66btc per block) which is in case of pool minng is it will take a little time more to get the previous profit.

Yes you are entirely correct, after the "cloud mining" ponzi run out of funds to pay old members because no new members who deposit then they will disappear and bring all the money its members. But I still wonder why so many people offering sites ponzi like that, and some even make the statement "daily payout smoothly ", but they only receive their money. Because I think if we have not ROI, the money we receive is our own money and whether it is called profitable? think for yourself :D

Thats the concept a a ponzi scheme which they depend only  to the new investors for the payout of old members. What if no one is joining to the future they couldnt sustain the amount of money they are paying to the old members thats why they ran away and become scam at the end . So its not recommended to join these sites it would surely lose all your funds.

The only cloud mining you can try as is a legit one is Hashnest.com and even here is difficult to make ROI because of the ever increasing difficulty of bitcoin. But if you have never tried cloud mining and want to see the concept you can invest in Hashnest to try and see how it works. From all the others you should stay away as they have no company backing them, while Hashnest has the Bitmain company backing them up and they are the producer of the Antminers.

Bottom line is cloud mining is unprofitable for the moment and only invest in Hashnest if you wanna see the concept of cloud mining. I think everyone should try legit cloud mining with very small amount of bitcoins just to have a look.

Hashnest is legit, but that will not give you anything but loss.
Cloud mining is a bad way to make profit on your bitcoin investment, simply because the cloud mining companies think of them self, instead of their clients...

Avoid cloud mining - it will only lead to a loss of money AT BEST.

Better to stay away because there is no legit cloud mining site right now they are the same as investment site..
They also run funds after few weeks or month and their reason are they are hack but the truth is not..

I don't think there are really any legit cloud mining services. Cex.io said they will reactivate if BTC goes over 900, iirc. I believe that was before the halving, idk if that's changed. Or if that was considering the halving. Genesis is supposed to be legit, but I haven't had a very good experience with them. I've invested in around 20 others and been scammed every time. Better off investing your Bitcoin into trading altcoins or even ICOs.

I find the ICOs that expect over 1k satoshi per coin end up below ICO price when they hit exchange. The ones that start low tend to end up above ICO price.

There's no so called legit and trusted thing if you prefer to cloudmining site, all of them are scam maybe not now but sooner or later. Better to stay away from this kind of site, because these sites are only good if you are at the first batch of investors.

Im sure you have even seen or heard about what happened to hashocean , right ? Much better do not find or look for a legit cloud mining you just like hunting a winged elepant . Just stay on focus what thing that can give you a profit and make you earn bitcoin , it is much better to workhard for a bitcoin that risking it to some untrusted investment website .